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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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the City and the Commission, hereunder, then and in that case, all of the <br />right and interest of the Trustee in respect hereof shall thereupon cease, ter- <br />minate and become void and the Trustee in such case shall, upon request of the <br />City and the Commission, and at its cost and expense execute and deliver to the <br />City and to the Commission, or its order, a proper instrument or instruments <br />acknowledging satisfaction of this Indenture and shall provide releases of mort- <br />gage sufficiently executed to be eligible for recording in St. Joseph County, <br />Indiana, acknowledging satisfaction of the mortgages and, further, shall execute <br />all the necessary termination statements which shall terminate any security <br />interests taken by the Trustee as collateral to the said Bonds and these shall <br />be furnished to the City and /or Commission and /or Lessee for recording. Lessor <br />shall execute and deliver to the Lessee a recordable quitclaim deed to the <br />Leased Premises and other appropriate title documents. All monies, funds, <br />securities, or other property remaining on deposit in the funds of the Trustee <br />hereinbefore described shall, upon the full satisfaction of this Indenture <br />and the payment of all the Bonds, be forthwith transferred and paid over and <br />distributed to the City and /or Commission, or to whomsoever shall be lawfully <br />entitled to receive the same. <br />ARTT('T V TIT <br />Covenants <br />Section 6.1: The City and the Commission covenant that they will promptly <br />pay the principal and interest of every Bond issued under the provisions of <br />this Indenture from the proceeds of the Lease with the Lessee. Failure of <br />the Lessee to comply with any term or condition of the Lease shall be immediately <br />given to the Trustee by written notice of default. <br />Section 6.2: The City and the Commission covenant and warrant that the Real <br />Estate described in Exhibit A, attached hereto, is lawfully owned and possessed <br />in the name of the City, for the use and benefit of its Development Commission, <br />and that said City has good and indefeasible estate therein in fee simple. <br />- 9 - <br />
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