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''y? ?`e .. ..,t 'S, ?r'JFJJr,• 4. +'fr F.?f:.?:'ir er`? 7,. }? _ ?.,?:,. :'iY'r'•. ??,' t`4,ii?1 .jJ,° ,? .? ?,•i" :.??? ,.?... t?fi.. •,t'i'A.' ::F. , ,.-3i: ?L ?:t ?•'?• r,',,a >4'°••" i' '"a,`•; '1'`,' ..f. k %'§ -? '? i"•{{?{. .. 3;1 .it1 ?. +.1• .,:a: ?rf Xi, ,.1•- -,.r.;l .r .x':'-' `i'7 .51 ?-,,.y -$l" ^e.. ,g ??„ :?? ?,`?.',' E. ?` ?,. .ig •?+, "?+',t"3. ?: ,,r+}_ 4?y1. v.r•. r S •.;f t?.r «i,{:. °•,a, ;.t''%;?'^.,.._.:.: ?.. ? tv. 'dal ?' ., #;`,:1.;?.s ?,. ?t •?y ? h {. 1 ??'' r a. f-Y.• '.ft.,;ls ,?- .sr .•F" -. J'yJ? '1 ?Y'.; y..;';" ,?y'?'?; ?g,l+'S3 S' :4 °I.-'•f. %L Y. _ ' i, .l• .,r.. ,+ , t ; 6":' , e I , y.r'.:;f:.. „4?`:?'. t::,t. ,..`,??A :t? ??+',.-, l s - .?F. }} ),.. .,J.' : b .,°1:r =:s^. ,?( Y- ,?'?, ?'f:: 'x °.fvM1^,,, f, .n A., ,. ,?t€r a.,' . ?• ,ft E :?'P•.- ??"', . •'i ;Y,z ? r r, .? i. Jay . ? F•.M I ? k,, .I ,}, :', ;..:'' ??''??; ?'?.'' ,S:rg l t9 ?- i S J =1""- i'..r ;•fi ??'. ;?°.. .?`' S $. _ S '0i ?).+5. :JJ-.i ,A. ji`= N, ,}f .f• ??. f r1,+? t?` .e >! "-Z 't , .''C i1?' '' 'i•' '<t, aC {yt? ?; '-r' n9 l.'', f •?" i ) •?' =f - .- ri te: a ' • T:'• a 6' •1' :s h: S t r I'. ! .Q f t ! 'f.' cis a -`I' ' _ • t:`, iC' .f +r. i y r t • .r •° L7 ,-. are ?a •. r3'; •I' %i• 'A• "•f v :l i - N' '?Y- :ice ! 't :/?a' '^i ? fir` +":°>y .iw :,? •r'' J^x F 'I: a •4.,.r .3 q .L•r3" R. f. •'s'r 1" •Y• ,F v ? 11 ?i''' '4 J e).' t 4 ... )r fv»?h t 4 _ hh rN #`+ . . CITY COMMISSION SPECIAL MEETING {1<?tx Thursday, March 30, 1989 ?:?..?+?,: ;?••;'• 9:00 a.m. -,Large Conference Room I,v •'w'`" AGENDA ITEMS ??; `,•: r,,l°' , ?:r? " 1. The Oaks of Clearwater D- 2. 'Clearwater Beach Hotel Settlement i?• :7{•( ° .: ?•ti :,' i`6C yr ^, 3. Sheraton Sand Key Resort DRI Settlement Agreement 4. Expert Witness Fees for Dunedin Pass 09K 5. Annual Evaluation of the City Manager %''-,;a:F•;'?;'?`, 443+, v{risY:a ?w^ i _ °'PrP? ?1 u•.?? 4 Yas' ?f C s' •J .r r? t r r ? "t s # S y YL qq ?r! g+r „yx, ,-r J ,Nr ? ,'Jy N (r?? ". 1 C'• t 'r 4'•' y} .p L :r,. 1 •q/ r? 5f5{'{i{11Y'r:r#r 4;ice iS k' .. 'hf e?n ?'? .' T f.tX % ;f ?<= ". r+JyE'.j': eve -'rt'?Tr'{tf ?ti?r 7 { ?S,.L r; ??. tk , . , ??? i 7? r .1 k i'j ?;?•t'f:?' 1 ??4 y;',•i$r? s f: ` {.: 4i1y,'1•'•?Sf 4?'??"ex A?.?Ar !'?,t. n?F, ?{ ` ' ' , j" Gri'If?:ry • iIy t:'?t/f? •C1T_.???r.?` 1 V+.IJy. i ?,t! ,? ?•A?. 'k ? i14i?+°i5?€4' Yg Y ~ .i' Y "?. Y r rR.:%fim•" 'R f ' .. P' r -w,, i..r'f?` rr?^A'*<^s^v;rl:???}`'!s:?r.'?+'"°:r-?>PS1•rmgr..igw?ar?...r?!rr„i? '4?n,9H,.+w. '??aa.?(f7M?+. ;;.t°??{{'yy??""-?` •?4; }?s?..??i«i+.?; s .. f?.?...e. ? r. .,.. ..,.... .....:: #.' -. ... .. ...?.... .- ... ..-., n. .._ . .'!'.?._ s Y._..`.:.°r?a.''i .r?i?.°'?Yr°.'.°..i ...?:1'3.r..af{; `, ....? L.iw?".Sr4?; "s.. Kp•.ir :.. r?M 4 r 4 AGENDA NO. MEETING DATE: 3/30/89 MEMORANDUM TO: THE CITY COMMISSION OF THE CITY OF CLEARWATER SUBJECT: THE OAKS OF CLEARWATER RETIREMENT CENTER RECOMMENDATION: Approve the amended loan documents on behalf of The Oaks of Clearwater Retirement Center. 0 And that the appropriate officials be authorized to execute same. BACKGROUND: The Mayor and City Commission approved a refinancing plan for The Oaks of Clearwater Retirement Center last December, however, the principals were unable to close the ;oan. The Gulf Breeze Pool Series E Bonds became unavailable and the Nursing Home portion of the Retirement Center was determined not to be eligible for financing under the HUD/GtRIA program. This transaction is explained by City Attorney M.A. Galbraith, in the attached memorandum and a summary of the changes are also outlined in the attached ? memorandum from Edward Bulleit of the William R. Hough and Company, The City's Bond Counsel and Financial Advisor will be at the meeting to answer any questions. k Commissimn Dispositior:: Follow-up Action: Submitted by: Advertised: © Af fected Costs: --N/A ®Attachmenta: Date: Parties Funding Source: M d Notified C3 Capitol Improve- emoran um - City Manager Paper: of Meeting ment Budget Memoran !roman Bulleit dum - C3 O eratin Bud et ®Not Required [3 Not Required p g g Al Galbraith CI Other Originating Depart n Date aSequential A Appropriation Cade Reference Adminiatratio C3 None w? . /?"y sr `?1i ?1;'= t."s'?.:. >Z_ ;zi. FI.. ?,a..1'•"'I Ft'i ?. •? 1 r:.5 r. .? ,t..+•.:? 'IS'O .t%"r.;?:,'.?=i?.r.s¢::' v:r:YZk^'i';'i2? t'i. ?r T, r ,r fy,' N ? Y rte, 1 ? ?,;•' ?, }" p n a.,. ' j., }?'" .j $.' ?: 4t l:1 .J t <. t?': (!?.,im:: :;.. 1?Y'_. +?? .;.a r' .tl`. ?•. f, :t.:i ' ?f,? i'a? .•r ,??-.? ?t t M. ? s. ai }?. •a?. }}-...^;,..tr???b ?? ? r2 1"'°' "{ 1.vr ?., : '`f h;:; !' " r..'r. 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Ah t iy s !, 'r' = •r I ?t it(lir4'`i ti' 1!'f• j?.:°, Itt? art-atocl r'9 s''}?..ry?iir. ..y l.,rE `S?5 7 ti- jw ".., fir2' rsr%ti '. `g 1f lr'}}?T :' ?• r a.•' `_Jy'. 4 -A ? `5• a'.. 11 tr, ;i ;z. ;;• "' " ` '' MEMORANDUM ,'.'-:'s: ?..?' ?,•?• a ? r??, '¢y;- r t!:`y">V,i ".?'4,1t';,;L' i}nu T• . e4`'i5!,rr`'- A'ft`S?.fis 7 -4 w t .;htel , 7rN x ' ;}: , ' TO: MAYOR AND MEMBERS OF THE CITY COMMISSION :t„ r.i ? r? r <? ` ?-!' =' e - s : ?. ..;..`':>i `?' = CITY OF CLEARWATER FLORIDA ;r." . y ' ' ??y' . i trot - ,'; •3!>< t ''tY? 5::1".Ni - Tf Sit..... _^. ' L31, I JJ'r l fr P. a+'i ''r- ?' "44 41 'S /? EDWIN M. pl/LLEn*,? * ?+ rat Y y? } 'rf't y t' Ia ,•?.?.?1 Y?7rr"rte j _J<? t?w•,i•r, a.'7 FROM: lt 'i;.=:ru :'µ;,F;7FSZ ?''.+ Y:.,*-,',,}s l ,'Kr'LFM?:i•' Lr ,••`:.. ]5?'.!{r •YyFT ..Ct r°d'• i'lr «^rJ ??2,,, t?'; R : OAKS OF CLEARWATER RETIREMENT CENTER ., : ;.i. ;'tr". ". "..`'r>i' r ?Yr:J?:i`, 511:;,.`. ?yt.••s;:{#'t' J •.}:. •:i ?3 ,^ 1 ci? ?rq,z-ywt DATE: MARCH 24, 1989 ' ,';'f?jays `r?' I . ? :. ? -,S?;Jrr, .t'n'.? pp, x+, ,'?., tf' T'• d ri"yalr .i,F ''CyI .f'1'? '-C.i , F•t' iq `I.?:# ?,,-.:;,t.,.`,. Ii mx"?"?Sf£'s4la? ,.:.. •:?'°- !'7 "Itrlir T, ?,1 ,Y,1+ t5' .i.'. N'J1.4 Ri'1.r ?aY'..N, 4rw? ? .i E"' `' F'c?' ?? C ""? evasions to tha documents evidencing the t3nancing "- plan to fund the acquisition and improvements of the Oak '. '' - k!J -` , ") i( g:,6 1 ':r' `' , '. ?Y7!1. t" `''r 4, kliS -+r'r{;S may `t;,,J, ??,. "' *= , X.f1 h^' I Cove/Oak Bluff Project have been required, ' ' " ?i {? .P Y -: The substance of the transaction in the viewpoint of the City of *4-,hjl-q, ? "Il V. ?'4- It r ', ~ t, c'.? :7 • r ta1. ?1.,r..i, S 2`•:`r,4r i . . s5'a , t `?,,, = gxjt';- Clearwater is identlcal to the original financing plan that was approved by the City Council. the changes are L '>sr4?.,k -." ..-. ! , , I ?G„ri.Z,i?;j•-,...t =I ,t' r summarized below. ;;'I: _I- #N, ' zI -1. ' r," ` 11 rt e ;,. . ' 1 S , i, ':t: 3+. ,?:',I: I t•. a ,r Jr °' t ? ir° `:?` The Gulf Breeze Pool Series E funds originally planned to be used to finance the ;rll` 11,E L., i! ' - . tr'.y ' • •y' r', , {' 4'•'•r LS ',a•. ' .? 1? 11 ,4 f}' ir`h <" _' ;;s'; $38, protect are not available and the Guff Breeze Pool Series C•1 funds will now be the source of a portion t, Er;•_?' 7 . x'? r-- . r ;'':'?"''t"'Lr ".s,`?'°'" "'L" `?, •;?;,?i-'7; `}_ of the loan. The nursing home within the facility did not qualify to be financed under the HL 'D/GNMA program, : ?, `-%, kV;`s"4;"gv.a ?•1 5 ! =M`'' _ ' '' ? `' - '{" L. = therefore The Oaks will incur two separate, but parity, mortgage loans on be of the City of Clearwater. The loan '.?Y;=:?, ,;?j ?r ?, 1 ??"{::r;;'i%; ?; ? ?4' through the Gulf Breeze Pool will be $27,515,000 and the loan far the nursing home through Florida National Bank ', 4;,]s;;;;?,=- ,' .?_i ? ' ' ?? f: .;° F ~' will be approximately $6,000,000, There has been a net reduction in debt on the facility of Sa A85 000 at closing. 1- " 'i.r '?'#° ?. 1}`t '', r; ?.i' ;',:°14f:r .. .;.:?;'s?l x, rL ..t. ',` .I ,-%, .-;;+t T ` However. the loan documents allow for The OWm to borrow an additional $4,000 ,000 on parity with two mortgage ' „s : - .. J -J- :,,? .. ' ,!r; :r%%i', .:,? :>.,J•:° `n`-:'^ .#`sf i? 655 tl, ao: =,i•;: ., y1 .%' , loans but on the condition that the debt never exceeds the equivalent of the $38,000,000 debt originally contemplated .'-;,: rrl,I.,,i 1.--' -? 3 `?:3 ,' ,''' ? I 1". *: for the project. -:';?% Z '4? :r8?:"g F.' . j,?;J i'J". t: :l 1.4 ,: _,t."Z1r,lJ:t. :rJl ,_ ' f.: Y ? v ;i: Ar.. N, , ,x f rs ? 1: `` ?'?r'`'?_>F ;Y ?''` % ?,'? , From the City's viewpoint, this change has very little impact on the project itself or Clearwater's role in the tI ,'t• k,, "? .; ,".; t; 't`"''-:="=f,`, transaction. A benefit to the City Is that the loan that the Ciry acts as the conduit borrower will now be only - !;,: 4X.-%,F' t L ... yt ' ?v!- ±:i','' S27,515,000. Due to the requirements of the Florida Statutes for Clearwater to borrow funds for a 501(0)(3 entity, r';,:''; -' ? 11 :*-rr ; r'; . ?.ft,'4 11 4? -r = -;', :i,'' the land and facility will still revert to the Ciry of Clearwater upon retirement of the two mortgage loans, 'fhe loan ', ;", 'r, ,. i.,. :y3j'c S , , : - - :.>' ?Z.' ? - "r: _. Vin'''" " t t ° ' ;' on be the City will der NMA program whereby she full faith and credit _ r, ; r:,. ,• : icy: ;-: ` bait of th of Clearwater wi be insured under the HUDIG ,<;,,;.,, b"I ?;;J,? y? , . 6% iTF: r': r.l:x '. r- s,. 7,,,, s .' .;J >:%, ,.?r'_:; ;._. ,"c,?, ?y: of the United Status acts as the ultimate security. ,r ;:;,-s;.. t:; • ..rai. -, , ?, s ;,r !'° 'lsr''!i'Y.i,i?'' ':r._% • ' Ll_;i.],t1,}, tt SS.• Y,r^ - " `'°?S?''r - -, artiginimpts In Z? L,!_, the The==,tom;0B r new articipants In the transaction: Underwood. Neuhaus and 4? ' .`F' -: ?' { `yi';'4t?1 t, i ? ` . `t j.; ?.;' f =" C act n t nK tin as Liquidity Facility Provider Eagle Mortgage ,°'1tt""• I, ``ii.7 ? i ; .. a,?t.::{1,'A'^.?: ompany gas emar a tag Agen 11 app ac g y:.,HT "tr I?J ,,,t,` az.y W; 's 1 :: ..;. pr;;11;Y,s Company as the Mortgage Company; an ling as Ttustce. 4°a ?; z*r.; fir. ;, -;?, ?; "' :r,a<•N ' 1"`Y"-.1'!,_",, ,k S' , n •1 Y:r°r.;tj,.,L` 1,"..VI 4?a;?. , "Al °? .1., 4. t -'r 4'. The thane in Remarketing Agent t is due to the fact that Terry Coli and Richard Young changed firms from }: f? r ,,,-r- , i i l`'`?` " rY ?:;;': P tii;E,:,, t ;?r,'? .4??.t ., ant Company to Underwood, Neuhaus and Company. Both companies are well respected investment 02-T-4 ?- ;i,i ,??,, •;t-:; r.? Boettcher ' . '? ? °' Ff 'r,Vy banking firms. Sumitomo Bank will participate as a Liquidity t Fcility Provider due to the use of the GUlf Breen ." 11%,,-, '' 'n s' j' + j ' t .i ;'> :t.,; ,? r ?, -J'1 Jfp. -.`1 ?t i»i ?1i-' Series C-1 bond program instead of he Series E program. Eagle MortgaQe Company replaced Citadel Mortgage s tE.' dti.],.-v .t' ?f 1q r 14 s7? , t Company to act as the Co-Insurer on tine transaction, in order to be a qualified Co-Insurer under the FHAfHUU r ll sJ 1,"J,I(i:.Y('tj .•$.y.1.;t?,i?? X v,ir,)] r#i ?'• ' jl'j .f,iy? r1 ry;f proggrram, a company must meet certain management, and capital requirements. Both mortgage companies are o:f,.i • y i..:,..l,. < 1 La;4, J' , '" T.y ' r?'? 1' ualttied Co-Insurers under the HUDIGNMA program. The final new participant Is Sun Bank acting as Trustee in :i,;. 1' ;r{ , - ' µk,ti,. A; ,,ti?.rf. ? , r -; substitution of Republic Bank, The Trustee's function in this transaction is to administer the program. Sun Bank ?t7u r"?'=°"' ?t '' .: F•t , f tt . _; ,`)f 1 is a reputable bank and acts as Trustee in Florida on substantially more transactions than Republic Bank, ,'T-?t ' ?? e14i? ??. . ',ir;`;':lrPr?y'+ gg.;rl' t r #,`1S ° 1: ljt.. fj , Gr at r. 1{?.,'. 'i T t ?t K f f1 1#.,1'` ?j?'? "4i'' ``?'4' The effect on the City of Clearwater and their role in this transaction is not changed by the substitution of these <,« r1» ? ? l' F' I' rr't+w ' 1 11 II -:4 pamicip?ants in the transaction. These new participants are involved becav= of a change In the financial structure ;.t?? ?'?? .t .V y, 1?' -• x,`,? rJ '' ?'j''] qw, 4 g?KS ?''?j'i34•Yi Y.t?. E•t z• . i'. ` '`tI^'l ktY. .. tK zr: (GuIt &eou Series C-1 bond program} and the timing at the bond issue. `""r `; `?' i ;? 4 ? I :• !s t' I ?If - .?! } t; 4.t. `z. J 3 (j• , S ff U . i `;1 i . The substance of the transaction in the vie%Toinc of the City of ',; :F.r1{ ,zF K_ , r 3 1 ``'t •" ?r 1 a reemeiis that ':n$; C.• ,r,,,1,61 `"'',; ?x'` }i :"'' ;,? ?' s dent t e until. The x?°=,T; °i,- t ??;<,.; Clearwater t t to t e ari ant ng plan that was approved by h City Co 8 t ?r -', t 9,11" t '.',: 1 !, ?:4 the CI must enter into establish the d as a conduit borrower whereb the Ci acts as a borrower from the Gulf "L ".," " r i t fir, 14 `4-0 .' ?? t ry 1 Y tY ,:•''•ir{<.3r?s?WORE- `? ' ,?' # i. Breeze Loan Program but has no financial - Ie aI obligations far the payment of rind al and interest on the bonds . y r: r,'r. i:; " t y rg??y•?, The debt obligation will not appear on the financial statements of the city and it will have no effect on the debt " . a .:r? r \ f , ?r ?''4' $ ate , t limitation of the City Charter, In addition. the City will not be responsible for monitoring the facility for payment } Sa;;?''.;rs;,rk 1 *,. ),, - ? - of principal and interest on the bonds, not will they have any financial, accounting or reporting requirements upon ; , 'r' 'a,'?';,; :.4? ?' , r > 1r , the Issuance of the bonds. The City of Clearwate s name will not appear on the bonds. [5 :, ? t ; ' 4? tayk ?, • f] rJ, e i.?', `'`,',.,-; ttt f'.1,??;^',?1t',Si w1,At . ?S?£ .t 1` ?? .V?, BTATQ, COUNTY AND MUNICIPAL BONDS .s °R,' ?'" ,„.' -? L. ik],- .?.P ...7_S4:vJ,l':rF%Ct?(, 'yip?}} is{?+?.f', )1^t+Y ,. i.t'?tf 4•i31,,> , P'i".r; f - .. 4EJ! `,,. .s j'• tec•K c - .Nil'.3 ',nrMT rr4 .... r` i ETG2??XY !`r:. ,iwW -i- rte,, 4V 1 Tun a.r^n I r,%aL A r"!"? ,?y 1 i`, •7'<' l;'. .. •??" _ 1•' , ,s z' 1' ' 7#1? .>•': t-, :},?.: i '1ri:A G'w,,. e. ?r.tt., 'l _ :r' '.t.:.: r. ',?\ ,t • ... •t.. . , .- 3.a- rY` 7's? z r} : ...wrA: i. ft,C••7ww•.r",^9-?!"ia?s.'•.'T ^•a,n...r.•:..,., a;>'•f° .i.r+n.na..? :Yi ••Sl .?ix 1 t.,.s:. ': ?',a ?&:', vi ?'A.-Iw. `.L l.. .'Yf a r`^i.. •Sys'tt5}?s:y??;}J?:'?.;'°'"a,.?' 9,:.,,,_' ??ilii,Z. f? '??f?? ?? i:? at'+? .5 ^?L? ?t= ?.:E S'1'n n ?•J.•`:; , lsi'?f, MIEMORA 0U TO: The Honorable Mayor and Members of the City Commission FROM: M. A. Galbraith, Jr., City Attorney ?, RE: Oaks of Clearwater Retirement Center DATE: March 27, 1989 Subsequent to your adoption of Ordinance 4738-BB on December 27, 1988, the financing plan for the acquisition of and improvements to the Oaks of Clearwater project has been modified, because the Gulf Breeze Pool Series E Funds became unavailable and the nursing home within the facility was determined not to qualify for financing under the HUD(GHMA program. Consequently, the loan agreement and the secondary loan agreement (Exhibits B and C to the ordinance) have been modified, and a copy of those documents is enclosed for your review prior to the special meeting on Thursday, March 30. The ordinance itself will require no amendment. Section 5 of the ordinance provides that the loan agreement and the secondary loan agreement may be changed, altered and corrected and approved by the Mayor-Commissioner and the City Manager, so long as the instruments are "in substantially the form" as attached to the ordinance. The purpose of presenting this to you on March 30 is to ask you to approve the amended documents as being substantially in the same form as the documents which were approved last December. Although it is theoretically possible that the Mayor and the City Manager could make that decision on their own, this was a somewhat controversial item when you approved it in December, and the changes are so numerous that the prudent thing to do is to bring it back for review by the full City Commission. I am also enclosing a copy of a summary of the changes in the financing plan which has been prepared by Edwin M. Bulleit of William R. Hough & Co. He concludes that the substance of the transaction from the City's prospective is identical to the original financing plan that was approved by the City Commission. The loan passing through the City's conduit has been reduced to $27,515,000. Some of the parties have changed, but those changes have no effect on the City's role in this transaction or the fact that the debt obligation will not be deemed to be a debt of the City. One or more spokesmen for the affected parties will be in attendance on March 30 to answer your questions. MAG:3mp Enclosure Copies: Ron H. Rabun, City Manager Michael J. Wright, Assistant City Manager Daniel J. Deignan, Finance Director 1. M in '- 6i ..t.J?iErihy.q!}?L ,.' 'i,._.y.S ?','J ''.S?S:r'Y :ft:?'? ??.i?t?,E';?^..}?1'f..••?.?t??'' ?,•?? ;t•? i•t.i;`? .?3°? (•% 't:''`,r: ,.t -q;? ..i,.. fir s,'r?. ?-" ?1• ;7I•?'"}!K. 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Y1?'?, •,t's'1?`•}, y'a?,.r ?:• i`}.•.:?+q"?i;.Z.e"°,L. ?3 ;s 4'n.w, -?Ytj'?r -?;5`i'.44?? i"r>e'?j??L'+f• rte^;s r, ??i? r? ',?t le 1?:.:,' ??!(S?II :i'?fS;• '•ly ?` 5ya?' ? '# r, F ?s? sLr , i:3? fY *iry.,,. 1t`i . C' .? ,is'.i'l`'t,. -r2' ?, f . },'+1?. ?'• r; ;':??.'.1 ? . "• r,?r, ?? ?;4.., ft• r;' ?l`.;;?' 1-?a a?-y ?•'.) }5 f?r 5 't• ;'3r ".^ Ss, _ `;i .tu '?:?':Y i L..x i-?..,;rn.:r:,'i' :r ? r r.....F ?.. ,?(' :'r.: •,-,?' ?c b• fA} .? w ?S•':'S,1 2 ?•r.L .,'f _ll?.i.d ?1 r ?\ ..Ll. ?g a ..., s<?? ?•L ?• ? ?a.: J ? ?, 1,?,/ i"11f??? ?`? WY 1 :.}.u, S ..?.,ry >s,f?'','".'.' L 'tf?'. ,I• ..1-'''f?•?'F:•: ???.Z" ?3 ,f f ? '£?s'?{xt k .?'.r r,. ,.y?r';:?•' •.v!... ,J.'I y,f°? v'a?,'?' ft,.: i?.. c 3,??•}??:? ? •f ;:..,o?E.?+'. ?7, rii`ti':' ...' :?:,:,]' 'vi: :r' `'' ':!' ;. ?` .:v.v,t'•.• r ;t ,w ?t.Jr?3?•??1,c.•?.??x.- ,. ,:J• r E'' r .ri ,r "?S?.v4>?; '•'/?i •v. ?''•`}?' s .,:«rflF s i MEMORANDUM it. 't I. TO: The Honorable Mayor and Members of the Cit COPIES e ? n r=r,', FROM: M. A. Galbraith, Jr., City Attorney ,, RESS L'?'"r date MAC 2 7 199 w,z RE: Oaks of Clearwater Retirement Center CITY CLERK DATE: March 27, 1989 Subsequent to your adoption of Ordinance 4738-88 on December 27, 1988, the financing plan for the acquisition of and improvements to the Oaks of Clearwater project has been modified, because the Gulf Breeze Pool Series E Funds became unavailable and the nursing home within the facility was determined not to qualify for financing, under the HUD/GNMA program. Consequently, the loan agreement and the secondary loan agreement (Exhibits B and C to the ordinance) have been modified, and a copy of those documents is enclosed for your review prior to the special meeting on Thursday, March 30. The ordinance itself will require no amendment. Section 5 of the ordinance provides that the loan agreement and the secondary loan agreement may be changed, altered and corrected and approved by the Mayor-Commissioner and the City Manager, so long as the instruments are "in substantially the form" as attached to the ordinance. The purpose of presenting this to you on March 30 is to ask you to approve the amended documents as being substantially in the same form as the documents which were approved last December. Although it is theoretically possible that the Mayor and the City Manager could make that decision on their own, this was a somewhat controversial item when you approved it in December, and the changes are so numerous that the prudent thing to do is to bring it back for review by the full City Commission. I am also enclosing a copy of a summary of the changes in the financing plan which has been prepared by Edwin M. Bulleit of William R. Hough & Co. He concludes that the substance of the transaction from the City's prospective is identical to the original financing plan that was approved by the City Commission. The loan passing through the City's conduit has been reduced to $27,515,000. Some of the parties have changed, but those changes have no effect on the City's role in this transaction or the fact that the debt obligation will not be deemed to be a debt of the City. One or more spokesmen for the affected parties will be in attendance on March 30 to answer your questions. MAG:jmp Enclosure Copies: Ron H. Rabun, City Manager Michael J. Wright, Assistant City Manager Daniel J. Deignan, Finance Director ?F ???r 't?)f+J•ry"???-'?":•?Y1'???.}i•Y•'t' 'I. ]ir L.. ? ?Pi` ' '.'.' . !f ? S 1 r l , '?P ' ° ' , j. of •lr?, ?IiyLS'li : ?.• ?.?' ? •'r , ' t j , l , ? . y ? _ .. r f y. ^y t ., : .": ...- "i: ) t3. y"r,E«i-.., k•iar.r+,i.}..i,..:? ?.:r•l-'r? y_'+1".:l n•q,:. u ....',. .. ..?T "'?"l S :?'t , '. j? RR .. 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FLOrIIIDA 33701 (8131 elf-N 00 MEMORANDUM ry TO: MAYOR AND MEMBERS OF THE CITY COMMISSION CITY OF CLEARWATER, FLORIDA FROM: EDWIN M. BULLEIT RE: OAKS OF CLEARWATER RETIREMENT CENTER DA'I`S; MARCH 24, 1989 Revbions to the documents evidencing the financing plan to fund the acquisition and improvements of the Oak Cove/Oak Bluff Project have been required. The substance of the transaction In the viewpoint of the City of Clearwater is identical to the original financing plan that was approved by the City Council, the changes are summarized below. ? The Gulf Breeze Pool Series E Bands originally planned to be used to finance the 538, project are not available and the Gulf Breeze Pool Series C•1 funds will now be the source of a portion of the loan, The nursing home within the facility did not qualify to be financed under the HUDIGNMA program, therefore, The Oaks will -near twa separate, bug?s pparity, mortgage loans on behalf of the City of Clearwater! The loan through the Gulf Breeze Pool will be 527,515,000 and the loan for the nursing home through Florida National Bank will be approximately S6,000,000. There has been a net reduction in debt on the facility of 54,485,000 at closing. However. the loan documents allow for The Oaks to borrow an additional S4,000,000 on parity with the two mortgage loans but on the condition that the debt never exceeds the equivalent of the S38,000,000debt originally contemplated for the project. From the City's viewpoint, this cltange has very little impact on the project itself or Clearwater's role In the transaction. A benefit to the City Is that the loan that the City acts as the conduit borrower will now be only L..7,515 000, Due to the requirements of the Florida Statutes for Clearwater to borrow funds for a 501(Q 3 entity, the land and facility will still revert to the City of Clearwater upon retirement of the two mortgage loans, a loan on behalf of the City of Clearwater will be insured under the HUDIGNMA program whereby the ll faith and credit of the United States acts as the ultimate security. ?srticipaqts In the Tranpacomp There are four new participants in the transaction: Underwood, Neuhaus and Company acting as Remarketing Agent; Sumitomo Bank acting as Uquidity Facility Provider; Eagle Mortgage Company as the Mortgage Company; and Sure Bank acting as Trustee. The than a in Remarketing Agent b duo to the fact that Terry Colip and Richard Young changed firms from Boettcher and Company to Underwood, Neuhaus and Cc' U'Reility Both companies are well respected Investment banking firma, Sumitomo Bank Mil participate as a Uquidi Provider due to the use of the Gulf Breeze Series -1 bond program instead of the Series E program, c Mortgage Company replaced Citadel Mortgage Company to act as the Co-Insurer on the transaction. In order to be a qualified Co-Insurer under the FHA/HUD program, a company must meet certain management, and capital requirements. Both mortgage companies are qualified Co-Insurers under the HUD/GNMA program, The final new participant is Sun Bank acting as Trustee in substitution of Republic Bank, The Trustee's function in this transaction is to administer the program. Sun Bank is a reputable bank and acts ss Trustee in Florida on substantially more transactions than Republic Bank. The effect on the City of Clearwater and their role in this transaction is not changed by the substitution of these F artici eants in the transaction. These new participants are involved because of a change in the financial structure Gulf &Cezc Series C-1 bond program) and the timing of the bond Issue. The substance of the transaction in the viewpoint of the City of Clearwater ent to the a financing plan that was approved by the City Council. The agreements that the City must enter into establish the City as a conduit borrower, whereby the City acts as a borrower from the Gulf Breeze Loan Program but has nc flnuttdrd or legal obligations for the payment of principal and interest on the bonds. The debt obligation will not appear on the financial statements of the City and is will have no effect on the debt limitation of the City Charter, In addition, the City will not be responsible for monitoring the facility for payment of principal and interest on the bonds, not will they have any, financial, accounting or reporting requirements upon the Issuance of the bonds. The city of Cieuwatees name wall not appear an the bonds. r 3 s. •3t.'?`.?[Iff `i i•I?'r r.? ilyt ,?iF]"'(?'•. tw i 3 f'.f:'?:.ir.•JF;[[??h5« '4't3h ?i,:?L' ,r `4 •14i3i1r'?n ?."3,¢} Nr• y' 4-1 g i' OTATL, COUNTY AND MUNICIPAL SONDE id y?• ?, •'['.'.:.. ":Ir :.:,.-tr ei?• .,w..,4,..i=,. r •Ji::" . J',:,''' •i f:.:° 3, , ; ., ... ..-,. ...?,,. ...- ' r. ..ax r..r. ??]+7[?, ??,, {?.:sd'i??? 1 •..ti ,'r«'..3+, . .. . .'t,.•, ,z t'?'S:f a ) rf';i'! -1 ,," ?+?:?`` j!. •V . ?.t Hi ?^Y a'•sM"...+: N-•? _.L. „ ,•}..• -.. .... , .. - ? t, .. ... _.. ? . . . .. ..... . . ... .. '., at . ?' 3: •° 'f :Eir,'•i '.N. it1``. . 3l kl . k YS `?L t. r S ; .1 ' (` . ,.i............. ..:.,r..?.•,.. w .1.: •„ 1 t •_ ' v?wL? ,lI_t : ?l, . 'J Yr-.. ?iA'i `r':r., .. - ./ ? yj.i..r•i(.'.r.a ar a -diL ew D, .1 .FF :i . i:r•, X11 '. r t''s ty{ 7? `. r5 G.I . .x , R - R 1? =S . f t DANIEL U.LIVERMORE,JR, RICHARD E, KLEIN RICHARD !. LOTT PATRICIA D. LOTT WILLIAM L. ZVARA W. LON ALLWORTH LIVERMORE KLEIN 8 LOTT, P.A. ATTORNEYS AT LAW 1750 GULF LIFE TOWER JACKSONVILLE, FLORIDA 32207 TELEPHONE 904/399-0500 TELECOPY 904/398.0500 To: Distribution List From: Daniel U. Livermore, Jr. Date: March 21, 1989 Re: City of Gulf Breeze, Florida Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985C-1 $27,275,000 Loan to the City of Clearwater, Florida Enclosed is a.blacklined copy of the Loan Agreement for the above referenced bond issue. Also enclosed is a Explanation Letter to Ron Rabun. If you have any questions, please call. At 00 LKL-03/21/89-'266AA-2820 x'V;ft `1, 'Ffti?.rrT". . :s'.4 .1' 'r.v : •r.,,?ss°`, ':r(i;' *''£''•''?y =` ,j . j '??-?? ww,r' i; • ..i r j rte' ur+ }.. ?? ?,?`?.. - .. . 2? f ` F ' i .? n ? •i v? w . $27,275,000 City of Gulf Breeze (Florida) Local Government Loan Program Floating Rate Demand Bonds, Series 1985C-1 (The Oaks of Clearwater, Inc.) Distribution List (Dated March 39 1989) BOND COUNSEL REMARKETING AGENT Dan Livermore, Esquire Mr. Terry A. COUP Livermore Klein &'Lott, P.A. Underwood, Neuhaus do Co., 1750 Gulf Life Tower Incorporated Jacksonville, Florida 32207 7740 S. Newport Way (904) 399-0500 Englewood, Colorado (904) 398-0500/FAX (303) 771-2469 Richard 1. Lott, Esquire Mr. Richard C. Young Livermore Klein & Lott, P.A. Underwood, Neuhaus & Co., 77 Baybridge 1784 East 11400 South Gulf Breeze, Florida 32561 Sandy City, Utah 84111 (904) 932-1088 (801) 571-4095 or 571-9418 ADMINISTRATOR REMARKETING COUNSEL Mr. Frank R. Adams William C. Gorham, Esquire Mr. Joseph K. ;Mooney Lorna C. Youngs, Esquire Government Credit Corp. Kutak Rock do Campbell 240 East Intendencia 2400 ARCO Tower Pensacola, Florida 32501 707 Seventeenth Street (904) 434-9955 Denver, Colorado 80202 (904) 432-1238/FAX (303) 297-2400 (303) 292-7799/FAX LIQUIDITY FACILITY (303) 298-0105/FAX , Mr. Paul Olsen Sumitomo Bank 7117 Sears Tower Chicago, Illinois 60606 (312) B76-6428 (312) 876-6436/FAX S: 1 LKL-03/21/89-266AA-2820 -1- fir- ---- =S .'F'??N3w'-?Ar+++w+.+r.•e*r :-+*.,!'}I..<.'•--? :?fly^+•& ?^.