83-152 Ordinance - Laserfiche WebLink

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benefit the people of the State of Ohio and of the Issuer by creating and preserving jobs and employment opportunities and improving the welfare of the people of the State and the Issuer. The obligation evidenced by this Note is secured by the assignment of even date herewith (the "Assignment") by the Issuer to the Mortgagee of certain of the Issuer's rights under a Loan Agreement of even date herewith between Fairview West Partners, Ltd. (the "Owner") and the Issuer (the "Agreement"), Additional Notes may be issued in accordance with the Note Legislation (as hereinafter described) and shall be secured equally and ratably with this Note (this Note and any Additional Notes are collectively referred to as the "Notes"). The Agreement, the Assignment and the Note Legislation are on file in the offices of the Issuer and ref erence is hereby made to the Agreement for-a more complete description of the provisions with respect to the nature and extent of the security, the rights, duties, and obligations of the Issuer, the Owner, the Mortgagee and the Holders of the Notes and the other terms and conditions upon which the Notes are issued and secured, to all of which the Mortgagee and each Holder, by the acceptance hereof, assent. This Note is issued pursuant to Section 13 of Article VIII of the Constitution of the State of Ohio and to the laws of said State, par- ticularly Chapter 165 of the Ohio Revised Code and to an ordinance duly adopted by the City Council of the Issuer (the Note Legislation). This Note is a special obligation of the Issuer, and the principal of and premium, if any, and interest on this Note (the "Note Payments") are payable solely from, and such payment is secured by a pledge of, and a lien on, the Pledged Receipts as defined and as provided for in the Note Legislation (being, generally, Loan Payments made under the Agreement, moneys reserved by or for the account of the Issuer in respect of the Loan made pursuant to the Agreement and the Issuer's interests in the Construction Fund and Note Fund created by the Note Legislation), and is not otherwise an obligation of the Issuer. THIS NOTE IS NOT SECURED BY AN OBLIGATION OR PLEDGE OF ANY MONEYS RAISED BY TAXATION, AND DOES NOT REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF THE FULL FAITH AND CREDIT OF THE ISSUER. Loan Payments sufficient for the prompt payment, when due, of the Note Payments on this Note are required by the Agreement to be paid by the Owner to the Mortgagee, and deposited in a special account created by the Issuer and designated "cicy of North Olmsted, Ohio - Fairview Enterprises, Inc. Project Revenue Note Fund" and have been duly pledged for that purpose. Payments made by the Owner of principal, premium, if any, and interest on this Note to the Holder will be deemed to be equivalent to and substitute for amounts required to be paid by the Owner to the Mortgagee for the account of the Issuer for deposit into the Note Fund. This Note may be exchanged pursuant to the Note Legislation by the flolder for fully registered Notes of the same series of any denom- ination or denominations suthorized by the applicable Note Legislation, in an aggregate principal amount not exceeding the unmatured and unre- deemed principal amount of this Note, and bearing interest as herein 37