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88-87 Amend 116-84
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88-87 Amend 116-84
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Last modified
5/14/2013 3:06:53 PM
Creation date
9/8/2003 6:57:10 AM
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Office Of Council
Document Type
Ordinances
Date
9/8/2003
Date Adopted
2/1/1988
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EXHIBIT A <br /> NOTE <br /> <br /> Lakewood-Warren-Detroit Partnership, Ltd. (the "Company"), a limited <br />partnership formed and existing under the laws of the State of Ohio and <br />registered to transact business in the State, for value received, promises to <br />pay to AmeriTrust Company National Association, Cleveland, Ohio, as Trustee <br />(the "Trustee") under the Indenture hereinafter referred to, the principal sum <br />of <br /> <br />ONE MILLION SEVEN HUNDRED EIGHTY THOUSAND DOLLARS ($1,780,000) <br /> <br />on September 1, 2002 (subject to applicable provisions described herein with <br />respect to redemption prior to maturity) and to pay interest on the unpaid <br />balance of such principal sum from and after __, 1987 (the date of <br />delivery of this Note) at the rate of twelve and ninety-five one-hundredths <br />per centum (12.95%) per annum until the payment of such principal sum has been <br />made or provided for. Interest shall be calculated on the basis of a 360-day <br />year. THE FIRST AMENDMENT REFERRED TO BELOW PERMITS THE PAYMENT OF INTEREST <br />ON THIS NOTE AT CERTAIN SPECIFIED RATES OR IN CERTAIN SPECIFIED AMOUNTS WHICH <br />ARE LESS THAN THE RATE OF INTEREST SET FORTH ABOVE; IF PAID AT THE RATES OR IN <br />THE AMOUNTS AND ON THE DATES REQUIRED BY SUCH FIRST AMENDMENT, THE PAYMENT OF <br />INTEREST AT SUCH LESSER RATES OR IN SUCH LESSER AMOUNTS SHALL NOT CONSTITUTE <br />AN EVENT OF DEFAULT UNDER THE AGREEMENT, AS HEREINAFTER DEFINED, OR WITH <br />RESPECT TO THIS NOTE. SO LONG AS NO EVENT OF DEFAULT HAS OCCURRED AND IS <br />CONTINUING, ANY INTEREST DUE ON THIS NOTE OTHER THAN "ACCUMULATED INTEREST", <br />AS DEFINED IN THE AGREEMENT, AFTER ANY LOAN PAYMENT DATE OR AFTER PAYMENT OF <br />THE FINAL PAYMENT, AS DEFINED IN THE AGREEMENT, SHALL CEASE TO BE DUE AND <br />SHALL NO LONGER BE AN OBLIGATION OF THE COMPANY. <br /> <br /> This Note has been executed and delivered by the Company to the <br />Trustee pursuant to a certain Loan Agreement dated as of December 1, 1984, <br />between the City of Lakewood (the "Issuer") and the Company, as amended by a <br />First Amendment of Loan Agreement (the "First Amendment") dated as of December <br />1, 1987 between the Issuer and the Company (that loan agreement, as amended, <br />the "Agreement"). Under the Agreement, the Issuer loaned the Company the <br />proceeds received from the sale of the Issuer's $1,780,000 aggregate principal <br />amount of Industrial Development First Mortgage Revenue Bonds (Detroit/Warren <br />Building Project) dated as of December 1, 1984 (the "Original Bonds") to <br />assist in the financing of the Project (as defined in the Agreement), and the <br />Company agreed to repay such loan by making payments ("Loan Payments") at the <br />times and in the amounts set forth in a promissory note (the "Original Note") <br />dated as of December 1, 1984 and executed by the Company and delivered to the <br />Trustee for application to the payment of the principal of and redemption <br />premium, if any, and interest on the Original Bonds as and when due. Pursuant <br />to an ordinance passed by she Council of the Issuer on , 1988 <br />(collectively with the ordinance passed on December 3, 1984 by the Council of <br />the Issuer authorizing the execution and delivery of the Original Bonds, the <br />"Bond Legislation"), the Issuer approved the execution and delivery of the <br />First Amendment, the First Supplemental Trust Indenture referred to below and <br />the amendment and replacement of the Original Bonds by the $1,780,000 City of <br /> <br /> <br />
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