+; ?7?r. ;??'t? ?'t? A LIQUIDITY FACILITY'S COUNSEL OTHER Richard A. Cosgrove, Esquire Mr. David Nowacek Chapman and Cutler Renaissance Villages, Inc. 111 West Monroe Street Suite 901 Chicago, Illinois 60603 1100 Northeast Loop 410 (312) 845-3000 San Antonio, Texas 78209 (312) 701-2361/FAX (512) 829-4600 (512) 342-8662/FAX MORTGAGE COMPANY MORTGAGE COMPANY COUNSEL Mr. Donovan McFaul ' Linda Murphy Eagle Mortgage Company Barrett, Montgomery & Murphy 9870 Plano Road Suite 501 Dallas, Texas 75238 1055 Thomas Jefferson Street, N.W. (214) 553-8880 Washington, D.C. 20007 (214)553-5926 (202) 293-3306 BORROWER RATING AGENCY Mr. Steve Muse John Kenward Mr. Jerry DuTerroil Standard do Poor's Corporation The Oaks of Clearwater, Inc. 25 Broadway Suite 801 New York, New York 10004 1100 Northeast Loop 410 (212) 208-8000 San Antonio, TX 78209 (212) 208-8388/FAX (512) 829-4600 (Mr. Muse) (212) 208-8034/FAX (512) 655-7559 (Mr. DuTerroil) (512) 829-5444/FAX Peter Tommaney Credit Supported Group BORROWER'S COUNSEL Moody's Investors Service 99 Church Street Mr. Jay Paul Raymond New York, New York 10007 McMullan Everett Logan (212) 553-7123 Marquardt & Cline First National Bank Building Clearwater, Florida 34617 CLEARWATER FLORIDA (813) 441-8966 (813) 442-8470/FAX Mr. Ron H. Rabun City Manager Daniel J. Deignan, CPA Finance Director/City Treasurer City of Clearwater, Florida 112 South Osceola Avenue Clearwater, Florida 34610 (813) 462-6500 LKL-03/21/89-266AA-2820 -2- iww aa•2+' •F?iy4' "-':4• r'.- - -- u• GS. Y:-•--y4 •. ?,,,'.=v'? - -ri. ;i <; •a: vr.r• - y j•., ri.- -• u ,+d?` ,.'? .. ;sv,'+..r,}}• „y ?, •'` 2'''.r..'''. .,?r r. .. i•=.,: ?-;1 y -.fie. :? -.M 1. ?i .i.': Si• S. .?l.'f ., iC +?5 15•. kL'zr ?h.) ??°;. 11 .. ! S.,4r. 1='? ?4 t?+if? `p+'•S im •1 • f s' i ,r . r . CLEARWATER'S FINANCIAL ADVISOR TRUSTEE Mr. Ed Buileit Ms. Jan Corbett William R. Hough & Co. Sun Bank, National Association Suite 800 225 E. Robinson Street, Suite 350 .100 Second Avenue South Orlando, Florida 32801 St. Petersburg, Florida 33701 (407) 237-5193 (813) 895-8800 (407) 237-5299/FAX (813) 895-8802/FAX FINANCIAL GUARANTY INSURANCE COMPANY Joseph Magnus Constance Begelfer Financial. Guaranty Insurance Company 175 Water Street, 5th Floor New York, New York 10038 (212) 607-5727 (212) 607-3093/FAX FLORIDA NATIONAL BANK James Connors 100 South Ashley Drive Tampa, Florida 33602 (813) 273-8264 (813) 273-8214/FAX Frank Kinney Goldman Sachs do Co. 85 Broad Street New York, New York 10004 (212) 902-6533 1 LKL-03/16/89-266AA-2820 -3- ; f ,?• ?. J :I?' it r ';1..° •?' ;W.?x= W 1 ' yem This Loan Agreement constitutes an Interlocal Agreement under Chapter 183.01, Florida Statutes EXHIBIT "B" LOAN AGREEMENT between SUN BANS, NATIONAL ASSOCIATION as Trustee JACKSON C. TUTTLE, City Manager acting as Administrator and THE CITY OF CLEARWATER, FLORIDA a municipal corporation of the State of Florida City of Gulf Breeze, Florida Local Government Loan Program Series 1985C The Oaks of Clearwater, Inc. Project Dated as of April 1, 1989 BV4+CKLINE [OPY A Wcala dalet(ons ••N. In?cfiif lniferr? ,? nf? u7911M •.?•±'•V ,t'Rt-nCk `•+?. rt.s 1yy1L :.4.v .°'k? 4#',': :, r7;'"?,.= Vg TRIR ?• r:4-µ ski 1? ;,.- '?5,; F• t Jr....,y , ;?. ,i.a S i sY_ .?~,^ :?'+?'?,r.,: r, }7;q ?# .i. : • yR..a,s •: 7 f,..?? ,C,l :Y. ,[ _ *, p.: e Y ? (Y?3 .,4?d fr ti•. ,•*,:;'st''"1. x- ,.tom •{R, 4 a?.r.?kR .i1 ??r. r W ¦ l ?I t9 ." a , This Loan Agreement constitutes an Interlocal Agreement under Chapter 163.010 Florida Statutes EXHIBIT "B" LOAN AGREEMENT between SUN BANK, NATIONAL ASSOCIATION as Trustee JACKSON C. TUTTLE, City Manager acting as Administrator and THE CITY OF CLEARWATER, FLORIDA a municipal corporation of the State of Florida City of Gulf Breeze, Florida Local Government Loan Program Series 1985C The Oaks of Clearwater, Inc. Project Dated as of April 1, 1989 BOACKLINE COPY AA ,' kaeafa deletions ?C??Iff ?/?rrj i r TABLE OF CONTENTS ' CITY OF GULF BREEZE, FLORIDA LOCAL GOVERNMENT LOAN PROGRAM LOAN AGREEMENT Parties and Recitals ............ ............................. 1 ARTICLE I BACKGROUND AND REPRESENTATIONS Section 1.1 Background .................................................. 1 Section 1.2 • ' • • • • • • , • • , , ' Representations of Governmental Unit • • • • • • ' • • • • 3 Section 1.3 Sponsor Representations ••• •• •'•••••••••••••••••••'•••"•""" 4 Section 1.4 Administrator Representations ••••••••••••••••••••••••••'•"•" 4 Section 1.5 Trustee Representations •••••••••••••••••••••••••'••'••••""" 4 ARTICLE H DEFINITIONS Section 2.1 Definitions ....................... . ..................... . .... 5 ARTICLE M FINANCING THE PROJECT Section 3.1 Making of Loan; Application of Loan Proceeds • • • • • ' • • • • • • • ' i • • ' ' ' 7 Section 3.2 Disbursement of Loan; Security Interest in Undisbursed Proceeds ......................................... 7 Section 3.3 Repayment of Loan ... • ..... • . • .......... • • • .................. 7 Section 3.4 Prepayment of Loan ••••••••••••••••••••••••••"•••''•"""" 9 Section 3 5 Administrative Expenses •••••••••••••••••••'•••"'•••••'•""' 10 Section . 3.6 Special Obligation of Governmental Units • • • • • • • • • • • • • • • • • • • • , • • • 11 Section 3.7 Benefit of Bondholders and Enhancement Provider; Compliance with Trust Indenture •••••••••••••'••••••••••••••„• 12 Section 3.8 Bonds Not to Become Arbitrage Bonds • • • • • • • • • • • • • • • • • • ' • • • • • • • • 12 Section 3.9 Defaults; Assignment of Sponsor's Rights • • • • • • • • • • • • • • • • • • • • • • • ' 12 Section 3.10 Assignment and Covenant Regarding Pledged Revenues ......................................... 13 Section 3.11 Alternate Security for Governmental Unit Note ......................................... 13 Section 3.12 Interlocal Agreement ...... • ..... , . • • .............. • ... •' ... • . 13 ^?y14 s,.',?yl-t 4'?'?'a:a S•=; 7r;:r* •3:?, ?{,y. •;r.,......?..?;: MrraK a-,..7:,1 .-. ,fill ?, s •? ? jW. ill'. ...?? o!?'{;+'.:il•.f sR°;?.. "rt 'F:'_ lLt?;`?i.'. ,ei, ??°•?°?^.r>?}' ){? "s .,.ri,?; ir{? r3-.% i. ti •) ¦.'a .......................................... 14 Section 4.3 Compliance with Laws .•••••••••..••••"""""....•...."'•• 14 Section 4.4 Issuance of Other Obligations Payable from Pledged Revenues • • • • • ' . • • ' • • • ' • , , ' ' ' • ' ` ' ' ' • ' ' ' ' . 14 Section 4.5 Additional Covenants • • • • • • • • • ' ' • • ' ' • ' • ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 15 ARTICLE V EVENTS OF DEFAULT AND REMEDIES Section 5.1 Events of Default ., ....................................... . ... 16 Section 5.2 Acceleration •••••••••'•••••••"""""""""`• •• 17 Section 5.3 Payment of Loan on Default; Suit Therefor • • ' • • • • • • • ' • • • , ' ' ' ' ' ' ' 17 Section 5.4 Other Remedies •••••••••••••'•'••"'•"'•""""""""•'•• 18 Section 5.5 Cumulative Rights • • • • • • • • ' ' • • • • • ' • , „ " " " " " " " " " " " ' • 19 Section 5.6 Discontinuance of Proceedings • • • • • • • • • • • ' • • ' , • ' ' ' ' ' ' ' ' ' ' 19 Section 5.7 Notice of Default ....... • .................... ' .. ` ............ 19 ARTICLE VI MISCELLANEOUS Section 6.1 Limitation of Liability • • • • • • • • • • • • • • • • " " " " " " " " " " " " 20 Section 6.2 No Personal Recourse • • • • • • • • • • • • • ' • ' • ` • ' ...." " " " ........• 20 Section 6.3 Notices ..................................................... 20 Section 6.4 Illegal or Invalid Provisions Disregarded • • • • • • • , • • • ' • • ' • ' , ' 21 Section 6.5 Applicable Law ..... • .. , ....... , , ' ... • ............... • ....... 21 Section 6.6 Assignments ........................ . ...... • .. , .............. 21 Section 6.7 Amendments ••• ........ 21 Section 6.8• Term of Agreement ••• "•"""•""""""•'••• ••••••••••••• 21 Section 6.9 Headings .................................................... 21 Section 6.10 Superseding Clause • • ' • • • • • • • • • • • • " " " " " " ..............„ 21 Exhibit "A" Project Description • • • ' • • • • • • • • • • • "' • " " " " " " " " " " ' : 25 Exhibit "B" Promissory Note • ....... , ... • . • , • • ...... . ............... .26 Exhibit "C" General Certif icate . • .... • ....... • ` .. • .... • .......... ' ..... 31 Exhibit "D" Opinion of Governmental Unit Counsel • • • • • • • • • • • • • • , , , , ' ' ' , ' . • 36 -i- - ,? ,r: A Y;° 'f'° :,r. e yta•• •-, r,: •r ."ir.;,.?Fr..?.td> y'avs rY-rtI `•i r'r:.v Lr.,?Y`si. "1?'p?'?°s:.k Yi{]."F:.?..F4"t+t?'-uF?;.t?1 F ei': '.}. i? E.?}t •} ? •?? ?{,.s. .?ir.?.s'i. =E`wer'l1' i` i'?:; NL,C?•?Yff..'?[ ?3 w?+i F. F?, t? 1 1 F5 ?r ?} ? r ?: ". q'?.G'+ ti "E?. z. s S e?r`F?.Y" z. Y•,;? ?''. F.' .1., ;sx" ir,??Z..?„. ?,m Z. U i'.,s `Af 4 '•?:.n?-N: d.,f t'??sbf?">. ?1 d."t•?L??'G ?}.'.?.?j J'. . ?'.i ?:';. ??_?. ,t". _- '=r. :.e :L e31 ,r '.41t..:° wwm og •l:s; ;3 r; yam,. r?.x i =r r? t i. 3 ' v r'?: a••r.-. .,•. .. .. - ? _. _.. .-. ' .. ..ti...... d ,. ..,.' .! v:a.•:.. .. ,e a +rY' .e ? .J•• . '- ° , . ,. 'C!t. ' `! A.: +' !' .'.;.v.,. = . 3•_ a ` 4?• ? ( "i•,`{?i'a! S. - ,,3J. 'h'ifsr •r7 .' • le" `!„ r^ . E S' '<a'F.S "tine" ^7? e A r "r- 'r 4, W3 ice, h``•? - 5' Y. ,1''• ;:?•'.'.- ++yy .:'?. q r b ='i• _ ,'f- _ °''t ?:? 'ti':t. :ia''7' ?1i'y'?.?f'fr a3° , ? ! Ifs .c. iii.. if _ 1.M,?, ,:.k `r`t?:w ,:7P'i`;".,,7' ii:`',`: .J } ..s y?' .,Ey6'.`•?: .. ?.'t":7 I:i ?'t. >'? x .x!? Wis. -r ft M 'S .l.. ::+•"'•?' rI.s 1 Y+': ?. }t k2v,t q )r !!?? 4a P C., ,rx? ??e .!i` •'t P' i', r'?" :i . ni e` c. mit'•'='-.r 'aw z„'' f . .c'rr " a'i( 4r s • 'b a? +'•It .. 4 i 'Z,+ '•i+rn' : f . -r c,. ?:":- .€ ';' . r? :.717' '?3 =1'4.•` is '-1• •-! I` l• iY. L1'VFIY` .t.' •$ /v., -C, ..e',?' 1 r i i:i•.•. •r `, f3: P,.' `6,e .$ ' r r4?f. I'.•'+b. I ..3 €' ''fy' S.J. ?' "i• a `$_ T ?r •r 3. ..r• v • is f'• <•"r' r 'e.,j, •, r (( J°'+' g •a, '! L 'n . '?,. • Y • r :?'' ,'? ,.;'`!.: _'r' t b .>< ,E. J fir:: L." . , L`.Sr 1 K 1•• `P` J-? :?:•`,,: 1`,: ''.?t:?J• .(. ^e fs? ,s`., .,r,}`">: .?i:=" fir. ;t,l• •L exi -'r' .r r; .' `,kt?.:•',':' ,5'•.1f. .4E, ,,r,,re r?? r''s, IkAl? ..{`, wl•; .•s:. ?? - • 1 Ie :•i:'r J•'r Pa "",s,-.+ e lc.. ?k? . s. `.r{,. vr,• !•f: :q?` ?J. X1`•.1 r?":. S'1'. :'1. 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F3J"t.. i.'-?? i.j,? + °t?•i Ii'J: I I' ..f`!.J •!?r : '.7 ,'l :.E ,,?{'T%, ?'°.i ?. J,i ?;4't1?Z,+,L ;???'; ? ?? •?,• .i, 3 1.....1M..l.A. ....?._... _ ....>_.......- - ,..._..,......,-- - - - ?---- -- --'? t" ^-.. }' ?r- 7- --- { i•?', . • :)) 1.111 BANS, THIS LOAN AGREEMENT, dated as of April It 19 betwee lm ?tATIONAL AMCIATiON Orlando Florida as&True ee or the ciders of e an ds (as den ere n , JACKWN C. , ty Manager, acting on behalf of City of Gulf Breese, Florida (the "Administrator') and THE CITY OF CLEARWATER, FWRIDA, a municipal corporation organized and duly existing under the laws of the State of Florida (the "Governmental Unit"), witnesseth as followsc t, r `nth ?..,:..." ?':??:•,°? ':.y'• -?J.r !-r?, fits. •%?..?'F!}^,Aw> ARTICLE I BAC1i;GROUND AND REPRESENTATION$ SECTION 1.1 BACKGROUND. (a) The City of Gulf Breeze, a municipal corporation of the State of Florlda, as issuer of the Bonds hereinafter referred to (the "9ponsoelp Is authorized to exercise those powers conferred by Chapters 188 and 183, Florida Statutes, as amended. (b) The Sponsor has issued $100,0000000 aggregate principal amount of its Local Goverqment Loan Program Floating Rate Demand Revenue Bonds, Series 1981t.., (the "SerlesiC_ Bonds"), of which $27,278,000 aMegate principal amount have been are to used tar the purpose of f nano ng and re nark ng the coat of the acquisition and installation by "Governmental Units", as he Inafter defined, of qualified Projects as described heroin (the "Program"). The $erlee-,Bonds are issued under and arc secured by the Trust indenture dated ad of April i, 1980, as amended and rratated as of July 1, 1980, as further amended and supplemented (the "Indenture") between the Sponsor sn U4 Bank, National Association (the "Trurtea"). Except as otherwise provided herein, all capitalized terms used herein which are defined In the indenture shall have the meanings set forth In the Indenture, (c) Pursuant to the Indenture, the Sponsor has caused the net proceeds of the 8sries? Bonds to be deposited with the Trustee, to be used to make loans to Governmental Units for the financing or refinancing of qual fled Projects. The Governmental Unit is obtaining hereby a Loan in the amount o 2 from the Sponsor pursuant to this Loan Agreement. The Loan will be deemed made byte deposit by the Sponsor of the proceeds of the Loan with the Trustee Into a Project Loan Fund, to be _014 0-- the Collateral Agent under a Security Agreement. cursuant to which the Loan Agreement , there providing funds for a Mortgage Loan (aa defined In the Secondary Lorin Agreement) to be mado to the CorporatiorA and lb) to make a deposit Into LO A cement will pe acting on Cenaif of the Governmental Unit, to finance the acquisition and re a to ion of adult congregate living facilitisiA(the "Project"). In consideration for such deposit, purchase and loan, The Oaks of Clearwater, Inc. (the "Corporation'), acting on behalf of the Governmental Unit, with respect to the Project, will agree In the Secondary Loan Agreement to pay certain amounts to the Governmental Unit. LKL-11/14/88-28eAA-2820 -1- Rov.11/30/88 Rev.12/10/88 , 11ev.08/08/84 Rev.aa/?1/eta avr,o?l?z/a? .ilY.03137119 P',i ':.,'- .! ?s ;; ?:`&#•Lir'Nj sS- .', .!•,,y ,1 ??='/,. •?}. r.._:. 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'i' . ?e i• i ' ' s -4 JA; . i'i :.r.. yl "i{ .- ,{ k {Y .' ' '}5 F ). << : , d { ., .r\' it •?° S: ,'' ° , . . is ?. 1' 'LL'';' 'L. ,. .i,t 'I' < ., ' ' : ,, 7 '.; '? f ii rk { '1 l 'i i `I' .f. ?y, ,?1 + `s. 'ri - ,.t 'tin Et 1 1• _ i ,1' wd J I . I . :'i ) . 5:'''': a' r ' : _ .; . l ' ,. ..,J i ?s' ''Y , :,_:, L :i i= y. e f •3 •- ') f r•• 1 1 ..1 5 L ',? _ Si k' H 1 - „ ?f i•,,7'' 't 1• Yr M 1 '. ' 'i i ',.. •?°r Y `w1 ce .Si"I?%C' 5,13 '.r.`„ '! .l'. w ,.t'1 rr.. f 'rf .. iZ., r):- ,-`! 1.4?f ''1'' '1 , i 1'?i M,F( r'} S.' n `t, Y, t.• •} ,r{t.:.,t I#r` .,1. "?), ..1:'' - sl: 'A?_ f il •Y a.i' .yid r1.}S• °?,•,=f? ".r;? :?j ?' .. .r' -x.'r?.' "1 Y'•:iri• :,' r. :,' 4% a. :I+ FL a••' ... .5 :' 2: ?•`y'`'• 1 ,'f :'I" i .:r? .. , , t•` ;'~t ?T• '••?.. • a,.? +t 1,•5-..h,, iT.f ,'L t 4. aid` 7;tid':II .fit - i .T..§ 4' F.. . /- f- r•.,?" 1.7 . tI ,,,]OS irT-'? 'F•rlFj' a ?..: -- ----- ,0 ?.;: r. • .f .?;' ,,, 'r i%'1', 4 ,c, tits v' y!:'j; ' '. .,I I, ". I",.?- . Ly p jai y'',:,Y _,, jfJ,rrl °.3.. 5: %:,. i''-,, - ., t `.r= ,t (d) In connection with the making oft a , principal he Lon an aggregate 4, t%--,- ,,;= Y. :r - ;p? WjAt^,..,';,,4 amount o 427 275 000 of the Series onds will be remarketed (the "Series C-1 Bonds") '? ?? ryx:fi at a fix n eres rate until ril V,91*0 and thereafter such rate will eonvart to t ??',; ,-,,Vi: ,rrV; <.1..-, variable rate In the W*911177M"nderlne Indenture. • 1- ,, 1, `,1 : rY 1, f T'1,1 :", ,!',• ' -i fix, -,`. L, 7s .a:, ''has 1 :- 4 J }l r., C : )., . . ' e ;, ,f% '?,?,. :'1 , ,. $ j''y ,,. os"..'; •'t I'y'. ,Y?'lr .. ii 4j'•',i iti?•. -u, tF f.- .,;:, F. ' C ^;''1? ti T ,) (e) Under the Indenture, the Sponsor has pledged, for the security and repayment of the Bonds, mil the amounts to be received to repayment of the Loan and the Secondary Lou in the manner set forth In the Indenture. (f) For the additional security for the payment of the principal of the Series C-1 Bonds, the Sponsor as caul to be ever to the Trusteea Bond Insurance Policy (the "Credit Facility's Initially Issued by Financial Guaranty Insurance Company (which,. together with any Issuer of a substitute Credit Facility, is referred to as the "Credit Facility Issuer") pursuant to which It has agreed to make available funds for the timely payment of the principal and interest on the Series C-1 Bonds (the Credit Facility and any substitute Credit Facility as defined In the Indenture hereinafter referred to as the "Credit Facility"). (g) For the purpose of providing the Bond Registrar and Paying Agent (as defined in the indenture) with funds for the payment of the principal of and Interest on the Series C-1 Bonds and the purchase at the principal amount thereof plus accrued interest on Series C-1 Bonds tendered to it for payment pursuant to the Indenture, and not remarketed In accordance with the provisions thereof, the Sponsor has entered into a Letter of Credit Agreement dated as of April 1, 1989 (the "Letter of Credit Facility") with The Sumitomo Hank, Limited (Chicago Branch) (the "Letter of Credit Issuer") and the Corporation, pursuant to which the Letter of Credit Issuer will agree to purchase Series C-1 Bonds at the principal amount thereof (up to the aggregate principal amount of Series C-1 Bonds outstanding), together with accrued interest, to the extent that moneys are not otherwise available •therefor under the terms of the Indenture and to pay draws on Its Letter of Credit for the payment of the principal of and Interest on the Series C-1 Bonds. The Administrator has approved the Loan and the Secondary Loan for the se o4n reedy fInancln and reflnancing art of the original cost of acquisition, construction and Installation f the Project asi ed t1fled on Exhibit "A" attached hereto, through the acquisition by the ollateral A nt of the GNMA Security. ? As evidence of the Loan made pursuant to this Agreement, the Govern- mental Unr will execute and deliver a note In the principal amount of the Loan in substantially the form attached hereto as Exhibit "B" (the "Governmental Unit Note"). To further nacure the payment by the Governmental Unit of the Governmental Unit Nate, Including the amounts due pursuant to Section 3.3 hereof, the Governmental Unit will cause to be delivered to the Trustee a Local Credit Enhancement in accordance with the Indenture, namely a full-modified mortgage-banked security (the 11GNMA Security") guaranteed as to timely payment of principal and Interest by the Government National Mortgage Association ("GNMAI }. As security for the Bonds n the S nsor s reimbursement obligation under the Letter of Credit F the sponsor Is see gn ng to We ME *& an the et er r t ss e Its r g t, title and Interest in the Government n t Note an this green nt (except for the rights reserved by the Sponsor as described In "Section 3.9 hereof) and Is assigning-to the Collateral A ent for the same purposes the Local Credit Enhanoor en . 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'rI. aS r y ':a' . •:- '' E`:' J r'. ? . `c •ti 7+F". ?:'- .r'.: L4 ,r ,.1>.?4 J J + r. a. f'- :!t".s 1 .. - 7? h' ll ?'.•i dy,>, y ?i _5 4., ?;? ,V• . ?y '.C fir.- ., , . t.. , 5'•i' I :A. ! e1 ri f " ^ 7 J?} t Y fN ' S'• ( f '}fir '!?• :F ;5 t. J} .:JSf.?'~^}. fi' ?l`?"y' A. L L' iel,?',' + aJ, ,r _•'' tr' `.S.?v:? r •ay ? , 1::tl, ,?, t,',r+ ,3 ''{I? •t _ I ." .F.. 1 '?' ;7Sr•4i%?? T4r z • ?'?'?'I :'? 'u.,:f. .?.. ? ---- - ..-.?•n.::.', ?'... •I,. ..".:.._._.-w-_.....-- '?; ,. f:1 `4-r t,..r_1,-,: Pursuant to the Secondary Loan Agreement the Trustee will a the i`f f„ ;? 3',R=,4? +,<•, roaeeds 'Orve Loan to the Collateral A errs who will In turn use tlon o t • procceas a c can to acquire the ecur ty rom the Lenders and the Lander will use the proceeds to finance the Mortgage Loan (as defined below) to the Corporation, ;';??'?rJr?,:F ' r'F•'''i?` onnection with the acquisition and conatruction of which Mortgage Loan will be used In connection with the acquisition and construction of the Project., Pursuant to the Secondary Loan Afibaament, the Corporatlo ill acquire k,J "?'?'•.,??, ??<:'?.?„'- ? `? •,w:l S ! y:, J and the Pro)eat with certain financing! described In the lea nda can eement he proceeds of a . o pQe Loan rom a Lender, w c Mortgage Loan ascur y ort a (the "Mortgage") On the Project and evidenced by a related mart a note (the ?r gage ate"). '- , cry .IR?Je.;f,• f SJ' {a , t Y SECTION 1.2 REPRESENTATIONS OF GOY$$NMSNTAL UNIT. (a) The Governmental Unit to a municipal corporation of the State of ?' f x r'?;'•; Florida, with full power and legal right to enter into this Agreement and perform Its f obligations hersunderp and to finance the Project In the manner aontemplated herein. The Governmental Unit's actions In making and performing this Agreement have been duly authorised by all necessary official action and will not violate or conflict with any applicable provision of the Conatitution, or law of the State of Florida or with any governmental rule or regulation, or with any agreementr instrument or other ordinutae , document by which the Governmental Unit or its funds or properties are bound. (b) The Corporation has represented to the Governmental Unit that the amount of the Loan, plus inticiprtted Investment earnings, does not exceed this "Coot" (as defined In the Indenture) of the Project and does not exceed the coat of the Project as defined and described in the Authorizing Ordinance of the Governmental Unit. <'+ :• ;+;r, F;;:? ;'; r. r : (a) The Corporation has represented to the governmental Unit that no , portion of the proceeds of the Loan will be used to finance any Project which Is used In not an "exempt person" as defined in Section the trade or buslness of a person who is -iL" ;E,`,`F= 103(b)(3) of the Internal Revenue Code of 1964, as amended. ..y l? A• i -'J'F (d) Immediately after the execution hereof, no Event of Default shall exist hereunder nor shall there exist any condition which with lapse of timel the giving of ,. notice, or botho would constitute an Event of Default hereonder. :•? ?y y,.,', a},Is` ~r`?s,. (e) The Governmental Unit is duly authorized and empowered under the laws of the Btate of Florida, ps,rtioularly Chapter 188, Part Il, Florida Statutes, to enter into this A ement to issue the Governmental Unit Note and to pledge the sources hereinafter mentioned to the repayment thereof, and to apply the proceeds thereof to the payment of the Costs of the Project through purchase of the GNMA Security and funding rJJ:4 1 J; y,J,?;F of the Mortgage Loan to the Corporation. p NO ember 27 1988, the Governmental Unit duly enacted Ordinance r,?s r No. ?rrite"r'3 ,,. (the " or x rag rdinanae'J authorizing the harrowing contemplated YS k•?S. C'!'•? XIFar hereby, the terms and provisions of the Authorizing Ordinance are hereby incorporated by Werenoe. LRL-03/g7/8s-28QA-2b20 .3- {:• i?:7p<+ ?:F,? 4 ,?3 " u ??'13Lf y ;s ?t:vylrrJ'ti ?i': •'1•?r1?'??I r`r'I?: i? •1, a f.l?t?l?N. ?'?a. Js ,l '.i i1?4.3 €F?"R7 r ?. 4?} ?????yyl!r < IY? x- :J it Er .F i s 1R N v.' rSJ?'! Af .? I f?141r' -4 Fly , j ?i•.3. 5pfti',, , ' dy.1 lr l• r ?r, Icy r?' Ai': "S :i •''•.3 ?. 'r,=?, nP,dF' ,fa ,?+•J,*li, Gil •, -.';?)-'•'i .,la:, .., ? ` ., r ,,. ...-f -'„•--7.-3"'?^S'IFIL ... t, 7Fr. ;Y!` ?`n+lr?MT?•113+??fiL.7Nj-h;r'Ir;?:T+a![„ilrj'?. ?.+s 1i. r•y. ...p?? ,,r f, •, ,. r . Y 4 •; + •;' `YI?'f. s.? to 4' fr 'q;f rr,.,r?; i •? -i•.?•w r_.-._....... _ .. •. .». , . .. 'E..h. ,,ll ° `i• ,}+t.•N!?;4`;l. j{'??? h , I,. ,`+.,?A •`r. ,r,,y `1• . .. - .e. ,_, .... ..,. ..,,. .. e. }• .>", . i '. d13? ?r<!w fil lffl'+' S t, n. -°ir•.r.N-ti.... rr M ?+ 8.'' ;ar I r i1 • 7? sk 1"i t .. ] .F <??Ez t u) `t" (g) Neither the Governmental Unit nor any related person to such Govern- mental Unit will pursuant to any arrangement, formal or informal, purchase any Bonds in an amount related to the Loan from the Program to the Governmental Unit. (h) The Governmental Unit Is In compliance with all covenants and under- takings in connection with all debt obligations payable from the Pledged Revenues herein defined, or any part thereof. SECTION 1.3 SPONSOR REPRESENTATIONS. The Sponsor represents that it is a municipal corporation of the State of Florida duly existing, and with full power and authority to issue the Bonds and to enter Into this Agreement. By proper action the Sponsor has duly authorized the Issuance and sale of the Bonds and the execution and delivery of this Agreement. In accordance with the Indenture, the Sponsor has appointed the Administrator to execute, undertake and perform the Sponsor's duties hereunder; and all actions taken by the Administrator on behalf of the Sponsor pursuant to such appointment shall be deemed to be the action of the Sponsor. SECTION 1.4 ADMINISTRATOR REPRESENTATIONS. The Administrator represents that he has duly authorized the execution and delivery of this Agreement. In accordance with the Indenture, the Sponsor has appointed the Adminstrator to execute, undertake and perform the Sponsor's duties hereunder either personally or through the independent Contractor; and all actions taken by the Administrator or the Independent Contractor on behalf of the Sponsor pursuant to such appointment shall be deemed to be the action of the Sponsor. SECTION 1.5 - TRUSTEE REPRESENTATIONS. The Trustee represents that It is a national banking association duly existing, and with full power and authority to enter into this Agreement and perform Its obligations hereunder on behalf of the holders of the Bonds. By proper action the Trustee has duly authorized the execution and delivery of this Agreement and the Indenture. LKL-03/21/89-268A-2820 -4- c .......:??. -;?)' FIB.:;"?"'?..:?;,';:;•?..,,: Yy ?#, 77 "; 177-"t - 'E.I' ar i'FI]°'??.rYr {'; G '; lf•- J ' l .. x.,, R, t: _ ., r'? s r: ;:.:-:';-*rrr i'?: - •-'Tf--r?i'r,....?, w rN-..iY,. _.•r•? r • i*' - v' 417 `% . ``Y S.iI?'?• .! }• :5.. ylV ?:• r c. rr 'ak S ,.?" rFt.[ :?.5 i ?. s•..a r«w ..:,s,s?+??•« ,t: it Ha. t' r fY .4 rz, g,.1.r7•:,.:'`.'. `? la'- °- 'ti" ' ?•. Q" ' ?.1. r/•.° .? f? . T'. P' '??. P°.5??? iI.' r i F?c {l?' .P f • 3 F.... 1?. ??.tip ..:i{,: ',bra. .?a. •t +'r".: rl .1.., •`.'r. ?.J ?.'?`.:..-.., Gi:j i•. .A. t':.: yr' ?I...: { a.4`" ?''-i??"{??h`'?i }4:r ?; •r,..l `?". 'C! 1' 71. .P• ), a- °Yl :?`? t,, .. }': :+, _?•:,I.. J,< ?f•' ? « ':f .'c„ c'?'; ,i:? r ,r '1?4. ? ., ? : -?lr.,. ? i ? i .e.. i ? _ ? ?. ': 'Y?'%f; ;??."?c:.i• sits[. ?.?".`. :,Yy?{l': ?'?, ? x 1 L 4W {' n 3 L p f' `E ?a'.Fr.T'•?1ri?iiS?:?r ????- 1 Y"lq??•••i rill a gQyryZ 3NIV 0.4 Ji6N t'ai' t•4 sibs ?,lr%:fa.''i ?;`i'?J'+S?? ?ita• 7 "Costs and Expenses of the Program" shall mean the fees and expenses of the EL`I` "{ YxtMF? 'a Trustee, the Letter of Credit Issuer, the Credit Facility Issuer, the Remarketing Agent, y..}fir<. ,=.'rs= rte'<t the Administrator, the Independent Contractor, the Registrar and Paying Agent, and the Issuer, including the fees and expenses of general or special edunsel to any of the 3ra7y foregoing, and shall include, without limitation of the foregoing, all amounts provided in 1?t • , Section 3.5 hereof. {s `i;oxi ,?? t r r W 's7, "Custodian" means Sun Hank, National Association, as Collateral Agent under ?' r v the Security Agreement dated as of April 1, 1989 among the Corporation, the Sponsor, the Letter of Credit Issuer and the Trustee.. "Liquidation Shortfall" shall mean, with respect to the liquidation of any ti. KM??investments held b the Trustee pursuant to Section 3,5 hereof, the excess, if any, of the amount necessary to purchase a sufficient amount of replacement Investments, of '4>?i?'-. ' substantially the same quality, character, tenor and effect as the Investment so LKL-03/21/89-266A•-2820 -5- a r, P'E,1+!! •>unw?a?wn..•..•?,r.?.?,x.?lr?aat?.?,:...,?... - •t•'A . -- f. r'.+???.?:?.'Pi,'+? rt1 Cg5:`'i1,,,rdr .:t' !.7 r;, ?f' •q' 'P' - ' . _..... r* - '?- ;t. .g? - - -- -- - -- .,,E .,.v.,<,..?... .`r. .s. .a.^?,' ti,'?.... 4 .f 't ?;.f`?? ?y , ' • r !' > y i'E _ _ P I?. .w.. i ;S.-:,. a t; ,!'s -?"'?'r. . p s'?}#r:. 7a:r .E .? ?, ; f,.. .,s' 'r ' 't' ?- '+ ??i ? .. a ` •i . ;f...r` . a.`, . " . ,• ,, r: ?. ''a<..i•,alra'.:.'r. ;J.:i r.N r,f?;??'• -'?• 1 ft ``??[[ 7 ? 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C? . r l.,s,. .k' +4.fy,-: tt, •a 'j ,lt A .. i • s a ?t:?',? ti, f .r:. •}.".v. .S.fE`t,, •r,.,•.X,:,: •,;Q..'< .,-. e?: .:Y: '.5"''':':' IF, "'n r'„t. J?',(yt?? ?y,? va. 4?' Y. j .} '•, t,. r.F a,T ,? 1. t ? .?•, f. '} . .) •'6.. ,.-t. •5: i.t. rtt ? `'1 . `.t ? i i .5,:-s f.'e y- . h,::4' C ?hf?t+? • ? . ' r' ,?: .a? ., ,x •{ ,,t: S t ..? {. ? , f : f'i,. ' stir ; ??'i, r', , I!3,,,.';::.;;i0.. - t' . i-p.`' . t.. '1 %2, Y,. ai r?a•... n r+Y1' p , +c .t. 5 !,,.v• :"i',=?,. .r ? yr°'s •+?, '-. j. ",ti 'r >, ? •'r'. ;°t ,. ?ts. .t?.':.?.•jj ? {{.'a,+t..r ?l`'Q+?. ?- 1? ?, ??•y{}} ?...?, ?;, -•,?[' ^S:• ? L•..?,. y, l' f..>." "?'''[ ??', ?• i.k• .t•?.•' - i,P!' ,',t'i. \E' t'f. L ?.`a'.fii. .?.? ?=S r•y, 'i?S VA ARTICLE II :.??^,• K iF rxr , t DEFINITIONS` " F `cyr? ' :fit •r SECTION 2.1 DEFINITIONS. The capitalized terms used herein which are ;??•,s., rRps ' t :' ?`s: defined in the Indenture and in the Authorizing Ordinance and in the Secondary Loan t"????,?, •.' Agreement and not otherwise defined herein shall have the meanings assigned thereto In the Indenture and in the Authorizing Ordinance and in the Secondary Loan Agreement, Src;, ?'