14-20 Cedar Glen Bond Ordinance Addendums

Home Browse Search

Section 4.5 Investment. Moneys on deposit in the Funds established in this Article IV hereof shall be invested as provided in Section 6.8 hereof. ARTICLE V. REDEMPTION OF BONDS BEFORE MATURITY Section 5.1 Redemption Dates and Prices. (a) The Bonds are subject to optional redemption by the Issuer, prior to maturity, at the option of the Borrower, on any date on or after the Completion Date, in whole or in part, in such order of maturity as the Borrower shall direct and by lot within maturities, at face value, without premium,plus accrued interest to the date fixed for redemption. (b) Redemption Price. In accordance with the terms of this Agreement, the Bonds may be redeemed at any time prior to maturity at 100%of par and without a premium. Section 5.2 Notice of Redemption. In the case of an optional redemption of Bonds pursuant to Section 5.1 hereof, notice of the call for any such redemption identifying the Bonds, or portions of Bonds, to be redeemed shall (unless waived by the registered owners of the Bonds to be redeemed) be given by mailing a copy of the redemption notice by first class mail not less than 30 days nor more than 60 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books. Such notice of redemption shall specify any applicable CUSIP number and, in the event of a partial redemption,the Bond numbers and called amounts of each Bond,the redemption date, redemption price, interest rate, maturity date and the name and address of the Issuer and the Paying Agent; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to anysuch Bond shall not affect the validityof anyproceedings for the redemption of other P g p Bonds. Notices of optional redemption provided hereunder must be unconditional. On and after the redemption date specified in the aforesaid notice, such Bonds, or portions thereof,thus called shall not bear interest, shall no longer be protected by this Agreement and shall not be deemed to be outstanding under the provisions of this Agreement, and the holders thereof shall have the right only to receive the redemption price thereof plus accrued interest thereon to the date fixed for redemption. Section 5.3 Cancellation. All Bonds which have been redeemed in whole shall be canceled and cremated or otherwise destroyed by MBI and shall not be reissued, and a counterpart of the certificate of cremation or other destruction evidencing such cremation or other destruction shall be furnished by MBI to the Issuer and the Borrower. Section 5.4 Redemption Payments. Prior to the date fixed for redemption, funds shall be deposited with MBI to pay, and MBI is hereby authorized and directed to apply such funds to the payment of,the Bonds or portions thereof called, together with accrued interest thereon to the redemption date. Upon the giving of notice (unless waived as set forth above) and the deposit of funds for redemption, interest on the Bonds thus called shall no longer accrue after the date fixed for redemption. No payment shall be made by the Paying Agent upon any Bond until such Bond shall have been delivered for payment or cancellation or MBI shall have received the items required by Section 2.8 hereof with respect to any mutilated, lost, stolen or destroyed Bond. Section 5.5 Partial Redemption of Bonds. If fewer than all of the Bonds at the time outstanding are to be called for redemption, the maturities of Bonds or portions thereof to be redeemed shall be selected by the Issuer at the direction of the Borrower. If fewer than all of the Bonds within a maturity are to be redeemed, the Issuer shall select by lot(meaning also random selection by computer) in Page 22