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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 1.2: Upon the happening of any event of default: specified in Section <br />7.1 and the continuance of which said default extends for a period beyond any <br />specified grace period, then the Trusted may, without any action on the part <br />of the Bondholders and upon the happening of any event of default above specified, <br />declare the entire principal amount of the Bonds then outstanding hereunder <br />and the interest accrued thereon immediately due and payable and said entire <br />principal and interest shall thereupon become and be immediately due and payable <br />subject, however, to the right of the holders of fifty -one percent (51%) of <br />the principal amount of the Bonds then outstanding, by written notice given <br />to the Trustee anr: the City and the Commission, to annul such declaration and <br />to destroy its effect as hereinafter provided. In the event of any default <br />and upon the Trustee declaring the entire unpaid balance of said Bonds and the <br />interest accrued thereon clue and payable, said Trustee may forestall actions <br />of foreclosure as hereinafter provided, if full and sufficient indemnification <br />is provided to the Trustee which would indemnify and protect the said Bondholders <br />from any loss of principal and interest on said Bonds by result of said 'Trustee's <br />forestalling foreclosure actions. <br />Section 7.3: Upon the happening of any event of default specified above and <br />its continuance for a grace period, if any, specified in said default section, <br />then, and in each case, the Trustee may, and upon the written request of the <br />holders of not less than ten percent (10 %) of the principal amount of the Bonds <br />then outstanding and upon being first inde„nif.ied by the said Bondholders to <br />said Trustee's full satisfaction against costs, loss, or liability in the pre- <br />mises shall, institute such suit or suits in equity or at law in any Court of <br />competent jurisdiction to enforce and protect any of its rights or the rights <br />of the Bondholders (or any of them) hereunder as may be advised by counsel to <br />be appropricte. further, upon the happening of any event of default as speci- <br />fied above and for its continuance for a Period specified in the above section <br />grace period, the Trustee shall be entitled as a right: to the appointment <br />K L Reca9_ver of tin Leased Prnmis ^e and An Mal Property and for each and <br />c. ry of tin ]eights and property of Ci.t' t3 Cor. u'i?c_i a <br />?'S :c .- .'n, .>d the Ler,soe <br />with reit'rnpup to " Leased Drunis0s, all as de.. <br />crib: d and located on the Real <br />- 13 - <br />P <br />
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