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CITY OF
<br />SOUTH BEND, INDIANA
<br />ECONOMIC DEVELOPMENT REVENUE BOND
<br />RIDGEDALE NURSING HOME PROJECT
<br />$600,000.00
<br />The City of South Bend, Indiana, a municipal Corporation, organized and existing
<br />by virtue of the laws of the State of Indiana (hereinafter referred to as the
<br />"City "), for value received, hereby promises to pay solely from the special
<br />funds pledged to the payment thereof to the St. Joseph Bank and Trust Company,
<br />South Bend, Indiana, the sum of Six hundred thousand Dollars ($600.000.00)
<br />in such coin or currency of the United States of America as at the time of
<br />payment shall be legal tender for public and private debts, and to pay interest
<br />thereon in like coin or currency from the date thereof at the rate of Seven and
<br />one -half Percent (7.5%) per annum, over a period of ten (10) years, payable
<br />in monthly installments of Seven thousand one hundred twenty -two and 12 /100ths
<br />Dollars ($7,122.12) beginning on July 1, 1974, and on the first day of each
<br />calendar month thereafter until June 1, 1984, on which date the entire balance
<br />of this Revenue Bond or series of Revenue Bonds, shall be due and payable.
<br />From the date of issuance of the said Bond(s) as above set forth until July 1,
<br />1974, there shall be payable only interest on the said Bond(s), which interest
<br />shall be payable on July 1, 1974. Thereafter, payments of principal and interest
<br />on said Bond(s) shall be according to the above - established monthly payment
<br />rate. Said monthly payments represent the monthly amortization of the principal
<br />and interest during the term of said Bond(s). Payments on said Bond(s) and
<br />interest shall be payable at the office of the St. Joseph Bank and Trust Company,
<br />South Bend, Indiana, (hereinafter referred to as the "Trustee ").
<br />This Bond is a duly authorized issue of the City, known as its "Economic Development
<br />Revenue Bond" as provided for by the provisions of I. C. 1971, 18- 6 -4.5, together
<br />with the amendments and supplements thereto. This Revenue Bond is secured
<br />as to principal, premium, if any, and interest, and is regulated by an Indenture
<br />of Trust (hereinafter referred to as the "Indenture ") executed by the City,
<br />the South Bend Development Commission (hereinafter referred to as the "Commission "),
<br />Ridgedale Nursing Home, an Indiana partnership, (hereinafter referred to as
<br />"Lessee "), and the Trustee, dated , 1973. Reference is hereby
<br />made to the Indenture, and all supplemental instruments thereto, for a description
<br />of the property mortgaged and pledged, the nature and extent of the security
<br />granted, and a statement of the terms and conditions upon which this Revenue
<br />Bond is issued and secured, the rights of the holder of this Bond, and of the
<br />Trustee, the rights and obligations of the City, of the Commission, and of
<br />the Lessee, and the indebtedness which is secured thereby.
<br />Anything contained herein to the contrary notwithstanding concerning the maturity
<br />of this Revenue Bond, if the tax exempt status of said Bond under the Federal
<br />Internal Revenue Code should be either lost or rendered ineffective by any
<br />action of the Lessee after the date of this Bond, then said Revenue Bond shall
<br />become immediately due and payable and said Bond shall be redeemed in the then
<br />unpaid principal thereof together with any and all interest accrued to the
<br />date of said accelerated maturity, together with a sum equal to one (1) year's
<br />interest on the then unpaid principal of said Bond. If the said tax exempt
<br />status of said Bond is either lost or destroyed because of actions taken other
<br />than by the Lessee after the date of this Bond, then upon the date of said
<br />loss of the tax exempt status said Bond shall mature and said Bond shall be
<br />called for redemption and shall be redeemed by the payment of the principal
<br />then due together with interest accrued to the date of said redemption.
<br />The City is the owner of the real estate in St. Joseph County, Indiana, on
<br />which the Commission shall construct.an addition to an existing nursing home
<br />facility, (which addition is hereinafter referred to as the "facility ").
<br />The City and the Commission, except as provided in the Indenture and all supplement-
<br />al instruments thereto, will not in any event be liable for the payment of
<br />the principal or the premium, if any, or interest on this Bond, or for the
<br />performance of any pledge, obligation, or agreement of any kind whatsoever,
<br />of the City or the Commission. None of the Bonds, agreements, or obligations
<br />shall be construed or constitute an indebtedness of the City within the meaning
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