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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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Section 6.3: The City, the Commission, and the Lessee covenant that they will <br />cause this Indenture and any financing statements and continuation statements <br />required by the Uniform Commerical Code in respect thereof to be filed, registered, <br />and recorded as providcd by law, and shall provide for the continuation and <br />perfection of security interests in Real property and the Leased Premises. <br />The City, the Commission, and the Lessee shall perform, or cause to be performed, <br />any other act as provide by law, and will execute, or cause to be executed, <br />any and all further instruments that shall reasonably be requested by the Trustee <br />for such protection of title and for the protection of the Bondholders as to <br />the security of the Real Property and the Leased Promises, collateralizing the <br />repayment and redemption of said Bonds and the interest due thereon. <br />Section 6.4: The City, the Commission, and the Lessee further agree that in <br />the event of any default whereby the Trustee deems it advisable and proper to <br />have a receiver appointed for the Real Property and the Leased Premises, the <br />City, the Commission, and the Lessee will join with the Trustee in agreeing <br />to the appointment of a receiver to take over the operation of the said facility. <br />Section 6.5: The City and the Commission agree that the Trustee shall be entitled <br />to reasonable compensation for its services, and will reimburse and save harmless <br />the Trustee from and against all expenses, liabilities, and damages incurred <br />by the Trustee in connection with the execution of the trusts and powers hereunder, <br />except expenses, liabilities, and damages which arise from the Trustee's own <br />default or. negligence. <br />Section 6.6: The City and the Commission covenant and agree that they are duly <br />authorized under the laws of the State of Indiana and under all other applicable <br />divisions of law to create and issue the Bonds, to execute and deliver this <br />Indenture of Trust, and to mortgage the Leased Premises and to execute security <br />agreements covering the equipmont, furnishings, and fixtures for and in the <br />Facility. <br />1 -o-n -62-7: The City, the and the Lessee shill do and perform <br />all matte.,, or thin;, nocessnry or expedlunt to be dote or porformed by reason <br />or any lam Of the UNLY SMas of A'SACP or of tho State of Indiana for the <br />purpose oi credLing, portorning, and mainvaining the Trust hereby created, any <br />- 10 - <br />
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