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83-152 Ordinance
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83-152 Ordinance
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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 />interest rate), the Project Note shall be subject to mandatory prepay- <br />ment in the manner and upon the date requested in writing by the Mort- <br />gage. The Issuer shall cause to be deposited into the Note Fund the <br />monies required to retire the Project Note at a price of 100% of the <br />amount of principal outstanding on the date of prepayment, plus an <br />amount of money, payable as interest, equal to the amount that would <br />have been payable as interest from the Taxable Date, as defined in the <br />preceding paragraph (which Taxable Date may precede the date of such <br />final determination), to the date of such prepayment had the interest <br />rate on the Project Note been equal to the Prime Rate, as the Prime Rate <br />is in effect on the fifteenth date of each month for which payment is <br />made (less interest payments made by or on behalf of the Issuer from the <br />Taxable Rate to the date of such prepayment) plus the sum of any Addi- <br />tional Payments accrued as of the prepayment date. As used herein, <br />"final determination" shall be deemed to have occurred as set forth in <br />the preceding paragraph. <br />If at any time subsequent to the date hereof (whether before or <br />after redemption or other payment of the Project Note or the transfer <br />thereof), as a result of a change in the Code, (i) any payment of inter- <br />est or principal or any amount in respect of or measured in whole or in <br />part by reference to interest on or principal of the ProJect Note is, <br />in the opinion of counsel for the Holder, subject to or affected by a <br />preference tax (meaning a tax imposed by Sections 55-58 of the Code or <br />any successor sections thereto or any similar federal tax preferences or <br />similar items), an excess profits tax or other federal tax which changes <br />the basis of taxation of the payments of interest on or principal of the <br />16
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