73-85 Agreement w/ Madison Ave Assoc - finance bldg

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IDB109A 9/9/85 (ab) EXHIBIT A AGREEMENT TO ISSUE BOND THIS AGREEMENT, entered into as of the ~ day of September, 1985, between the City of Lakewood, Ohio, (the "issuern), and Madison Avenue Associates, an Ohio general partnership (the ~Borrower'), in furtherance of the public purposes of Article VIII, Section 13 of the Constitution of the State of Ohio, to create or preserve jobs and employment opportunities and improve the economic welfare of the people of the State of Ohio and the Issuer. WITNESSETH.' THAT WHEREAS, the Borrower desires to acquire, construct, improve, furnish and equip certain property within the boundaries of the Issuer for use as described in Sched- ule 1 attached hereto and made a part hereof (the "Project"); and WHEREAS, the Borrower has requested that the Issuer issue its industrial development revenue bond or bonds pursuant to Chapter 165 of the Ohio Revised Code in an amount now estimated not to exceed $1,300,000 (the "Bond") to provide funds to acquire, eonstruett improve, furnish and equip the Project, including the costs of issuance of the Bond, and is agreeable to making payments to the Issuer sufficient to pay all of the principal of, premium and late charges, if any, and interest on the Bond and such additional payments as may be required or provided by law and the ordinance authorizing the issuance of the Bond; and WHEREAS, the Issuer desires to obtain the economic benefits from the Project and create or preserve jobs and employment opportunities at the earliest possible time; NOW, THEREFORE, the Issuer and the Borrower agree as follows: 1. The Borrower shall commence the acquisition of the Project as soon as feasible and will provide, or cause to be provided, at its own expense, the necessary interim financing to permit such acquisition, construction, equipping and installation to commence and continue. Upon the issuance of the Bond, the Issuer and the Borrower will enter into an agreement (the "Loan Agreementn) with respect to the Project and the financing thereof. The Loan Agreement shall provide for a loan to the Borrower secured by a mortgage of the Project from the Borrower and the Loan Agreement shall contain such terms and conditions as are provided or permitted under Chapter 165 of the Ohio Revised Code; provided, however, that the Loan Agreement shall require payments sufficient to pay the principal of, premium and late ehar~es, if any, and interest on the Bond and such additional payments as may be required or provided by law and the ordinance authorizing the issuance of the Bond. 9.. The Issuer will, subject to the requirements and provisions of law, enact the legislation necessary to authorize the issuance of the Bond, the execution of the Loan Agreement and the assignment of the Loan Agreement and other security to the purchaser of the Bond as additional security therefor. The Issuer shall not have any