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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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Property shown in Exhibit A, with power and authority to continue the operation, <br />thereof, and with all of the rights and powers of receivers in equity to so <br />proceed for the protection of the Bondholders. <br />Section W: The Trustee shall, upon the written request of the holders of <br />fifty-one percent (01%) of the principal amount of the Bonds then outstanding, <br />waive any default h reunder and its consequences, and rescind any declaration <br />of maturity of principal., except (a) a default in the payment of principal of <br />any of said Bonds at the date of maturity specified therein, and (b) a default <br />in the payment of interest on any Bonds as the same shall become due, unless <br />prior to such waiver or recision all arrearages of interest have been paid and <br />said Bonds as to interest are current; and in the case of any such waiver or <br />recision, or in case any proceedings taken by the Trustee on account of such <br />default shall have been discontinued or abandoned, or default shall have been <br />discontinued or abandoned or determined adversely, than and in every such case, <br />the City, the Commission, the Lessee, the Trustee, and the Bondholders shall <br />be restored to their former positions and rights hereunder respectively. No <br />such waiver or rescission shall extend to any subsequent or other default, or <br />impair any right consequent thereon. <br />Section 7.5: No !older of any Bond shall have the right to institute any suit, <br />action, or proceedings in equity of at law for any remedy hereunder, unless <br />such holder shall previously have given to the Trustee written notice of such <br />default, and the continuation thereof as hereinbefore provided, nor unless also <br />the holders of not less than ton percent (10%) of the principal amount of the <br />Bonds than have offered to it a reasonable opportunity either to proceed to <br />suit or proceedings in its own name and the Trustee shall have refused or unreason- <br />ably delayed to comply with such request, nor unless also they or some more <br />of the holders of the Bonds have offered the Trustee security and indemnity <br />to the satisfaction of the Trustee against costs, expenses and liabilities to <br />be incurpod therein or thereby. <br />See 0 MOW. 6.: No remedy herein contai"ad or reserved to the Trustee is intended <br />to UP eXCIUSM Of any OLWY remedy or remedies, but each and every such remedy <br />shvIl ba =wInthov ard Q., ! to in Adiviun to every of ?r remedy given heroundor <br />or no.: or hvrcr5i_r r%jotinn apt Ks or in equity or by statute. No delay or <br />oAssion un vo t or or accruing upon pay Wivit conAnuing, <br />- 14 - <br />
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