Authorizing the city Amend Documents Relating to its economic development refunding revenue bond series 1983

Home Browse Search

Stink tW ILt :Vi1LLLtt G•GUr.11 • Luri LL:\LL' 4.10401cvO+ ,m 0 United States of America State of Indiana County of St. Joseph Economic Development Refunding Revenue Bond (Columbia Place Associates Project) US $1,577,719 South Bend, Indiana September 1, 1992 1. FOR VALUE RECEIVED, the undersigned, City of South Bend, a municipal corporation duly organized and validly existing under the laws of the State of Indiana (hereinafter called "Issuer"), promises to pay to the order of the UNUM Life Insurance Company of America (hereinafter called "Holder"), at South Bend, Indiana, or at such other place as Holder may designate in writing, the principal sum of One Million Five Hundred Seventy-Seven Thousand Seven Hundred Nineteen and 00/100 Dollars(US$1,577,719),together with interest on the unpaid principal balance from September 1, 1992 as hereinafter specified. From and after September 1, 1992, interest, computed on the basis of a 360-day year composed of twelve 30-day months, shall be payable through August 31, 1993 at the rate of 2.75% per annum. Interest due from September 1, 1993, through August 31, 1995, shall be payable at the rate of 7.5% per annum. Interest due from September 1, 1995 through August 31, 1998, shall be payable at the rate of 8.5% per annum. Interest due from October 1, 1998 until maturity shall be at a rate of 10.33%. Interest only shall be payable on October 1, 1992 and the first day of the month of each subsequent month through and including September 1, 1993. Principal and interest shall be payable October 1, 1993, and the first day of each subsequent month until the principal sum is fully repaid in the amount of Fifteen Thousand Three Hundred Thirty-Four and 92/100 Dollars (US $15,334.92) per month. Such monthly payments shall continue until all obligations of Issuer hereunder have been paid in full; except that, in any event, all obligations of Issuer hereunder shall be fully paid, and all remaining Principal and Interest shall be due and payable no later than July 1, 2013. 2. As more fully provided in the Mortgage and Security Agreement hereinafter referred to,Holder may also condition its consent to any sale, assignment, encumbrance or other disposition of title to the mortgaged property, or to certain transfers of ownership interests in Issuer, upon an increase in the interest rate on this Bond to the Index Rate (as hereinafter defined). Upon and after any such change in interest rate, the amount of each monthly payment hereunder shall be increased to an amount sufficient to amortize the then unpaid principal balance of this Bond at such increased interest rate in equal monthly payments over the remainder of the Amortization Period. Index Rate shall mean one hundred twenty percent