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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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Outstanding may do so, but only upon the receipt of written approval by FHA of the <br /> appointment. <br /> Section 710. Qualification of Successor. A successor trustee shall be a state or national <br /> bank with trust powers or a bank and trust company or a trust company having capital and <br /> surplus of at least $10,000,000, shall be a mortgagee approved by FHA, and shall immediately <br /> upon and as a condition of becoming trustee hereunder, be assigned the Note and Mortgage and <br /> the Security Agreement. <br /> Section 711. Instruments of Succession. Any successor trustee shall execute, <br /> acknowledge and deliver to the Issuer an instrument accepting such appointment hereunder; and <br /> thereupon such successor trustee, without any further act, deed or conveyance, shall become <br /> fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its <br /> predecessor in the trust hereunder, with like effect as if originally named Trustee herein. The <br /> Trustee herein shall assign the Note and Mortgage and the Security Agreement to such successor <br /> trustee, without recourse or warranty (express or implied), and shall pay over to the successor <br /> trustee all moneys held by it hereunder; and the Trustee herein and the Issuer shall execute and <br /> deliver an instrument transferring to the successor trustee all the estates, properties, rights, <br /> powers and trusts hereunder of the Trustee herein. - <br /> Section 712. Merger of Trustee. Any corporation into which any trustee hereunder may <br /> be merged or with which it may be consolidated, or any corporation resulting from any merger <br /> or consolidation to which any Trustee hereunder shall be a party, shall be the successor trustee <br /> under this Indenture, without the execution or filing of any paper or any further act on the part <br /> of the parties hereto, anything herein to the contrary notwithstanding, provided that such Issuer <br /> shall meet the requirements of Section 710. <br /> Section 713. Enforcement of the Note.Mortgage and Servicing Agreement; Amendments <br /> to Note and Mortgage. (a) The Trustee shall maintain at all times its status in good standing as <br /> an FHA-approved mortgagee. <br /> (b) The Trustee shall enforce the full and punctual performance by the Developer of <br /> all covenants, agreements and obligations on the part of the Developer to be performed under <br /> the Note, Mortgage, Building Loan Agreement, Security Agreement, Regulatory Agreement and <br /> Loan Agreement, and the full and punctual performance by the Mortgage Banker of all <br /> covenants, agreements and obligations on the part of the Mortgage Banker to be performed <br /> under the Servicing Agreement. In the event of a termination of the Servicing Agreement, or <br /> a resignation by the Mortgage Banker, the Trustee shall use its best efforts to arrange for the <br /> appointment of a substitute Mortgage Banker which is an FHA-approved mortgagee with <br /> experience in servicing FHA-insured loans for multifamily housing or health care projects; and <br /> pending the appointment of a substitute Mortgage Banker, the Trustee shall perform all duties <br /> to be performed by the Mortgage Banker under the Servicing Agreement. <br /> 2975.1 48 <br />
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