My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Authorizing the Issuance and Sale not Exceeding $4,000,000.00 Revenue Bonds - Health Quest Realty V
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
1981
>
Authorizing the Issuance and Sale not Exceeding $4,000,000.00 Revenue Bonds - Health Quest Realty V
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/13/2013 11:02:03 AM
Creation date
5/13/2013 10:51:21 AM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/24/1981
Ord-Res Number
6954-81
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
11
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
to the Trustee a Mortgage Note in the principal amount of approximately <br />Three Million Six Hundred Thousand Dollars ($3,600,000.00) (the "Note "), <br />and a Mortgage securing the Note constituting a first lien on the Project <br />(the "Mortgage "), and as further security for such loan, the Developer will <br />execute and deliver to the Trustee, an Assignment of all the Developer's <br />right, title and interest in and to the Lease (the "Assignment of Lease ") <br />and a Security Agreement granting a first lien on all fixtures and equipment <br />in the Project (the "Security Agreement "); and <br />WHEREAS, the Developer expects that, in accordance with the terms <br />of a commitment to be issued to the Servicer, and a Regulatory Agreement with <br />the Developer (the "Regulatory Agreement "), the United States Secretary of <br />Housing and Urban Development, acting through the Federal Housing Commissioner <br />( "FHA "), will agree to insure the advance of funds secured by the Mortgage, <br />and the Note will be endorsed for insurance by FHA pursuant to,Section <br />232 of the Natibnal Housing Act, as amended, and the regulations thereunder; <br />and <br />WHEREAS, pursuant to a Servicing Agreement between the Servicer <br />and the Trustee (the "Servicing Agreement "), the payments required to be <br />made by the Developer pursuant to the Note, Mortgage and Regulatory Agree- <br />ment are to be collected by the Servicer and the Servicer will forward <br />to the Trustee the payments of principal and interest on the Note, such <br />payments to be applied to pay the principal of and interest on the Bonds; <br />and <br />WHEREAS, pursuant to the plan of financing described above, the <br />principal of, interest on, and all other expenses necessary in providing <br />the debt service on the Bonds will be made by payments by the Developer to <br />the City of South Bend or a Trustee and will not require any expenditures of <br />the City of South Bend's funds; and <br />WHEREAS, subject to all required approvals under the statutes, <br />the Commission intends to use its best efforts to cooperate with the <br />Developer in the issuance of the Bonds to provide financing for the costs of <br />the Project; and <br />NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Economic <br />Development Commission: <br />g <br />
The URL can be used to link to this page
Your browser does not support the video tag.