- ;,,•." unless the context hereof expressly requires otherwise. In addition, the following terms ,..?,4. } . ?, , • ' '??;"-? E' shall have the meanings defined as follows: ?, r J;E4?y a ?'? a "Collateral Agent" means Sun Bank, National Association, as Collateral agent under the Security Agreement dated as of April 1, 1989 (the Security Agreement ), y`,,Ax,l* t { , among the Corporation, the Sponsor, the Letter of Credit Issuer, the Collateral Agent and i ' "dxd.?4: t the Trustee. 1,ta pt, ? yW "Commitment" means the commitment of the Administrator to make the X ?31?;;?•#. ? , ' s_+'t? ^?i:•.. Loan. :`:•..'rt:nF'?'^.b4x "Cost" or "Costs" in connection with the acquisition and/or rehabilitation of the Project, means any cost incurred or estimated to be incurred by the Corporation on behalf of the Governmental Unit which is reasonable and necessary for carrying out all works and undertakings in providing and rehabilitating or acquiring such Project for the Corporation on behalf of the Governmental Unit, including the construction of the Project, the cost of necessary studies, surveys, plans and specifications, architectural, engineering, legal or other special services, Including the fees and expenses of bond counsel, development, construction and reconstruction necessary or useful In connection with the construction of the Project, the reasonable cost of financing incurred by the Corporation or the Governmental Unit or the Sponsor in connection with the execution of the Loan Agreement or the Secondary Loan Agreement, or In the course of the acquisition and/or construction of the Project, including reimbursement to the Administrator for its out-of-pocket expenses and including capitalized interest on the Loan and the cost of such other Items as may be reasonable and necessary for the acquisition and/or rehabilitation of the Project. 1 400 4=P s•[... ?I ? i ... : , .. ..,,.. 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'/ •,'•"'J >' f.' .'P ?.h ' ` M ' i : ?•4 r'S, .+. ? ,2 .ry:P, .f' ,.' [ . 'A - w'l. r% i r.J ,1r Y 'f'' I M r S ! '.1` ?' nary {" J !'4? • if'' S+ 3, F r' ti t. : 3 ' .:„ ?': ' 1 3 -,r, 'it - . Y % •9 i f }[.5• • ] :L:: c'; . -'S, ' f' r ' r:'. r 1 . 3 i. ; d" ,5; , . 1€' S J '.>,' .?. ?. ?'1'' r y rl r ,. 'fi' F .t.' Z :3 '-I are :y {• 4' 4 ' ' r i. ?` : 3 ' ; ;' . 'i` .. J ap,4: .a s. `'. , . 'r • S :n ? t . .r:"R?•??? J±1?1% •4y:.1?w'?I '?'ua .. :. :f:. ift;' .is' J) i4 j'y " i .l. la , 4 'I ' ? i +r i ?tY?IiA IN 1 A.f liquidated, maturing at the end o! tha applicable Fixed Rate Period and bearing Interest :Y?, :: '1t N?? N;e,; ? payable at such times a?td !n such amounts ao as to enable the Trustee to receive ;??r ' ' ` l1: , ?'7 substantially the same cash flow as would have been produced b such liquidated . ,.E=i.-cW?Iai:- <, investments, over the net proceeds, if any, realized by the Trustee upon liquidation of :sill; ?r,ti?:' ,?;: such investmanta. ' : ,L , '. A' g,?at.,-i1j=irN- "Local Credit Enhancement" or "Local Letter of Credit" means a credit ,,,ii' ':'??.?'_.,•-: ?7I-, -3 i eNunaement device acceptable in form and substance to the Credit Facility Issuer -?? "Lt.; ????,,`?,I., securing timely payment of principal of and Interest and premium, If any, on the e r , L -?'= Governmental Unit Note, and specifically meats the GNMA Security. ': J4- j; -"? f ,tr C ? r rix.7-;,,t 'till ? 7'??ia t lk- `;: -j' ,.x.I 3"°?, Vi ,L N?`,1%?lj.-, "Pledged Revenues" shall mean (1) all payments received by the Governmental ' -;`.51 ,: ; x?I .4 Unit pursuant to the Seoondary Loan Agreement and (ti) the moneys received from ?:;'f .,,V ?Y;r:fa°r:7gti1 Payments due under the GNMA 8eaurity. `?1: s " M#, ';, { `' "Pro-Rata Share" shall mean the percentage derived by dividing the outatand- . ' - r f I ` !n rinal al amount of the Governmental Units Loan b the sum of 1 the principal ° { f. ". ,, ,-L I, amount of all loans outstanding plus (2) the amounts on deposit in the Project Loan Fund. ' ? 4., F:"JiY,' ;F : J:t' 't, '. it. ? ,,(1 e. . ,? , li+, 1,' '-r ="' - "Recycled Bond Proceeds" shall moan proceeds used to make Loans from the t!' r .: ? s,? ? I , f,° ,' ,. ";I- r't:;'; Loan Repayment Account under the Indenture. '°'? ,, Il S 1 .:'?-' A. `:'_ "Reserve Payment" shall mean, for any period of calculatlont (a) the Govern . '-•''.' '. "ff ; Y '°''• ; t • ~ mental Unit's Pro-Rata Share of the annual fees and expenses of the Trustee, the Bond 1 - ` ;;''; r :' < = '' . ° `. Registrar and the raying Agent in connection with the Bonds, and not attributable to the ., 4 "' - '" • "` default of any other Governmental Untti (b) the Governmental Units Pro-Rata Share of " ! , . '` Nan-Asset Bondsi and (e) fees of the Remarketing Agent incurred in connection with the ;'•'': %" -,._'`: remarketing of Bonds described in Section 3.5 of this Loan Agreement. The amount of -r';' :,,:..:`-,, : such fees and expanses that the Governmental Unit shall be obligated to pay shalt, ••' ' ` `'' '`• pursuant to Section 4.04 of the Indenture, be reduced proportionately by the amount of ' . ? • '" ' rrr:- ` I"S .t;''r: ii'. Investment earnings received on the funds hold under the Indenture that are available to : .',:r 4;; a ,,. t: pay such fees and 1 .? •. '.' :;. expenses. r =r y,fA '? r ?"' '?`;" "Secondary Loan Agreement" shall mean the Secondary Loan Agreement, ,`E .;{,:. ; :;F .'` dated as o rll I the 19 among among the Governmental unit the Corporation the Lender ;`;; t , ,,? , , ,`:;;s', :"?;; ,- `' Baptist Etta •t o Plor-I I, Ina., credit Facility Issuer, the Collateral Agreement and the ,F:n, n,r tl,,,j,,: 4.,11, `? _ Following an event giving rise to the 13ov4rnmental Unit's obligation to pay the .' "ti `*-f,% '' :?- :f.I Reserve Payment, as described In the last paragraph of Section 3.5 hereof, the Pieiancial _ o,'.. " rf r", Advisor, on behalf of the Sponsor, shell determine not less often than each January 1 and :,,' ' :?:.. !y• ig='"' 5`31• July 1 the estimated Reserve Paymente, if any, and shall notify the Trustee and the ; ' ',: ;;g?A,% - V ; - I. I ,.. lit', , 4v ,, 4 ,.,.; Administrator of such determination. The Administrator shall compute the amount of the ;r ' I " ` 31 It Reserve Payment due with of re month ?reaps to the p ceding six period and shall notify the j, ; ;? f`- 5I--, 1,'1. Trustee, the Credit Facility Issuer and the Governmental Unit of such amount, which shall '? t 't, 1 ; k ?,M;l be due and payable by the Governmental Unit, solely from Pledged Revenues, within 1# 0 E : ? y?' I thirty (30) days of receipt of ouch notice. ;?, OL 1. ?,^,:1 , ?.'., x' Ctif Pj"' , , ,,< „J ,"e; " ;;1 O + yA l ! k `!':1i -1 ' ? f. . -'i?r.?'.„LiI.j z•i,I ?" .i, a-'r',t..,7,' ''.l 4,i, ,',') . :'j I i. <4'r' ;, ,;,.r , e'r,. 5, , .' . ,; F;+ 1111;1` : ',r'?^ -t t3 ;:{jyS rs =, . 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Vi`i'" 'r.' r e r:. ::tf .."r r 'y r. MEMO 1, !?• .f' ? ,'ri'.I• ix ''r.= e1. •:i fe. I 'J?ah -^'•. •? ;L''• 1 t 1' .,1 y.S ki' :ti'^.r•a.s ?,.? 4'",g .r! ..?'.t"' ?`ii' n. 9' ,T yy?.i:' i •'h «i.,?. e'?:.}t.* A ?, 'f `` '? ,`?'f .e; 3 ? } •,•!• ,.?•'`2 J'' 4 ( .ixi 47 ! q:v : r .=;`': :'?%'?. t,"'•'` °.t:) L''•- 5. .d+.; ?: ,# .#: ? r• "{?1 r # 4•, r' ij:. ?a r=. . F '?': :5 `f ` '," yc? _ : i. ,} il,.a7k _,'4.. s ,M' ? .s {. rr r ,,i, ?r .r 3' .r. ... s :rs:,.,? 't a' ,1 .3. -.?,', ''S.,. '4r _ \ .l.. r. •fi, ( Yl ?'r>' tn"rIr s , t 3, I' .t"j? 'iy?r i,.f ?fi 4, •r', „"'' ^C'. :r :? i•I': n .a.? " d r .a '.{ , ..:I,. ..e''. x` t, .}e 't' ?'ti• 1 '-```` 1r11IIn tid. .§' )'? !." ??. •+ r• i ',r.r :.?4? .le .ri- ;a'.•. .'C s, rtk'.;.. .rl• "{•t''R f? 5[ .#.? I.,P in'k} , t. `._': i'. _ ':??(]'• •!l ?-, ,t;? -f ??' r , ,.x. , a. t .t.,4 i.{:,.'°sJ•r"iii ,i • '?J 3? ?` ?A', +f'ta,• r : q. .. ? t . {' : • r v . : e- - : r +j : i'?d :. , i,' { ???r; ° f S'h •tr='a' . {,.. , tL s . h . :?? ? ?,.•,, i?? e ?, + x?,;• 't, 's'i°^. ;i' .3., .t. >>, ....?`?• r?r S2 ?, 1 e ? r f ..;'i:,.i :...,_ ?••. ? . ? r?+i t 'Vi`i 4 ARTICLE III FINANCING THE PROJECT SECTION 3.1 MAKING OF LOAN; APPLICATION OF LOAN PROCEEDS. From the amounts on deposit In the Project Loan Fund created under the Indenture, the Governmental Unit hereby agrees to borrow and repay the sumo 5 0 The Loan made hereby shall be repaid in accordance with the Governmental Unit Note and Section 3.3 hereof. The Governmental Unit covenants that it shall use the proceeds of the Loan solely for the purposes described In Section 1.1(h) hereof and that it shall not use the proceeds of the Loan in a manner inconsistent with the representations and covenants set forth in Sections 1.2(c), 1.2(e) and 1,2(f) hereof. SECTION 3.2 DISBURSEMENT OF LOAN; SECURITY INTEREST IN UN- DISBURSED PROCEEDS. MVW" fW, J. F'?t' .Tr 1?? 11 SS's i ?'?11f 1?51a t ??SS,tt_ x 7 R? fe' YV -, tjL - •'f;yS 1r7+''t ? rn[?yd i5 ?M i?,`,• ; t ,` C b, HX?j1??. I (a) Following the execution and delivery of this Agreement and the Govern- M N;? .0 IS 7 r???' y?"'? mental Unit Note (the "Closing"), the Trustee shall disburse the proceeds of the Loan In i; accordance with this Section 3.2 and Section 4.09 of the Indenture, to a special account k: established and held b the Trustee as described in paragraph b below. (b) The Trustee agrees to establish and create, and hereby does establish and ?Vtt, r:t} :,•'i;7' create a separate fund to be known as the "Gulf Breeze Pooled Financing Loan Program rt; Trustee Proceeds Fund" (the "Trustee Loan Proceeds Fund") which account shall be K,? '''{• _ : ` ' separate and distinct from all other funds and accounts of the Trustee. The proceeds of the Loan shall be deposited by the Trustee, immediately upon receipt thereof, into the 't;zY?;i4'• + Ei?; S rr: ?(i?r;J,;,[ts?,_.., ,t}• y'•+ , Trustee Loan Proceeds Fund for the benefit of the Governmental U pit and applied, ?. together with any income from investment thereof, for deposit with the {. ? t.,{•? .4?:• i ?,'ty:. Yr i,y; F' , " Y's'tlr<c, . A ollateral A ent to purchase the GNXA Security in accordance with the r., yj'd; '?r • :k y :j:..; t to enable th Loan or to pay debt service on the Governmental Unit Note. Funds -?>`;t•?,J''J? Secondary Agreement, -t, TPr? . iJU t ?rl~ u?r# shall be disbursed from the Loan Proceeds Fund pursuant to the Secondary Loan Agreement. (c) Until disbursed in accordance with the provisions of this Loan Agree- s;;,?;P;?r meat, the proceeds on deposit in the Trustee Loan Proceeds Fund shall be invested and reinvested by the Trustee In Investment Securities, as defined In the Indenture. Any '<A?*,5;i"•?' ` ?f?''hJ ': Sr?Y.lx,4f ?i'a e'SjasT d ,}y earnings on the Investment of funds on deposit in the Trustee Loan Proceeds Fund shall be credited to such Fund and shall be used to pay authorized Costs of the Project or as '-1?;ifa?T I rovided in the Seconds Loan Agreement. (d) To secure the prompt payment of the Loan and the performance by the Governmental Unit of its other obligations hereunder, the Governmental Unit, to the full extent permitted by law, hereby pledges to the Sponsor and hereby grants to the Sponsor a security Interest In and agrees and acknowledges that the Sponsor shall have and shall continue to have a security interest in the funds on deposit In the Trustee Loan Proceeds Fund, subject to the use of such proceeds In the manner described herein. SECTION 3.3 REPAYMENT OF LOAN. The Loan to be made to the Governmental Unit for the Project shall be repaid In Installments which shall correspond LKL-03/21189-266A-2820 -7- M., s? s ??. ,,? 1 ¢r Kr?'+.r;?'R +;. {, }r t:}?.,# is{st ?• .:'.j:.t"'a},"'r.?•'.' :s,: T.,.i?'.'I. i''t.. 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'..... ? , - ., p ' %, _,;° , : -", ? 4r{7 r t! s 7d.? x- men Ly', ?' t . ,"". ..:_;?'.aI and Interest an the Govern ea ate on :tk s Ysj r'r-;'.: ';r sr.{fi :`; t t the payments of princip o e e ual to the lnte m = <, is ?;+ww:.; ,x,. a, ,'-", , ,. ? ,,,;.•7 ?rrn ?.;ri,' " and arnoun ° p rem time t tim eat the ti ee ,€=,,;.:r::.,,,f.a,?s?uµ??'.,, f' ?, t ., ; ,'?#; > t the rates t :,E , ' ?.• r F.f. ,= r' . x in time bear intareft a um ar annum an $ hell 10 a Qayabl t.,,„ r ,?; ,...F? r ?-?' ,-11 .. -,r. . .. . r '" r3s3 . ?'' «+; i'' Nate and III shall r Cent t: ! ;? r<fi,5) r, • r t •i .1 ': ' 025 ? r ' rr , .:; ; ':. ;': tell C-1 Bondr )lug It owns , :,5 `f' `t ?.. ,- }`t'.r x a' ,,..:' - 11 aazl i. ,__ 1 .: r:;:.. the 8er .t n o e, a ,.t+.Pr 'ys .;ry. s? < ? ?4f tY °' r , ern:nen tee ' ' i '• '„' -.?• lj .l7' lf;? ' : 7558 e ov linen the da m + °. I, t ,. ,',:. ... rz,?" I. eon 5 instal is on k:;:r° ?,)) ':.? fF> , M11 Id In ?' i ! Loam shall be a overnrnan •'' ;'> ;'{at,: sT,ub„+,_"I"L . qS?..,,,.1. ':'in°= i`' k:3,"? ``° (a) Tria rinoi )al of a the at ace tote °r ° e pal together with I ' _ ri7 :. : le!ri 'r :°:'t'=r' " y "t'' ;?:''.,t.,FV::Yb1t,+, III,", t 10 ninoun s own an c nB„? With all remaining pr ..,,:t: ;i' .I,?; .•-? ' ' „w? '-;T? In the `"f' y`v?'ia- and had hereto 84 Exhibit due on December It 2016, or such vad 5:.-';.f- y.,.• E'ri'`r ,ip 11 «w `•7';','-,? 9?{ ?, Note, which is attar in nection therewith, I r shall have appro ,- " ' `'''i ' 2 .;%;? :' ':' . y n ue r, , ?. ' r , "=s: era nt9 payable co tter of Credit Issue ',: r ',j it N:s ''''a ; , ..r , .,• ,? ,';.; ly any otin m0u Facility issuer and the Le I—--.,.,,,a;,,"....-'-t ,.,y,,;', - " ed _ . -' .4'' ?r:. , v=.r ?,? ;; : r; -,t-i,•l,t later date as the Gr : ; .,Yr'. ?'.•,y:..,'r: ;'ti -,.'- ,: •. ,,>' ' • , 'a r;; ., ,'t'dfru yr' be s+" 1 f• ;. '`?'w, (5-,, i l i 3` , ;.i•': = ;;. gar 5 .. f In Mritil ot the Loan Shall b -,', ':_, £, M,... s ;. :' ?s,;,,.:'? '-.: -.?'.;,?.ss, ,sr ; y, ' U. ael: f I .1, ;l,??' '.:?~, . ? R;?. otri amounts due in respect Q ober 1, 1989, r ?; r' n:•° t. ,j '?; ,c Eby The Interest rid of A and 0 ober camm ing it o the A,? ,,:;. ; :y r;;'.: c,.: $'"ti; f ? -," `t:' u won the first day o Aril a weekly mode o tg t from +.. rl..,?? t :r?:iva ; 4 £ ;: "; .:?..,;r -, - :'°, paid semi-aM ally n conversion to the cknowledges the reneip ?:%;:' . ,::ti,`i, , ,j,;?; ;., .. ?.,?.:? . <!? ': '' "' thr rii 1, 19 and u I? r• T Trustee hereby a am ize nd retire the ' '. . _ ? ,r P; 'E •7, ?,k, ' r, z .'t?:i ,rai ;;.. I', ouga a each month the fte he sufficient to fully ort amounts due In '?°"-i ';':Yi,;?, ::' ::;_;,,c?§ ?, . < ,-.. ""' ,;'z:-- `t,,. tht d y Unit of an amount B ds The repayment a i of + , : ;-;,,',s::4 ,.r.4r ,-.. . L,•"' '%i •:; p,met on on beh 1 '-r-,',',' =r, ,z; :.'.,„ _ ?•? .. the Governmental nit's Pro Rate, Share of Non- d b the Financial Advisor `' • ? ''':'``:I .I'`...,,, "s f , ' tf , •=' ' ','° dovernmantal cunt detarrtln by y .i;,: '' t ; , i ,"t " _,;.? : i` V ba an am a ribed in the immediatel = ti,: `> •r.'{?A?,`. ,', -;i ?„' :' of amounts in the ;';'::.' ;,F'??y 4$ `'_,' : rep ,? a eat of the Lawn shall vide funds which, as dose $ , r;}.r; , a here ,:;: 3, - ,:,;.; . ; ' :;:3.? r. `?`'` e S 4tleor, suiticient to pr mental Units' Pro-Rata under j•'-_,") :y,lf..:Y1, 'r' "`,,;°t ,,;`, . ;: t: , :' f a til p the Govern certain funds established , .3'"r, s';_. ?4:,`.:' G•:`'° ?;; aragraph, together with a from the Investment of r things, the Cents and :; ;'`;.'i, r's. ,;:1, } p Fund constituting incom when due among otha teraat, If any) 'r' ° sr;.::'?'' t''°n .' ; +,,: ':_ « gurQlua re will be sufficient, to pay er(including Additional In ton all or wF it „ : , '1:,It? , 3C` "'I'" - the Indrntu am the rstimated Interest that such interes ,:= ti .f:` -'';:??=;:tr-?'?,' , '? Expenses at the hragr • n Into conaideratian tha foot he denture; grovlded, r:i .. ;::': ;,?_ a...'s ,:A'.; ;,?', .11 :,}s, s:; '' <•I,`,F r;'i ' ' ' : ' ,` ` " ,' e Bonds, Loki gin WSW t tat In roof :;,;. ,itr,Y '. v becoming due on th an a weekly basic o action 5.2 he .. I ; .,? , -".? i s :' : ` ° _r% portion at the Hands will vsty on he Loan is declared pursuant t rate on the Loan ^?, '" t ;.r`-II ,,jt.' x ; F'' a p aceelrratlan oft Interest `; `;: I- I? ::.Y? ? t of Default hereunder, the interest 5aid inter '? :':{:,::;'•:.;;, .;., •,'.' ';-'; ,, '`' an Even a Rate Plus 2% •;',d '':,;.'':.'I.,. `. ?.? . ` of to the Prim : ; ' however, shall be that If '• ' ? ; '` following the occurrence um a ual th s slaps d ar.d shall ,,,,,,__t'..::.'"L-;;,'.r;,: '=. ,: s increased tc? a rate per $nn l to q 345 388 days for actal daY .i., : r L %? '?1`,J'r'' `i11, . ~ ' . "-'l a ua trim otherwisee contained f "r" 1j"'y,r;,'; ..;,,:;;s'?..•,r,. ''h.;_: _ be tweed upon a year 4 Notwithstanding any g -five percent :-, ' (-' ,,,<<'s.s, :: rr;.;,- P. :., : rite e Rate shall ohanga• 1 not exceed twenty :'t;;_'' :,,,.,;. rN ry>r,{ :?: wig said 'Prim ,_,, 1. i .I ,I' .;..,I'r'a.:'' " .": ,,,w ". I >r, change shall an L `~ .,:.: ,;,P? ?' : ?,;z `'`?' In this Agreement, the interest rate cants on the can steal u s charged for Coats and Expenses of the Program her rate ae may f,::'. ; ::,',; ?,.h_,?''k;...: FI "=; '` y :• F •. "' ";':r per annum {exclusive of am forbearance of money}, or such Credit Facility °` ; -,; `: '?; ", ;':U ..'s. ., 7, ;.,i Y, S}, _' :?: (249b1 at charges for the use or fOrt}law and approved by the uch Maximum `','W',,'? ?. -G,';`:',,.k f, ,,tr',':?)•t,- :.,;1=.; 3° v,''r : whteri b n ted under applicable t e Imposition of s ;._ tr,. ..t ;?s b:: ' ` ?.?? , :s I mum. time to time be permit „ rev!deds that, in the even th t Note to be leas than .iza;';!' "?'? ?n* .f1 {; ,., LL, .,,,' .?' r•, k•?4 ,. I 1 to} 1??w 'tiriY n. s'' f", '`tis;'y;' issuer (the "Max mum Re i Q t a able on the Qve o rn mtai en Unit to this Section 3.3; }.'::,.,.: ;,,'«„_.,,'._':} -; :`. ,:.•, 1 '•? `?; `n o:y'.n?r? Rate shall ever cause the anLdun ld o therwise be computed pursuant Rate until the ?;._?• t' -?''ti r;;¢`•c-: <'?- ,;' } ?' ;,r,-{ ; ',',4i4 ;,: the cunt of interest which wauthereafter bear interact at the IVi ra.°}, iy?`a}iti.f- , ?; jf;:_ ,'., • ' elm p r shall !t Note or {3} such time as the . ,.' ; .: '.< , , r °?` ;.`' Governmental Unit of mental Vn a equals the ' ^ ,.; ,_'J?:^t;: ? ,r '..: .' 'i? the dovernm t of the p7°vern all at such rate 9°!F ', t .;_ ?,. - . '?°'_ ?•' the final maturi y al Unit Note sh it Note ?'`; S,'`<? ,,,?,?,- ;', `r:' `:`' ?' ? I } ' "? of (1) th arrimant tai Un Rfr} :r a, ; .,-,` ,x. Y. 1? : a':`k earlier `. f.- ? s ; ,. , payable an the dovernm nr ; var. total amours l of Interest paid an the Gnte at d have ov been a a v?wr {g -, °r < r ?r.".Li,.-ii,- 4`;-?I. ra whlah woul M Maximum Rate. ivt`.?"f.r h' de JR?rf~ y`:'i.. ,:.1,<{ A ,,.1,..,, ?'' ,.;. . 6.L rat at y > r."•• ;>> .:.?., since ion 3 3 without regard to any en ;' 14i t ,# z.,, ?_ ,.} ;rrt, ?? r cant to this $eot 11 rmine not less aft r'f,,;„i^, r` r,.:.':.:r":Y '? ?ay,;?.. f :`:- . ; x' ? k pure o behalf of the Sponsor rria d?to a Pr Aata Shere of #' -,k,'?I."•+p?"ar..,t-f'.r, v`..€'.6.fi")! ', •.r I '' 4 r i4l via , on the can the °- tri :.'a; ?,; t: ?#I 0,, _r,1 ,,.- . ;' .ly:,'ry The Finano Ad or, eat on U notif the ;? ?,.,': >'r::: L{, -,. ' E*;,; ,k f Th d Jul' 1 the rate at inter Asset Bonds and shall y ate .;?'': :";:' `k:°_.:' c:, ,',.;,, Lj? ?R'°{ '_' Jti? ?,' than sinri January an Y ro and the on- istr or shall c p fs• ' LL ; :,' . ; sc? .':ti,,:, i :4..(i'f'+d a Of he P am he Admin at -V,'",- ., !} t ;.;,{,,,,,: a z ?v erases t ion T i;:;,._: ..1. ,, ; 1 `I`= ,?sr?+'? the Costs and ExF trator of rush detnrminat art and shall notify the Trustee h i; J : 'i' ;`;' ;'•-,'?;,',, yhi'?.o?'P;?=,._' 7r rz'4",vj ,- Trustee and the AdmQ ivernmental Unit's monthly pa tine first day of the month in wrilc 1,:4." ': `' . 4t£ :a;:r Vi'n`::, ,_ ,; ;,,; , ,~» , o each o to h , ,r ,, - A' i ` 3`' P'' " 31 `? the amount of ono t a t tan days prior . .,r.',', r s;, : :, .;;,°; •• ,- . z •' ?x.. i vernmental 1Jni , at leas 7:I,?r r' ,-i,•;;:': ;=:r:y:, '), NIA . L, y?r,r.tE }a and the DO ;4'"' '<'J;,'/, ::` :',•.= -" ii,;,: >.• • • f y:.i F 5..: Ley'' :Y- J : :r ,, ... . ?? 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Jy1" 7C,'[ e?` f^I, ??.`' y'? ?,•" ?,? :i`.';Y'"(' ,.j? -?".•,. ,.K,?•.%•'? .!y !r ,,? .J}•.?. ?"??l7 ?{y;... q !" y!N} iya ?,7Y 3. .M ??r•r M d ??+''# r ZySd•.'}f.?'^?.(?i -?3: ?:t?}' -:t sr.ht?t' jP^r..?e v?, 5.<.,. ...,- ?14L .•r, i:l 127;1`y ?`?. `r'-?•t„?'.-?,"S'', 4 Y?. ?1'sy s- ? ?{ ! ., ?i•+c, tiA :/ it=k.•:r-. f •?..-:E?...kG ?9W ,:?: `"??FrC:. 's +.r-YAk.1P l' Fa n, r :•l?.r ,.4k? 1 ??? 7" .!1?s ' j ' ?7'?,71..«t.l•.5s,?•..,.t^,,;3. k '!. .•:i%.. J.?e3.":-.?'?4= Z--. r..•'??•.,•i'... R ?.JtL ii?'c.1e?,a?3 i!•`.??l?l?l&vy?.?.? ?:-er .W i i lr I _ r_ N?Z i' f h ,, ?y Jam,;i? 1 .4'y?r. kl ?F° 4 SECTION 3.4 PREPAYMENT OF LOAN. t (a) The Governmental Unit may upon any Interest Payment Date on which the Bonds may be redeemed or converted; to another Mode at the option of the Sponsor and, upon not less than 129 days prior written notice to the Sponsor, the Administrator and the Trustee, prepay the outstanding principal of the Loan or portion thereof made pursuant to this Agreement, together with accrued interest on the Loan to the date of prepayment, any premium payable to the holders of the Bonds In connection with such prepayment, and any amount attributable to the retirement of the Governmental Unit's Pro-Rata Share of Non-Asset Bonds as described in paragraph (b) below. (b) If at the time any prepayment is made (as permitted by paragraph (a) above), such prepayment shall be made in an amount and with the effect provided In Section 4.04 of the indenture, it being understood that all prepayments must be made not less than 129 days in advance of any application thereof. The 129 day period mentioned in paragraphs (a) and (b) may run concurrently, The Governmental Unit shall receive credit for any income from investment of the amount of any such prepayment. LKL-03/21/89-266A-2820 -9- .1! A >¦ i t .e ;E. )•a •': i fit'} 4 ?F r i2. i= s? rira'• Orr M ':?},?. 3$ ?Fr?'z!,. ?:.:p. 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F?'::3:: •`? ?1 r? Kati` ??•`'Yn- j?° ?.. :yA,: •1+? q f .l1? IF.` •1c? rs4.ri 1`YS' h hYr '='} ? 3+iq.?.f a• :.r, .:'," .r "c. ,?}.„,'? ,.df.- ".7. d.,:-iis,i/ 4'. fj`ri.? •':et {i ^' '?",n ..kk.,3 `,x;a •r£,;•A i, ?e?. ,r . .rif: f::','r:j x" 0,9'.;?'3t.?'Fv:7 Fy ., { i•.t 13:•; rr.'f'',. lYr:? •?S }z'•i: 4. „L:'•.• ?..' s"? ?'•? Ir ..f.'? e'+a.{ 'r a;iEx i t 4,c: i i': :i 1.,,. 3 y : •` 5'.;'. ti;.;', :!•.; r.F.; i•s?.'F/ r { r',?t rrr? {1yY ,,tf1?,? .J?•,.1 `? R£ t?',a.l ?, rr' ?" r'.r ?7"J, t?r??r;dx ii?:j rirn A?\? 't'-: 4, > rs a t, : ; s' y.. •ar'• ? ?nr.:a' : y,l{! d:. ."•?•r:r ;?, i .E' ;?i':i. .'t-' 'l'it=.•.. ,;:-'?.",°`'+;' ? `,n?;,rf? ?`.T,i••,?°'t. '::e r' , p ?•rY?....r 'e ,.. ,' ?"'•?: L `+ ?zi«;??,... ?i.r ? ? •:. k?t„7i?f `, f' Y:.i• ry•3?y ?.°: ` °,:i? :?".';'• ,i', ?;^,: '? e'sr.e'-. '.',: :a r ''! •?:, 1's` r,.:J. rrr?r:c.,:S ' "q; 1-Z ?i??•r,.q!1?'; ,7 ? , e?' M1•..; 1? .s/ :' Y Y,. • `'' :. :, ""??.•It? :4 ' ' ,l I A IFSt l l{ t??'f i'{,J??i ?.4;` :.5: Fa S, .i. ? ,..??ti ,"'. ?1, .'h?•q 's Sri "?f:,'F?''l??t; `*?:Y:f: r •.• .;il .`k s?z•. ; f "?.'fi{;?!?- =.i -U'^?.tt xf;. ez?;-' :'i, q^. ; F ?"i; '7. ?;' .!'1 .ai ;'Fn?I..=,. ,• .f`1 i; •i ?. '',' f'•'i. .;?rt.,?•y„? .? }?ri'?.' ,i • < ' I.' .I f'. ' 1. '•'? •4' I}i•?1?,1•':, the new payment amount is to become effective, of the period (not exceeding six months) for which such payment amount is to be In effect and the amount of each interest payment which the Governmental Unit Is required to make during such period. However, If at any time the Trustee determines that such payment amount, together with other funds available therefor, does not provide sufficient funds to pay interest on all Bonds and to pay the Non-Asset Bonds, the Interest becoming due on the Bonds (including Additional Interest, If any, together with the annual fees and other amounts, if any, charged for or due under the Credit Facility and Liquidity Facility, together with other fees and expenses relating to the Sponsor's multi-governmental loan program, the Trustee shall so notify the Administrator and the Financial Advisor. The Financial Advisor, on behalf of the Sponsor shall increase the payment amount on the Loan then in effect by an amount sufficient to cure such deficiency by giving notice thereof to the Administrator. The Administrator shall recompute the amount of the Governmental Unit's monthly payments and shall give the Governmental Unit notice of a revised interest rate at least ten days prior to the date such revised Interest rate Is to become effective, stating the period (not exceeding six months) for which such revised Interest rate is or additional payments are to be in effect, and the amount of each interest payment which the Governmental Unit is required to make during such period. The Administrator shall send to the Trustee, the Letter of Credit Issuer and the Credit Facility Issuer duplicate copies of each statement to the Governmental Unit specifying the total payment due from the Governmental Unit for principal and interest on the Loan, the respective amounts of principal and interest included in such total payment, and the amount of any fees and expenses billed to the Governmental Unit on a monthly basis pursuant to Section 3.5 hereof. The Governmental Unit agrees that the Sponsor has reserved the right to determine the extent to which investment Income on the funds established under the Indenture (including any income from the Project Loan Fund prior to full disbursement of the Loan) may be applied in determining the amount payable hereunder. (c) As provided In the Governmental Unit Note, In addition to the above payments of principal and interest on the Loan and the additional payments provided for herein, any payment of principal and interest on the Loan which is received later than its due date shall bear Interest at a rate equal to the Prime Rate plus 2% per annum. x, ;P1r?r?:7?r =•fx; t?'. r' + ,c: h'. '_ 1 F `t,: ... ? .*I: [: rr , ','i1;• .'-/f fl- .r ,.'1 '. "'r.{+. '••7'i ,1... .. ..-, .. .. , .._e:.,.. rJ.. i. ..lwl.a lh?:?,.?...:f.. ?-'.i,rr-.' '1,.J?? •r a e r r? . • ti •b .?,.1? .' 734'. ?' aM? + i..4?•? ?ktj>3r1 `..1 g k J?t .r i A 3• .. ? u. -n.« .. ""7" ..••» yr r•._ .n^r?^ ; .+r....+- ? .,.r;.?,.+.nw?..,•'Y:•tj•i???7r ?'+. SrMd.t" 3,rf7'?c„?.;!i'"„r;•F•,*'?.+rrm ...? ..?,.?,..,-°,. ,..4,?4.ss . .II as?f?;?Fi?^. ?.i•f' .e l:l-• ti '-.}. t-• ::i:. 'Se: .i,?'. '1 ;'w' ..S "F?£^'v r. ,3.'. i ?,.n, fi • tr.:`... ASS. G'4;: r b.r .._i:; ? ?:r;.•. S=•i .2. ?••{. ,r 4 ir` , '':v''• 't= {r:;r•'Si'^' ,i=i,. '?'' r.;' 'i :1" •3?'i' <r., 3+ s rt-'..at 1 .r ?•.. .?'•s? ? -i?Y. '•4,, a •? I!'+iA •a r"?.;;,.'.\..,_?;:..f.r=;. .d??'.j;'?; ar,: t, c:$?:?+tra r. .?, . F.r r. •.. ,, ,F? i? E ' r ..s i,' »?,yam f ` k',. _ :!.? . :a1 n:?•;.?E. `.! `, ?t `"?L•? n. t :Yr t,. ?? . . ,...r :: v'?',. •'s.'?r, l..'?7 r -k+§r ?",, j'I«';f? aY??. `u'f "."i.i? r?' sU+?•y.?`?yp.•,? ??,F1' ??' ? i ? ?:? ...+? ' y .? l.r r?;,5?. 'oy y-j., ..r6??., r?,'ii;.:\t. _ ••y. ,?. r ti•,,. ? ?. rd ?a? .. c,;.?C?•F'd •.?11+. i r m' `„ . -sx,; j,!! • F £,a1 :' ` ,?i4yH 5j.- .?'''?•?Y' ?•.?' '?: r ? $! `aFc?;t'r" t+t 's+ it '' iii lLr ."f?. i '?}'? ilyr t. .yN ?"^. 1- C.-i'F+ °i `.'° ,l?'•'a" lh- '?,t' ?. :?1.{, y C°? `? y. ! t } •1=: ,;'s??+. ;t: s 7? ?r???r.' h '?F:ty:'. Y' ",''c"}i ,?, r" Sj` : 1e• i.r"k` .'t'e ? >} a.1L,'°'..''`'l': r?•??.y, 4r?:,J ?is3,?.',.:? .}..Y;?.-i..S,.7.''?vb.???-,?fibj?s"?'?.'k.'?91r:1i?;.`,:?{?°y^.?s ?if' I t.-: ?t ??$P?,'? ??. •;'` "•'``: `??:;"L:•ito' ':2•,,7?a.'?"s'. 5 :'?r?i;'Y?li=S;>?•?:;?:?g}1:??=.:??.1'w'??,r+a:'t:`ii<`a+?.*,'i."?It;'?_tn?%<?"?????_'#?;?'?a'??.`?.?4't''??f?"????? ' t• r. :e°..wt., '.fir i??`. ,:e?•;;'" rii' FCt l'.'?fl4Bhh r . SECTION 3.5 ADMINISTRATIVE EXPENSES. (a) In determining the payments in respect of the Loans which all Governmental Units with non-accelerated Loans shall pay in each month, there shall be included an amount determined by the Administrator on behalf of the Sponsor to be sufficient to pay when due the items referred to in Section 3,3, including without limitations: (1) the annual fees and other amounts, if any, charged for or due (1) In the case of Variable Rate Loans, under the Credit Facility (including additional surety bond premiums, if any); (2) the annual administrative fees of the Trustee, the Bond Registrar and Paying Agent and any other Paying Agent or Agents; ??