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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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• T <br /> condemnation proceeds (after deducting the reasonable expenses of the Trustee and the <br /> Developer in collecting the same), and any income earned on the investment thereof, <br /> shall, subject to any applicable FHA requirements, be paid to the Developer; <br /> (2) if any part of such improvements is taken or damaged, and if the Trustee <br /> (as mortgagee under the Mortgage) in its discretion determines that the repair, rebuilding, <br /> restoration, or rearrangement of the Project is not possible so as to restore the <br /> operational condition of the Project to substantially the condition existing immediately <br /> preceding such condemnation, then all of the condemnation proceeds (less the reasonable <br /> expenses incurred by the Trustee or the Developer in collecting the same) and any <br /> income earned on the investment thereof, shall, subject to any applicable FHA <br /> requirements, be credited to the prepayment of the last installments of principal becoming <br /> due under the Note and Mortgage, shall become part of the Trustee Estate, and shall be <br /> deposited into the Bond Fund and applied to the Extraordinary Mandatory Redemption <br /> of Bonds; and <br /> (3) if any part of such improvements is taken or damaged, and if the Trustee <br /> (as mortgagee under the Mortgage) in its discretion so determines, than all of the <br /> condemnation proceeds (less the reasonable expenses incurred by the Trustee or the <br /> Developer in collecting the same) and any income earned on the investment thereof, <br /> shall, subject to any applicable FHA requirements, be disbursed to the Developer for the <br /> repair, rebuilding, restoration or rearrangement of the Project, insofar as may be <br /> possible, so as to restore the operational condition thereof to that existing immediately <br /> preceding such condemnation, such net condemnation proceeds to be disbursed by the <br /> Trustee from the Condemnation Account in accordance with the requisition procedure <br /> established under the Servicing Agreement; and in such event, the Loan Agreement <br /> provides that the Developer shall commence and diligently prosecute, or cause to be <br /> commenced and diligently prosecuted, such repair, rebuilding, restoration or <br /> rearrangement of the Project, and shall pay any amounts required for the completion <br /> thereof if the condemnation proceeds (including any income earned on the investment <br /> thereof) are insufficient therefor; and if, following the completion of such repair, <br /> rebuilding, restoration or rearrangement, any moneys remain in the Condemnation <br /> Account, such moneys shall, subject to any applicable FHA requirements, be paid to the <br /> Developer. <br /> Section 511. Extension of Time for Payment of Interest. Etc. Prohibited. The Issuer <br /> shall not directly or indirectly extend or assent to the extension of the time for payment of any <br /> interest coupon appertaining to, or claim for interest on, any of the Bonds and shall not directly <br /> or indirectly be a party to or approve any arrangement therefore by purchasing or funding or <br /> in any manner keeping alive any such coupon or claim for interest; and no coupon or claim for <br /> interest which in any way at or after maturity has been transferred or pledged apart from the <br /> Bond to which it relates or which shall in any manner have been kept alive after maturity by <br /> 3152.1 33 <br />
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