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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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Section 5.8. Liens. The Borrower agrees that it will not create, incur, or suffer to <br />exist any Lien, except <br />(a) those for taxes, assessments or governmental charges or levies on its <br />property if the same shall not at the time be delinquent or thereafter can be paid <br />without penalty, or are being contested in good faith and by appropriate proceedings, <br />(b) those imposed by law, such as carriers', warehousemen's and mechanics' <br />liens and other similar liens arising in the ordinary course of business which secure <br />payment of obligations not more than 60 days past due, <br />(c) those arising out of pledges or deposits under workmen's compensation <br />laws, unemployment insurance, old age pensions, or other social security or retire- <br />ment benefits, or similar legislation, <br />(d) utility easements, building restrictions and such other encumbrances or <br />charges against real property as are of a nature generally existing with respect to <br />properties of a similar character and which do not in any material way affect the <br />marketability of the same or interfere with the use thereof in the business of the <br />Company, and <br />(e) Liens pursuant to the Mortgage. <br />Section 5.9. Taxes. The Borrower agrees to pay when due all taxes, assessments and <br />governmental charges and levies upon it or its income, profits or property, except those that <br />are being contested in good faith by appropriate proceedings and with respect to which <br />adequate reserves have been set aside. <br />Section 5.10. Further Assurances and Corrective Instruments. The Borrower agrees <br />that it will, from time to time, execute, acknowledge and deliver, or cause to be executed, <br />acknowledged and delivered, such supplements hereto and such further instruments as may <br />reasonably be required for carrying out the intention of or facilitating the performance of <br />the Documents. <br />The Borrower agrees to cause the Mortgage and the Assignment of Lease and all <br />supplements thereto, instruments of further assurance and Uniform Commercial Code <br />financing and continuation statements at all times to be kept, recorded, filed and registered <br />in such manner and in such places, and will cause to be taken any such other action, as may <br />be requested by you and required by law fully to preserve and protect the rights of the Bond <br />holders, the Taxable Note holders and the Trustee as to all property comprising the property <br />mortgaged, assigned, pledged or in which a security interest is created under the Mortgage, <br />the Assignment of Lease and under the Indenture. <br />Section 5.11. Inspection. The Borrower agrees that it will permit you, either <br />personally or by your representatives and agents, to inspect any of the properties, corporate <br />books and financial records of the Borrower, to examine and make copies of the books of <br />-11- <br />
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