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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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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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(b) If the Developer fails to make any payment required under the Note or Mortgage <br /> and such failure continues for a period of 30 days, or if following a default by the Developer <br /> in the performance of any covenant in the Regulatory Agreement, FHA shall have requested, <br /> and the Trustee shall have declared, an acceleration of the unpaid principal balance of the Note, <br /> the Trustee shall promptly (and in no event later than 15 days after the end of the 30-day grace <br /> period for failure to make payments under the Note and Mortgage) give, or cause the Mortgage <br /> Banker to give, written notice to FHA (i) of the occurrence of such default, (ii) of the Trustee's <br /> election to assign the Note and Mortgage to FHA, (iii) of the Trustee's intention to file a claim <br /> for the FHA mortgage insurance in accordance with FHA regulations, and (iv) of the fact that <br /> the Mortgage was given to secure the Bonds. Simultaneously with the giving of such notice to <br /> FHA, the Trustee shall give notice of its intent to file such claim to all Bondholders in the same <br /> manner prescribed in Article III hereof for notices of redemption. Unless directed in writing <br /> to the contrary by the holders of one hundred percent (100%) in aggregate principal amount of <br /> the Bonds Outstanding within 20 days of the date such notice was sent to FHA and the <br /> Bondholders, the Trustee shall take all actions necessary to assign the Note and Mortgage to <br /> FHA and to recover such claim on the FHA mortgage insurance. In no event shall the <br /> assignment of the Note and Mortgage be completed later than the last business day preceding <br /> the 30th day following the giving of notice to FHA, unless an extension to such time period is <br /> approved by FHA in writing, but in no event shall such extension exceed six months. If, prior <br /> to the date the Note and Mortgage are assigned to FHA(pursuant to this paragraph or paragraph <br /> (C) below) the Developer (i) pays all amounts due under the Note, Mortgage and Regulatory <br /> Agreement and cures any other defaults thereunder, and (ii) delivers to the Trustee investment <br /> obligations which are in an equal principal amount, bear interest at the same rate and mature on <br /> the same date as the investments, if any, in the Reserve Account which have been sold to pay <br /> interest on the Bonds pursuant to Section 406 hereof, then (iii) notwithstanding the provisions <br /> of this paragraph and paragraph (C) below, the Trustee shall withdraw its notice of assignment <br /> to.FHA (and give notice to the Bondholders that such notice of assignment has been withdrawn, <br /> provided the Trustee shall first have received confirmation from FHA that withdrawing notice <br /> of assignment will not adversely affect FHA's insurance of the Note, or be construed as a waiver <br /> or reduction thereof. The preceding sentence shall not apply to any subsequent default by the <br /> Developer as described in the first sentence of this paragraph. <br /> (c) If a non-monetary default by the Developer under the terms of the Mortgage shall <br /> have occurred, the Trustee shall, within 30 days after the occurrence of such default, on the <br /> basis of its determination as to which course of action shall be in the best interest of the <br /> Bondholders and without liability for any such determination, either: <br /> (1) declare, or cause the Mortgage Banker to declare, an acceleration of the <br /> unpaid principal balance of the Note by notice in writing to the Developer, and shall <br /> promptly (and in no event later than 15 days after the end of the 30-day grace period <br /> following the occurrence of such default under the Mortgage) give, or cause the <br /> Mortgage Banker to give written notice to FHA (i) of the occurrence of such default, (ii) <br /> 2975.1 38 <br />
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