{?.t:.e': ':st?rY•? ?:d'. s,•..: }•..:. ., r•:1.pt?j?' e::4'f,r:.,.i.. yriB:?L.?z,v?.M a?'r ;i.arr. u,?S};;J.:??j'»'t• r ;'':. +; •?.i}a._ .H,:.i f •r? 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R.1';.if•i•l;ti'',: r: s,'4i t"?{?'? •}7?;y.3. r: ;?. S:•g'r e,y:f3`?+? '+c 'Fri I' ?,,'t+ w'€`e _ i` .? "t P., r,•; ? n-. ?se. ?' Is, rr4 .?x,?a.:. i ?. '?' .}° .!'iti?l:. 'x?'; ?rr+'??•t, :' i.. a 4',.rt7.,y i.?. •?f t;4 tl; t?•!.<? ,??'if •„ .t;£' .'?•' #. .: .i ?, I..:1 _ r. ?.,?'?.. ?. t??t:'r, y4:r fits `,i. .TY°G". :?? "'! ' t` ?r •'?.?' ? ° ? -?'; •?. ? ' S'.iM J ,'t'?.r•?Ldr° t ti,. ;c.' €: i1'.t:V1 :k4 .<r:: la1.. sj?l•y5wri - - `iK•{?;:'' 1 ],:;,i: r;5... "?).: a K`:? ? „rT,'°; l~'ir'<: ,'^?'7"'i•i•'?i' ••? S{+ rr r c sY ` t 1c5? a.. ?F3: '. s- ll: '?ql : si' 'i,ii,• y'r 'rP - e '_!i s?••i. • ':'T; f'y34.' e? ', i i.y.s . .. S" e: per«\ (3) the annual fee of the Remarketing Agent; (4) cost of issuance of the Bonds allocable to the Loan as Non-Asset Bonds, which amount shall be deposited in an escrow account with the Trustee at closing; (5) the deferred Increased Cost Payments accrued to the date of Closing of the Loan (which shall be recovered over a 12 month period); and The Administrator, on behalf of the Sponsor, shall determine such amount (concurrently with the determination of the interest payments on the Loan pursuant to Section 3,3(b) hereof) and shall notify the Governmental Unit at least ten days prior to the first day of the period for which the new payment schedule is to become effective, of the period (not exceeding six months) for which such payment schedule is to be in effect and the amount of each payment which the Governmental Unit is required to make during such period. However, if at any time the Administrator determines that at any time, the Loan payments plus an additional .25 basis points and excess reserve earnings are insufficient to pay the fees of the Trustee, Borrower and Paying Agent and the Remarketing Agent, the Bonds shall convert to a fixed rate at the next available Conversion Date, at the expense of the Corporation. (b) The Governmental Unit shall pay the amounts described in paragraph (a) above to the Trustee, as the Sponsor's assignee of this Agreement; except as otherwise provided in Section 3.9 hereof, (c) Any other amounts due from the Governmental Unit hereunder, including closing costs related to the Loan and not paid at closing. SECTION 3.6 SPECIAL OBLIGATION OF GOVERNMENTAL UNITS. (a) Each Credit Issuer may share with any other Credit Issuer any Informa- tion given to any of them by the Governmental Unit, including without limitation financial statements, and may also share such information with any participant of such Credit Issuer, and any financial institution which is being solicited to become a participant of any Credit Issuer. To the extent necessary to permit the foregoing, the Governmental Unit hereby waives any privilege or right to confidentiality, whether arising under statute or LKL-03/21/89-266A-2820 -10- i k'M l •. la 't .r f?? ?"`e ?.?,}?•'n'i??S UiT' ;-?'^i3 ?:•7`)+ - ?t ii? `S,. ry. .?, ,tr,... :.: '1! f ?'?`?l'" }..,F'?Y,}?t t :'?.. ir'; ¢ is ,}? "?•Er '',.z', + . Jw: E : r: ? i" +l = 'a + l .. .+°.•. .`j?': vi.F :r•.• :r•';k ?+" k'r"'Yy Sfif? .{.4?g .`a '3.. ,fv?. r'' ?? a' i?y,?t.. ' ?• i` r `?' ' ''?? .. n . .i.. ....4,.,.. . .r . n+ l ...-, w•y+•• .. N a w i+ „?, r?. [??5;•}; ?'?,f .l ?'r:. '/ ' ?r- fJ' ? ? 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Y r ' : J -i ti}. :' .? , 'r_i5%) ?.? i 11'Ah4'S?L"%.}?$ t ,} .,F. . : r. , 1 : :f - : . .. :1 :? }-,. !1-?; }.. y1 - .? r• •!. ti. tii , ? s7 . .::1? tir',:'.,:.,ry": ;: ,, ,. . ; ?, ? '' r5 a§''? ???%nwt Jt; r. •.. - r,-.r,z:,-:.??? 4. y. ' ?,< r?.;,? ?•rr'J:.s'M1 , ..? i. ; rS'?'H'.yC:r d `4=. r. # t •Y}1 rr °l. ' 1 Al 't5+..44i ? l/7 ? ? ' f• , :r. .', er r. '' +, i•5 ra: `!R . +; .r" .F s ?? •?i`rF ; •4 i ?•'YS a`r? A ' %, • 'A''• - r F ' ^ t . l! r?, ',i . :?^i:• K?FTi",1 a ?i 'ti? ' t '; ? a1A ? ° . r f -?, 7•e 1 . ?f, = . s ,. o.s ? ,t< .7 .?, S . a -,. ? rr tF '?[ i ,r ?. i<." rr,s •H'" ...?. ?^ ;S,s iti: ?i- '.4". Y ?. •"1 t:.? ir. Y, k•i' •?:?'• ' Ir .1: .rf t ',?' `.?„r.i 4 si.Y 6'S.?? '; _.,r: z. ? ' > f r 'i.?:., ' • •l ; ?(I . !• ' •1 , a • ''1cr`r "?' ? j; i; : J . • .,,! , Y y . . r'! J ? rryyff F r ? t Cr?..}}?i ,'}1w ?'f . •r ?r. ., . . _!. ;, .5 .. r . .i , . . r• - ",. s ' I F. - . , .l , i.-i; r ,1' r [ ' .. ' d .[.. " f At r ? f 6? (?{'-,'f °.t.' %? 5r, 1,i5 ???' ??'' /I?:r.:''.?,?rrw?,a?•r,l •'•JI, •??•::'? S`:?.K ; '? '•: 1°: l? ? ' ` •i . .i'r .IY I' .?,y?C}aY'1: ,[ ;.'r i. ••5'}r} ?}y ( .. .. . ! . . • . n , .?,. y: iy.'Y' '-'.1+: .'t: ,'J ?? ?'trr qtr °. 5i •, 3. ,+ti .,ld' °i ?)'r :1 .. s'. YS, I?PIr -___ :?i?J..iVlxa' -1 •r3'•'`.7? otherwise it may have which would otherwise prohibit the foregoing sharing of Informa- tion. (b) The Governmental Unit Note shall be secured by a lien upon and pledge of the Pledged Revenues, and the Pledged Revenues are hereby pledged to secure repayment of the Governmental Unit Note, as set forth In the Authorizing Ordinance. The Governmental Unit hereby represents and warrants that the pledge of the Pledged Revenues to secure the Governmental Unit Note Is valid, binding and enforceable and that the Pledged Revenues are not otherwise subject to any pledge, lien or encumbrance, other than as has been heretofore disclosed to and expressly approved by the Credit Facility ; Issuer in writing. The Governmental Unit covenants that it will not cause or permit to exist any pledge of or lien or encumbrance upon the Pledged Revenues which is prior in right of payment to that securing the Governmental Unit Note except as expressly approved by the Credit Facility Issuer, The Governmental Unit covenants that it will not cause or permit to exist any pledge of or lien or encumbrance upon the Pledged Revenues, other than the pledge benefitting the Governmental Unit Note except for any Additional Parity Bonds which may be issued In the manner permitted hereunder, and except for any obligations secured by a lien upon the Pledged Revenues which is expressly junior and subordinate to the lien of the Governmental Unit Note upon the Pledged Revenues. 'n "wo ;? (c) The Loan and the Governmental Unit Note, and all payments due in sE respect thereto shall be a special obligation of the Governmental Unit, payable solely ?? y from the Pledged Revenues as herein provided. The Loan and the Governmental Unit +R''x Note do not constitute a general indebtedness of the Governmental Unit, or a pledge of Its faith, credit or taxing power within the meaning of any constitutional or statutory provision or limitation. Neither the State of Florida nor any political subdivision thereof nor the Governmental Unit shall be obligated (1) to exercise its ad valorem taxing power or any other taxing power in any form on any real or personal property in the Governmental Unit to a the principal of the Loan and the Governmental Unit Note, the interest thereon or other payments or costs incident thereto, or (2) to pay the same from any other funds of the Governmental Unit except from the Pledged Revenues, all in the ;; r., L,-•.:. manner provided herein. The acceptance of the Governmental Unit Note by the holder 'r from time to time thereof shall be deemed an agreement between the Governmental Unit ..x^<<s and such holder that the Governmental Unit Note and the indebtedness evidenced thereby shall not constitute a lien upon any property of the Governmental Unit, but shall constitute a lien only on the Pledged Revenues, In the manner herein provided. (d) Nothing herein contained shall require the Governmental Unit to use an Y legally available funds, in addition to the Pledged Revenues herein provided, which may ;?•;,; J? g come into its possession, for the purpose of payment of principal of and interest an the t Jr Loan. SECTION 3.7 BENEFIT OF BONDHOLDERS AND ENHANCEMENT PROVIDER; COMPLIANCE WITH TRUST INDENTURE. This Agreement Is executed in part to induce the purchase by others of the Bonds, the issuance by the Credit Facility Issuer of the Credit Facility, the Issuance of Local Credit Enhancement, if any, and the execution and delivery by the Letter of Credit Issuer of the Letter of Credit Facility and, accordingly, all covenants, agreements and representations on the part of the Govern- mental Unit and the Sponsor, as set forth In this Agreement, are hereby declared to be for the benefit of the holders from time to time of the Bonds, and for the benefit of each LKL-43/21/89-268A-2820 -11- r? fj Sk a e7'S?. ,.F' f ...?_. - •' _4 :?'_ rf_:•?'. _r1Lwrir?t_m ?IS:1?'Y'?t.YtilS,ir1? ? suX'•" • ?.n tY/?IMrruw:•.?is _•'^?-W.". _ 1 .rc- ;Tryrjf i ,tar x ?? +"r ?' :1 _r;°. y.'. r r, t r;,, j P?{t+"'li°'.llt f•?-}ri.?:J.?,.?.J•? Iw..:'.' FMS-^..'.?C 1' _ ? .. -'!.: y= 1.. .+t%,,if Ir. ,?},,^J.y"r•G?. r... ,.1 .. ,r.-?.«»::. •...ya ?).+.. s_l.w.,,, " .._... .. i•..' ?$ .v H" f•!i.'[ Y?' : "1.1 ..1-•.7 'trS? 'S" .y,`.yr:f'i,.+•.f'f..rr.w??'.: y t !r II` ?yfJ ?R °! f ?.)" ar 1 rl..•. r.t s• ? .? r . At ??IA .r Y. 1? 7 R = , r - 1 f, I?. -?h `k rh t? w4! i•, y?wz r tr r, - , i4. t' S I? ,; `Fa1 lit< arr E. , j? 'q? s F e v3 M, , '.?" ' 't. `.? ' Y, }Y:=?`'.: ' i `+,? , Lr •.• .. 1, y}?`' %:r'.l? ?'?,%? 'i>S ? Y: M ., `?t ;c5;•.: 1 psi; H.'. ?? .'',.."';?;.,, ?. ?k: ...-,_... ,. r. ?+•?.v,:. :h, t•`?i?'.'?'?7?^.i?s,.?,Z"s-tL=:r?,...:.?r??'r.:,'r'r_??:e5'.1:. ari-.:ts; __s:`L:1..A•, ,f .(, i'• 'E"2•x'•5 j? fo-?+lva[:r ieJJS ( ? ?.k J I .r Y j 5 l M1 3?;,? p ..+ +?v?r;?'?`??'.?,r-fir ?'•?`'1.; .: Credit Issuer. The Governmental Unit covenants and agrees to do all things within its power In order to comply with and to enable the Sponsor to comply with all requirements and to fulfill and to enable the Sponsor to fulfill all covenants of the Indenture. SECTION 3.8 BONDS NOT TO BECOME ARBITRAGE BONDS. SECTION 3.9 DEFAULTS; ASSIGNMENT OF SPONSOR'S RIGHTS. ?i.iw t't E'j ff ?ii?F!s'i'';{•`•"?'.ifr•r ar ?t.Y. '' '. fl?,{,FtS.ly:r.r.•#??.?"?: 'E?`-::/.?.• L ^c{'r :??-?;i'?:' r•°f :?: ti?'' i' ? s+ . s ?a ??•ty?1 '?I.'r1 •Y.. Y .?',j lam ,/.:p„?? '.f•..e..• •, ??? ' .. ral 'tai•.1 Ir •y rk"?4. fps "s??•'t .i' v? ?'?d'i I«."'f?•4NE?.!`_?;», ?'M ??n'•?i•7.3 ",3,»'?::rt`?.. •,?''?,''''- u1 ?. ': Pl'; 1`?-'.}VriF'Fs:x. !'l•!+?•i>'%"'r'r %;,t ?.?`': '.i'. ,?'.r'rt'-. I!?. ?I•a?'?ws?!•'t 1?1r''E ?•??,' ??11.:?i.q?{?? ?s:fF^'I. I~?? ? ? {';k?` ir3-q•.'.•.r, f. .. _ (a) As the source of payment for the Bonds, the Sponsor will assign to the Trustee all the Sponsor's rights under the Governmental Unit Note and this agreement (except for the rights of the Sponsor, the Trustee, the Administrator, and the Independent Contractor, if applicable, to receive payment of administrative expenses, reports and indemnity against claims, and the Sponsor's, Trustee's and Administrator's rights to enforce remedies pursuant to Section 3.5, 4.1, 4.2 and 5.4 hereof). The Governmental Unit will make all payments required under Sections 3.3, 3.4, 3.5 and 5.3 hereof directly to the Trustee without defense or setoff by reason of any dispute between the Governmental Unit and the Sponsor. The Governmental Unit hereby covenants to the Sponsor and the holders of the Bonds that, notwithstanding any other provision of this Agreement or any other Instru- ment, it will neither make nor cause to be made any investment or other use of the proceeds of the Loan which would cause the Bonds to be "arbitrage bonds" under Section 103 of the Internal Revenue Code of 1954, as amended, and any regulations thereunder, and that it will comply with the requirements of such Section and regulations throughout the term of the Bonds; however, the Governmental Unit shall be permitted to take action directed by the Corporation based upon representations by the Corporation that such action will not cause the Governmental Unit to violate this Section. (b) The Indenture requires that the Credit Facility provide for payment of the principal of and interest on the Bonds when dues if other moneys available under the Trust Indenture are insufficient therefor, and that rights to the payment of any principal and/or interest paid by the Credit Facility Issuer or the Letter of Credit Issuer Will be assigned to the Credit Facility Issuer or the Letter of Credit Issuer, respectively. Under certain circumstances provided In the Indenture, this Agreement and the Governmental Unit Note may be assigned to a Credit Issuer or the issuer of a Local Letter of Credit. (c) Notwithstanding anything in this Agreement to the contrary, if amounts due under the Governmental Unit Note and this agreement are accelerated as described in the Indenture, and the full amount of the Loan has not been disbursed pursuant to the Commitment, the Trustee shall have no obligation to make any further disbursements of the Loan and shall apply the same to pay the Note. SECTION 3.10 ASSIGNMENT AND COVENANT REGARDING PLEDGED REVENUES. The Governmental Unit hereby assigns to the Trustee all of Its right, title and interest in the Pledged Revenues, and agrees that the Trustee may take all action to enforce collection of the Pledged Revenues for application under this Loan Agreement. The Governmental Unit covenants that it has full power to pledge the Pledged Revenues to the payment of the principal and interest on the Governmental Unit Note and other amounts payable hereunder In the manner described herein. LKL-03/21/89-26BA-2820 -12- ': % : ' ' r f' "' ' „. "l . 't . l ? - j± '?' lS ?• ;° " ;' ;?y ,. ,?.. , a..., ,? ,. t .- i.r,; ; ? r ? ` 4 • } . 5 .. t?• ? • R: ?' !?n'..iP ?;- p.• I.r ' i3? }; §? •} ? .. .J..:r."....«.y.'r.tr.rhi'Jl...t?.•A1?? wr?. IFM?Y?' ?i• 1 ?°? $" to u 'a S L• a. .f . '. 4 it r r5 :s 1.u . fiK J. ` J, IJl Al. ; t 'n . % Cs; r ..a33 4A ns fiyyyyyy rF)*3 ?i 'I F .j "?!'Nf+?Kh}.-y,?y w..!r.r.:pr;?. ?4..n}.'.?W:rN'!'fl!!!?( ?M. ;'.a,a-3? "... -: r' i? ?i°?'.i.1:w1`z.5, is.S ?:;•"?1 5 ??ls?i!?^.4::?"4 9xY •dr; ? t?tt} 'Al,b'•""J b Q 4 SECTION 3.11 ALTERNATE SECURITY FOR GOVERNMENTAL UNIT NOTE. The Governmental Unit reserves the right to secure the Governmental Unit Note with a substitute Local Credit Enhancement acceptable in form and substance to the Credit Facility Issuer, the Letter of Credit Issuer, and the Administrator, and upon furnishing such Local Credit Enhancement or other security, the pledge of and lien upon the Pledged Revenues in favor of the Governmental Unit Note shall be released and discharged, in the manner and to the extent specified'by the Credit Facility Issuer and the Letter of Credit Issuer in writing. In addition, the Governmental Unit may provide for the defeasance of the lien of this Loan Agreement upon the Pledged Revenues at any time provided It first provides the following to the Trustee: (a) Evidence that the Governmental Unit shall have paid, or shall have made provision for payment of, all amounts payable under this Loan Agreement. For purposes of the preceding sentence, deposit of direct obligations of the United States of America which are not subject to redemption prior to maturity at the option of the obligor in irrevocable trust with a banking institution or trust company, for the sole benefit of the Sponsor, the principal of and interest on which will be sufficient to pay when due all payments under this Loan Agreement, shall be considered "provision for payment". (b) An opinion of nationally recognized bond counsel acceptable to the Sponsor to the effect that, (1) the lien of the Loan Agreement upon the Pledged Revenues has been defeased, and (ii) the transaction resulting in such defeasance does not adversely affect the exemption from taxation of the interest on the Bonds. (c) Verification by an independent certified public accountant of sufficiency of amounts deposited in escrow pursuant to paragraph (a). SECTION 3.12 INTERLOCAL AGREEMENT. This Loan agreement, together with the Governmental Unit Note incorporated by reference herein, shall be deemed to be an interlocal agreement with the Sponsor within the meaning of Chapter 183, Part I, Florida Statutes, and shall be filed of record In accordance with the provisions of the Florida Interlocal Cooperation Act. r, i LKL-03/21/88-288A-2820 -13- ?3iz .i.,?ri'? iiq?''.,?i+'.: ?S:: t .}hr? .? i??•.jL:s;?• ?'+ift sty?r..?•c'.f? ."-;t7•: r,''r° i:S3'1..stl.'..::.:,..j':• ': :f'af,,:. ??;?3.; '.;.t:,1r. .?}??,':•,?,t;Eg?.,kj.C• 3r ;-:;w?,clY;-°r?r.z , ?w`?i??tj' •ryf?til? tt' .:-.+.r;"T.•? ., 3.1?. t '.Y,i 7, .i rr..? ??. ?f?+ :??•? '? ?P, if?`1? . .. Y 111. .. •1. e?31 ,r,r r'? ? ):?rF„?.G?.i ,S+,,r?[ ?,'ry `1fe ."'r- ,?s i i ?.Ir '•i..,r?.<i..t ..H ?l, i S,i.-y ., ?'l.•k.. n Y r .. , ??, ,..•. ^r^).r, •..J, w ^'+'•F'r•r.•e.-,. .. ..h i. .. 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"3 • r' •: S S ' ',y.^'• , 7 r:? ,i` t'.5 k ;y', .4 .,1,..,`,• t, rL'''N" L ?fi.v r k - : i ?( : [:' :.!„ `.'r•`;•;:. .1••,v a`.t`,. v . ''[. ?? ,•S: f I J o.. y iw t : fS .T`t. ;Ii .'?r.: 'iii 2 - °a, : t ,•?r".- ,: ?.•. a, •7 . • ( wJ it :ry:,.,. '<?. r.`c, t' . ,.V' rf"•. 1.. ' •I"'?1 f'n ? ? ;?? .?,? mss: v t. N 'I 4tY'3 d+ ?.1" sl r } i. < «T:: .+• .l ,, P "(jJ(?", 1f ' y . 1'. .k tt+1,"`. ,{d ,( > !•• l,. ,S wr.s a. •'e" ? `r: .:r• `t °71. ..t'r''i! :,!r.rt t-e ,w? •f i:"?• 3. ' is '}.?. `.t ¢ `',,"'.s r. ?" ,•r`• .E,.. t '?? !• rail' ? '.i ;: ,? ..pl .! .S :?'. Y°1. E•- U i.>' .,.? i,r, ^ {f• w,;` `[' r?r skis ? .4S ' 'L • : 1,. ` . 7' w' a ''l Jl'. r.:?'? "?1.,, .'.f•, f. '{'? trv YY r '1 's Y' ? `r Wis. • ARTICLE IV COVENANTS OF THE GOVERNMENTAL UNIT r S [ y e SS,'?t+. /rf, Y•Jt,S t `1 - ECTION 4.1 Reserved y V i (E?°'`1 f' SECTION 4.2 IMMUNITY OF SPONSOR. In the exercise of the powers of ?i ;tiy •.?...?hr r?r - ?. the Sponsor and its members, officers, employees and agents under the Indenture or this f Agreement including (without limiting the foregoing) the application of moneys and their +, „Y '?' ;5:y?• ? '3 4S4p4 Investment of funds, the Sponsor shall not be accountable to the Governmental Unit for an action taken or omitted with respect to the Project or this Agreement b it or its r f J members, officers, employees and agents in good faith and believed by it or them to be r< authorized or within the discretion or rights or powers conferred under this Agreement. : yr,??^,,??1,?•????,i,.;??:,.??;>t??.t ,r The Sponsor and its members, officers, employees and agents shall be protected In its or their acting upon any paper or documents believed by it or them to be genuine, and it or W: , ! they may conclusively rely upon the advice of counsel and may (but need not) require No recourse shall be had s,r,.?.c:?-,(? ?'=.Y?'^' ,? ' ? . • further evidence of an fact or matter before taking an action. } by the Governmental Unit for any claims based on the Indenture or this Agreement against any member, officer, employee or agent of the Sponsor alleging personal liability a,.?,JxxY; :; on the art of such person unless such claims are based upon the bad faith, fraud or deceit N•' •: ..•,a: `,,.'' ,' ?,'„ 77 'A 3. of such person. The Governmental Unit shall indemnify the Sponsor and any of its 411; 'r lk!,4 members, officers, employees or agents and save them harmless against any liability :y;?rt Vie; #? R Intended to be precluded by this Section resulting from acts or omissions of the Governmental Unit or from acts or omissions of the Sponsor or any of Its members, officers, employees or agents In connection with an necessary or reasonable acts taken pursuant to this Agreement, except for fraud, deceit, or acts taken in bad faith or which ',•:'... ?. •? .l}??'r: ". ? f D' •'.trJ,'r4'Ir?Yrk y?f,..it'ir ?r??SYS S, . are negligent. ;'r?ti?3'?,P`t;, . SECTION 4.3 COMPLIANCE WITH LAWS. With respect to the Project and any additions, alterations, or improvements thereto, the Governmental Unit will at all times cause the Corporation to comply with all applicable requirements of Federal and state laws and with all applicable lawful requirements of any agency, board, or commission created under the laws of the State of Florida or of any other duly constituted public authority; provided, however, that the Corporation shall be deemed in compliance with this Section 4.3 so long as It is contesting in good faith any such requirement by appropriate legal proceedings. SECTION 4.4 ISSUANCE OF OTHER OBLIGATIONS PAYABLE FROM '"`j+;.`` PLEDGED REVENUES. So loo as the Governmental Unit Note remains Outstanding and unpaid, the Governmental Unit will not Issue or consent to the issuance of any other obligations payable from the Pledged Revenues or any portion thereof, nor voluntarily r - create or cause to be created an debt, lien, pledge, assignment, encumbrance or otherf charge, having priority to or being on a parity with the lien of the Governmental Unit t{. <!==if Note and the interest thereon, upon the Pledged Revenues; provided, however, that the r•.:', Governmental Unit may also grant to the provider of a Local Credit Enhancement for the All" 1? • r:?.5?G' 1. ?r . Governmental Unit Note a lien upon the Pledged Revenues commensurate with the lien granted in respect of the Governmental Unit Note. J , l?Mf.? :r' rt ? t? iif}, LKL-03/21/89-266A-2820 -14- J AK? '?^`.?'r ?'a7•a,1k7'S`.St'? v?,f< ) 4'., x dr?t's nrd,'a+":.L.a, t. .. sri.L7;; Y,l}•*+,r 7•:ik;•L+kc"N4t'ir ,, y.r.,, :r.r .' r. ..w ?;: ,y• ;y.+r`.?+•. _. 'P I+N..ei\DJaa,.:ll.::.'. - '1 `,^'\rpL t ' b." S: .1i ,3!"+i.l'4•e t=•F ?:.?;r 's..'rr.+f.t .w'«:?,r.?a.,1'J. (:r•w' } ' t .r ..t_•,y. t + L', ff .r I f. Nw' ? 'tlrrs. •1,:1?:,, ,rll`b• "'"iY'" "°"'r^ to is, •?,,,i',r':. r.?• Y{??' ? r, '..! sr 1 •?: fir` Vii .]_ .tr t 1%''? mot. 's ^ri i. '-ti a .t` 7y r 7'•.;i..'ti-: ar:?Si ?.S Y' . h- .... F'' l f. ... Wf ..ir `. '• .r- ? - s?x-?.uw? SECTION 4.5 ADDITIONAL COVENANTS. (a) The Governmental Unit hereby agrees and covenants to comply with all terms and conditions of the Secondary Loan Agreement. (b) The Governmental Unit will take all action legally available to It to Insure the receipt of the Pledged Revenues sufficient to make all payments in connection adversely naffectnItseresame ceiptboY he Pledged with the will take Governmental no actn wh ch t will Note and Impair the Revenues. I LKL-03121189-266A-2820 ^15" I - ...: . it i.. #. .. f.,.. ,? ? ?(. 3s?W ??' ? ,! 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A 1c;2 ?7:' tt T+E? v *s 5y, ,5`i '+_, ?t 1 t r '.n':. •e, F.M Y 'i .;fir s;ati; ;r:' '}+'?.> fit]'.: ..? "1'', x. :tr,??' •'???:wlf :' ? r•• ,ti{ ?F ? .? s. r Y ,r,l •e Yom: 't.:e T,r ,Fr, 9 • i.?i; }E. r.r r"4• i S -, i'•„?'.r i?' a fir; ?:., ?. 's ?4F' ? ? ' ? K ; 4. •r,: •?•'?. ?. ? F?t 4: , ,?k>ti rr?f rr::, z ; . f ' > : ',{.. .? w?, ?, ? r;,?:i ,- r,# , , ? , ? , _. "• i; :'°,}$?rt at T.{r, ,7 u'?,4 ? ? ? ?.rr,}'?%ra 3:.r „f.: ' "il'? ?'S• Vin" ;r'r.,, h,•}.a Y>° •, ?: ?. Wit} ?* fit. rr9U1? t;s??';s, •i? ,? I ? .f: -'tt°7' ..r?. r,?j;.kr. ,r •,r+?'.'•,.S»s't?:a?4..k'r.a,,, zs ?t°'.:Sr..?'s,???.?sx-:. _._:t. i"r,-----------_ .c..-.?: .r'r•«;+?rr.....- t.. krY,?-"••.•'', . ?. , ." ARTICLE V EVENTS OF DEFAULT AND REMEDIES SECTION 5.1 EVENTS OF DEFAULT. Each of the following events is hereby defined as, and declared to be and shall constitute, an "Event of Default": (a) failure by the Governmental Unit to make any payment required to be made pursuant to Section 3.3 or 3,5(a) or (b) hereof on or before the date the same is due; or (b) failure by the Governmental Unit to make any payment required to be made pursuant to Section 3.5(c) hereof within 30 days after the same is due; or (c) with the exceptions of those covenants set forth in Sections 3.3 and 3.5 hereof, failure by the Governmental Unit to observe and perform any other covenant, condition or agreement on its part to be observed or performed under this Agreement for a period of 30 days after written notice specifying such failure and requesting that it be remedied is given to the Governmental Unit by the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee; or 47 (d) the making of any representations, warranties or certifications of the Governmental Unit under Section 1.2 hereof or otherwise made or delivered in connection ,rt herewith which shall Drove to be false or misleadin¢ in anv material respect; or Y4] `1 (e) (1) the Governmental Unit shall make an assignment for the benefit of >f=: creditors, (2) the Governmental Unit shall apply for or seek, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its property, (3) the Governmental Unit shall fall to file an answer or :<. other pleading denying the material allegations of any proceeding filed against it -r` described under Section 5.1(f)(2), (4) the Governmental Unit shall take any action to authorize or effect an of the actions set forth in Section 5.1(e) or Section 5.1(f) or (5) fail to contest in good faith any appointment or proceeding described in Section 5.1(e) or Section 5.1(f), (6) without the application, or approval or consent of the Governmental ?9 Unit, a receiver, trustee, examiner, liquidator, or similar official shall be appointed for A any substantial part of the Governmental Unit's property and such appointment shall T.? continue undischarged or such proceedings shall continue undismissed or unstayed for a period of 30 consecutive days, or (7) the Governmental Unit shall be in a state of financial emergency as defined in Section 218.503, Florida Statutes, as amended, or any successor statute thereto; or (f) (1) the Governmental Unit shall be adjudicated a bankrupt or become subject to an order for relief under federal bankruptcy law, (2) the Governmental Unit shall institute any proceedings seeking an order for relief under federal bankruptcy law or seeking to be adjudicated a bankrupt or Insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy or insolvency, (3) there shall be appointed a receiver, liquidator or similar official for the Governmental Unit under any law relating to bankruptcy or Insolvency, or (4) without the application, approval or consent of the >IY L KL-03/21/89-266A-282 0 -16- _. ? _ .1, ti ; s,y "?•^ l g .?ti' - 7M`.cr't;,Wx,?:ac wr 0111 Nail NORM-14, 101-mm 0 7-- e 'T!1,'S++;.wh'" ,,e •-..q,. ,i .?,T,. •.r ., X11; }, ?•.. :,i ' i .'4 .(-r - C-`??t1 ,n ,?1'S+;ri 4.''.i!1 ,'?J•r r7 ?'?'1'a'.'' ,5. .`.T:'. _ rl? ;:, .i; -. 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J h , ' i• s Y S`-tti 4riil;l' '.•'4r;°S1 #. r•.r :c. • -f..L{; :i r!-'.- ?Lt;'?"a ?i r.. ?`'tTr?? •;7?r??'4,,:? ,?'¢,,i:?Pf;• ''x` ..r:.i ,r;3.. .r?•?,:r ? -5. '?-;?': ;?'.??.:??' '?"'• :.'?I`t"? °• `r,<'. ??rla?_?__ 1.. ..4 rws'r _ _- My, __- •. 51.+ Y•ll?i?•!•'r'Jf'1`.,". Y...e ?:, r .. . _ J'.n '.?.. ?'.?. ,?