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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
Creation date
10/1/2012 2:09:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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Note to you pursuant hereto. The Borrower further agrees not to pay or prepay said loans <br />in whole or in part or accept a permanent first mortgage loan from any other lender other <br />than you during the term of this Purchase Agreement, as the same may from time to time be <br />extended. <br />Section 5.2. Borrower Existence; Operation of Project; Transfers of Interests in <br />Project and Borrower. (a) The Borrower will do or cause to be done all things necessary <br />to preserve and keep in full force and effect the Borrower's existence and standing as a <br />Minnesota limited partnership duly qualified to transact business in the State of Indiana. The <br />Borrower will at all times operate the Project so that it constitutes "economic development <br />facilities" within the meaning of the Prior Act. <br />(b) The Borrower will not sell, assign, transfer, encumber or convey any of its <br />interest in the Real Estate or the Project to any other Person; <br />(c) The Borrower will admit no additional partner, general or limited, and neither <br />the Borrower nor any general partner thereof will transfer or permit the transfer of any <br />partnership interest, general or limited; provided, however, that <br />(i) transfers of present limited partnership interests to other Persons may be <br />made; and <br />(ii) transfers of any partnership interest resulting from the death or <br />incompetency of a transferor may be made. <br />(d) The Borrower will not merge or consolidate with or into any other Person or <br />lease, sell or otherwise dispose of all, or a substantial portion of, its property, assets or <br />business to any other Person without your prior written consent, which consent shall not be <br />unreasonably withheld. <br />Section 5.3. Limitations on Nature of Business. The Borrower will not, without <br />your written consent: <br />(a) engage in any business other than the ownership of the Project, the <br />leasing of the Project to FBT and such other businesses as are reasonably incidental <br />thereto; or <br />(b) own any material property other than property included in the premises <br />(as defined in the Mortgage); or <br />(c) incur or have outstanding any indebtedness for borrowed money, other <br />than the indebtedness evidenced by the Note and the Taxable Note. <br />Section 5.4. Indemnification Covenants. The Borrower agrees to indemnify and <br />save you and your officers harmless against and from all claims by or on behalf of any <br />person, firm, or corporation arising from the conduct or management of, or from any work <br />me <br />
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