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83-152 Ordinance
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83-152 Ordinance
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Last modified
1/11/2014 12:36:21 PM
Creation date
12/26/2013 9:40:45 AM
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North Olmsted Legislation
Legislation Number
83-152
Legislation Date
12/20/1983
Year
1983
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? <br />pressed in the Agreement by reason of any changes in the Constitution of <br />the State or the Constitution of the United States of America or by <br />reason of legislative or administrative action (whether state or fed- <br />eral) or any final decree, judgment or order of any court or administra- <br />tive body (whether state or federal) entered after the contest thereof <br />by the Issuer or the Owner in good faith to such extent that the Project <br />Note and the obligations evidenced thereby are no longer enforceable by <br />the Holder. In either of such events, the Owner shall give notice of <br />the date of such prepayment in the same manner as required by Section <br />8.2 of the Agreement, and the amount of such prepayment shall be 1009' <br />of the outstanding principal balance, plus interest accrued to the date <br />of such prepayment, plus the sum of any Additional Payments accrued as <br />of the prepayment date. <br />The Project Note shall be prepaid in whole or in part prior to <br />stated maturity in the event of the exercise by the Owner of its option <br />to prepay Loan Payments as provided in Section 8.4 of the Agreement at a <br />prepayment price (expressed as a percentage of the principal amount to <br />be prepaid) during each year of any Interest Period as follows: <br />Year of Interest Period <br />First Year <br />Second Year <br />Third Year <br />Fourth Year <br />F if th Year <br />Prepayment Price <br />105% <br />105% <br />1037 <br />103% <br />100% <br />(in each case <br />plus accrued <br />interest to <br />date of prepay- <br />ment) <br />Upon any final determination that interest on the Pro,ject Note is <br />includable for federal income tax purposes in the gross income of a <br />Holder because of any action or inaction of the Owner resulting in the <br />failure of the Owner to comply with the covenants contained in the first <br />14
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