_'.: i, i+ Governmental Unit, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Governmental Unit, or a proceeding described in Section 5.1(f)(2) shall be Instituted against the Governmental Unit and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 30 consecutive days; the mere declaration of a state of financial emergency under Section 218.503, Florida Statutes, as amended, shall not, in and of itself, constitute a default under this Section 5.1(f); or (g) the failure of the Governmental Unit to provide a replacement for any Local Letter of Credit required with respect to the Loan, which replacement has been approved in writing by the Letter of Credit Issuer and the Credit Facility Issuer, by the 15th day prior to the expiration or non-renewal of the existing Local Letter of Credit. SECTION 5.2 ACCELERATION. If an Event of Default as defined in Section 5.1(a), (b), (e) or (f) hereof shall have occurred, or upon the 10th day prior to the expiration, termination, or non-renewal of a Local Letter of Credit pursuant to Section 5.1(g) hereof, the Loan and all other sums which the Governmental Unit is obligated to pay under this Agreement shall, upon direction of the Letter of Credit Issuer, so long as the Letter of Credit is not In default, or otherwise the Credit Facility Issuer, become due and payable immediately, and the Commitment shall terminate, without further notice to the Governmental Unit. If any other Event of Default shall have occurred, the Trustee (as the Sponsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be the case) shall, but only upon direction of the Letter of Credit Issuer, so long as the Letter of Credit is not in default, or otherwise the Credit Facility Issuer, by notice In writing to the Governmental Unit, declare the Loan and all other sums which the Governmental Unit is obligated to pay hereunder to be due and payable immediately, and terminate the Commitment. Upon any such acceleration whether automatically or by declaration, anything in this Agreement contained to the contrary notwithstanding, there shall become immediately due and payable, in addition to any other amounts then due from the Governmental Unit hereunder, the sum of : (1) the outstanding principal of the Loan or pro rata portion thereof, as the case may be; (ii) accrued and unpaid interest on the Loan or pro rata portion thereof, as the case may be; and (Iii) all amounts which would be payable in excess of the sum of: (x) the unpaid principal balance of the Governmental Unit Note or pro rata portion thereof, as the case may be plus (y) accrued and unpaid interest thereon, in the event the Governmental Unit Note had been prepaid in accordance with Section 3.4(b) hereof on the date of acceleration pursuant to this Section 5.2. SECTION 5.3 PAYMENT OF LOAN ON DEFAULT; SUIT THEREFOR. (a) The Governmental Unit covenants that, in case default shall occur in the payment of any sum payable by the Governmental Unit under Section 3.3 of this Agreement as and when the same shall become due and payable, whether at maturity or by acceleration or otherwise, then, upon demand of the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee, but only upon direction of the Letter of Credit Issuer so long as the Letter of Credit is not in default, or otherwise the Credit Facility Issuer, the Governmental Unit will pay to the Trustee (or its assignee) an amount equal to the sum of: (1) the amount described in Section 5.2 hereof; (11) all accrued interest on the Loan to the date such payment is made, (iii) any other amount which the Governmental Unit is obligated to pay under this Agreement; and (iv) such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable LKL-03/21/89-266A-2820 _17- r ,r. .r, ?+ e 3L a'?' 1 fil. .^?. 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'?1(}f`'.E '' .}1! ? i !'`- {t ? r.... ,-i '.r' f??: r??, .i• 'j' +"tr •+r;J r; .; r'.?'i- :.r:•;r??:';.i,?t ;Yir%'°3'I'?'`,?'%Y15, :i"1';iy r` `.a. ''j.. •`i'c .lp. '•ir' ?•`t. 44''( Cih :4'r• rK r.' !} •?a??• ? :: '.'S:': ?;• - s r?frrc, i?E,? '..Jt '•-?., rti':ir' 1`.i): '!?' 'lr '.'J:t?ii7 1.. }.7'iSr"•i °'•?d ly, t4 J+r??y51 '{• .4,i-!. °, l:z{ry, 4 f. :3;,;' ?'..,_ .: t'? y.itl:ii"i.:?,"-,,..'?4+3J ?r :.?`..? '.`Y' '!'"Y'Ey`!'`i:,J ??' r41,i:'; •j:.y, :, .,'. ,ri:, ^. [` f.,. ,.? ?.'+.i .,yf ??.• :_?., ,fir.; ?_t:;'; :`r?-;?.S-1 tEi:,l .,, '`° :,Lw ?L`1,1:(ii•r r.' .r?1i:'. a?r'?Jyt +' ;?''r{ii ? 1tr: _ '•'` ?t7".11 '.J'v •k r,: ?:' ? ;y5?;?'.j ,: :':'.i t.,. K?7i ,.L .hs ;;:i'tr 4+??aa{r?. ''q. •r• • r1:Y ."5. LJ?`:'•' '- ., ?'' ".? 'i'i;. rl'.v ri; `'?'.. compensation to the Sponsor, the Trustee, their agents, attorneys and counsel, and any expenses or liabilities incurred as a result of such default by the Sponsor or the Trustee other than through gross negligence or bad faith. (b) In case the Governmental Unit shall fail forthwith to pay such amounts when due and upon such demand, the Sponsor or the Trustee (or its assignee) shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Governmental Unit and collect in the manner provided by law, but only from Pledged Revenues. (c) In case any proceedings shall be pending for the bankruptcy or for the reoeganization of the Governmental Unit under the Federal bankruptcy laws or any other applicable law, or in case a receiver or trustee shall have been appointed for the property of the Governmental Unit, or in case any other similar judicial proceedings shall be pending relating to the Governmental Unit or to the creditors or property of the Governmental Unit, the Trustee (or its assignee) shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of the Loan made to the Governmental Unit pursuant to this Agreement and for Interest owing and unpaid in respect thereof and to file such proofs of claim and other papers or-documents as may be necessary or advisable in order to prosecute the claims of the Trustee (or its assignee) in any such judicial proceedings relating to the Governmental Unit, its creditors, or its property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses. Any receiver, assignee or trustee in bankruptcy or reorganization Is hereby authorized to make such payments to the Trustee (or its assignee), and to pay to the 'Trustee (or Its assignee) any amount it requires for compensation and expenses, Including counsel fees it has incurred up to the date of such distribution. SECTION 5,4 OTHER REMEDIES. (a) Whenever any Event of Default hereunder shall have occurred and be continuing, whether or not all sums which the Governmental Unit is obligated to pay under this Agreement shall have been declared to be Immediately due and payable pursuant to this Agreement, the Sponsor or the Trustee (or Its assignee) shall, but only if directed by the Letter of Credit Issuer so long as the Letter of Credit is not in default, or if otherwise, the Credit Facility Issuer, take whatever action at law or in equity as may appear necessary or desirable to collect the amounts payable by the Governmental Unit hereunder, then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of the Governmental Unit under this Agreement, including the application of any undisbursed Loan proceeds to the reduction of the outstanding balance of such Loan. (b) Whenever any Event of Default hereunder shall have occurred and be continuing, before or after declaring an acceleration pursuant to Section 5.2 hereof, the Sponsor or the Trustee (or Its assignee) may, but shall not be ouligated to, perform for the account of the Governmental Unit any covenant or obligation in the performance of which the Governmental Unit is in default, in which event the Governmental Unit shall LKL-03/21189-266A-2820 _18_ aiks,Lil may.... Y `r.,'E;•''4 j1? :s-,,: '?,tkr+l li"!•5y :ti'4't '?rj::; 5 fr f: •.,`". `.j3 :,`, J 4.. ;:?. :'E. '. t,rsl ?y..r3.3?: j? !rr ?•' yE}a?wuVw.1' • ,:? •Yk`'-f?'.r ?.w;-la:.N .+.•..G.'- wl'.. _ ?,4'r ,J'•,? ''!.,'''•°j, •;:; ? %<f ? , F ,+Y'J(kff f'•j `r.' .? ?5 7+ wl=.: e,ti 4, - .-?. ..r r - r. •1 •.??i?: f t f1' S ?y ??, it.. 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'?,`?':'i?'?'•fr: rr? .rsa.i'.,. -t.,'??,' L'„r :F?J.• ..>!'a ;'i. ?n ':r': ?.-?'?,'}j e i.YFr y fr. ,! _n:? [[i. I- .1?'{ f f, y.I 1. 4"v, 1?. 1ff.. ,;.?.i i'li-.i'S^ot'•L`'i,•." -?i •'LI,r - ,,:.' <['?` °.jr i-r.. >SJSi"S' ''i '"S+k•Csf,3 '? F: 'rte ?is;i'' ,.?'F..?'f ::-R,,7,{,?j?`S: '.?-ji:.:??;S?S}; r,. ??:, ,._ i r4 ?}t]i•.:?h wwd`e•:J`i•?'•ttJ•:_.>k i•, '"',f 4r? .-t,,?7?y E1 °Dj;rl,+: '?'it?14 •?;. tY r.p. .T •?. ., ..,•?. :!'• '':"? rd:,', ..r?r ? „?r..• T„ y! 7;eJ,S ? ,1?`'i?''t?r.tE`,; .r, f(M1l.," '=•'+ sip r 5 FJ: E,?'i': °t?:'.•?•'?_;?,',. , '''?.,•a„ d!'rl••arrf••' , rr;!•! :tF` ?.; •.1f,{l"i ?1 •>.. !'-`F`?.Y?3 'r C;,•?' S?,;AS :r Sa>?"4r lr? ]i r 1.,J •. :pl. k{''r; -F?? ?Sv ., !.'?'?'!'i., f a I?,??i.a. ?r.i?';31 N? •?,`.,.a 1. f ,,? •,3: t-1i ?ri`• l3` fi. r. i' '•i',, :!' I. t.'t ., s: A -. r ::j .i',F ?L`?: '`4? i ;d :'4••l..c.,.. ,3•,,• ,f4:. r. ,, ,:' _ rkh fSl.f .];^, ?:: ?, n^ r,". y`• .f°' :?14•'• t,l. - .Y.'':„.,'j;+,. %'Si;+' ad.': r ,c ..5;,-. 'r t. ,,+?.. •i''?:S,ata?,. Y. Y•r Y--? ??L' -sir ? _.S, Y? Immediately reimburse the Sponsor or the Trustee (or its assignee), as the case may be, upon demand for all expenses incurred by the Sponsor or the Trustee (or its assignee), as the case may be, in the course of such performance, including reasonable counsel fees, with Interest from the date of such expenditure at the Prime Rate of the Letter of Credit Issuer, (c) No action taken pursuant to this Section 5.4 shall relieve the Govern- mental Unit from Its obligations pursuant to Sections 3.3, 3.5 and 5.3 hereof, all of which shall survive any such action. The Sponsor or the Trustee (or its assignee) may, and upon the direction of the Letter of Credit Issuer so long as the Letter of Credit Is not in default, or if otherwise, the Credit Facility Issuer, shall, take whatever action at law or in equity as may appear necessary and desirable to collect the amounts then due and thereafter to become due, or to enforce the performance and observance of any obligation, agreement or covenant of the Governmental Unit hereunder, but only from Pledged Revenues. (d) Except as to the Sponsor's rights to indemnity and reports from the Governmental Unit hereunder, the Sponsor shall not be deemed to have an exclusive right to enforce the remedies described in this Section 5.4. SECTION 5.5 CUMULATIVE RIGHTS. No remedy conferred upon or reserved to the Sponsor or the Trustee (or its assignee) by this Agreement is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No waiver by the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee (or Its assignee) of any breach by the Governmental Unit of any of Its obligations, agreements or covenants hereunder shall be deemed a waiver of any subsequent breach, or a waiver of Rny other obligation, agreement or covenant, and no delay or failure by the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee (or Its assignee) to exercise any right or power shall Impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised by the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee (or Its assignee) from time to time and as often as may be deemed expedient. SECTION 5.6 DISCONTINUANCE OF PROCEEDINGS. In case the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee (or Its assignee) shall have proceeded to enforce any right under this Agreement and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer or the Trustee (or Its assignee), then and in every such case the Governmental Unit, the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer and the Trustee (or its assignee) shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Govermental Unit, the Sponsor, the Letter of Credit Issuer, the Credit Facility Issuer and the Trustee (or its assignee) shall continue as though no such proceeding had been taken. SECTION 5.7 NOTICE OF DEFAULT. The Governmental Unit shall give the Trustee, the Letter of Credit Issuer, the Credit Facility Issuer, and the Sponsor, and the provider of any Local Letter of Credit or any Local Credit Enhancement Issuer a prompt written notice of any condition or occurrence which constitutes an Event of Default under Section 5.1 hereof immediately upon becoming aware of the existence thereof. M1 LKL-03/21/89-26BA-2820 -19- 'Y'>"???? -?!'jr•.•4.?' s 'p{?.. "??Jy9?Y?f?lW'.e,[i•Y•• ,.?-t`?}?}.C':?.Sln r,• y.?.Nt?.-- ;:;t..'i.. r....._ S „f t'-?+f?'1",' ,,.r,,'.?'"`!?r 'tii?rr•-Ii41i?•"tirawJ•?.. `?i-r- r.Yir .« r.J.. rl' ' I?ai'r tt el .Rd r?? ?ti',rJ;"]„1 .i? ."',h, )p •f f t ?' 7 14 . !4.?gy.)ft?;? r? st:r. i ?r: 1 ., -se ' ?? ?•?.?r ?? ? 4 .a.r iv I Yr. ?'Y 3! , } 1 s? 1: ?? y', 1,?fi `CI:', •?' •.. .-, ._. _ .,•.,._... ,.,.?, ., ..» - _` . ., .1 •?' .rs. aSY:.ti.aa4 iri .'V' . w r' 1'`' ,t ?l''I'r?`.,)=F:a,•i. •- ' k . ? .r`i.. ."i: r r ?1.-? it r ?S , .. , 1 ,? f .rrY.'r"q.1S'+' lr'. :.?k' r 97 }} INXT,:• k. uf.•.: .J 5 • gti.= i {f" ?st Y' xt ' f a ?v ?i +7 ,$ r ?. a a ?? yt Ss P? a• '.w y 3 ' ...?3 -??,?Mq?7,+;R•.Ss??ti. <S,.i;^.??+?..'?r•K?..M?L?i.?.;?Y'sa`;.F°„?!"R»?,,,`."•".t?c,w..?:t.w<n...:an ?'•'^w.r. ;?. .?, ,?.+,a,.?'??,..1 .r7?:".-....?c._33?'?F?'•#?,i.?v?i.r-:??YS'.}.£.'.?r.'."y'l??i."??i,^?; %1:`?1 rj,?"?. r.:« .._.. ..°'`?.°•JW ry ...?t+: _,e,: _.. ,.,b '°. ...'?i:.+,• A!v Y a, .f .a ARTICLE VI MISCELLANEOUS SECTION 6.1 LIMITATION OF LIABILITY. In the event of any default by the Sponsor hereunder, the liability of the Sponsor, the Letter of Credit Issuer or the Credit Facility Issuer to the Governmental Unit shall be enforceable only out of its interest under this Agreement and there shall be no other recourse for damages by the Governmental Unit against the Sponsor, the Letter of Credit Issuer or the Credit Facility Issuer or any of their officers, members, agents and employees, or against any of the property now or hereafter owned by it or them. In the event of any default by the Governmental Unit hereunder, the liability of the Governmental Unit shall be enforceable only out of the Pledged Revenues, and there shall be no other recourse for damages by the Sponsor, the Letter of Credit Issuer or the Credit Facility Issuer against the Governmental Unit, its officers, members, agents and employees. SECTION 6.2 NO PERSONAL RECOURSE. Neither any member nor any officer, employee or agent of the Governmental Unit nor any person executing the Loan Agreement or Governmental Unit Note shall be personally liable on the Loan or the Series C-1 Bonds by reason of the issuance thereof. SECTION 6.3 NOTICES. Notice hereunder shall be effective upon receipt and shall be given by certified mail, return receipt requested, to: As to the Sponsor. City Manager City of Gulf Breeze P.O. Box 640 Gulf Breeze, Florida 32561 As to the Letter of Credit Issuer: The Sumitomo Bank, Limited, (Chicago Branch) 233 South Wacker Drive, Suite 7117 Chicago, Illinois 60606 Attention: Manager - Loan Section As to the Trustee: Sun Bank, National Association 225 East Robinson Street Orlando, Florida 32801 Attention; Trust Banking Group LKL-03/21/89-266A-2820 -20- i ?• <?, 'rx« ,rp,,,. ?, 'b; f?";?.(rr'si ??. [ ?t <. ;a ;i.. ,? ,,,.,r,?°. ..t" ^t.^.,6 i '.7:" •`i: +t' ??e:t >,'t..:. ?,<-'?v,M •s ? ;/t.,! >? .ld?: ?.??? `,,t.5 .??'.}':c' }„ 'E'?'. .1+ ,r.? ,'i'`eC 1 •.'#:;f. ?;t. .}`r°'=.r :`.F?r';.,[,;4t i.s ,?,g,.,?.ls,.7 4..,; rL• ?S,`a '9,?.,r, ,`> '}S?. ,r.: 'ti':sw+;rrl ?S.{•..x •?:. y?.. :e.nr,.,rj•.,j.:..,::T ...?-:: ,. ,r t+?.- ^.w• ''r:>K,. ;:s ..•IV ",: wa.t-' Lw;w ;„'`.ae b ,r r .? g 1r •. J;`; ? 51, 3=• , rti; ..?.. .?,?'r"3: ,.? ,:•i ? r y-„r,- ,;' {..w:..'. i ?" ?.".?' »?' r' .?4'.`y.+.- `:, 1,?: 6' ??I:.?. y .+ r;? 'a x0 Pr. I??'i'v 3f ?'i, ,,... ,,,, .,?.c .??',«a. _ .r ? Yr~ ? rr•s t;:?' .°s [ •,6 ;,{.?' ,??! ? ^i?,? q+k ??,.,.'1..?' '? d?. .?.?; `i: .if? I:s`° ??? .•;_ `[.• a'?-`'..,?;'s`°,?1r ?": .:?'.'`" ???°i.• •j17,`F f ;W, ?G„y,![::n+Fry?...,tr .:yf,?t7@••?'?.?'Y"+?l8-tl+crst?';w...o- •:r.?.:r•..'r.,?.s?ar»s+.M, r_:?., ,nt•.a.•-.,,.,•n: ..s+ ?;..a•>..,.:. .,whs.:: ?.,.,,,,4,?.'r•..a':•. ?'Y .?,? -- ---?;-r-?------+•-•-•'+?•rr! ., 9',Y_r'kdsG`K`?, _. r? _.?•...-...['3!"v`''.s`'"4?..t^_...o 4:.P . ? ... tF;?:?'.. .._. ... " ' "' S '' t a - _ ._ _ • ?._ ._i. ^•.?..,1'!?+°(?..k v}[ - - ,JZ:'_. .•'.?Y.? Cl? 'J ?. ???1'.a .. S. fSw w?•??•:.. '.S cYft l.°.. , • ,v ... !.RFa. ?'?. urs... hlt,....t1' .?ll.,?'r?f?.. sJ. •._jt :."?:'?? ' ?l.r'„_, y;. ?:L7 Ta -4i ?{?k. ...,: ?.r?.. i f _.,t, ,..•:f As to the Governmental Unit: City of Clearwater 112 S. Osceola Avenue Clearwater, Florida 33518 Attn: City Manager As to the Credit Facility Issuer: Financial Guaranty Insurance Company 175 Water Street, 15th Floor New York, New York 10038 Attn: President SECTION 6.4 ILLEGAL OR INVALID PROVISIONS DISREGARDED. In case any provision of this Agreement shall for any reason be held invalid, illegal or unenforceable In any respect, this Agreement shall be construed as if such provision had never been contained herein. SECTION 6.5 APPLICABLE LAW. This Agreement shall be deemed to be a contract made in Florida and governed by Florida law. SECTION 6.6 ASSIGNMENTS. The Governmental Unit shall not assign this Agreement or any interest of the Governmental Unit herein, either in whole or in part. The Administrator on behalf of the Sponsor hereby assigns this Agreement and the Governmental Unit Note attached hereto to the Trustee as provided in Section 3.9 hereof, and to the Letter of Credit Issuer as provided in the Letter of Credit Facility. Except as provided in Section 3.9 hereof this Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the parties hereto. SECTION 6.7 AMENDMENTS. This Agreement may not be amended except by an instrument in writing signed by the parties, and with the consent of the Letter of Credit Issuer, the Credit Facility Issuer, and the provider of any Local Letter of Credit, and, if such amendment occurs after the issuance of the Series C-1 Bonds, with consent of the Trustee if required by Section 8.03 of the Indenture. l? ?E SECTION 6.8 TERM OF AGREEMENT. This Agreement and the respect- ive obligations of the parties hereto shall be In full force and effect from the date hereof until the principal of and all interest on the Loan shall have been paid in full and the Governmental Unit shall have complied with Section 4.1(b) hereof, SECTION 6.9 HEADINGS. The captions or headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any provision hereof. SECTION 6.10 SUPERSEDING CLAUSE. This Agreement is the entire final agreement between the respective parties and supersedes all other agreements, whether written or oral, except that this Agreement Is not intended to supersede or displace any interlocal agreement previously recorded In the public records of the Sponsor and the Governmental Unit except to the extent this Agreement Is inconsistent therewith. LKL-03/21/89-266A-2820 -21- W. 4 n Rl. ? i +}'kit:r, ',h' '; t•7!ra;i. •]: r!t ry'u,,t e...}. ;t ;`r?r:t '?; :,i `i: 'S' ,?,:'-r. :.:rf•... -'i'4`+ '', 1.•:".r..";. ?? ,•y. ?r• .w w,. .m >? •r ,ri%:??.:fSi•??,? ,Ye ;.f, .t.i. 'r' •3 ?l' •,s-, -,. .r .??'r?";?` ra 'r7:1 ,Flr•a.f?'• ?y,.t ? •? i. ? ,r a., w.r.t..1.:?::.¢?..?.: 'i•+•..:J'. '" ',,? :.F,•i ..r:..i'...,,4;'e -ic. .S. t.,.+if?; :'?•..:1?5?°lr.t,.??vl'?'a,1 TY-!` t 'Me,. '?'x?. ,•'?'?^5. '?z?;?-7• .t?- °'!'i- ?';aNi..... j:.`,.'w,.,r.-.-i.•:.:.,.. ,•?.: .),. :: ,•,....tr:`'.:.?.:i« 5. -? ?u?<'N?'. r•.L ? ?a 's4.f'd.-.J ,3 .a?, ?q t,:. s.. •, ^?•.t.l f ?.r' i1 t. .•:? ,?l, ry- + ,.?- s. ,.?•','.'. w';'.,l:, aw+".«F:,;,.;r. ..rr...,i?. ar, .?I ?'f' ,•? t+: 111 r ? v.l?f' ?:° :.?!Yt,. ?;? w;.i', ?.5,+° ':j-'::? ?y„irj. ?. :r,"• •;i ?i•;.... :r..• ..t.,, ?..1 ,!f-? ?:-:s••.,s??kr ?f'Y ?sv'c re, f"' .Kt rr .f'?]?tl?r,.r, ?' ,'x., ,.5. ?fiv .f.. .f•'j iy `t :. r:.r. ;5 r-,.= ?•U •...t- ^'4. 4 ? .,,,I .'! .2, 7 :?' ?5 ,f.,? ,e1r , t ' i-ri : :r-' , •v,.; , h:, .,,,,,za ''G,1 f :"? .??t?::. ?. ,} ' r '?4. y,, c . ? . .c+.r ., ? .'i'• .'-! `•' `1 c^: • .7 .ti y 't. i'7 r? Y 4 IN WITNESS WHEREOPp the parties hereto, intending to be legally bound, have caused this Agreement to be executed and delivered as of the date first written above. JACKSON C. TUTTLE, City Manager Administrator WITNESS: LKL-03/21/89-266A-2820 -22- '+,f-:? ? i''*? ?.,• yam:'. 4',' S''' ?Y a ??.:'.'>[7. (i?i'? ?'h'f? , i .???.' ??'`, ,°?t . .y-?.•'.1 ?? - .t?? 'ter , ' ?;:{;.?...t :'}?:'?: ?.;??'.?{, ,,t ?- ..f ? F s'?'.t?. ? .? ' !r ,?r ??x.'F. „?:,r.,. Eff'3 'A ow = CITY OF CLEARWATER, FLORIDA Governmental Unit (SEAL) Mayor-Commissioner Attest: City Clerk City Manager Approved as to Form and Correctness: City Attorney LKL-03/21/88-268A-2820 -23- r :+^§. ??. r xY °r""! d .r P -? . •?.??'t' 'i,': .z ?''" •:?•- ",a?;- :-?:?'r,.n...,.: r:,?.5 ?M u s? q k r,?;, d. ' ?,.ta., ?? ?, sr,.? t s '.x ? a';"'' •?_ r., .7ft:?-' •, . ?.?; ? .=.4 ` f?.' .. a ? ?. ?.i .?4•. ,. •',n. 'y'!'. ti'L ?' `L.. ? ? 'i e. ?7? : C,-s ?? , ?7 .`.::i.. ?.a"'ti ? .r???x t: ?,.2, ;?±? ?,? i Attest: By. Vice President LKL-03/21/89-266A-2820 SUN BANK, NATIONAL ASSOCIATION Trustee By: Corporate Trust Officer -24- r E. s ?n.? , r to .,j :. S° } ,y`?.• J, J : 3. „ .k ° ? ?.? • ? a ' ?r ? ?' ? ?? I °:.i • rsl •';? ..r r".. ? ?" ' .. i1 i .. y +' ' '?`?' ° ..r'e:','`. tk s..t Sad .c -k?'$'' ?? Y ??7: ?. ; ,? ?! ? _ j ,• t3 ... 1 y ??,? -T .4 x: C:..?' _ ;w "yAyl' y,M:'F' SLY-.: ? ?)) a ??,`?; Sys ,.t. sw J- 'S - ? S` ?Y Ar ?' ki ?.,: s?'' ? `?i?,. -• . . r '?? .?}' •k' s j. . i •i' : ?-• ' t . r ? ,Sp.. -,y .r .. ',r s, F r : ' li !'tY .. ?. ? r T. ? E ' T. . yy v . ?..? ! ? , - Vi BIMIT A Project D,ascription Acquisition of a 500 unit adult oongregate care facility from Oak Bluffs Ltd. Nth* facility being located in the City of Clearwater, PI ides and being more particularly esaribed in the Secondary Loan Agreement dated as o rll 1 1989 among the City of Clearwaterp Florida, Oaks of Clearwater, Inc., Usle j9AIL o gage Company Ba tist Estates of Plor a Inc., The Sumitomo Bank Limited (C>tioa o Branch) ¦n un an National Association sue ae es to be ene a y owns by e overnmental n tp within the mean ng of Section 103 of the Internal Revenue Code of 19881 as amended, and to be owned in fee simple without encumbrance upon retirement of the Loan made pursuant to this Loan Agreement and the Mortgage Loan and other loans desorlbed in tho Secondary Loan Agreement. Me 118 bed nursing care ao operated ur ass o In connection with the Project Is s eclfloall no a art o the Project or Me _ -this can Agreement.)_ LKL-03/97/82-288A-2820 025- xey?,Gq x ? »'.GY+.. •? f• ?II ?f.r::T- .y ?t - i -a`.v' i-.; .R t k .}:a,? - i '.^.- - r -?r? - • } EH'+- c+ .} f ! y ?1 ! s£!y /P'? 7.f 1} r y{, s k1 ??r,!: ?' !';.t'^."• r` r=:: sP ? =? ,"i ?{., ??. ? ? r :t,Y.? :?' r7r ? ?5 t. f:?•?; ,# :X r; ,.? }; ,..? ?,?'?e• ?j?..S`? .?. 'fl,.. ii ' JF?....A'`i? tiM •.?-, r. '? ti,? .s .J ni .r,.{?j t. ? ti?::u 1' ?Pt'.a rs.-i °r..t?•.., -. Y,"?,. ?: ?,:;e?'".y'+?'.? Y ?.•.,•:,• ,e. c. F';re,- ??:: %ii'f a? 1 '??„i'?!•'i!:.?s ? tf ,t, ..XD? '`?'• z. r? .F,. 4 .Y.? ??•??.? r' y ? •.. (". r.tu?,s-k,,.. .I,,?•Ci'?i f" ?S.e.itr?a..i...,.i?iy'?'r? ",?s ' '"- i. 'Y!` '?' , ?a,? ' S n,?°.. y?, t. :. ?, r?3'}.t:: .?: ,S,c'i:l .'.Ve. :a j,° ?. r. F.•?"" r F:. .•' - , - . 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"a ` :. ` ,t ° Al- I: ,•`r,. _ ' t , , 't rL ,?* 5 'ra 'd.' fi xb i .d'- Y I : n; ' 1 .:," is '-''J. `•.;! r! .fir „r-, •'- rS i? ,r'•'}" ';. r 7. "? it •. ..i ef t ,:' I rS •r: cv, •, c -'Y -f ?" 'r Fx 6' JS. rJr t-'? If k, i , t': .i.,. r.' :'i. r: ;• 1'. ti' Z t! 'i " '4 ' r a'P r'= = - '4'r• i _ -r '4'• r 3, "S` J :T'iJ.13•r. 1-1 .11 5 'r - .r ' =ro Y , t 'f!1. :'4 :.,'^ l !ti.'' t .! l f `1 :• yr: •? i .,t? l, n, '.1 :fir .,•- •"`.y - 1. ?.\,' !Y-, `J,r '1 i% .t' I" "'Sr ,7` jfr- tl{^ .,3". -i. {: F ,,ta<' -4?,, •.,lf. .}'. °!n eY'r'..... S !' i •rl . rC, 5 t{:.. »-S' ir` Fr, ,'t.' 'rf"i« °{1 .'1 f RS 1I, :"1.1. }}.1. 1L, , u> 'ice }. fi'.. .:J ii .ti, t 4 '.i n+ t . J , } r. 1,11 .T i ;i. ' ,{ ':r., r.1rR `: ', .. . .t` = 1 r° S.. s. . G} s' _ . .. ,L'.s ..,^J: o t•:yr4'"I. ai r't r: ,F'. ,{: .4• ?tti• ,ti ' 7 .ae.ar'':.e'., a •`I 9'rK4',A .+,°??it?ii'.y`' '3?: jl ki ''+it ?..1.- ..,..i:, ... '"' ` - - 1 - rt. I _ ,!_ '`}f ps r ,ck?e..,r t Biam[T B ??- ,? ,'r a' ?y i- f'. yet.k3 . -:4-L?``y`^,-gin, 's`f'..I.."3,?;'!, i,' .. `.i{.tie .?:ft^tN ,': PROMISSORY NOTE For value recelved, the City of Clearwater, Florida, it municipal corporation organized and existing under the laws of the State of Florida (the "Governmental unit") hereby promises to pay to the holder hereof or to Its order, solely from the Pledged Revenues hereafter mentioned t 4a principal sumo Twent Seven Million Two Hundred 9event Five Thousand Dollars 27 236 000 and to pay, solely from such sources, nterest t ereon from the date hereof as o owes e The principal hereof shall be aid in 291 installments on the dates and In the amounts shown on c e e attached hereto; an tile ant re unpa principal balance hereof, together with accrued interest thereon as provided below, shall be due and payable In full as not forth on said 114hedule I"; and (b) Interest on the unpaid principal balance hereof shall be paid on the first da of Octobe , 1989, and on the first day of each April and October thereafter, through 1, 19and thereafter as provided in the indenture, at a rate determined from time to time by the Financial Advisor as defined In, and as described in the Loan Agreement of even date herewith between the City of Gulf Breeze, Plorida (the "Sponsor") and the Governmental Unit (the "Loan Agreement"); provided, however, that (1) If an acceleration of the Loan made pursuant to the Loan Agreement is declared following the occurrence of an event of default under the Loan Agreement, the Interest rate hereon, shall be increased to a rate per annum equal to the Prime Rate (as defined in the Loan Agreement) plus 2%. Bald rate shall be based upon a 365/386 day year for the actual days elapsed and shall change when and as said Prime Rate shall change. Notwithstanding anything otherwise contained in this Note, the interest rate an this Note (excluding any amounts which do not represent charges for the use or forebearsnoo of money) shall not exceed twenty-five percent (9596) per annum or such higher rate as may from time to I time be permitted under applicable law; provided, that, In the event the imposition of 1 such Maximum Rate shall ever cause the amount payable on this Note to be less than the amount of interest which would otherwise be computed pursuant to the Loan Agreement, this Note shall thereafter bear interest at the Maximum Rate until the earlier of (1) the final maturity of this Note or (2) such time as the total amount of interest paid on this Note shall at such rate equals the amount of interest which would have been payable an this Note pursuant to Section 3.3 of the Loan Agreement without regard to any Maximum Rate. The interest rate on this Note may be converted to a fixed rate under certain circumstances described In the Loan Agreement. In addition to the above paymente of principal and interest, late payments of any amount due under this Note will bear interest at a rate per annum equal to the Prime Rate plus 296. The payments described In paragraph (b), above, will Include ¦n amount determined by the Administrator to be sufficient to pay certain fees described In Section 3.5(a) of the Loan Agreement. All payments made hereunder shall be applied first to payment of accrued interest on the unpaid principal balance hereof at the aforesaid rate, and then to reduction of principarl. In the event the full amount of this Not* is not disbursed, the LKL-05/27/80-286A-2820 _Zd- 'F.. ' a -tw:. > . `.,,-_,. _,!, ..,-A. • ...-,,.,.».' .....,. fl•" Vilki: as A l:t,.1 ""???•„t, ?. y.. 1 '-1 4+ "!, ?'t, . :;,: t F '.I, t.: i 4} •.'1,I. .. ri",-A ' " .: '?O" ;t" , .. ''t" .nt 'J. ?' . it?s 1 4fF"1. ? ',?Y .M.°W, , 1'. I k „t?ir'? aY j,`,S.1I t.l E'i>t's? ,q+•= 'r4.".A) ,i3.Y ,q ,,',1. y,y')t;,1, A+`I ` rl::lt,A, :"fII 1 -.. 'st1'?h3, ., , 'f .'?..C?'!t°o-., -?:i};•1. ?j;tt,,,lti,y„Sy r: .T i.' r.''µ+i t f ',i :f?-'r .,N'p'•,'.tip7,t-1,e,"' . t+ ) r,, ,re ?r l)f:,t.i: ir ti 1i,'l .'.} Jµ:,_L4 '° .r.; 'a: ,?r a,Ii„,a,_h1S ,`' I ."Ad,'i.t , ^ b ' ;a t, r'! r,,i" , ;as . :. 1 ;4y'w,y i S; :.. ' ,sa . . 3kr? , l r ., , { ' ,I t= s`,.. f;;. ,+"x; •'?,, •t. Mil, ', r',,, l< s -'r?" 1 r. 't s ",-r_ fj,.,F ;»,,.."?. ?1 i, ; . :'-.?:, A. .1'r r " ',P ? " ?j ? . I;, IP - , , .?,,- -1, , stn; •l.(t:.••,y'`lj i. -,,,':`` .,3. R#;,.I ''k•'.I •'?l• " t Y,r,Ar 1 iG q. ; i',i, I.. ;.; . t y .k., 't.r".p,= ",: ifs is , i `: '; '' ... `'.,irS. i, , -. "'; 9'1?,. `•''r l -. 1, .:, ,. w",; ," ': ; • i'''t)}` ,r ` , .'t i; ',,, ,. t. 1{? ,w+ ,, ,,V I -V9„ ?; . ?. / y F h t .. r . , 1 '' .)r' ,,j %"- I . i .? 1 f`Y 4 11 ' Y7 :r `+ .;' . t?ti rl m4^,v,n.•-Y•'•?,yr`°'j't [a,w+. `^,IA.+•,I.'•.....t? wi:.n.. .» ..... - ..- . " -- L , ^A;' i. - >t6'r 7tYVi:2 /:!'1r??~)`Tl ,+'•5:, .r•i.. •?f"«•.f :!' •".• I.° ,. , $:, '1 . ? , y I . . . . . . ? ? . . I I . ? I . 1. I I r, " : ; , I I ?1r. ..ty/ h t 'rsr'.:.y- 11.:1,, 1. J'? ),'r,.•: 3. t' »,r , ' _ + z. 1*: Vt -Pr •?,Y N;s ?+? ?i a .. ..w. :x. A :1•'F':! ??? •..,I?Y,;Y-,L ?..: NV?a.l?i.`F fZalE?tt .• ? , .. !' ., t•.a'. ?'f,.?y :t .' v'_ •J' ?a?•:r,xfa?;?lif'?.?.°ttiic•iR' t 3 .•. c Ix . ...5-t 1 'r - k..? ; 4d.: 1 ?•, 4? Z. 'I?Y:i`tj t:?il :.ii'1; _ ?i,-?Z^.: •f. °e? j, i:^ t 1? ?sle ?'Ct..i.. s.7.<.j , z".:>j?riir{{,,?' 1:,`^?,.? .,•,• F payments of principal due hereunder shall be reduced ratably to reflect such reduction in the principal amount due hereunder. The principal hereof and interest hereon shall be paid at such place as the holders hereof may designate in writing. .,. 