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86-064 Ordinance
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86-064 Ordinance
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1/11/2014 12:50:43 PM
Creation date
1/7/2014 10:56:38 AM
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North Olmsted Legislation
Legislation Number
86-064
Legislation Date
7/15/1986
Year
1986
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"Reserve Fund Payments" means the amounts payable by <br />the Borrowers to the Trustee, as determined by Section <br />4.1(d) of the Loan Agreement, which amounts shall be <br />deposited in the Reserve Funa. <br />"Secona mortgages" means, collectively, the Open-End <br />Second Mortgage and Security Agreement of even date <br />rierewith whereby Jack F. Boss and Jacquline E. Boss, <br />married individuals, will qrant to the Trustee, as <br />security for the payment of the Note and the Bonds, a <br />mortgage on and security interest in the real property <br />located at 5495 Barton Road, North Olmsted, Ohio and <br />the Open-End Second Mortgage and Security Agreement of <br />even date herewith whereby Jack F. Boss and Jacquline <br />E. Boss will qrant to the Trustee, as security for the <br />payment ot the Note and the Bonds, a mortgaqe on and <br />security interest in the real property located at 5823 <br />Decker Road, North Olmsted, Ohio and an_y permitted <br />amenaments or supplements tnereto. <br />"State" means the State of Ohio. <br />"Substantial User" means, with respect to facilities <br />within the meaning of Section 103(b)(6)(E) of the <br />Code, a substantial user within the meaning of Section <br />103 (b) of the Code. <br />"Taxable Rate of Interest" means 17% per annum, <br />provided that in the event the Note and the Bonds bear <br />interest at tne Taxable Rate of Interest solely due to <br />the enactment of the Bill which has a retroactive <br />effective date wriich is prior to the date of delivery <br />ot the Bonds, the Taxable Rate of Interest shall be <br />12-1/2% per annum. <br />"Trustee" means the Trustee at the time actinq as such <br />under the Indenture, originally The Fifth Third Bank, <br />as Trustee, and any successor Trustee as determined or <br />designated under or pursuant to the Indenture. <br />Any reference herein to the Issuer, the Issuinq <br />Authority, the Trustee, or to any otficer, employee or official <br />thereof, shall incluae those succeedinq to their respective <br />functions, duties or responsibilities pursuant to or by <br />operation of law or who are lawfully pertorminq such functions. <br />Any reterence herein to any otner person or entity shall <br />include his or its respective successors and assigns. Any <br />reference herein to any rignt, duty, obligation, representation, <br />warranty or covenant of the Borrowers shall be construed to be <br />the joint and several right, duty, obligation, representation, <br />warranty or covenant of each of the Borrowers. Any reference <br />to a section or provision of the Code, the Ohio Constitution or <br />tne Act or to a section, provision or chapter of the Ohio <br />Revised Code shall include such section or provision or chapter <br />as from time to time amendea, modified, revisecl, supplemented, <br />-8-
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