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8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)
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8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)
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Last modified
3/21/2013 4:21:19 PM
Creation date
10/1/2012 1:26:24 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8447-93
Bill Number
107-93
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ARTICLE IX <br /> Defeasance <br /> Section 9. 1. Defeasance. If the Borrower shall pay and <br /> discharge or provide, in a manner satisfactory to the Trustee, for <br /> the payment and discharge of the whole amount of the principal of, <br /> premium, if any, and interest on the Notes at the time outstanding, <br /> and shall pay or cause to be paid all other sums payable hereunder, <br /> or shall make arrangements satisfactory to the Trustee for such <br /> payment and discharge, and if provision shall have been made for the <br /> satisfaction and discharge of the Indenture as provided therein, <br /> then and in that case all property, rights and interest hereby <br /> conveyed or assigned or pledged shall revert to the Borrower, and <br /> the estate, right, title and interest of the Trustee therein shall <br /> thereupon cease, terminate and become void; and this Mortgage, and <br /> the covenants of the Borrower contained herein, shall be discharged <br /> and the Trustee in such case on demand of the Borrower and at its <br /> cost and expense, shall execute and deliver to the Borrower a proper <br /> instrument or proper instruments acknowledging the satisfaction and <br /> termination of this Mortgage, and shall convey, assign and transfer <br /> or cause to be conveyed, assigned or transferred, and shall deliver <br /> or cause to be delivered, to the Borrower, all property, including <br /> money, then held by the Trustee together with the Notes marked paid <br /> or cancelled. <br /> (End of Article IX) <br /> -43- <br />
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