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Authorizing the city Amend Documents Relating to its economic development refunding revenue bond series 1983
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Authorizing the city Amend Documents Relating to its economic development refunding revenue bond series 1983
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Last modified
10/11/2012 10:53:42 AM
Creation date
10/11/2012 10:53:38 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8312-92
Bill Number
85-92
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)CAI 01 . ILL .11I LLCIC D,4_4-J1 r LVr l LLA i alt.'' G 1 UG(.0 d-u}j r e r ci <br /> (b) A paragraph (g) shall be added to Section 2.02 of the Mortgage, Mortgagee's <br /> remedies upon the occurrence of an Event of Default, and shall be stated as follows: <br /> (g) Mortgagor, at the election of Mortgagee, shall immediately provide <br /> Mortgagor with either a deed in lieu of foreclosure in form and substance <br /> acceptable to Mortgagee, which transaction shall be completed no later <br /> than three months after the occurrence of the Event of Default, or a <br /> stipulated or uncontested foreclosure. <br /> (c) A Section 3.16 shall be added to the Mortgage, and shall be stated as follows: <br /> In the event Mortgagor should file a petition for relief under the United <br /> States Bankruptcy Code, 11 U.S.C. 101 et seq, or relief is otherwise <br /> entered in a bankruptcy case filed by Mortgagor or initiated against <br /> Mortgagor, Mortgagor waives any and all objections to and otherwise <br /> agrees not to oppose any motion filed by Mortgagee for relief from the <br /> automatic stay pursuant to Section 362(c) or (d) of the Bankruptcy Code. <br /> This provision shall be binding upon Mortgagor as a debtor-in-possession <br /> and upon any trustee appointed by a Bankruptcy Court of competent <br /> jurisdiction. <br /> , 2 - <br />
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