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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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of the Trustee's election to assign the Note and Mortgage to FHA, (iii) of the Trustee's <br /> intention to file a claim for the FHA mortgage insurance in accordance with FHA <br /> regulations, and (iv) of the fact that the Mortgage was given to secure the Bonds; and <br /> simultaneously with the giving of such notice to FHA, the Trustee shall give notice of <br /> its intent to file such claim to all Bondholders in the same manner prescribed in Article <br /> III hereof for notices of redemption; and, unless directed in writing to the contrary by <br /> the holders of one hundred percent (100%) in aggregate principal amount of the Bonds <br /> 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 <br /> to FHA and to recover such claim on the FHA mortgage insurance; provided that in no <br /> event shall the assignment of the Note and Mortgage be completed later than the last <br /> business day preceding the 30th day following the giving of notice to FHA or such longer <br /> period as FHA may prescribe by regulations, unless an extension to such time period is <br /> approved by FHA in writing; or <br /> (2) enter into an agreement with the Developer approved by FHA, extending <br /> the time for curing such default. <br /> (d) In the event that FHA shall make payment of a claim for FHA mortgage insurance <br /> in cash, whether in whole or in part, the Trustee shall apply such cash proceeds as provided in <br /> Section [ ] hereof. <br /> (e) In the event that FHA shall make payment of a claim for FHA mortgage insurance <br /> in FHA debentures, whether in whole or in part, the Trustee shall apply such debentures as <br /> provided in Section [ ] hereof, and give notice to the holders of all Bonds Outstanding in the <br /> same manner prescribed in Article III hereof for notices of redemption that the Trustee has <br /> received such FHA debentures. Except as provided in Section [ ] hereof, the Trustee shall <br /> hold such FHA debentures to their maturity, or until the principal of and interest on all Bonds <br /> outstanding have been paid, whichever is the earlier, and shall apply the principal thereof to the <br /> payment of the principal of the Bonds Outstanding; provided, however, that at the written <br /> request of the holders of one hundred percent (100%) in aggregate principal amount of the <br /> Bonds Outstanding, or upon the determination by the Trustee (in the absence of such request) <br /> that the proceeds of the sale of the FHA debentures and all other investments of amounts <br /> deposited in the funds and accounts established hereunder would produce sufficient funds <br /> together with all immediately available funds held by the Trustee hereunder to pay the principal <br /> of and interest on all Bonds Outstanding, the Trustee shall sell such debentures and other <br /> investments, deposit the proceeds so obtained and such other immediately available funds in the <br /> Redemption Fund and apply the same as provided in Section [ ] hereof. <br /> (f) In the event the Note and Mortgage are assigned to FHA upon a claim under the <br /> FHA mortgage insurance, the Trustee shall, upon receipt of a direction by FHA pursuant to 24 <br /> 2975.1 39 <br />
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