87-12
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RESOLUTION
No. 87 - 12
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, CONSENTING TO A
MODIFICATION OF A MORTGAGE NOTE AND MORTGAGE
SECURING ITS $2,525,000 INDUSTRIAL DEVELOPMENT
MORTGAGE REVENUE BONDS, SERIES 19B3 (FHA INSURED
MORTGAGE LOAN - DREW VILLAGE NURSING HOME
PROJECT) IN CONNECTION WITH SALE OF DREW VILLAGE
NURSING CENTER BY DREW VILLAGE NURSING CENTER
LIMITED PARTNERSHIP TO DREW VILLAGE NURSING HOME,
INC.; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Clearwa1:er, Florida, has provided financing
for Drew Village Nursing Center by issuance of its $2,525,000
Industrial Development Mortgage Revenue Bonds, Series 19B3 (FHA
Insured Mortgage Loan - Drew Village Nursing Home Project) pursuant
to a Trust Indenture, dated as of July 1, ,19B3 (the "IndentureU)
between the City and Bank O~e, Columbus, N.A., Trustee (the
"Trustee") and Sun ,Bank, National Association, Co-Trustee, nnd
has loaned the proceeds to Drew Village Nursing Center Limited
',Partnership (the "Seller") pursuant to a Supplemental Loan
Agreement among the City, the Trustee and Co-Trustee, and the
Seller, dated as of July'l, 19B3, for the purpose of financing
Drew Village Nursing Centerf and
WHEREAS, Seller.has advised the City that it intends to sell
Drew Village Nursing Center to Drew Village Nursing Home, Inc.
(the "Buyer"); and
, WHEREAS, the Trustee proposes to modify the Note and Mortgage
referred to in the Indenture by releasing the Seller from its
obligations thereunder, upon assumption thereof by the Buyer, all
pursuant to an Assumption, Release and Modification Agreement (the
:"Modification Agreement"), dated as of November 1, 1986; and
NHEREAS, the Trustee will express in writing its opinion, as
of the date of consummation of the transfer, that execution and
delivery of the Modification Agreeme~t will not prejudice in any
material respect the rights of the owners of the bonds then
t ,. out6t~ndi~g 1 and
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Ros. 87-12
3/19/87
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WHEREAS, Section 8.05 of the Indenture requires the consent
of the City prior to any modification to the Note and Mortgage:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA:
Section 1. The City hereby consents to the modification of
the Mortgage Note and the Mortgage referred to in the above-mentioned
Indenture, 'by execution by the Buyer and the Trustee of the Modi-
fication Agreement, in the form attached hereto as Exhibit "A"
and by reference made a part hereof.
Section 2. This Resolution shall take effect immediately upon
its adoption.
PASSED AND ADOPTED this 19th day of March, 1987.
Attest:, "I".
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Ci~'Clerk.:" .
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ATTEST,
1(6/ yf ~ty
WITNESS,
Approved: (HUD)
By:
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DREW VILLAGE NURSING HOME,
INC.
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8y:~L,~J M~
' Pres en
BANK ONE, COLUMBUS, N.A., as
Trustee under an Indenture
with the City of Clearwater
By:
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STATE or Penn'sylvanla
COUNTY OFDauphin
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Before me, a notary public in and for the jurisdiction
aforesaid, personally appeared Michael A. Panarese ,
President of Drew Village Nursing Home, Inc., and
acknowledged to me that he executed the foregoing instrument
1n the capacity described above as his free act and doed on
byhalf of said corporation.
~~ C'...w~
Notary Public
MIRIAM E. MARINO. FIOURV PUBLIC
LDwn pmON TV/P.. D~U~I!IN COUNTY
Hy commi ss 10n expi re.a June 25. 1990 MV COMI!ISSIDH EXPIRES JUr.E25. 19'0
Mlmber, Ptnnl)'lv.nl. Assocl.lIon or Nal.rI..
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STATE,OF
COUNTY or
ss:
Before me, a.notary public in and for the jurisdic-
tion aforesaid, personally appeared an au-
thorized signatory on behalf of Bank One, Columbus, N.A., as
Trustee under an Indenture with the City of Clearwater and the
person who executed the foregoing in the capacity described
above and who did acknowledge the foregoing in.trument to be
hi. free act and deed on behalf of said corporation.
Notary Public
My commission expires:
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