89-100 Ordinance - Laserfiche WebLink

Home Browse Search

[ON REVERSE SIDE OF PROJECT BOND] GENERAL PROVISIONS This Project Bond is one of a duly authorized issue of Adjustable Rate Industrial Development Revenue Bonds (Therm-A11, Inc. 1989 Project) (the "Project Bonds"), issuable under the Trust Indenture dated as of December 1, 1989 (the "Indenture") between the Issuer and the Trustee, aggregating in principal amount $1,410,000 and issued for the purpose of making a loan (the "Loan") to assist Robert Smigel, (the "Borrower") in the financing of costs of a Project, as defined in the Loan Agreement dated as of even date with the Indenture (the "Agreement"), between the Issuer and the Borrower. The Project Bonds, together with any Additional Bonds which may be issued on a parity therewith under the Indenture (collectively, the "Bonds"), are special obligations of the Issuer, issued or to be issued under and are to be secured and entitled equally and ratably to the protection given by the Indenture. The Project Bonds are issued pursuant to Chapter 165 of the Ohio Revised Code (the "Act") and pursuant to an ordinance duly enacted by the City Council of the Issuer (the "Issuing Authority"). Reference is made to the Indenture for a more complete description of the Project, the provisions, among others, with respect to the nature and extent of the security for the Project Bonds, the rights, duties and obligations of the Issuer, the Trustee and the Holders of the Project Bonds and the terms and conditions upon which the Project Bonds are issued and secured. All terms used herein with initial capitalization where the rules of grammar or context do not otherwise require shall have the meanings as set forth in the Indenture. Each Holder assents, by its acceptance hereof, to all of the provisions of the Indenture. Pursuant to the Agreement, the Borrower has executed and delivered to the Trustee the Borrower's promissory note dated as of even date with the Project Bonds (the "Project Note"), in the principal amount of $1,410,000. The Borrower is required by the Agreement and the Project Note to make payments to the Trustee in amounts and at times necessary to pay the principal, premium, if any, and interest (the "Bond Service Charges") on the Project Bonds. The Borrower's obligations thereunder are secured by the Open-End Mortgage and Security Agreement dated as of December 1, 1989 (the "Mortgage"), from the Borrower to National City Bank (the "Bank"), the Security Agreement dated as of December 1, 1989 (the "Security Agreement"), from the Borrower to the Bank, and the Assignment of Rents and Leases dated as of December 1, 1989 (the "Assignment"), from the Borrower to the Bank. In the Indenture, the Issuer has assigned to the Trustee, to provide for the payment of the Bond Service Charges on the Project Bonds, the Issuer's right, title and interest in and to the Agreement, except for Unassigned Issuer's Rights as defined in the Agreement. -5-