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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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the earliest practicable date selected by the Trustee, after consultation with <br />the Company, but in no event later than 180 days followin~ the Trustee's <br />notification of the Determination of Taxability. <br /> <br /> 4. This Note is also sub3ect to prepayment in whole on any date or <br />in part on any date on which Loan Payments are due in the amount of $50,000 or <br />any integral multiple thereof, at the Company's option, at a prepayment price <br />equal to 100 percent of the principal amount prepaid, plus interest accrued to <br />the prepayment date. <br /> <br /> Whenever an event of default under Section 7.01 of the Indenture <br />(other than an event of default as defined in Section 7.01(c) thereof) shall <br />have occurred and, as a result thereof, the principal of and any premium on <br />all Pro3ect Bonds then outstanding, and interest accrued thereon, shall have <br />been declared to be immediately due and payable pursuan~ to Section 7.02 of <br />the Indenture, the unpaid principal amount of and any premium and accrued <br />interest on this Note shall also be due and payable on the date on which the <br />principal of and premium and interest on the Pro3ect Bonds shall have been <br />declared due and payable; provided that the annulment of a declaration of <br />acceleration with respect to the Pro3ect Bonds shall also constitute an <br />annulment of any correspondin~ declaration with respect to this Note. <br /> <br /> The Note and the Company's obligations under the A~reement are <br />secured by an Open End MortgaEe and Security Agreement dated as of December 1, <br />1984, as supplemented by a First Supplement of Mortgage and Security A~reement <br />dated as of December 1, 1987 between the Company and Trustee (that Mortgage, <br />as supplemented, the "Mortgage") and an Assignment of Rents and Leases dated <br />as of December 1, 1984 from the Company to the Original Trustee, as supple- <br />mented by a First Supplement of Assignment dated as of December 1, 1987 <br />between the Company and Trustee (that assignment, as supplemented, the <br />"Assignment"). <br /> <br /> Notwithstanding anything herein contained to the contrary, if any <br />proceeding is brought under the provisions of this Note or otherwise to <br />enforce such provisions or those of the Agreement, Mortgage, Assignment or <br />other documents executed in connection with this Note, the Trustee shall not <br />be entitled to take any action to procure any money judgment in personam or <br />any deficiency decree against the Company or any of its partners, it being <br />understood and agreed by the Trustee that 3us% recourse hereunder shall be <br />limited to the enforcemen[ of the lien created by the Mort~aEe; provided, that <br />nothing in the provisions of this paragraph shall be deemed to limit or impair <br />the enforcement a~ainst the property secured by the Mortgage or any other <br />property which may from time to time be ~iven to the Trustee as security for <br />the performance of the Company's obligations hereunder or under the provisions <br />of the Mortgage, Agreement or any other documen~ executed in connection there- <br />with, or the rights or remedies of the Trustee under any of such provisions; <br />and provided further that (i) the Company and the partners constituting the <br />Company shall remain fully and personally liable for fraud and material mis- <br />representation, (ii) the Company and the partners constitutin~ the Company <br />shall remain fully and personally liable for the retention or misapplication <br />by the Company of any pro3ect income or other income with respect to any <br />property covered by the Mort§a~e or other security documents which under the <br />terms thereof, should have been paid to the Trustee, and (iii) the provisions <br /> <br />- 4 - <br /> <br /> <br />
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