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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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FIRST SUPPLEMENTAL TRUST INDENTURE <br /> <br /> THIS FIRST SUPPLEMENTAL TRUST INDENTURE (the "First Supplement"), <br />dated as of December 1, 1987, is made by and between the City of Lakewood, <br />Ohio (the "Issuer"), a municipal corporation and political subdivision duly <br />organized and validly existing under the laws of the State of Ohio and <br />AmeriTrust Company National Association, a national banking association duly <br />organized and validly existing under the laws of the United States of America <br />and authorized to exercise trust powers in the State of Ohio, with its prin- <br />cipal place of business located in Cleveland, Ohio, as Trustee (the <br />"Trustee"), under the circumstances summarized in the following recitals (the <br />capitalized terms used in the recitals and granting clauses being used therein <br />as defined herein): <br /> <br /> A. The Issuer, pursuant to Ordinanc~ No. 116-84 passed on December <br />3, 1984, issued, sold and delivered to MFS Managed High-Yield Municipal Bond <br />Trust, Boston, Massachusetts (the "Original Purchaser") its $1,780,000 City of <br />Lakewood, Ohio, Industrial Development First Mortgage Revenue Bonds <br />(Detroit/Warren Building Project) (the "Original Bonds") and loaned the pro- <br />ceeds derived from the sale thereof to Lakewood-Warren-Detroit Partnership, <br />Ltd. (the "Company") to assist in the financing of the Project to be <br />undertaken by the Company; <br /> <br /> B. The Original Bonds are secured by a Trust Indenture (the <br />"Original Indenture"), dated as of December 1, 1984, between the Issuer and <br />the Trustee, originally Bank One, Akron, N.A., which Original Indenture <br />permits the execution and delivery of indentures supplemental thereto under <br />the circumstances, and upon satisfaction of the requirements, set forth in <br />Article VIII thereof; <br /> <br /> C. As a result of certain economic difficulties encountered by the <br />Company in connection with the operation of the Project affecting the Com- <br />pany's ability to make Loan Payments in the amounts and at the times required <br />by the Original Agreement and the Original Note, the Company desires to amend <br />the Original Agreement and the Original Indenture, at the request, and with <br />the written consents of, the Original Purchaser as the current owners of the <br />entire outstanding principal amount of the Original Bonds; <br /> <br /> D. The Council of the Issuer passed Ordinance No. -88 on <br /> , 1988 authorizing, among other things, execution by the Issuer of <br />this First Supplement; and <br /> <br /> E. By its execution of this First Supplement, AmeriTrust Company <br />National Association hereby accepts its appointments as successor Trustee and <br />as successor Registrar pursuant to Sections 6.09 and 6.11, respectively, of <br />the Original Indenture and the trusts created by the Original Indenture, as <br />supplemented by this First Supplement; <br /> <br /> NOW, THEREFORE, in consideration of the premises and other respective <br />covenants and conditions contained in the Original Indenture and herein and <br /> <br /> <br />
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