7`, •L `? a r' This Note evidences a Idian made to the Governmental Unit pursuant to the Loan Agreement dated as of April 1, 1989, to indirectly or refinance the Governmental Unit's cost of acquisition and installation of the Project described in the Loan Agreement (the "Project") and the Governmental Unit has executed this Note to secure all payments due under said Loan Agreement. Such loan is being made by the City of Gulf Breeze, Florida (the "Sponsor"), from the proceeds of its Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985C-1 (the "Series C-1 Bonds"). The Bonds are issued under a Trust Indenture dated as of April 1, 1985, as amended and restated as of July 1, 1986, as further amended and supplemented (the "Indenture") between the Sponsor and Sun Bank, National Association, as Trustee (the "Trustee"). The Governmental Unit's obligations hereunder are limited, special obligations payable solely from the Pledged Revenues in the manner set forth In the Loan Agreement. This Note, and all payments due in this Note do not constitute a general indebtedness of the Governmental Unit, or a pledge of Its faith, credit or taxing power within the meaning of any constitutional or statutory provision or limitation. Neither the State of Florida nor any political subdivision thereof nor the Governmental Unit shall be obligated (1) to exercise its ad valorem taxing power or any other taxing power in any form on any real or personal property in the Governmental Unit to pay the principal of this Note, the interest thereon or other payments or costs incident thereto, or (2) to pay the same from any other funds of the Governmental Unit except from the Pledged Revenues. This Note and the indebtedness evidenced thereby shall not constitute a lien upon any property of the Governmental Unit, but shall constitute a lien only on the Pledged Revenues, in the manner provided in the Loan Agreement. This Note may be paid prior to maturity in the manner and with the penalties specified in Section 3.4 of the Loan Agreement. The Governmental Unit shall be in default hereunder upon: (1) the nonpayment on or before the same is due of any payment described in paragraphs (a) or (b) of this Note, or (ii) upon the occurrence of any other Event of Default described in the Loan Agreement which is not corrected within the applicable period therein specified, if any, and after the giving of any required notice. In the event of such default hereunder, the holder hereof shall have the following rights or remedies: (1) the entire unpaid amount of the principal of this Note and all other amounts which the Governmental Unit is obligated to pay under the Loan Agreement, including but not limited to, those sums payable under Section 5.2 of the Loan Agreement, shall become immediately due and payable in full without notice to or demand on the Governmental Unit of any kind and without presentation, demand or protest, all of which are hereby waived; and (ii) the holder may at its option exercise from time to time any and all rights and remedies available to it under the Loan Agreement. No failure of the holder hereof to exercise any right hereunder shall be construed as a waiver of the right to exercise the same or any other right at any other time. LKL-03/21/89-266A-2820 -27- ,I J1 {k -' f { IM tx ?. z -OM IOM ?. r t 1• i •? I?S?' r?'?{'1.'it °?'.. a,li" ;'1; t'i -'r. i i .? . . is ? r..til?• %•1 . " `r;•' .1.. i,n! ,'a? o a".. ..f.,: ??'? ?„yid,.. f "5 • . 2 f i • .q h In addition to all other rights it may have, the holder hereof shall have the following rights, each of which may be exercised at any time: (1) to pledge, transfer or assign this Note In the manner prescribed herein or in the Loan Agreement and any renewals, extensions and modifications hereof, assigning therewith its rights in the Loan Agreement in accordance with the terms thereof and any such pledgee, transferee or assignee shall have all the rights of the holder hereof with respect to this Note and any renewals, extensions and modifications hereof and of the Loan Agreement so assigned therewith, and the holder hereof making such pledge, transfer or assignment shall be thereafter relieved from any and all liability with respect to the Loan Agreement so assigned; (11) to notify the Governmental Unit or any other persons obligated under the Loan Agreement to make payment to the holder of this Note any amounts due or to become due thereon; and (111) to apply any amounts received under or pursuant to the Loan Agreement against the principal of and interest on and other amounts payable under this Note. Upon the request of the holder hereof, this Note may be converted to a registered obligation and the Governmental Unit shall maintain: books for the registration of the transfer and exchange of this Note in compliance with the Florida Registered Public Obligations Act. The terms and conditions of the Loan Agreement are made a part of this Note as fully as if set forth in full herein. Except as otherwise provided herein, all capitalized terms used herein which are defined in the Loan Agreement shall have the meanings set forth In the Loan Agreement. IM f. LKL-03121/89-266A-2820 :"?.tx",?{T:`_ I; ?•`I. ti'iy?,?., .t' .. .? ?`j''. w",?,.: ?? 4rFY:;?Y;w . ?. ?ea -_-'fi`t ?•`i[ ..a_ .. .? ti; ?- - -28- m 4w City Manager Approved as to Form and Correctness: City Attorney LKL-03/21/89-266A-2820 -29- ' .i g [ : t?`e ?;? 17,.' ,?yj e ?3?`, -? vy?? ?!' s :?. Sl`?? ?,1. ?:i 5i C?y?l?? rti '? ,? ?i• ,,, y s..?rr ?Y'?' ?t..t, ????? ? ,w? En ?k ? ?. Y ?? ?. _? r, #??r''YJ?.?ri?*?.?•;Y?'t.?'?E?-`.i',p ar?`?,?{r;?s; r? •?,,? t .i ?. .a? :?? 4 ., :, A.? .e.? .>.. c'?r5 ? S ,?'1!. C. ?KK i ;}?? ?. ?? [4-s j? [. ?:. ??`?.?.r•-., ?? rK??y?.-? .t. .#,"° - ? t?y 1??'?; Ar. ..?V•;?; . r .'.1. ,,? f t°_ ?: 3 7.;?ati,?af ??F. = ,e44? ?.?#f? ' :,*S. "?'wt%t ??;#?' ;?,?,...-'t• ?. r, ;.: ;t.' wr.h ,?.'= -F ?'?'-c. t;... _? y;f, e.?.3r.. ? tf ..r. 'r° ,. ? .t>. ..:.?; ? Y,rN : E??,??3 fv. NIEL, 1% it a t ¦CEPIIM 1.1:1(0 RA7Mt [irM= 0113. LOGS. OOIf?C 1?? PROCRWAK F"= `M;U-M- wMv RKVKWJL 'Sons, KM= "s G-3 427.20.CBf LOW %o MM LT[ Q! C1.8A18W=. FLOUDA . ?Jt '? MV-4 _^»-I7flaRliT >? 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IL=1]V.-:(M Y7`2:) REP=' CRUK lil' /ll) IOC:AI, 001130 Y 111A8 faDCR1Yi #7.275.4= LOAN T0?18£ MY C-1 LXWW8'!lZR. 3'LMD,a -_-----• -------- NOO 1tE3Y1?T s -------- -------- R mmytiOS w41?Kr rw„ i:S 7i PI C r?t ?T-- -1?=1 ~- >?1rGs sraiiFS '-----i±.sci ----- ------}scca ------ ---- ------------ - ------ -------4 475 ?01131t of Pace 61W. s 3a,1%7 35;crra - 4.222 *Principal I Qv r9S a, "I 3S,CCa 4,216 j8:192 35,24: 3S,CCO 4,.57 75,49 33,000 4,}48 lic-/¢1 35,7'2 4 coo 61'0 IlCL/9S 35,996 391CO ' ZlC:l93 14,25' }5CC8 2:937 1 jC:IK 36+31:4 3SNEG 4,444 36,760 43,CC8 1,210 11 C.1" 37.321 35.000 3.234 C1119s 2'.x89 4a.am S C11" 3?y57 3S,a06 1C.fyi 37:419 4p.008 3+996 71C.19f 38.317 55,008 1,963 IC.19s 38,351 4D,908 2:33 VW1116 I8. 5] u,.oaa 69 013'199 U,98 35000 4.8967 1101[90 39,177 40,,000 4,044 2f11176 711.11 10,000 3.581 'is 9T ]9.i 40,001 3.233 131 ST Aa,Or 40,008 3.251 3131 91 48.m 40.808 3,550 153 911 08.5!!9 a8.ppp 4.]7 519y 91 48.872 as.A00 101 V1 0:,162 - 48.800 1 7N 7101 IF 4..4 53 08.800 ? 181 17 4-,7 7 4a Sa8 `'473 9111 47 42,062 45,4~08 0111 91 42.3 N ? 008 4791 181 97 r2.AAO `x?aa 4+1 i N41 91 4 ?a!! 4D,008 el 78 4 :24b aS.(i00 2, Vol M ?],SSS1 LS?004 1.173 3!1398 43 23 aB,DOD :]K a!8 rM 40:172; ass Dad Sle !M 4/Y.L85 05.050 3,?SI 1811M 46,Rf0 J650 03 51 rte 99?? 45.]17 41 „808 ,-4I i11i ?99 45.43} .819 6,00'5 9111111!4418 45,.59, 41 130 4,763 cJOi198 44 087y SB,naD 81.6 71OL1'?? 4L;73E 45,183 2.4•'5 45 000 3.097 /la, 9f 4).044 Sa.1 2 1,04 ''111 99 47,r i 83.800 Y.44 71DL 9f 47.738 51,008 MAN 4JOL 99 4a. au 45.008 ,279 S 0 484-7 so 00b 2.696 `` ]'561 71flt`e 4?9 , ._._4i,;1Q? 64'006 a oi1M 20,223 32:063 34 81391 ?9, s 4.1:008 G 01199 Ss,?3a 58,801 'ae3 1 81!!9 S?,S31 53.8 88 2I111M 50,869 S0.0S18 1,]34 10 1 a9 S1,229 Sa,?88 x¦ 181!09 51,557 y?e +r 7 ]!!? OS 51,9'38 55,8 }. 33 as as 52" Irs r8N 3a']so Sl?l as OP 52 53470 5'800 4225 '44 2.671 7 •1308 )i8$& 2:906 1.49 a acrd .2a5 5_000 ??} ,t 3%?U01 3?:214 33;404 ' Sr2M E ?. t lY. r 1 r J n?f tat x.,Yt.AU -??.'.ict? 544102}"ai,'r??4 ?i+r"i?4{?{g? ,'9 tii*yyw ?. ? t ,, ? ??,1j? tS,?•" ?sy? ass t•"?'' ??f ?j?4, k,`?„s?.??. ,?.y°f:r-??s?v.. ?,?•.} ?;.;?,,? ? r``'?'ti..?. .* wd •"? :?, wt : (; e`?i `ff' }?il' !?Y.t •- jj??'. fr,4i??,' ;.} i•}Y' ,.'?. .. 803`8,.'. ';; u: 1< ;:? C' s ^ '.ta '. "? .x - 3; J ?., -.'?• :•?. ?,:',?.?.,., .a: 9? t?<? t; °'.?..:41-x: ?..rt•k'»• ss.?'et3 `i?3.}}`. •. '-.,?{," s ,; K ?" ,.?? -+. ,'r'- .?4• „ '?i' ?:5,'o-, t+',- .•1.., .f - ';",, ? , SS,, Y i {,. ?. ? ... ' ? 'rt''',iy.t"Y;+r.c "d° .. . ?, y•: f ?.M + tibt i- Ey.'t r 1.'!t yr Y K.Y Ra, rw v ? • ,..• 3.J? ?t?f??;r,`'•'i• ? i 1 ?tWn x;?.?r?? 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'I.• ???a-7t!?•.f'a?7; T,'S0.?d,?tsi 1,, F"° •rL: '? ?;E': .'•1.. }l. k',..?:rt'.. I 1•: v, ,Ev.?? - ter' srf E µ.y ;?•t°.y. '. F? 3101W?4-01 FIX, MMMT txxyowr 0121 rr rrr ??r -? C2--'• aP -T ? FLORIDA 6 MU MUSS. Aar 1?7CitIM1 rwaLlllr G sEMS TFX ells ter CLOOKan. FLUMMA 311,.:rs.ell 1.M2i 7' O O Ttrs Ciit -•--- Sow 11W1r.Nt3 ------ --- - r•t .:v ? ax>mart ---- r car a?lalrla -- -- 9rA><i9a-- i ztcosrrlC?K av91u g-- ?i?T 1 t];?}+ 2q}SgL.s ytlw 0R1NC AIL 2rnass! !l[JAiCIT --------- ---- --- _-- --lu ---- ----------- --- 117-0-.01 %,6" on. 300 F IFFA >< i TS Y]. aoo 00,570 . 2.2+7 1 •Da,6a0 oso in6 ?a7i , D6.V]Z ar.lsa i.SK211 09,003 III izi :Uot ca 123:017 1 ]:83: raa 761 aa A" 1:22' , 2 Ol CO. to . "lot c 134.58k.% 2rs 2&1 20 UPODS r: 105 1 131 :919 . i Uw s,o a »9.000 i lay 2.200 11l,ras 2rl o69 asr 4.47e . 7]0.06; 129000 , 12 Mop R is a.27? +.907 ,000 113 110 00] 1.201 s.eaf , 111,00] i •2221 115.00] 4 Cate, IL ]1!,009 +.571 t 921 ]13,09] 5"1 c 1Tra ?a1, 7;10! 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EXHIBIT C GENERAL CERTIFICATE This certificate is made by the City of Clearwater, Florida (the "Governmental Unit'") to the City of Gulf Breeze, Florida (the "Sponsor"), Sun Bank, National Association, as Trustee and to their respective counsel and bond counsel to the Sponsor, in connection with a loan from the Sponsor to the Governmental Unit in the amount ofiNQZ75.000000 (the "Loan'") from the proceeds of the Sponsor's aggregate principal amount Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985C-1 (the "Bonds"). The Loan is evidenced by the Governmental Unit's promissory note of even date herewith (the "Governmental Unit Note"). The Sponsor is making the Loan to the Governmental Unit for the purpose of indirectly financing or refinancing the Governmental Unit's cost of the acquisition and installation of certain qualified projects (the "Project"), as more particularly described in Exhibit "A" attached to the Loan Agreement of even date herewith (the "Loan Agreement") between the Sponsor and the Governmental Unit. The Governmental Unit, by the undersigned officers, hereby certifies that: 1. The Governmental Unit is a municipal corporation duly organized and validly existing under the laws of the State of Florida. The Governmental Unit has full power and legal right to enter into, and perform its obligations under, the Loan Agreement and the Governmental Unit Note of even date herewith between the Sponsor and the Governmental Unit. 2. The undersigned City Clerk certifies that attached hereto as Exhibit "A- 1" is a true, correct and complete certified copy of the Authorizing Ordinance (as defined in the Loan Agreement) of the governing body of the Governmental Unit, approving and authorizing the execution and delivery of the Governmental Unit Note and the Loan Agreement. Such Authorizing Ordinance was duly enacted in accordance with all procedural rules as specified in Chapter 166, Florida Statutes and the Charter of the Governmental Unit. The Authorizing Ordinance has not been amended, modified or repealed and is in full force and effect on the date hereof. 3. The undersigned City Clerk certifies that the names of the members of the governing body of the Governmental Unit, their respective offices and the dates of expiration of their respective terms of office are as follows: Name Title Term Begins Term Ends Rita Garvey Mayor-Commissioner April, 1987 April, 1990 James L. Berfield Commissioner April, 1986 April, 1989 Lee Reguiski Commissioner April, 1987 April, 1990 Don Winner Commissioner April, 1987 April, 1990 William Nunamaker Commissoner April, 1987 April, 1989 4. The undersigned City Clerk certifies that such of the above persons as are required by law to file oaths of office and bonds or undertakings have duly filed such oaths and filed such bonds or undertakings in the amount and manner req uired by law. LKL-03/21/89-266A-2820 -31- gAg A ?, h'yr 'r', ryt4r,]'T"i''.fN,. "x: ,k3-••r1 :Z.L,.» ?: r.: fs" r` '('+ '? ?' `I is c; ?' Yr'1 a fs'"Y' s 1 r ? lef"•^ :,n.?oE.••+: Z: %sp.ai'a. %. •.y`»:s.?+?•+ r,"+-«:S :.s•1?.:. 3•?w.ri:,' 'fix ?.?,:.?. Y«:+? ,..; x, r',... ?,??,{ "tip '??7 ?: ??Y, ?h' fiL.] S Y•st. • i• Y' •t', . Via' ,:., . 7e"` ys ? q•:.r^i^7;y.:.,';'? a ?:s•»,1,..: :,:' .J. 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'?'3!r E trt r s.t' 7 ;t; .h. `aC? 5,???r'.:ii'? .??,?i ?.'.?• # r TM3v ? !?? ?11^;r:l. ar i']", .?.,-. .fy1 iii ??..E?t?•.4r? f, .,,y?:,«k?`7i• ., ' Af ? ? r' 4 •E i e FS 'r ???sY t,`?ri?'.i'•+'?,`?;=:`.'. t.; , , r_ •,>; ,. ? s.A'{?ej??'???? ?,e'4 . t ,,? ?.:,Ks! Lip :3 , 4',.. :?r i•,f.'?.?-?'.r... "J%..?z ?.:r?i 1 +e.;s .t? r': ..z ,r?-.f. `t. f,:;? 1"'-.c //?? r 3 ?, ? 4??p??r• ??'!. ??yf•?,. ?? ?' `:`,?,_, -`E :, ?t +?''. ;t.•:,w•?F`;?y-??:')' ??+?="?'^':' ,•t,...:{,J?vi, ',? ?? Q .yL?' fi,.t, ?; t? 'r .!!,•>?jr.?••,?, r ratty Y?,e l.xa . G r: r1 ' is `. :x , : a ? ? • r . r'"•i_f ? ?' ?' •'J -+`,h '?"q. '•y. , .. ,Jfy?})mJE'E"[y". t' t . lac _.r, p x .;?. ' •`>i`.f1' ., `.t .' ` ,,,` _ ?. r ,..f .i :'{ T.'*tY 1 J .J "ti••7•..'.:3r'k.'?ii?l? .rye ?7• .1. ?Zr.., 4`•: .^tt .. S?' ."f,-r, .1': •,Sti.?4.,; 1F'-`". ?. 4 "it MR. 3. 5. Each of, the below named Individuals which have executed the Loan `" '?• Agreement and the Governmental Unit Nate, and which will be authorized to execute requisitions for disbursement of the Loan, certifies, respectively, has been duly elected or appointed to the office set forth below and Is authorized to act for and on behalf of the Governmental Unit in connection with the execution of such documents, and the signature ' set opposite the name of each such officer, respectively, Is a genuine specimen of such officer's signature: .` Name Specimen Sigmature Office Rita Garvey Mayor ' Ron H. Rabun City Manager Cynthia E. Goudeau City Clerk 6. We further certify that on April 3, 1989, the Governmental Unit Note was executed and attested by the manual signatures of the undersigned Mayor, City Manager and City Clerk of the Governmental Unit. 7. We further certify that at the date of the Governmental Unit Note, and on this date, such officers were and are the duly chosen, qualified and acting officers authorized to execute the Governmental Unit Note, 8. The undersigned did, on April 3, 1989, duly execute and attest on behalf of the Governmental Unit and deliver to the other parties thereto, the Loan Agreement. 9. The Pledged Revenues described In the Loan Agreement have not been pledged In whole or in part, directly or Indirectly, for the benefit of any obligations previously Issued by Une Governmental Unit and are not subject to any other encumbrance, other than as has been disclosed to and approved by the Letter of Credit Issuer and the Credit Facility Issuer pursuant to the Loan Agreement, and as described in the Loan Agreement. 10, (a) The Corporation has represented to 'the Governmental Unit that the amount of the Loan, financing the original cost of the Governmental Unit's acquisition and Installation of the Project listed in Exhibit A attached to the Loan Agreement, together with the estimated interest earnings on the undisbursed proceeds of the Loan, does not exceed the actual cost of such acquisition and installation. (b) The Corporation has represented to the Governmental Unit that no portion of the Loan will be used to finance any Project which is used in the trade or business of a person who is not an "exempt person" as defined In Section 103(b)(3) of the Internal Revenue Code of 1964, as amended (as in effect on December 31, 1985). (c) The Project Identified in Exhibit "A" attached to the Loan Agree- ment was not acquired or placed In service by the Governmental Unit prior to the date hereof. LKL-03/21/89-266A-2820 -32- w/ '? r"tiu?" r.r4,''.n: J:,.,c li. ,V .,:; .:}, -- .r ;a. f''.f a, ':(._,. •r::.,;,''r'r„,'•?. ?f'::.'.}j?r,'a ':} 3'7(., ra .rryr?•+,«,, -?? - J •Ir _ ?? t t€?.?.:.#.?;4C?,?r?':'r, ,•,r., "?P..;vr,ir,'1'p, 'x? ?i: :•?`- ' ?•s. ,a ?; 9.1 :'1 S• ?y.•.L.??`. y. /:.??' .t, t `'r`° .r'.L.Y:.f. .t??±1ra»«v:i.:t.:.+.y r uN.s»?`,i.'w=•i'.t.. »e.i.. _,_>7?. 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'?:I ,? .?. ,'Y€,<.'..f`",SI r, ,:i. .i .i.a` q , ..37.,'.,?'S;r': .?.a ,?,?r t '•?h kvf.?, 1 ti??.`{e,. :n 'f, a:•Y )7" s FI.sY• a 4 tt `s` 4' r •,, ..t•. rl •€• 3'=? ?': ,.? K ; *' w,;. ,?, :f? ",(.r •tti,. r.-?:.'C :RA' - .f?.. 4'• .,,? t, .i. v1 L- 3. 1 .7, ? LS• ` j} p? i `•,{.'.'i.rs.: ' ; `.y :. .. <' r'; ;tl,•'', ,s' ) t.'' !•'c•' +'t`,' ?:t"r. .(?F. .ik? 1 y\ `'i?,s'3 Ti P}' `?,µ•:'1? ?,E .. ?4 i'S+. •.? i:.'• 1. ????7 0' ryi,,l:.?",1t?r' 4?•?, h,a.?,• 41• •'?i i t. ?. .''t:. ,- .'(. ?` ?', .:<,k fY• /4'1-,.a ?Jh :?Y ?' i3.s.?°..!b'. lw..i :, '.S .. :S% .'I ?-•t`" '.?j' :'?4 .; /•, ?a'i r,v. 'V aY; 1 a G'y' ::r)i,:ek?-r- `: `:, °u'Y?4 '?t, 1 sy 4.•? .y r<<< 32 f. aa, a:''LSa•:.; f- ` ?,;?': {r :'.;. •]' F; r :f:?" S t r• ...':.r . :, ?: <i VS.'.:; ,: v,%,•.i,;rr .•?P,;. in.?,. FvP°' r. S•...'fi •.; 1isY: t'r S:?zt' a,, . 'r'tJtr",`.?,4 ?t:i .. .;? ".V?.:",, .,:'A,?r ;t.', ,;. .a `•; •1%. °;1! ,;?,. r 71lf!_i?vit;;:t.v .,, slur •';• `f?:'(.":r.;rf• :5..,__u% s. 'kA '), ,. y:; .S":' '''s'•• F? nj .aN ?l?•vE'a+ ?;, ',.}, .r s 11. The Governmental Unit is not in breach of or in default under any existing law, court or administrative regulation, decree, order, agreement, indenture, mortgage, lease, sublease or other instrument to which it is a party or by which it is bound, and no event has occurred or is continuing which, with the passage of time or the giving of notice, or both, would constitute a default or an event of default thereunder, except for such minor breaches, defaults or potential defaults or events of default, if any, which individually and in the aggregate would have no material adverse effect on the Governmental Unit's financial condition, operations or properties, 12. The execution and delivery, receipt and due performance by the Govern- mental Unit of the Loan Agreement, the Governmental Unit Note, and the Loan Documents hereafter described and compliance with the provisions thereof, do not and will not conflict with or result in the breach of any of the terms, conditions or provisions of, or constitute a, default under the Charter of the Governmental Unit, any existing ordinance or resolution of the governing body of the Governmental Unit, any existing law, court or administrative regulation, decree, order or any agreement, indenture, lease or other instrument to which the Governmental Unit is a party or by which it or any of its properties is bound. 13. There is no action, suit, proceeding, inquiry or investigation at law or in equity before or by any court, public hoard or body pending or, to the knowledge of the Governmental Unit after due inquiry, threatened against or affecting the Governmental Unit, which has not been disclosed in writing to the Sponsor, the Credit Facility Issuer and the Letter of Credit Issuer, contesting the due organization of the Governmental Unit, or wherein an unfavorable decision, ruling or finding (1) would have a material adverse effect on the financial condition of the Governmental Unit, the operation by the Corporation on behalf of the Governmental Unit of the Project, its facilities and its other properties, or an adverse effect on the functioning of the Governmental Unit or payment by the Governmental Unit of the amounts due under the Loan Agreement in the manner and time required thereby, or the tax-exempt status of the Governmental Unit or the Governmental Unit Note, or (it) would have an adverse effect on the validity or enforceability of the Governmental Unit Note, the Loan Agreement, or the Authorizing Ordinance of the Governmental Unit authorizing the Governmental Unit Note and the execution of other documents in connection therewith (the "Loan Documents"). 14. No final judgment for the payment of money has been rendered against the Governmental Unit, unless within 60 days from the entry thereof, (1) such judgment has been discharged or (11) the Governmental Unit has taken and is diligently prosecuting an appeal therefrom, or from the order, decree or process, upon which or pursuant to which such judgment was granted or entered, and has caused the execution or levy under such judgment, order, decree or process or the enforcement thereof to be stayed pending the determination of such appeal, or (ill) the Governmental Unit has provided for the payment or securing of such judgment in a manner satisfactory to the Sponsor, the Credit Facility Issuer and the Letter of Credit Issuer. 15. The Governmental Unit has duly performed and complied with all the obligations, agreements and conditions on its part to be performed or complied: with at or prior to the closing. Each of the representations, warranties and other information contained in the Governmental Unit's loan application is true and correct and does not contain any untrue statement of a material fact or omit to state a material fact required J0• f LKL-03/21/89-266A-2820 -33- { sa ?3? +''•'i,Aay,4'aryt f.3s x< }5ti .•F =o ?'+?t' Irir !; 't 53, ??iti+'•5:?; ;.} -.'t::.•t'. •: '.1:,, Y?ts My&,?'7} W ON' r ask W . aw... - ... a y wr.. f # !! w ¢ r N' Cfw,.w, : 3 f s ,? F+r{r?f'?7 '"r.:a k+Il' .? i! . • S Ij rsix ? f.$' J?? s??'• •";)i: x"4`•4`(.-'.. .1, T, S: 'F,'1 ?'• .'(1l?•i4::: yN.,i pf ?i?.2',?.i ?.S /. .?.al. !e tr`'.rf R •Vr d#`a?C,"v;.ej• rJ.L 'd;'',kr'J'1?i',yr; }x pi a'?r,r '??'`?.r?S-?,'r R,Vy .re•?.L?t.!•'Pj:3r ..., !'rni•a`..,x:ir? n?-. is 7' ; f: 'f" '1.. . •' `;J:. 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I• j r 5?:•T?'V`t'{ x:?e ?:l'i,[I'; ixr€, ww •.i,+ ;?(' ?-'t•. •fl?'? sS?`?-"?'(r -°ii. ;'i-?J. .,r.,1? ?`..?: 1??,' t'j'y,7 r51:. ,t s. ?' Y'r' .,rJ? ti •'r .,'i'' ,fir y •f. •",?t,,e 44 l }''t .1. .. Y•? •r 'r• '(s1 ? S•.(-"?'iiw:?' fa ,j ,?5?`???_?: 'Yri.r..rrr.:?I?- y,..,.?tS}=,._.a?..- ?-°-?------ r.,..r....,""". ..o...,., t`'l !e {'rid 11. The Governmental Unit is not in breach of or in default under any existing law, court or administrative regulation, decree, order, agreement, Indenture, mortgage, lease, sublease or other instrument to which it Is a party or by which It is bound, and no event has occurred or is continuing which, with the passage of time or the giving of notice, or both, would constitute a default or an event of default thereunder, except for such minor breaches, defaults or potential defaults or events of default, if any, which individually and in the aggregate would have no material adverse effect on the Governmental Unit's financial condition, operations or properties. 12. The execution and delivery, receipt and due performance by the Govern- mental Unit of the Loan Agreement, the Governmental Unit Note, and the Loan Documents hereafter described and compliance with the provisions thereof, do not and will not conflict with or result In the breach of any of the terms, conditions or provisions of, or constitute a default under the Charter of the Governmental Unit, any existing ordinance or resolution of the governing body of the Governmental Unit, any existing law, court or administrative regulation, decree, order or any agreement, Indenture, lease or other Instrument to which the Governmental Unit is a party or by which it or any of its properties is bound. 13. There is no action, suit, proceeding, Inquiry or investigation at law or in equity before or by any court, public board or body pending or, to the knowledge of the Governmental Unit after due inquiry, threatened against or affecting the Governmental Unit, which has not been disclosed in writing to the Sponsor, the Credit Facility Issuer and the Letter of Credit Issuer, contesting the due organization of the Governmental Unit, or wherein an unfavorable Oecision, ruling or finding (i) would have a material adverse effect on the financial condition of the Governmental Unit, the operation by the Corporation on behalf of the Governmental Unit of the Project, its facilities and its other properties, or an adverse effect on the functioning of the Governmental Unit or payment by the Governmental Unit of the amounts due under the Loan Agreement in the manner and time required thereby, or the tax-exempt status of the Governmental Unit or the Governmental Unit Note, or (ii) would have an adverse effect on the validity or enforceability of the Governmental Unit Note, the Loan Agreement, or the Authorizing Ordinance of the Governmental Unit authorizing the Governmental Unit Note and the execution of other documents in connection therewith (the "Loan Documents"). 14. No final judgment for the payment of money has been rendered against the Governmental Unit, unless within BO days from the entry thereof, (1) such judgment has been discharged or (ii) the Governmental Unit has taken and Is diligently prosecuting an appeal therefrom, or from the order, decree or process, upon which or pursuant to which such judgment was granted or entered, and has caused the execution or levy under such judgment, odder, decree or process or the enforcement thereof to be stayed pending the determination of such appeal, or (iii) the Governmental Unit has provided for the payment or securing of such judgment In a manner satisfactory to the Sponsor, the Credit Facility Issuer and the Letter of Credit Issuer. 15. The Governmental Unit has duly performed and complied with all the obligations, agreements and conditions on its part to be performed or complied with at or prior to the closing. Each of the representations, warranties and other information contained in the Governmental Unit's loan application is true and correct and does not contain any untrue statement of a material fact or omit to state a material fact required LKL-03/21/89-26BA-2820 -33- •, Fir Lavl lrl• ,.!4t r r? ,M !4 f 'r . `t 3. I `• 4 ••F •'r t i i 1t? ,r hr 1 ? t r `,ss1,5 i 1 93' r ? K !. t A k, . dY . k,.r '"" ••3???f`:? yeiY 4??f S€?l ?`t'i-y •? V•. ,??? ,(. ,fa ?,•`,t°:?t?=?:. iS 'V r 'r.. ?ti' '.i? ' I• .. ,*........,w?......:......:,;.{i,.._'":.,::.?.:: ?.,1.: .t:'n4!tt 'Ff4 i ?. a r a, 14 i fee-? ) to be stated therein or necessary to make the statements in such documents, In light of the circumstances under which they were made, not misleading and has not changed since the date of the Governmental Unit's loan application. The Governmental Unit has authorized, by all necessary action, the execution, delivery, receipt and due performance of the Governmental Unit Note, the Loan Documents and any and all such other agreements and documents as may be required to be executed, delivered and received by the Governmental Unit to carry out, give effect to and consummate the transactions contemplated by the Loan Agreement relating to the Governmental Unit Note, and such authorization has not been modified, amended or repealed. 16. The Governmental Unit Note has been duly authorized pursuant to the Loan Agreement and the Authorizing Ordinance in the forms delivered by the Govern- mental Unit In connection with the issuance of the Governmental Unit Note on the date hereof. The Authorizing Ordinance was duly enacted in accordance with all procedural rules applicable to the Governmental Unit, and has not been the subject of repeal or modification since the date of its adoption and is In full force and effect as of the date hereof. 