86-064 Ordinance - Laserfiche WebLink

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"Reserve Fund Payments" means the amounts payable by the Borrowers to the Trustee, as determined by Section 4.1(d) of the Loan Agreement, which amounts shall be deposited in the Reserve Funa. "Secona mortgages" means, collectively, the Open-End Second Mortgage and Security Agreement of even date rierewith whereby Jack F. Boss and Jacquline E. Boss, married individuals, will qrant to the Trustee, as security for the payment of the Note and the Bonds, a mortgage on and security interest in the real property located at 5495 Barton Road, North Olmsted, Ohio and the Open-End Second Mortgage and Security Agreement of even date herewith whereby Jack F. Boss and Jacquline E. Boss will qrant to the Trustee, as security for the payment ot the Note and the Bonds, a mortgaqe on and security interest in the real property located at 5823 Decker Road, North Olmsted, Ohio and an_y permitted amenaments or supplements tnereto. "State" means the State of Ohio. "Substantial User" means, with respect to facilities within the meaning of Section 103(b)(6)(E) of the Code, a substantial user within the meaning of Section 103 (b) of the Code. "Taxable Rate of Interest" means 17% per annum, provided that in the event the Note and the Bonds bear interest at tne Taxable Rate of Interest solely due to the enactment of the Bill which has a retroactive effective date wriich is prior to the date of delivery ot the Bonds, the Taxable Rate of Interest shall be 12-1/2% per annum. "Trustee" means the Trustee at the time actinq as such under the Indenture, originally The Fifth Third Bank, as Trustee, and any successor Trustee as determined or designated under or pursuant to the Indenture. Any reference herein to the Issuer, the Issuinq Authority, the Trustee, or to any otficer, employee or official thereof, shall incluae those succeedinq to their respective functions, duties or responsibilities pursuant to or by operation of law or who are lawfully pertorminq such functions. Any reterence herein to any otner person or entity shall include his or its respective successors and assigns. Any reference herein to any rignt, duty, obligation, representation, warranty or covenant of the Borrowers shall be construed to be the joint and several right, duty, obligation, representation, warranty or covenant of each of the Borrowers. Any reference to a section or provision of the Code, the Ohio Constitution or tne Act or to a section, provision or chapter of the Ohio Revised Code shall include such section or provision or chapter as from time to time amendea, modified, revisecl, supplemented, -8-