09-80 Agreement w/ Court Club Lakewood Assoc

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AGREEMENT THIS AGREEMENT, entered into as of the day of 1980 between the CITY OF LAKEWOOD, OHIO, a municipal corporation organized and existing under the Constitution and laws of the State of Ohio (hereinafter sometimes called "Issuer"), and COURT CLUB LAKEWOOD ASSOCIATES, (hereinafter sometimes called "Owner"), in furtherance of the public purposes of Section 13 of Article VIII, Ohio Constitution, to create or preserve jobs and employ- ment opportunities and to improve the economic welfare of the people of the State of Ohio. WHEREAS, the Owner desires to acquire, construct and equip a commercial facility in Lakewood, Ohio, within the boundaries of the Issuer (hereinafter called "Project"); and WHEREAS, the Owner has requested that the Issuer issue industrial development revenue bonds pursuant to Chapter 165,. Ohio Revised Code, in an aggregate principal amount now estimated not to exceed $500,000 (hereinafter called "Bonds") to provide funds to pay costs of the Project, and is agreeable to making payments to the Issuer sufficient to pay al! of the principal of and premium, if any, and interest on the Bonds; and WHEREAS, the Issuer is willing to issue the Bonds and desires to obtain the economic benefFts from such Project. W I TNESSETH: 1. The Owner or its des'§nee ("Designee") shall commence the acquisition, construction, improvement and equipping of the Project as soon as feasible and may provide, or cause to be provided, at its own expense, the necessary interim financing to permit such acquisition, construction, improvement and equipping to commence and continue. Upon the issuance of the Bonds, the Issuer and the Owner or its Designee will enter into an agreement (hereinafter called "Financing Agreement") with respect to the Project and the financing therefor. The Financing Agreement shall be in the form of a loan agreement and shall contain such terms and conditions as provided or permitted under said Chapter 165; provided, however, that the Financing Agree- ment shall require payments sufficient to pay the principal of and premium, Tf any, and interest on the Bonds. In order to secure the payment of the principal of and premium, if any, and interest on the Bonds, the Ow'her or its DesTgnee shall also enter into a mortgage agreement and/or a trust indenture which shall have such terms and conditions as may be provided or permitted under said Chapter 165. Upon request of the purchaser of the Bonds, the Owner or its Designee shall give and the Issuer shall, on behalf and for the protection of the original purchaser or any subsequent holders of the Bonds, accept such other security as may be provided or permitted under said Chapter 165.