Authorizing the Issuance and Sale not Exceeding $4,000,000.00 Revenue Bonds - Health Quest Realty V

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Buildinq Loan Agreement and Other Documents. The City agrees and consents to the Developer's execution oT and delivery to the Trustee of the Note as the source of repayment of the loan made by the City to the Developer pursuant to the Financing Agreement, the Mortgage, Assignment of Lease and Security Agreement as security for the Note, and the Building Loan Agreement with respect to construction of the Project. The City further agrees and consents to the execution by the Trustee of: (a) the Disbursement Agreement providing for the procedure for making disbursements for costs of the Project; and (b) the Servicing Agreement providing for the collection by the Servicer of the amounts payable by the Developer under the Note and Mortgage, and the remittance to the Trustee, as mortgagee, of all remaining funds not deposited in the funds and accounts held by the Servicer pursuant to the Ser- vicing Agreement, after payment to the Servicer of its servicing fee. (c) the Lease Agreement pursuant to which the Developer will lease the Project to Fountainview Place Corporation of South Bend. The City further agrees and consents to the execution and delivery by the Developer to the Regulatory Agreement with FHA. Section 5. The Placement Agents are hereby authorized to prepare and disseminate, in connection with arranging for the placement of the Bonds, of a Private Placement Memorandum describing the proposed financing of the Project, the Developer, the User, the City, and the security for the Bonds. Section 6. Incidental Action. The Mayor and Clerk be and they are each hereby authorized and directed, in the name and on behalf of the City, to execute any and all instruments, perform any and all acts, approve any and all matters, and do any and all things deemed by them, or any of them, to be necessary or desirable in order to carry out the purposes of this Bond Ordinance (including the preambles hereto), the acquisition and construction of the Project by the Developer, the issuance and sale of the Bonds, and the securing of the Bonds under the Indenture. Section 7. Effective Date. This Bond Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. MEMBER OF THE CITY COUNCIL Passed, as amended, August 24, 1981 -3-