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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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mortgages. given hereunder for the payment: of the Ponds or interest- thereon, <br />provided that said City and said Commission will not be required to do anv <br />act or perform any service or execute any instrument which Could violate the <br />terms and conditions of the Act under which said Commission is established. <br />Section 6.8: The City, the Commission, and the Lessee agree that they, either <br />jointly or sever_ =.oily, will not „ell, transfer, or encmnber the Real Property <br />or the Leased Promises herein given as security for the Bondholders, or any <br />interest therein, without the written consent of the Trustee and fifty -one per- - <br />cent (51 %) of the holders of the Bonds, nor will the City and /or Commission amend <br />or take any acti:vn which would adversely affect the tax-free nature for Federal <br />income tax purpeass of the interest earned by the holders of the Bonds issued <br />hereunder, and subject to such tax -free ruling by the Internal Revenue Service, <br />if one is given. <br />Section 6.9: The Lessee expressly covenants that the lease rental payments <br />shal.l.be paid as provided in the Lease regardless of whether or not the Leased <br />Premises are used or useful., or whether any applicable laws, regulations, or <br />standards prevent or prohibit the use of the Leased Premises. <br />ARTICLE MT. <br />I <br />Default <br />Section 7.1: Any one or more of the following events shall be considered <br />events of default as said term is used herein that is to say if: <br />A. Default is made in the payment of any interest on any of the <br />Bonds when the same becomes payable as therein and herein expressed; or <br />B. Default is made in the payment of the principal of or premium, <br />if any, on any of the Bonds when the same become due and payable by lapse of <br />time, declaration, by call for redemption or otherwise; or <br />C. The City and /or the Commission issued additional obligations <br />contrary to the terms of this Indenture; or <br />D. Default is .Wade in the Observance or perfofwance of any of the <br />Other covenants, conditions, or Obligni -i.Ons exPrPsW in the Dchd or in this <br />lndanturu Or in any mortgngv 'rich is given <br />by the City, the commission, or <br />t>.:o J,ess::::. to _ecure said Bond, and which said default is not remedied by the <br />City and /eur Cemmi.ssion BMW Lessee within fifteen (35) <br />1 , days after written <br />"MO so to do has been served by thQ Trustee; or <br />P.. Thore has "n W l ianult in the c naf r uctr.on contract b .t.:. cm <br />- 11 - <br />
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