83-152 Ordinance - Laserfiche WebLink

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(c) An ALTA Mortgagee's Policy of Title Insurance or commitment therefor, in the principal amount of the Project Note, insuring that the Mortgagee has a valid first mortgage upon the Pro3ect and the Owner's leasehold interest in the Project Sfte subject only to Permitted Encumbrances as set forth in the Mortgage. (d) The payment by the Owner to the Mortgagee of any loan fee or closing fee and reimbursement by the Owner of any out-of-pocket expenses incurred directly or indi- rectly by the Mortgagee in connection with the issuance of the Project Note; (e) The written opinion of legal counsel for the Owner and the Lessee, satisfactory to the Mortgagee, addressing those matters customarily covered by Owner's counsel in a corporate financing transaction. (f) The written opinion of bond counsel to the effect that the Project Note, when duly executed and delivered, will be a valid and legally binding special obligation of the Issuer enforceable in accordance with its terms and will be secured by the Mortgage and the Lease Assignment. Section 6. Allocation of Proceeds of the Project Note - Construc- tion Fund. There is hereby created by the Issuer and ordered maintained as a separate account in the custody of the Mortgagee a fund in the name of the Issuer to be designated "City of North Olmsted, Ohio - Fairview Enterprises, Inc. Project Construction Fund" (the "Construction Fund"). All of the proceeds from the sale of the Project Note (except for any interest which accrues thereon to the date of issuance of the Project Note) shall be allocated, deposited and credited to the Construction Fund, but shall not constitute "public moneys" of the Issuer within the meaning of O.R.C. Section 135.01. Moneys in the Construction Fund may be invested as provided in Section 10 hereof. Any investment, together with anq proceeds of sale and income from such investment, shall consti- tute part of the Construction Fund. The Mortgagee is authorized and 24