11. To the best of our knowledge, no event affecting the Governmental Unit has occurred since the date of the Governmental Unit's loan application which either makes untrue or incorrect in any material respect as of the date of Closing any statement or information contained' in the Governmental Unit's loan application, and all of such information contained in the Governmental Unit's loan application, including all financial information contained therein, is true and correct as of the date hereof. 18. We further certify that the seal impressed upon this certificate is the legally adopted, proper and only official seal of the Governmental Unit; and that the seal has been impressed or imprinted upon the Governmental Unit Note. 19. The representations and warranties pertaining to the Governmental Unit as contained in this Loan Document and any other documents incident to the transaction described therein are true and correct as of the date hereof; no default has occurred with regard to any of the obligations of the Governmental Unit, and no event has occurred as of the date hereof which would bring about or constitute any such default. 20. We have no knowledge of any legislation adopted by the 1988 Session of the Florida Legislature that restricts or otherwise adversely affects the Governmental Unit's power to Issue the Governmental Unit Note or its ability to provide for the payment of the principal thereof and interest thereon in the manner provided in the Loan Agreement or the Indenture. LKL-03/21/89-26BA-2820 -34- ,?? -'41 r- l 4?rr";ti'.1+?=•-4-`F.:'J' .; l': ff- ?i9; r'' '!;Fr'- `:''•:.tt;. c+.r '3.,-..s +tii•.'. •.4t'.`:=1 t? •':tifj'y,,,• - .'"'rrf•' a .r .{ttl°l.?.i .?? f? r :?}•. -.yy°' ?. .,, ,.. ... d,=, 4`i". ?,' ,z•;7 'S?r'? '?" ?T ;'r' 'r. _t :?i{"' F+':y: 1 ''?^"'+` u'{44tr't'e .ire! P y n ^ v v. • r"1`.' ?a"t^r L+. e:,:. ,,s r .' '' ? .? ?•f?'`, ? '.S^' ?L99. .t•.?r`1: ! 7y' ?k,lr 1 i'w' ? ?+? +?}±_! _? $ .YJ^? iyy ??".' x.l••.'e.#''rln-?.?r? w+i°rw ?l..`..?•.,1i?sa t...`?.i ?,r,y •??#,:''iw' l.,i?fl?. 1• 'eY'i S,. y, ! e S'X ;` ,.+h.? ::.*.: i"car '?A'. ?. ?r31''?' •r;. .'e. • a's r!- r?', x.r, .!? ? .,;{?,;?•. _?... ?•?ri s,-:;x -..==t'., ,'i,»'.,}'qarw°,yir:F.s:?.aFt«!.?:4.,?.?"'??'s}?:r'r, r?•?r.`Yf+S`7..?:.r1h ,Lv ? •4 ?'?' x`r ,'rf .a..if . .7:`,." 'r:ir .., . ')•.: t:"S . ,.,.. s: ''<: '.:'? ,,.,?',. ,,k; .r f ?s4, y?.3. i.r{r?. ...te:'AJ• • ,}SZ.•, a ?.? ,il?. CC•i? 'r, !i•'y a /o'!. ?`+ +?'.. .•f': 't,?. •,!: 1 r,:'? ''s•F 'rf.r '?,.+ t?' ??! :k' '?..'1'^...<. ,?. ?.,. .;? ,:.;+Sr •? t!l.,. ,t.+ , a . 3.7,= , : •.:J.; i ?.' „t ii . :4 i '( Y. :i'•. f: e7--r il. ,. dr .+ +•`°r sit " - .b t ' yr, ,, . 1 ' ? ° 'y'. r ' e , ' ?;'+?:' . .f • ?• r.^ S' IN WITNESS WHEREOF, the' below-named officers of the Governmental Unit have, hereunto set their respective signatures as such officers snd have affixed the corporate seal of the Governmental Unit this 3rd day of April, 1989, CITY OF CLEARWATER, FLORIDA Governmental Unit (SEAL) Mayor Attest: City Clerk City Manager LKL-03/21/89-26OA-2820 -35- .b' S # ? ,``SS1I ,4 ,:'. "!YM44 IT, • .: s 4, ?s , ?f 'kl.?:? ?e.°M?r` ?D?K.?I .Y ?????r.. ??:•? .? 2 ,$ tj? - ?5:t,t?'J .SY'?' ?.1?' :?r.`z"' • # y.. ?,?• <<'{?yt F 7l , `y."•? ?? , y ,, .? •` F ( ..? {Vi?L.? ???y 1?' .•?Y,. /5?•' Y •..}.+'...?.. .3 5.?6?•x4t: FQ .•; 5i .?k.f%' ,.. ? ? 't N ,. yl.n -.+ F ` ? v.?`[ i• 4W r `•b1i 4r?w, ;"r., z; !Si7'Crl,?ty"f`,aYi'hYS,?g••a. ?.+w?z .?yM; ",.'':i: •+?•a :w 7=?E. g'r? r' .A'; 4? 4 In 1. .:t:ti }:'r :.a .",??u•.: "': r".i,?i?!:i :'ti•::?..; A . $::F.?,:r?^r1S.:?t}?.i;'ci??j,-r.?rr: • EXHIBIT D (Letterhead of Governmental Unit Counsel) City of Gulf Breeze Sun Bank, National Association Orlando, Florida Livermore Klein & Lott, P.A. Jacksonville, Florida April 3, 1989 The Sumitomo Bank, Limited Chicago Branch Chicago, Illinois Financial Guaranty Insurance Company New York, New York Re: 4ccRaG`ftvveerrnment oan from City of Gulf Breeze, Florida Loan Program to the City of Clearwater, Florida Ladies and Gentlemen: As counsel for the City of Clearwater, Florida (the "Governmental Unit"), I am delivering this opinion to you in connection with the consummation of a loan by Clty'of A ulf Breeze, Florida (the "Sponsor") to the Governments Unit In the amount of the "Loan") from the proceeds of the Sponsor's A97-9.7 An() Local Govern- ment Loan Program Floating Rate Demand Revenue Bonds, Series 1985C-1 (the "Bonds"). The Loan is being made pursuant to a Loan Agreement of even date herewith (the "Loan Agreement") between the Sponsor, the Governmental Unit, Sun Bank, National Association (the "Trustee"), and Jackson C. Tuttle, City Manager (the "Administrator") to indirectly finance the Governmental Unit's cost of the acquisition and installation of certain qualified projects of the Governmental Unit (the "Project"). The Loan is evidenced by the Governmental Unit's promissory note in the principal amount of M27,275,000 (the "Governmental Unit Note"' It has been represented to me that: (1) The Bonds were issued pursuant to Chapter 125, Florida Statutes, as amended, Chapter 166, Florida Statutes, as amended, Chapter 163, Florida Statutes, as amended, Chapter 159, Part I, Florida Statutes, as amended, and other applicable provisions of law for the purpose of financing and refinancing the cost of the acquisition and installation of qualified projects in the State of Florida; (ii) The Sponsor intends to lend the proceeds of ,the Bonds to eligible governmen- tal units by entering into a loan agreement with each participating governmental unit; (ill) It Is Intended that such agreements, in the aggregate, will provide for the payment by the governmental units of amounts sufficient to pay the principal of and interest on the Bonds and other costs incurred in connection with the Sponsor's loan pool program; and (iv) The Bonds are secured by (a) an assignment and pledge to Sun Bank, National Association, Orlando, Florida, as trustee under a Trust Indenture dated as of %ecepber 1. 1985, as amended and restated as of July 1, 1986, as further amended and supplemented (the "Indenture") of certain of the Sponsor's rights under such loan agreements, including the Loan Agreement, and by a pledge of the notes given by the governmental units evidencing L KL-03/21/89-268A-2820 ITIM id FE: s Now- -38- `(.L?+•.4µ,'_"5?t,}.?., ,`-z?-.1:.y%.k)?< „»'-7::A?, .: r'+ti i:. ti. ....,?rl 't'-•, '',.? ?r'•r ;F; ?`.?74 k..-b: r? :n9:?S sF,?x,{."?',17- rAZ*",t •r}.. 3r ? Fa: 0j!• "^ ' `'!7.«w?.L?F'r'}..wr+w ..°.r?e.:'?-Rtitw/n4.M+,?..?4fi :'t'iff fi.+:' +(; `j:l'•'i. ,?t .as. } ??}: :s • r+ a.?, ,t??, ?hl .` -47 yi+ ! ,, r..-.'>'. ..,,.-..1.>~i;.?.?-:.;3?i'1,•.. ..,_.., ._ ..,.'i. si,.xs?'ti?'4Yt'??.CS:.,..-_...t'.ru`:=.';-...r...h<;,?i;?=. _.. ;fcE,'!ht3'?rt??,.. , p..-.,'1-j-s,,y ... ?l. ,z?-•{ v'7;ilf •5.?: ",,r i???.,.'r.-:AF: '-a"'?,'..?5;: "-t '• - •%X+'; ",' .',a? SS,. ?r. ja:,. fir., > ' ? rr, •?..,•..r•`5c: ?'s''?•i<` -•L3' :,x I';f?'•,Y ?` 'r ?i'.. r:1r: o `r+, :.•.?..,' ?'?1,Fr;. ,; '?`^-''d . ,%," . , < .>; r"f t ? ?.`.°1' !" ' iF+_?. s, ..f? ?. e; ', •a 4i ,•'aL 'irs ~' ,, y? .p ..s. .y : - - ' n?P ??%? ?"`? ,,,, iw, ?x' It Jt.t ''s ,, ?• ir?,r r1 ;^+'s 1, L",. ,' "'F,„y?Y ? ?', y'i ,,' i ?;': }?s?i,x.a ?} th?f! t'a+ . s 7 i li,r?ly? IJ?? t`Y t•y`!"'?- ,;:.` P'r, ''F'f. r'?,i e?+?t'hh?++'.kr?,.,, ?{? -•t,aj { •:s ir?•Nh , I'•?''?r i 1.'?.'`?'??1! i".'`F?•?•'-i..t . . t.'•'3?"•'{ 1 .y ? ???+_; •{ .. Ea ,r r?S len, •'J!:'' +',1 `1F• 4't 1 e ,,}%;>y. M.i7•'S -3?:!^• .?; f' .'.'f •,, ? ? ,?I?: ? ,.,,.:5 11 ?? }+ :+. ea, _t C.a''4s f,:r w? 'H i1 `= irr ]] ''4 "c Q.{ .;:f ; y, ?., .,s',:••: .:.I, R...•{ ?:r t{ % ?,S?j/-,'?; 'r`r_• ' 3"t? .: Y?•s'.; ':f e 'y?l??.`.^', i.:y: •' - `!J?• .> ?„.°. ?,rsss e 3 t?,?f ?1J''fy".":175. ?{'..,?y1S ,• •iy s•I,{. ? r ti._., .i,l `.r .?a'(:':, s }.f3^!-'?•??'? •"r ,C?? •I'; ? 3 1 : `f.Yy J+. s ?r •'','4' :' v?1. !'?-t?:71. • i•°f' ` ;.' ? n ?.y.r . J V's! ,,t,r;t' '? 5..,.? r f `f -? a;c'§1< <f ?:°; zi ? ,? 't, tj-" ?.?,s °ir. ? y.J' r .,_•, ?,?•.7 t,. +i' ?; C.r? Y ..•A?y6. "t: ..{I :S .,',.<. 3fi.. l'? .?I.r •• '..J~'?• , ? h y,ts ?. as ,g.. t ?... i " r .'ri?? °i • 'y ? •:•r : ? ?'-'i r•` 'e 1? j'.•r' ?U"?• -++. •"1{`1..5 .: ,,;;: i. ""i' •- ?;}• y', is `.c'.F .r'?f t. ii ?4:`. •.i-••'?' '!i:.??t?'''j?a'';.lsah:`.r?:•,',•:r'"? . 'F, .r•C:+' ;..'„kf:t'?'t?''?. tif`•5`, r7+..`•,??F' •'.a's;.'sJ`• .f.,- "Y. .:;r4. ,q such loans, includ ng the Governmental Unit Note, (b) a direct pay Letter of Credit Issued by The SumItom-,?ti ?ted. Ch[eayo Branch (the "Letter of Credit Issuer"), and (c) a bond Insurance policy issued by Financial Guaranty Insurance Company (the "Credit Facility Issuer"). At a closing held today, the Governmental Unit has executed and delivered to the Sponsor the Loan Agreement and the Governmental Unit Note. As counsel for the Governmental Unit, I have examined the originals or certified copies of each of the agreements and instruments referred to above and Ordinance No. 4738-88 duly enacted by the governing board of the Governmental Unit on December 27, 1988 (collectively, the "Ordinance"). I have also examined such other documents and certificates, made such inquiries of officers and employees of the (3overnmental Unit and others and considered such other matters of fact and questions of larK as I deemed necessary for the purpose of giving this opinion. Based on the foregoing, I am of the opinion that: 1. The Governmental Unit is validly existing as a municipal corporation of the State of Florida and has full power and authority to conduct its operations, to adopt the Ordinance, to enter Into, execute and deliver the Loan Agreement and the Govern- mental Unit Note, and to perform all acts necessary to effectuate and consummate the transactions contemplated thereby. 2. The Ordinance has been duly enacted, and the Loan Agreement and the Governmental Unit Note have been duly authorized, executed and delivered by the Governmental Unit and constitute bindirg and enforceable agreements of the Governmen- tal Unit in accordance with their respective terms (subject as to enforcement of remedies to any applicable bankruptcy, reorganization, insolvency, moratorium or other laws or equitable principles affecting the enforcement or creditors' rights generally from time to time in effect.) 3. The Governmental Unit is not in breach of or in default under any existing law, court or administrative regulation, decree, order, agreement, Indenture, mortgage, lease, sublease or other Instrument to which it is a party or by which It is bound, and no event has occurred or is continuing which, with the passage of time or the giving of notice, or both, would constitute a default or an event of default thereunder, except for such minor breaches, defaults or potential defaults or events of default, If any, which individually and In the aggregate would have no material adverse effect on the Governmental Unit's financial condition, operations or properties. 4. The execution and delivery of the Loan Agreement and the Governmen- tal Unit Note and compliance with the provisions thereof, do not and will not conflict with or result In the breach of any of the terms, conditions or provisions of, or constitute a default under, the enabling legislation and Charter of the Governmental Unit, any existing ordinance or resolution of the governing body of the Governmental Unit, any existing law, court or administrative regulation, decree, order or any agreement, indenture, lease or other Instrument to which the Governmental Unit is a party or by which It or any of its properties is bound. 5. All requirements Imposed by Section 163.01, Florida Statutes, as amended, as preconditions to the effectiveness of the Loan Agreement as an Interlocal LKL-03/21/88-266A-2820 -37- }let -_yi,.:'t3;' - .3?.:.Y?Sr'...?•fw,.•,-:w -:v+»?, '.!- . .r,? •`S: Yf;?_ ;5.. +'x , 11I ?ir vln? Y 1 c' •r!°'?r'?Y.'?;?' t' .. - -<?? ;{`.': n,. a? r? r it r ?. u::. it ?f ?n• ff R+r . f i p?y .1 d ....•1. t.&:1:... ....v4... 5 11 1" "',I' ` ; '-5Y.r ,`I. ry?.=. l,Wt / 0 1 1)•? ;`.)r, . i. r, _°a4,6 ;S1 Jie •?',??t ".!?` Y, ?;)s.?,i?:%`j''?-•ri- r< agreement under such section have been met and the Loan Agreement constitutes a valid, binding and enforceable interlocal agreement under the provisions of such Section. 6. There is no action, suit, proceeding, inquiry or investigation at law or in equity before or by any court, pubile board or body pending or, to our knowledge, threatened against or affecting the Governmental Unit which has not been disclosed in writing to the Sponsor, the Letter of Credit Issuer and the Credit Facility Issuer, nor, in our opinion is there any meritorious basis therefor, contesting the due organization of the Governmental Unit, or wherein an unfavorable decision, ruling or finding (1) would have a material adverse effect on the financial condition of the Governmental Unit, the operation on behalf of the Governmental Unit by The Oaks of Clearwater, Inc. of the Project, or an adverse effect on the functioning of the Governmental Unit or payment by the Governmental Unit of the amounts due under the Loan Agreement in the manner and time required thereby, or (it) would have an adverse effect on the validity or enforceability of the Governmental Unit Note or the Loan Agreement. 7. No final judgment for the payment of money has been rendered against the Governmental Unit, unless within 60 days from the entry thereof, (1) such judgment has been discharged or (ii) the Government Unit has taken and is diligently prosecuting an appeal therefrom, or from the order, decree or process, upon which or pursuant to which such judgment was granted or entered, and has caused the execution or levy under such judgment, order, decreee or process or the enforcement thereof to be stayed pending the determination of such appeal, or (lit) the Governmental Unit has provided for the payment or securing of such judgment in a manner satisfactory to the Sponsor, the Letter of Credit Issuer and the Credit Facility Issuer. 8. The Fledged Revenues described in the Loan Agreement have not been pledged in whole or in part, directly or indirectly, for the benefit of any. obligations previously issued by the Governmental Unit and are not subject to any other encumbrance, other than as described in the Loan Agreement and in the Authorizing Ordinance. 9. We have no knowledge of any legislation adopted by the 1988 Session of the Florida Legislature that restricts or otherwise adversely affects the Governmental Unit's power to issue the Governmental Unit Note or Its ability to provide for the payment of the principal thereof and Interest thereon in the manner provided in the Loan Agreement and the Indenture, Very truly yours, LKL-03/21/89-266A-2820 H. A. Galbraith, Jr. City Attorney -38- • -l >y . llf}IJ???`.i???;??';?l???S}}n?« t fii 'w. 1??:4.. ;.1r. ?C..rsa `•f ? ?{.? ;1_,.????, ??, yy,, ??'' `?1iig?.'.:--.j'.r ?j' 1::: Ak..»j r.F .<;??{';kl •;s{ .ni'. 'j, ?,4?^!,•t1',3. .?•+-r?+ 7• 'r+:f???t,.:. ,T'T;.:.•«+4-.t:i-Lw.?rs?. r..:_w,.X,:?.i:•4;; :s.??i:+a?. f;???$ s4,a?: ?.r;i¢,s?F?° i1-'y'r" ,yt -f,, `. 'r.:.•; ?i, j:.?.¢'v ?.?-: j,?...:ir •{ •;Y ,r _?:. 4,°?'.,; 7? '?°:#?..r54'•Y' .t?:. ;ti. .rr 4?,-• _. E•Kf: •'=: ,f 't. -Y ?Ir , .. , ?? Y 7A, ,kr'a H ?; i 17. T THE CITY OF CLEARWATER, FLORIDA;(U7AX Pr CAMPBELL AND ?.}L }Pi' l_,/r t ,J THE OAKS OF CLEARWATER, INC. AND EAGLE HOUSING MORTGAGE GROUP, INC. AND SUN BANK, NATIONAL ASSOCIATION, as Trustee AND THE SUMITOMO BANK, LIMITED (CHICAGO BRANCH) AND SUN BANK, NATIONAL ASSOCIATION, as Collateral Agent AND BAPTIST ESTATES OF FLORIDA, INC. SERIES C SECONDARY LOAN AGREEMENT a Dated as of April 1, 1969 1y' r The interest of the City of Clearwater, Florida in this Series C Secondary Loan Agreement has been assigned (except for rights to indemnification, amounts payable under Section 9.11,hereof and all rights to receive notice rovided herein) to Sun Bank, National Association, and is subject to the security interest of Sun Sank, National Association, as trustee. r ....--.-.,+e.-:r.?.-_-_.:2 ???'T'?N.,?`*z7fG'ff'?r',CU':-,rnc•,Y :?:r_.i?:;.t .......?._.._ ^-?; ? ?r¢? ?? aF '? i, ?x i?'+ ?`'?If ^,.. m{?e:,??. r.,???e . ??R. -?. `i ?-•.?? •,?r:' ':?. its ?."-{cl?fe? ,-..•u'•:.?}. '?(.?ae:` y'. :.'.i •. •rr' ?... ...a.,b$'t"?j;'ii°'%tE;?'=".ems-'r`.'?'?.: ^'t '?.rr. '".". _ ? '.i - ?? - ? - ? - - - -- .. •',?. "? __ •"'I'?'. - - -r - ?. _'..?L ia• '?L?„_ _ '? ?_??_??.? -rte 'c r? ti N s q MI TABLE OF CONTENTS (This Table of Contents is not a part of the Agreement and is only fo r convenience of reference.) Paqe PARTIES ..... ......................................... 1 RECITALS ..... ......................................... 1 ARTICLE I DEFINITIONS .. ......................................... 4 ARTICLE II INTENTI ONS OF PARTIES; CONCURRENT TRANSACTIONS; AGREEMENT FOR THE BENEFIT OF PARTIES AND BONDOWNERS; COMPLIANCE WITH INDENTURE Section 2.1. Intentions of the Parties ............... 9 Section 2,2. Concurrent Transactions ................ 10 Section 2.3. Agreement for the Benefit of Parties and Bondowners ............................ :. 10 Section 2.4. Rights of City, Trustee and Collateral Agent Pursuant to GNMA Security .....,.. 10 ARTICLE III REPRESENTATIONS, COVENANTS AND WARRANTIES Section 3.1. Representations, Covenants and Warranties of City ..................... 12 Section 3.2. Representations, Covenants and Warranties of Corporation .............. 13 Section 3.3. Representations, Covenants and Warranties of Lender .. ..... ......... 17 Section 3.4. Representations, Covenants and Warranties of the Trustee .............. 20 Section 3.5, Representations, Covenants and Warranties of the Collateral Agent ..,.. 20 Section 3.6. Representations, Covenants and ?,•• Warranties of BEF ....................... 20 J: ',•;:'? ?ta.:?, :1,. ;"??t,??.i i+?•t,?'.'.$,j4;.df, ?^??+.?:?+?a r?.':+°??' '`ti ?c. ,?,no.` ;?•';f;:.:?,,?. .+?:.. ? ... fir. ' v?•Y ?.. t i. ¦. ARTICLE IV PROJECT FINANCING Section 4.1. Making of Loan and Secondary Loan; Application of Proceeds . .... .. Section 4.2. Disbursement of Secondary Loan., Deposit of Moneys; Security Interest in Undisbursed Proceeds ................... 4.3. Repayment of Secondary Loan Section 4.4. Payments by Lender Section 4.5. Assurances . ... Section 4.6. Delivery of the GNMA Security Section 4.7, Acquisition of the GNMA Security ....... Section 4.8, Issuance and Terms of GNMA Security .... Section 4.9. Mortgage Loan to Corporation ...r....,.. Section 4.10. Obligation of Corporation to Make Payments .. . ...,,.... Section 4.11. Default by Corporation under Mortgage Note, Mortgage or FHA Regulatory Agreement ................ Section 4.12. Benefit ofBondowners and Enhancement Provider; Compliance with Trust Indenture Section 4.13. Assignment of City's Rights ............ Section 4.14. Administrative Expenses Section 4.15. Obligation of the Corporation to Replenish the Stabilization Fund Section 4.16, Obligations of the Corporation Unconditional ,...,,, . ., ,,,,,,,, Section 4.17. Mandatory Conversion to Fixed Rate ,.,.. ARTICLE V ADDITIONAL COVENANTS AND AGREEMENTS Section 5,1. Inspections Section 5,2. Reports and Information ................ Section 5.3. Immunity of Sponsor .................... Section 5.4, Compliance With Laws Section 5.5. Assignment Section 5.6. Mortgage Loan Documents ................ Section 5.7. Warranty of Truth -ii- . ... ?.a .__ _ _.r•._r.:t'_.?.i.=`tS.:F?:.Z=,?F"_^?.'S 'r ;t. .. fff, Sv N ,r{, ??.x<i,.s?.r,?riiys'?i.`c'?ir'S`:':?::;dV ??4_:!,•,r.??"????.?5_i1't7:?•:,`r.,,°?,v bi:?; 'p ?;v;??'. a??.„ 'S,l Page 20 21 21 24 24 24 24 25 26 26 27 27 27 28 28 28 29 29 30 30 31 3.1 31 31 dm ,., M Wr IL, . Page ARTICLE VI EVENTS OF DEFAULT AND REMEDIES Section 6.1. Events of Default .... ................ Section 6.2. Acceleration ... .........,.. ..,. Section 6,3. Payment of Secondary Loan on Default; Suit Therefor .......................... Section 6.4, Other Remedies ......................... Section 6.5. Cumulative Rights ...................... Section 6.6. Discontinuance of Proceedings .....,.... Section 6.7. Notice of Default ...................... ARTICLE VII RIGHT TO TERMINATE Section 7.1. Prepayment of GNMA Security ............ Section 7.2. Optional Prepayment .................... Section 7.3. Mandatory Prepayment ................... Section 7.4, Prepayments ............................ ARTICLE VIII CONVEYANCE OF THE PROJECT Section 8.1. Conveyance of the Project ............... Section 8.2. Manner of Conveyance .................... Section 8.3. Escrowed Deed ........................... ARTICLE IX MISCELLANEOUS Section 9,1, Notice .......... Section 9,2, Concerning Successors and Assigns ...,.. Section 9.3. Governing Law Section 9.4. Amendments ............................. Section 9.5. Further Assurances and Corrective Instruments ............................ Section-9.6. Captions Section 967. Severability Section 9.8. Counterparts ........................... Section 9,9. Effective Date and Term Section 9.10. City's Liability.. ...................... Section 9,11. Indemnity . .. . Section 9.12. Exculpatory Provision .................. --iii- .S 32 34 34 35 36 37 37 37 37 38 38 39 39 40 40 41 42 42 42 42 42 42 43• 43 43 45 ?„ •'Iri .7 ..•S.. :??., .-.r,;P r. «ti-' :?}?.e?tr ,7.?, ,Cr r?+=s .???. -- -. g,:ar - --R],x'.i{.-,.:gyp: :'p ,T?? 1 1 Page Section 9.13. No Personal Recourse ..46 Section 9.14. Conflicting Provisions 46 Section 9.15. Notice of Expectation of Obligation to Make Certain Payments 46 TESTIMONIUM, ..,......... 47 SIGNATURES AND'SEALS ...... .. ... .. 47 EXHIBIT A--Description of Project A-1 EXHIBIT B--Series C Secondary Loan Note ............... B-1 c -iv- o .r. yi` ii iiidl ?} ? .*MP {}. .? .>t •'?,? :4;, e,, :y.. Y, 0 SERIES C SECONDARY LOAN AGREEMENT THIS SERIES C SECONDARY LOAN AGREEMENT (the "Secondary Loan Agreement") is dated as of April 1, 1989 and is made by and among THE OAKS OF CLEARWATER, INC. (the "Corporation"), a Florida nonprofit corporation, EAGLE HOUSING MORTGAGE GROUP, INC. (the "Lender"), a Texas corporation, THE CITY OF CLEARWATER, FLORIDA (the "City"), a political subdivision duly organized and existing under and pursuant to the laws and Constitution of the State of Florida, SUN BANK, NATIONAL ASSOCIATION (the "Trustee"), a national banking association, as trustee under a Trust Indenture dated as of December 1, 1985, as amended and restated from time to time thereafter (the "Indenture"), between the Trustee and the City of Gulf Breeze, Florida, THE SUMITOMO BANK, LIMITED (CHICAGO BRANCH) (the "Bank"), as issuer of a Letter of Credit, SUN BANK, NATIONAL ASSOCIATION (the "Collateral Agent"), as Collateral Agent under the Security Agreement dated as of April 1, 1989, among the Corporation, the Sponsor and the Bank, and BAPTIST ESTATES OF FLORIDA, INC. ("BEF"), a Florida nonprofit corporation. RECITALS 1. The City of Gulf Breeze, a municipal corporation of the State of Florida, as issuer of the Bonds (as hereinafter defined) (the "Sponsor"), is authorized to exercise those powers conferred by Chapters 166 and 163, Florida Statutes, as amended. 2. The Sponsor has issued $100,000,000 aggregate principal amount of its Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985C (the "Series C Bonds"), the proceeds of each of which are to be used for the purpose of financing and refinancing the cost of the acquisition and installation by "Governmental Units," as defined in the Indenture, of qualified Projects as described herein (the "Program"). The Series C Bonds are issued under and are secured by the Indenture. Except as otherwise provided herein, all capitalized terms used herein which are defined in the Indenture shall have the meanings set forth in the Indenture. 3. Pursuant to the Indenture, the Sponsor has caused the net proceeds of the Series C Bonds to be deposited with the Trustee, to be used to make loans to Governmental Units ?F?f .i'i:; N` :F'. Fvt r.. -SR:'W"?;a!6 ''???•: :.?.i. i. :?.'-<.Y:a I a1:Yem...r: 5?? ?i !r.'^I?:I`? ?.?.r t 1,., .. ?4-? j M 7?i}}?? i,. ,T:? ? ? ,4` :,,i 3'? +'a.n€°. ?rd s. .iHt•.??: v?i? ? •A :1??t1?. J:,'../`hl. J .k?.;. ri..,.w. ?n s',.a?. ? ,f ?,.s; .,, .. t. _ ? ;'u %}' J w?.t•',•s. 4J°`,'i ?.i ,,?,•#:-:P t,' ? ,.qf n?::nin?r .. f,'? .t` .3;`; r;. y?Jd;,: ?i? .X''.?'•, i• F; ??tl ..r °i`I TAI :' ;z'. ..5", ? ? ? .. ? ? 'sk±:;??:f•,?t: for the financing or refinancing of qualified Projects. The City, as a Governmental Unit, has obtained aloan in the amount of $27,275,000 (the "Loan") from the Sponsor pursuant to that certain Series C Loan Agreement dated as of April 1, 1989 (the "Loan Agreement") from the proceeds of the Series C Bonds. The Loan has been deemed made by the deposit by the Sponsor of the proceeds of the Loan with the Trustee into a Project Loan Fund, from which it will be transferred to the Collateral Agent, to be used to purchase the GNMA Security (as defined below) in the principal amount of $25,093,000 and to make a deposit of $2,182,000 in the Stabilization Fund (the "Stabilization Fund"), as established under the Security Agreement (the "Security Agreement") dated as of April 1, 1989, among the Collateral Agent, the Sponsor and the Corporation. The deposit of the proceeds into the Project Loan Fund will also be deemed to be a Series C Secondary Loan from the City to the Corporation, acting on behalf of the City (the "Secondary Loan"). The purchase of the GNMA Security will provide funds for a Mortgage Loan to be made by the Lender to the Corporation, acting on behalf of the city, to finance, in part, the acquisition and rehabilitation of adult congregate living facilities (the "Project"). (The nursing home facilities operated in connection with the Project are specifically not a part of the Project for purposes of this Secondary Loan Agreement.) In consideration for such deposit, purchase and loan, the Corporation, acting on behalf of the City with respect to the Project, agrees in this Secondary Loan Agreement to pay certain amounts to the order of the City. 4. In connection with the making of the Loan, an aggregate principal amount of $27,275,000 of the Series C Bonds (the "Series C-1 Bonds" or the "Bonds") will be remarketed at an interest rate fixed until6april 1,N1222 and thereafter at a variable interest rate as set forth herein, 5. Under the Indenture, the Sponsor has pledged, for the security and repayment of the Bonds, inter alia, the amounts to be received in repayment of the Loan and the Series C Secondary Loan, in the manner set forth in the Indenture. 6. To secure the payment of the principal of and interest on the Bonds, the Sponsor is required, pursuant to the Indenture, to deliver to the Trustee a Credit Facility (as defined in the Indenture) (the "Credit Facility") pursuant to which funds will be made available for the timely payment of the principal and interest on the Bonds. 2146G -2- •.*l' A i a. ?rX;.,u..`p•..'i ;'f?F't?sv+w?•• :?y?;,r*.<-..nJ ??v,..'?•. Ty.s Kk "1 ., .j , 7. For the purpose of providing the Bond Registrar and Paying Agent (as defined in the Indenture) with funds for the purchase at the principal amount thereof plus accrued interest on Bonds in the Weekly Mode tendered to it for payment pursuant to the Indenture, and not remarketed in accordance with the provisions thereof, The Sumitomo Bank, Limited (Chicago Branch) (the "Liquidity Facility Issuer"), has issued an irrevocable, direct pay, letter of credit (the "Liquidity Facility") for the benefit of the Trustee and the Bondowners, which the Trustee will draw upon for the payment of principal and interest on the Bonds which (a) are tendered onl%pril 1, 1;2,Z" upon the conversion from a fixed interest rate to the weekly Mode, and (b) are put and not successfully remarketed while in the Weekly Mode as Series C-1 Bonds, as provided in the Liquidity Facility, at the principal amount thereof plus accrued interest (up to the aggregate principal amount of Outstanding Bonds together with accrued interest thereon). 