1983 022 Ordinance - Laserfiche WebLink

Home Browse Search

rights and interests of the Holder under the Agreement, the Assignment, the Guaranty, the Mortgage and the Note to the transferee of this Bond; provided, however, that each Holder by its acceptance hereof agrees that it shall not transfer this Bond except in compliance with all applicable federal and state securities laws. This Bond, upon presentation and surrender hereof at the office of the Registrar, together with an assignment duly egecuted by the Holder or its duly authorized attorney, in such form as shall be satisfactory to the Regis- trar, may be eachanged, at the option of the Holder, for a Bond in a denomina- tion equal to the unmatured and unredeemed principal amount of this Bond, bearing interest at the same rate on the same terms, and maturing on the same date. In the event of any Determination of Taxability, as defined in the Bond Legislation, with respect to the tax liability of the Holder of this Bond that the interest on this Bond is includable for federal income tax purposes in the gross income of the Holder (other than because the Holder is a"sub- stantial user" of the Project or a"related person" as those terms are used in Section 103(b) of the Internal Revenue Code of 1954, as amended), this Bond shall from the date on which such interest becomes taxable and until all of this Bond shall have been paid bear interest at a rate equal to one percent (1%) per annum in excess of the Prime Rate, with such rate to change concur- rent with each change in the Prime Rate for the period during which the, Holder held this Bond plus an amount generally intended to make the Holder whole'with respect to any penalties or interest required to be paid by the Holder for failure to report for federal income tax purposes the interest on this Bond. The unpaid principal balance of this Bond is subject to prepayment, at the option of the Issuer, exercised at the direction of the Company pur- suant to Section 6.1 of the Agreement, prior to stated maturity in whole at any time or in part on any Loan Payment Date (as defined in the Agreement) in amounts of $10,000 or any integral multiple thereof and in inverse order of the due date of the installments of the principal required to be paid on this Bond at par, plus accrued interest to the prepayment date. In the case of a'. partial prepayment of this Bond each payment of principal shall be applied (to the extent thereof) to reduce in the inverse order of their due dates the installments of principal required to be paid on this Bond. The fixed installments of principal and interest are not subject to adjustment in amount upon payment to the Holder pursuant to Section 6.1 of the Agreement. The Issuer's rights of prepayment shall, except as otherwise provided herein, be exercised upon at least five full business days' prior written notice by the Issuer, or the Company acting on behalf of the Issuer (unless such notice is waived by the Holder). Such notice shall specify the portion of the principal sum to be prepaid and the date fixed for prepayment, and shall be mailed to the Holder, at the address of its principal office. The unpaid principal balance of this Bond is also subject to mandatory prepayment at the option of the Holder on April 1, 1994. The prepayment rights of the Holder shall be exercised by the Holder by giving notice to the Company and - 3 -