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Authorizing $2,500,000 Economic Development Revenue Bonds MMOB LTD Project
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Authorizing $2,500,000 Economic Development Revenue Bonds MMOB LTD Project
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5/7/2013 4:00:07 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/8/1982
Ord-Res Number
7129-82
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entered into assignments (the "Assignment ") pursuant to which <br />said partners have assigned all of their right, title and <br />interest in and to the Ground Lease Agreement (as defined in <br />the Original Loan Agreement), the Project, and the leases of <br />tenants occupying the Project (the "Leases ") and the Successor <br />Partnership has assumed the obligations of the Partnership <br />under the Ground Lease Agreement, the Leases, the Original <br />Loan Agreement, the Original Indenture, the Series A Note, and <br />the Mortgage (identified in the Original Loan Agreement) (all <br />listed documents referred to hereafter as the "Original Loan <br />Documents "). <br />The Trustee and the holders of not less than 66 2/30 of <br />principal amount of the outstanding Series A Bonds have approved <br />in writing the Assignment and the conveyance of the Project <br />from the Partnership to the Successor Partnership pursuant to <br />and in accordance with Sections 1102 and 1202 of the Original <br />Indenture. <br />The Successor Partnership may desire, in the future, to <br />convey the Project to Memorial Hospital of South Bend, a not - <br />for- profit corporation created and organized under the laws of <br />the State of Indiana, lessor under the Ground Lease Agreement <br />( "Memorial Hospital ") or to Memorial Health Properties, Inc., <br />an Indiana not - for - profit corporation and general partner of <br />the Successor Partnership ( "Memorial Health Properties "). <br />It is necessary that the Original Loan Agreement and the <br />Original Indenture be supplemented in order to permit the <br />above described conveyance and the Assignment. <br />In accordance with the provisions of I.C. 36- 1 -5 -4, two (2) <br />copies of a Supplemental Loan Agreement (the "Supplemental <br />Loan Agreement ") and a Supplemental Indenture of Trust (the <br />"Supplemental Indenture ") are on file in the Office of the <br />Clerk for public inspection. <br />- 2 - <br />
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