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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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(c) Except as may be permitted in this Indenture, the Trustee shall not consent to any <br /> amendment to the Note, Mortgage or Building Loan Agreement unless the Trustee has received <br /> the prior written consent of FHA and unless the Trustee determines that such amendment will <br /> not adversely affect the security for the Bonds and will not adversely affect the sufficiency of <br /> payments under the Note and Mortgage (including FHA insurance benefits) for payment of debt <br /> service on the Bonds, taking into account income from the Debt Service Reserve Fund. <br /> (d) The Trustee, as mortgagee under the Mortgage, may consent to the Developer's <br /> incurring indebtedness in addition to the Note, secured by a lien on the Project on a parity with <br /> or subordinate to (but not superior to) the lien of the Mortgage, provided the Trustee shall first <br /> have received: <br /> (1) if the purpose for which such additional debt is being incurred is to pay <br /> or to complete the payment of the Costs of the Project, or to pay the Costs of Capital <br /> Additions, (a) a certificate of need or other evidence of compliance with any applicable <br /> requirements of Title 16, Article 1, Chapter 3.2 of the Indiana Code, as amended, and <br /> the rules and regulations thereunder or an opinion of Counsel that no further review or <br /> action is required under such statute and regulations, and (b) a certificate of the <br /> Developer stating (1) the estimated Cost of completion of the Project, or the Cost of such <br /> Capital Additions, as the case may be, (2) that the proceeds of such additional debt, <br /> together with any funds to be provided by the Developer, will be sufficient to pay such <br /> Costs and (3) that, except with respect to additional debt to complete the Project, no <br /> Event of Default hereunder or the Loan Agreement, Note, Mortgage or Regulatory <br /> Agreement has occurred and is continuing; <br /> (2) if such additional debt is to be insured by FHA and secured by the <br /> Mortgage, an increase in the FHA mortgage insurance to cover any increase in the <br /> principal amount of the indebtedness secured by the Mortgage, and executed counterparts <br /> of the evidence of indebtedness given by the Developer in respect of such additional debt, <br /> and any amendments to the Note and the Mortgage such that the revised payments of <br /> principal and interest to be made by the Developer shall be increased by at least an <br /> amount sufficient to pay when due the principal of and interest on such additional debt; <br /> (3) the consent of FHA to such additional debt and the security therefor, as <br /> required by Section 6 of the Regulatory Agreement; <br /> (4) if permitted by FHA, an executed counterpart of an amendment to the <br /> Mortgage providing that a default under such additional debt shall constitute an event of <br /> default under the Mortgage; <br /> 2975.1 49 <br />
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