8. The Administrator has approved the Loan and the Secondary Loan evidenced by this Secondary Loan Agreement for the purpose of indirectly and partially financing and refinancing the cost of acquisition and rehabilitation of the Project, as identified on Exhibit "A" attached hereto, through the acquisition by the Collateral Agent of the GNMA Security (as defined below), r 9. As evidence of the Secondary Loan made pursuant to this Secondary Loan Agreement, the Corporation will execute and deliver a note in the principal amount of the Secondary Loan (the "Note"), the form of which is attached hereto as Exhibit B. To secure the payment by the Corporation of the Note, including the amounts due pursuant to Section 4.3 hereof, the corporation has caused a Local Credit Enhancement to be delivered to the Trustee, namely an irrevocable, direct pay, letter of credit (the "Credit Facility") in the principal amount of $27,275,000 plus accrued interest (which also constitutes the Liquidity Facility), issued by The Sumitomo Bank, Limited, acting through its Chicago Branch (the "Credit Facility Issuer") (which is also the Liquidity Facility Issuer). The Sumitomo Bank, Limited (Chicago Branch) is also sometimes referred to herein as the "Bank." Pursuant to the Security Agreement, there will be pledged to the Bank, as security for amounts due under the Letter of Credit Agreement dated as of April 1, 1989, by and among the Bank, the Corporation and theAspansog, a fully-modified mortgage-backed project loan certificate in the principal amount of $25,093,000 (the "GNMA Security") guaranteed as to timely payment of principal and interest by the Government National Mortgage Association ("GNMA"), and the amountsion deposit in the Stabilization Fund. 2145G -3- `?eLS :Ei}.. L, "?1.?. rl„r ...{: `.. "? 'i! f' . ; ;f .i.l?;': '.::t•r^Y k Y. .;-, .,. .?, . .,?. __ 'A r+''???P•. '?.S .?,+,-.4'r.'S"`.te}.""F.,?(- ?.? ? l rw.S;• 4 1',•`?Q .. !•, ..?""IBC.. t ???.S S,M-e `J :,. r•: p,r ?,:i •' ?. i?Y uL y?r. 1: t.,r ?s,?"?S s}°4^;•. '?` ,.r i?? ,. Y .X" r;'..Z'; ,? i?yM'•t•]. •? ; w.;r.pGy?,.»,+ rr, ,? ,iY . y ':J Yv?;'k?a7i; ';. t : . `??,•,?a.i' %r 7,k?.,.• r :.4 "F r`tt S MMw<°,r F it. is '10 410 14. The Collateral Agent will use a portion of the proceeds of the Loan to acquire the GNMA Security from the Lender, and the Lender will use the proceeds of the sale to finance a portion of the mortgage loan (as defined below) to the`Corporation, which mortgage loan will be used in connection with the acquisition and rehabilitation of the Project. 11, The Corporation will acquire and rehabilitate the Project with the proceeds of a mortgage loan (the "Mortgage Loan") from the Lender, together with other available moneys, which Mortgage Loan will be secured by a deed of trust (the "Mortgage") on the Project and evidenced by a related deed of trust note (the "Mortgage Note"). NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: ARTICLE I DEFINITIONS All words and phrases defined in Article I of the Indenture shall have the same meanings in this Secondary Loan Agreement. In addition, the following words and phrases shall have the following meanings in this Secondary Loan Agreement. "Affiliate" means, as to any organization, any other organization sharing common management and control with such organization. "Bank" means The Sumitomo Bank, Limited (Chicago Branch), and any successors or assigns, and any issuer of an Alternate Credit Facility and Alternate Liquidity Facility, "BEF" means Baptist Estates of Florida, Inc., a Florida nonprofit corporation, and any successors or assigns. "Bond Counsel" means any attorney at law or firm of attorneys of nationally recognized standing in matters pertaining to the federal tax excludability of interest on bonds issued by states and political subdivisions, and duly admitted to practice law before the highest court of any state of the United States of America, "Clearwater Loan Reserve Account" means that fund established pursuant to the letter agreement dated April 3, 1989, between the Corporation and the Trustee. i=? 21466 -4- 1. ltkl?wy"t. ?f k e..? ' ? ` t.• t. ' •r r, •. • : ? ; ? f • „i- i" ., . 4,?w• F D? r r zr•.;.i •r i ?? rAM 4 ? ` ?:?ri { fi:i.'t'„k,c,. ,fr?:??L?'?o.i ?s? ?w`?1;,:• ?y,. .A .tr.' °3•Tnr ??.".j 1, ,?F Ft %fr'f:'C?' ? ? ,t ? ? }}.'^'i" V P r ?r ? i ,?.: •ct S I?' ?"6'Yi t",.... °',,4',•? a,"r ` :4«:Yr-. +•;;."" Y; ; kS•1?}?• w ??. it ? ?" f 4 l? '},.•'C*Y i•; /:? f ? .,??;t.L .?•.rr-.r,?:..: ::.+.::. as ?r r'? #. ?. Y :h ;C.."?._•J .« • ! .. ' -?i?" .`?# rat,':- 1='' .,?;`wi w.a:'zl tom' 3?•. r ;• 2?' aF z?? "€', .zs ?3? ?`t; ?^?.l, ; ?•? j ?['1 ;i f" _: , ?!} x r i +.?„ 3•'" :'S.•;`, I?,° ,r - :. i;?.. l`' ?Z.'?" '?i?;;:•-. +?SLr+ ?• 4tv t' ?1 ? ??• '"1 s ?, ...i t V t •' f°°k,• r. ?Y '?te"? ?'. ,ate .:? t?:t ' 1'u; ?a ,t; '[.J,'„ tiv '.a',%}'+?, • ?..s `-1 ..4•y .9?'`?".c :i,t:rr, , ? t:: t 3,. _" , y'•yr ' . a.• k:, , hi?tt' , r'?' •t . '}1? sF w 3S?, ,?Fy°t'?. f '??`l?l.',.r?,:= •.t• 3+J'•7'?•.?n ?/, `c=. ?. ><•,". :a .'T? _;t• `;'n..rA? .r• rat:"i47r" '?' I" .f?. f" 'i;?'?it?,?'?r°, ?`FJ` ?..'. . .?t ?1r ?• .?: .??,?.. %Y. ;1.J'pu s, J. C, . `.??`:. "l, .-t. Y. ?,;.. i"°s Ft ?}";Y ?q?.lz. ?:. .w. .. •"-t.;,? "i` `.? t?l ?4.a.. t• Fy .} t;X` ? `Yrlt. 1:., •`h `, }' ?".?;? ??? „ •?•"?.,, , d• ' , . .. - k•.? . i.rt°?: ;{4?.??/c;`.W„?,:z,.?, a .tfr•. 'as S h "Code" means the Internal Revenue Code of 1954, as amended, and as in effect and applicable to the Bonds as of the date of their issuance and with respect to a specific section thereof such reference shall be deemed to include the regulations promulgated under such section. "Collateral Agent" means Sun'Bank, National Association, and any successors and assigns. "Commitment" means the commitment of the Administrator to make this Secondary Loan. "Cost" or "Costs" in connection with the acquisition and/or rehabilitation of the Project, means any cost incurred or estimated to be incurred by the Governmental Unit which is reasonable and necessary for carrying out all works and undertakings in providing and constructing or acquiring such Project for the Governmental Unit, including the cost of the construction of the Project, the cost of necessary studies, surveys, plans and specifications, architectural, engineering, legal or other special services, including the fees and expenses of Bond Counsel, the cost of development, construction and reconstruction necessary or useful in connection with the acquisition and rehabilitation of the Project, the reasonable cost of financing incurred by the Governmental Unit or the Sponsor in connection with the execution of the Loan Agreement, or in the course of the acquisition and/or rehabilitation of the Project, including reimbursement to the Administrator for its out--of-pocket expenses and including capitalized interest on the Loan and the cost of such other items as may be reasonable and necessary for the acquisition and/or construction of the Project. "Default" and "Event of Default" mean, with respect to any Default or Event of Default under this Secondary Doan Agreement, any occurrence or event specified and defined by Section 6.1 hereof. "FHA" means the Federal Housing Administration of HUD or any successor entity and any authorized representatives or agents thereof, including the Secretary of HUD, the Federal Housing Commissioner and their representatives or agents. "FHA Coinsurance" means the coinsurance of the Mortgage Loan by FHA under Section 223(f) pursuant to Section 244 of the National Housing Act and the applicable regulations promulgated thereunder, provided pursuant to the Lender Commitment. 2146G -5- ..419 ,Y„f.r..,1,J S'?': }i „3%rF'Y::F{'i t?•.•:` •"?? Sr?+ CI* • rl 1. Yv1jr.3F 'r',Y JL? f.?•.t 4;i ,?.,. S E:r ., Sri', x 1' f" i.; •,.r ?f'•' s rr•JT •, } i;'.>' s. ' <x,L•i » t ?Ji.r? i `} i bi`S?S j '? .... x ?fl ,•, Nd: r. s J.y,.E J'•'t.:.3 ?Ha? .f•,. •••.'.r C`P' ',-]'t.?t ?•''I.y': :' '),r„:. i".'?,(2.?.t• ?•,'. ? ?'t?"Y.`"??} ? , .. ,••?I..f. `?• •'.` ?k . ?"'h'?7:1r tF„"`^,•'!"? •`.' ??`^I•'"?rX?^'y."?'.?"•:"•?w.w:.,{.a ?.,.VA, ?1?1YS?•SxSSt'?t %'•'?l'?ii?:?s'?kl't;4 •r !}'=': .j":rR.`ur. .;?4a .,;`+J :` '?.?:r.,t`•??, ^.'v ,. •1.4^,???r:W?o;_ j:,Z,Y? rd x:( 4 •; C ?ti,^4???`'.r??tK?';,?e".', r'(? .lt::,f fv ie.T.. Sys .}?+ .i.. .?6;.?'?s i:'; i.';'S :t. ir., ?r ?-Si ... 'tA t, l?. ..r'`•)' •?J.. .t?"tS..? ?Jf?kY` ? i?`?5.3 t .14L'? •y.. .•F-k?', ?'S? .I x.j.l' ??: ,? .?/41?.(: , '/ 'Ir Mt. e "FHA Regulatory Agreement" means the FHA Regulatory Agreement to be entered into between the Lender and the Corporation. "GNMA" means the Government National Mortgage Association, a body corporate organized and existing under the laws of the United States within HUD or any successor entity and any authorized representatives or agents thereof, including the Secretary of HUD and his or her representatives or agents. "GNMA Commitment" means the commitment to guaranty mortgage-backed securities issued to the Lender by GNMA in the amount of $25.093,000, which GNMA Commitment will include GNMA's obligation to guarantee the GNMA Security, "GNMA Guaranty Agreement" means the Guaranty Agreement to be entered into between the Lender and GNMA, providing for the issuance by the Lender of, and the guaranty by GNMA of the timely payment of the principal of and interest on, the GNMA Security, in accordance with Section 306(g) of the National Housing Act, and any modification or amendment of such agreement, and any successor agreement thereto. "GNMA Guide" means the GNMA Mortgage-Backed Securities Guide, as in effect on even date herewith. "GNMA Security" means the fully modified, pass-through, type one project loan certificate issued by the Lender and acquired by the Trustee, in connection with the acquisition of the Project, in accordance with the provisions of Section 306(g) of the National Housing Act, the principal of and interest on which is guaranteed as to timely payment by GNMA, bearing interest at the rate, maturing and having redemption provisions as set forth in this Secondary Loan Agreement. "HUD" means the Department of Housing and Urban Development or the Secretary of Housing and Urban Development of the United States or the authorized representative of such Secretary, or any successor Department or Secretary, "Initial Conversion Date" means ril 1,/1122-2-,- "Initial interest Rate" means the initial interest rate of the Secondary Loan, which shall be 77.5% per annum. "Last Date for Acquisition" means the last date on which the Collateral Agent may purchase the GNMA Security, which date shall be July 1, 1989, 1 2146G -6- jy} ? 11^' "'ti't 7+,?.rr.. /,{iC?'+ t'ry;- ;m r•iF: .?. -„y. ,, ,, .z„'?,.r ,,1.; •?,, `•k ,?> o s'* t"ri :.; t'p a N ,?,.?, - T' r????rtif?3L •+•;Uti i.?'i;r :!:'., ?t, "i?,''z?. ??a• :?y .??,, i?a?. "Y':..' a...ai• q .. '? ?• eY%+?°..'t?h': y, ? . f.,=a ?j t, r1SY•?', _ Js' ?f $ ?,,,?'?y,,,??' ?.. ;•,:.?}r:??2-i.t:;d.Lr=,«•?•?k• ' A'..??? a.:;»Ji'.:,.a.;:.i '?.3; ?,F+ f•,?? a4?7`! t•; { , x i* r r °:5 7* v Y, ?? ! iit`` ' L tw §' xis:. jk l , S.Ln ;4t, .?'• ,e? ,? , .7'N ,?•?. ry. ? , r'",,.?::-;.? ..- ?: A:. ? ! ?..f? fi )) , ,.a +t. j'•NW. 'i °7,. '?i FP .? i°'t. .! ;r??v .t; • rs. <<,: ?• ti'•i;.??:i: 1?`?, "•.: ? ? ?•,. ): . 5:?:. ???, ?r <,qa?,.a^?o •;'?. ?Y?v'S, r( ry?: ate ,'t Sail ?..••M. c??;•G`". ?i4`r. .?r:,?ry ?_. ,?:'-?. •?? :l 'i` •'4 •qt?.?'? r'., y;?^?'S°; .??,«,,. It frr` , e rs +:rr; wr,a •?w.w,?:S;:,?vrgrc.^'...?.,.s•?t-. = .t' I "Lender" means Eagle Housing Mortgage Group, inc., a Texas corporation, and any successors and assigns. .If "Lender Commitment" means the firm commitment for FHA Coinsurance of the Mortgage Loan dated March 1, 1989 issued by the Lender, together with any amendments or supplements thereto, concerning the insurance of permanent financing for the Project. "Letter of Credit Agreement" means the Letter of Credit Agreement, dated as of April 1, 1989, by and among the Corporation, the Sponsor and the Bank, and all amendments and supplements thereto and any substitution therefor. "Loan Agreement" means the agreement between the Trustee, Jackson C. Tuttle, city manager acting as Administrator for the Sponsor, and the City, dated as of April 1, 1989, to grant a loan in the amount of $27,275,000 from the Sponsor to the City. "Mortgage" means that certain credit instrument and security agreement from the Corporation to the trustee named therein, in favor of the Lender as beneficiary, a lien on and a security interest in the Project and securing the repayment of the Mortgage Loan. "Mortgage Loan" means the FHA coinsured loan to the Corporation from the Lender evidenced by the Mortgage Note and secured by the Mortgage, which Mortgage Loan is eligible to back the GNMA Security and the Taxable GNMA Security, the proceeds of which shall be used to provide permanent financing of the acquisition and rehabilitation of the Project. "Mortgage Loan Documents" means the Mortgage, the 4 Mortgage Note and all other documents executed in connection with or pertaining to the permanent financing of the Projects by the Lender. "Mortgage Note" means the promissory note of the Corporation to the Lender evidencing the Mortgage Loan, including any amendments or supplements thereto as permitted hereby or by the Indenture. "National Housing Act" means the National Housing Act of ' 1934, as amended, "Nursing Home" means the 116 bed nursin car which is operated in con unction wa h Pro ect. 7- 2146G ?Y Y s W i• ??ss??,,7?1'!J°t s.iidtl?l . j AY ; .. .+i ia' ?. .?; .E ,: [ti ,?.r ._. S < ,; r...•. +" `. Y? T J??Y .F??M+Kii r'!,l,iv'wa;?`• .'?:G. h';'?n.: ?? r Y' "r'.`b'. ?,` ,a. /`'(,Z + +1.. i. •r, r.A. :ti`.,isi..: is z a i. _ r.: 11 f''l,S y r r :y. ;; ar 'f4" t ,'y's,;""'"?'?'!`"?"YI/,???? rai??, ''" ?'l 's?- e` . ?::...;,:: .,£•;:.?'• : •- ?=r:=?' ru77"A '? YL 1 p ' s ,"' e:I?F ss :' ; -*` ?.5. Str:??" r i-?'? "T' ? r•t •4w n- ? i'...,?;;. .....r.. ,,,,;,,=r.,,?!..?J.„»:,+` ?•- • Y•• T •!`rf '.?,..?` ? ?••,•: ;? ?'?' ?? ? . s ?' ?s,' :?i f4 r, x.vr ,, 'r„?' a ?;;? s'r', y ,' . i?;.,,, ff""?".?;ii":, f -«'!^a'' ?S.c y,u- ? r r:r .r' •rS?'t?.'?y r t" n {i;? •??Yr yr '":. "?J,?.?J US .r I' °i.•,.?.t„'a*::' ?'?. zEr. ?'?'?;'•i'f:, ti. ri. sf, ! '?^ 's'••'rs + ;,?•',? r, "?}r?'`'?"' :?•??,"?a b 4 . :! 4R F !?, ?? 'F. ? ?E. 'r(. J"-i'., c •'.+a S..- F by :"- Ye 'K ? i 5• .+.' .1',^. „Skr ,? .,V ._ ?Pi T." f,f, .. 'r.. ?•?`•.;r •'Ea'p: .5. ,:.t"".'r. r.ik i?. ,?.r)';, s1 }"-__.,y!, . ?' ? tai ?a:..i, ;h:f ? 4s "'. r.?r' t st 5 r'.![ r-tit?: `•'l••. C e ts;?'r. , •r ,;i f':'r`+' 'i' -t'•i •?.. :i• S.?'•?tia, S:F; ,;: r?^:.,, i-;.1'?'-i,s .5,. ?=Y ..i• ,' ?J. i . e' "i' i ..? .r r ?. ??-. , .••s0°•' :x:,' ?'?l?"?E;? ?:?. e'?ii?'r?Y <'r , '? :fit ??x'T .t?q?"? '',h,`?e-,1 t i M 14 7. s 4 MP 1.?.: r.ar..tn?t P .r° "Nursing Home Loan" means initially that short-term loan advanced from Florida National Bank to BEF for the refinancing of a nursing home to be operated in connection with the Project, such loan to be in the principal amount of $6,000,000, the repayment of which is evidenced by the Loan Agreement dated as of April 1, 1989, by and between BEF and Florida National Bank, and any short-- or long-term financing substituted for the initial short-term loan, and any short- or long-term financing for improvements, renovations or rehabilitation to or of the nursing home. "Pledged Revenues" shall mean all payments received or deemed to be received by the City pursuant to this Secondary Loan Agreement securing repayment of the Loan and the Governmental Unit Note from the City to the Trustee. "Project Fund" means the fund by that name established pursuant to the Security Agreement and held by the Collateral Agent. "Project Loan Fund" means the fund by that name established pursuant to the Indenture, the moneys on deposit in which will be transferred into the Project Fund and used to purchase the GNMA Security and to make the initial deposit into the Stabilization Fund. "Pro Rata Share" shall mean the percentage derived by dividing the outstanding principal amount of the City's Loan by the sum of (1) the principal amount of all loans outstanding, funded from the proceeds of the Series C Bonds plus (2) the amounts on deposit in the Project Loan Fund. "Purchase Option Price" means the amount payable, at the option of the City, for the purpose of terminating this Series C Secondary Loan Agreement and the Nursing Home Loan, and acquiring or cancelling the Taxable GNMA Security, and thereby purchasing the Project and the Nursing Home operated in connection with the Project, which amount shall be equal on any date to the sum/Aofthe amounts owing under the al and interest due and accured on the "Reserve Payment" shall mean, for any period of calculations (a) the corporation's Pro Rata Share of the annual fees and expenses of the Trustee, the Bond Registrar and the Paying Agent in connection with the Bonds, and not 2146G J -a- "! 4?„ •?t,iHFi' "•tr tlia]9 %',:t ,. i??#.'':tf,P:. _. e,. .. ;?., .., ,.=. ??f". .. <EC .;.'?;;. ':??`!: ..4:HY3 /?;n:r •,+„' '?? ? 1J5' 'dc I'Fi * ?. ?-, ,? ??'• _`?:;' ? ?f..`#''j '1.'71-....r6. "` _ • ' FY',x`? • ?a Y?'??'..!, ,^ y? ?.?,...:3?t,.7w i:.±•„. ??' sr«?:< ...a. s?N-.:,?.,;?..•?' ar...ti .i.d a?: ,':...A,.v..`?=o???:?w..L.r f;.4 ?ti .•:l •:i'1S?t` h..?y?ii r.Ra ?.#, '?• ,?.1.. ! ,?. x';i. ;i ?'i¢. i ? t _4. ri• ,?f`f•,n• ;f,?`7 ?}'??i%?e r ?S attributable to the default of any other Governmental Unit; and (b) fees of the Remarketing Agent incurred in connection with the remarketing of Bonds described in Section 3.5_of the Loan Agreement. The amount of such fees and expenses that the Corporation shall be obligated to pay shall, pursuant to Section ,A.-DA,of the Indenture, be reduced proportionately by the amount of investment earnings received on the funds held under the Indenture that are available to pay such fees and expenses. Following an event giving rise to the corporation's obligation to pay the Reserve Payment, the Financial Advisor, on behalf of the Sponsor, shall determine not less often than each. January 1 and July 1 the estimated Reserve Payments, if any, and shall notify the Trustee and the Administrator of such determination. The Administrator shall compute the amount of the Reserve Payment due with respect to the preceding six-month period and shall notify the Trustee and the Corporation of such amount, which shall be due and payable by the Corporation within thirty (30) days of receipt of such notice. "Secondary Loan" means the loan of $27,275,000 represented by this Secondary Loan Agreement. "Secondary Loan Agreement" means this Series C Secondary Loan Agreement, by and among the City, the Trustee, the Lender and the Corporation dated as of April 1, 1989, and all amendments and supplements hereto. "Security Agreement" means the Security Agreement dated as of April 1,`1989, by and among the Corporation, the Sponsor, the Bank, the Collateral. Agent and the Trustee, and all amendments and supplements thereto. "Stabilization Fund" means that fund established pursuant to section 2 of the Security Agreement. "State" means the State of Florida. "Trustee" means Sun Hank, National Association, and any successors and assigns. ARTICLE II INTENTIONS OF PARTIES; CONCURRENT TRANSACTIONS; AGREEMENT FOR THE BENEFIT OF PARTIES AND BONDOWNERS; COMPLIANCE WITH INDENTURE Section 2.1. Intentions of the Parties. The parties hereto shall use the r best efforts to finance the acquisition of the Project in accordance with the terms 2146G -9- .{ ) Y; MI iff/`h °t i`: J. :1.5 jk/++ .a. ?. .Yf •?Y.n .., ?.?', .pia <'r t_ ,>. t ;:. : ??' •'??;.,` ' : i.. ' tip: ; . 1,; d', ?"';,;! }' 't;:: ?. ••.Y{sf , ' F't!yy "SEAS', ''}.- :v?•u??°,".,??'ris,?dt?:? ?rii (.; K`+..,. ..M1.,v 4'try,, ('7YSG'j., tu^•M 1^ T:C Y(vYhw vf+p - .s -M rte : ?+lw{?W1?!?,... "i.,?(NA Yv.:.-r.14 Ne.ileKn. M1'R M+••' ' ... ., .._...., .".... .? •:'S °.1:.r`. i?: ?..'.v..: •.. - .. .. ..:.n. .? .:?:.P....1,i.+ir??,.IAi•?:iKM¢..ti?'•a,i..•:?nr:,.. ..., '!f i herein. The proceeds of the Secondary Loan shall be deposited, pursuant to the provisions of this secondary Loan Agreement, in the Project Loan Fund, and then shall be transferred immediately to the Collateral Agent for deposit into the Project Fund, The Collateral Agent shall use the moneys in the Project Fund, subject to the provisions of this Secondary Loan Agreement, to make the initial deposit into the stabilization Fund and to acquire the GNMA Security backed by a portion of the Mortgage Loan, to provide permanent financing of a portion of the costs of the acquisition and rehabilitation of the Project and to pay certain costs incidental thereto. The Lender shall apply the corporation's payments on the Mortgage Note to payments due under the GNMA Security. The principal of and interest on the GNMA Security will be guaranteed as to timely payment by GNMA pursuant to the GNMA Guaranty Agreement between the Lender and GNMA, in accordance with Section 306(g) of the National Housing Act. Section 2.2. Concurrent Transactions. The Corporation represents that it has delivered to the Lender a Mortgage Note in the total original principal amount of $27;876,000, which Mortgage Note is secured by the Mortgage. The Lender is to provide FHA Coinsurance for the Mortgage Note, pursuant to the Lender Commitment. The Corporation has acquired the Project with the proceeds of the Mortgage Loan, and BEF has refinanced the nursing home operated in connection with the Project, with the proceeds of the Nursing Home Loan. Section 2,3. Agreement for the Benefit of Parties and Bondowners. All covenants and agreements on the part of the Corporation, the Lender, the Trustee, the City and the Collateral Agent, as set forth in this Secondary Loan Agreement, are hereby declared to be for the benefit of the parties hereto, the Liquidity Facility Issuer, the Credit Facility Issuer and of the owners from time to time of the Bonds. The Trustee, in its name or in the name of the City, may, for and on behalf of the owners of the Bonds, enforce all rights of the City and all obligations of the Corporation under and pursuant to this Secondary Loan Agreement, whether or not the City has pursued or attempted to enforce any of such rights and obligations. Section 2.4. Rights of City, Trustee and Collateral Pursuant to GNMA Securit . The City, the Trustee and ollateral Agent each acknowledges all of the following: (a) This Secondary Loan Agreement contemplates that, with respect to the Series C-1 Bonds: ' 2146G -10- zt ?"?` l?yt '; ??l ?a. f,'i.i ?i r? .. ^i.}1 - .r: ?. ?... ..}!?•,,?i ,?f:?::t',"?,.".;'?'.'R(,r?:'n?'?: :n y1}' •?€('ri r???.?;17i??r,s?.,'? ,:?:.:1''E?'c:':.4;'•°s..p:,.E'r`, :!{, ;<< ??'3•'r:. .;{'; it _ :yr''. •(? ,w.•..t'.,t?.,?;?;,t,;?i:;,r?.T:wxi?l?:?a'?yr ??»a?i:k,sn.?s-`.,.'w :F• ^•.+'^=.?,•!?*+ i?- -»Ar4.:.:..F ??,. ??.rr:.::..n..;r •.??i::?:. .w; ,S«d...'. ?..:....i»i*?T?«.. ? i+' ?•r' ?.?f??,• ?? ? t vsi ""'C:,, ?fkf.S, I ?' ^"i. i •z' •tw- ,, L}r. {.,ai... r?*,r [,. '„s ,{r' ?'` }?''?,i?'?t r ?t,•..l' Ntr 'r 'f :?d ?s? ••rr ? fir. .},'.? 7A M H 400 (i) the Collateral Agent will acquire from the Lender only the GNMA Security, and will have only those rights and powers with respect to the Project and the GNMA Security which are given to it by the terms of the GNMA Security, the GNMA Guide and the GNMA regulations; (ii) 'the Bonds will be collateralized not by the Mortgage Loan and not by the GNMA Security, but by the Credit Facility and the Liquidity Facility; and (iii) the Trustee will not receive any pledge of the gross revenues of the Project or any assets of the Project. (b) The Trustee, in the event of a default under the Mortgage Loan, will have only those remedies: (i) to which it is entitled under the Letter of Credit Agreement and the Security Agreement; and (ii) to which it is entitled under this Secondary Loan Agreement. (c) Under the terms of the GNMA Security, the GNMA Guide and GNMA regulations, the only event which constitutes a default under the GNMA Security is the default of the issuer of such GNMA Security to make a scheduled monthly payment of principal or interest to the holder of such GNMA Security by the monthly payment date in the month in which the corresponding installment under the underlying Mortgage Loan was due, or the failure of such issuer to remit a principal prepayment to the holder of such GNMA Security by the monthly payment date following its receipt of such prepayment from the Corporation. The occurrence of an event of default under the Mortgage Loan which underlies the GNMA Security does not constitute an event of default under the GNMA Security unless it results in the failure of one of the foregoing payments to be made. Therefore, the occurrence of a default under the Mortgage Loan will not by itself give rise to any remedies on the part of the City, the Trustee or the Collateral Agent. (d) The Mortgage Note and Mortgage will be assigned by the Lender to GNMA as part of the issuance of the GNMA Security and neither the City, the Collateral Agent nor the Trustee will receive any pledge or assignment of the Mortgage Loan or the Mortgage. 2146G -11- 'y?7}?lr h??L ??:;n"p } .4 4 T[j:ri fl.(14i.,r}C.: ?: •1'K n}.'tf?1)i:1k-ii ??s7'r17'f.? ?. +,9 -rE i`Y .1 s•Y y g "i11?f ? F. • ra. i ? 4 ? n ?`4 ? ; k • ?a?i'?7: •?}"f°rr'71r. i.'.r lY ?.i S.}Et ir1£.ri:°ir?f.4?'1 Ir, :. ?.?.r "? •f •d .-3 ?E 7 ?L F ` ? ?- l ?; ?.3'.? ' ::?! ? ? ' ?}? {'„'j:?•'r???7•. n. v7.ib?.:'r?rl.'ih y. j-ir -r1 1•?F7 ?i ?'y ?1: ?.:r ?.ii?:, 'A• ?I17F', .ird Y " f ?•' ?? ?;5-y;1?°r .:??k? .7• ; - . (r;: . 9 i ? ?.. ; :.. ?? 1! ., ? ?: : ' . e'-•:.Fi ? rR. • . ?r. t n •E. ` ?Y ..?7 ? ?. ?r Eiit?l r` ???`Yiw;.. ? (e) Funds held by the Corporation will be from funds and accounts the Security Agreement the Lender for or on behalf of maintained separate and apart established under the Indenture, and this Secondary Loan Agreement. (f) If an insured loss or a condemnation occurs, early redemption of the Bonds can occur only if and after the Mortgage Note is prepaid and the prepaid principal is remitted to the Collateral Agent as holder of the GNMA Security, and only upon the prior written approval of the Bank, so long as there is no default under the Credit Facility or the Liquidity Facility. ARTICLE III REPRESENTATIONS, COVENANTS AND WARRANTIES Section 3.1. Representations, Covenants and Warranties of City. The City represents, covenants and warrants that: (a) The City is a political subdivision duly organized and existing under the Constitution and the laws of the State. The City has duly authorized the execution and delivery of this secondary Loan Agreement. (b) Except as otherwise provided in the Indenture, the Loan Agreement, the Security Agreement or this Secondary Loan Agreement, the City will not create any debt, lien or charge on, or make any pledge or assignment of or create any encumbrance upon, the GNMA Security. (c) The Trustee, in its name or in the name of the City, may, for and on behalf of the owners of the Bonds, enforce all rights of the City which have been assigned to the Trustee pursuant to Section 4.12 hereof and all obligations of the Corporation under and pursuant to this Secondary Loan Agreement, whether or not the City has pursued or attempted to enforce any of such rights and obligations, (d) The City is duly authorized and empowered under the laws of the State of Florida, particularly Chapter 166, Part II, Florida Statutes, and Chapter 159, Florida Statutes, to enter into this Secondary Loan Agreement and to pledge the sources hereinafter mentioned to the repayment of the Secondary Loan, and to cause the proceeds hereof to be applied to the payment of the Costs of the Project. 2146G --12- r - - (?'ttf ?r ..'.fv x 't5' .'??."#T L 3 `b •? ry,'r-vY •'r iXr ` -: • .1 s_•,? . 'y,•,..r?=.,.a+. ,rr ?:aY_' a.. ar ? ,,,_.:: ,?y,.,s .y-?.: •!; }•iT (>.n"'?•'SY•"F{Ij.. S. I n?:.7i'?.'a ?? ??. X? rt':Y?' °F •?„",?'? Lt,??. , ! ,FE4y ? .? j•k'. ,? °?P. ' (d i.t •' x ?.: ' ? E s?y.Sc _ ' ,' -'; ..-F=r'? 6.t',? ?, r , ?!! r ? ?C ?•?'_ , ?rr,.? ."'•,r ?y 1 f ,' ?+. s ii.'. r' '€ r•r ?4`,s` a ': L?•'S.?i'. ?S?eY .?:?.+ 3'x " i'?'' 'e?i`<,?ir ,,r.`?dir???,? ,r.l'1'?' ..?;y?srt rl?:w?i?.tiw:?w'?r,#'+.•a'• 4„ 7ajt1?? 4:,i•.?. ,` , •,+ ?7?''?.'?;'1y,??.y,1,•J i/"y'?`'? :?.'s. vi?r.s'?,; +»'.: ?,« ??".?' l.. a.t.t.'?"?t? E.:,_?4 .: <?i: ., •r"'.-d,'•E.. ,r_'.=? ?P: ''3,,?'.•?i5• .? ''ir ]CS'a .`,?{., 1•? { .: ?. ?•,. t•. a .:.?: fir: a ",t`.. .c=?" i •,'.! f j y:.: '. ' .' .'r.• . r', I :?'i:' <>' ?,.i L ? k t ;"hu+• .a'.. ..q ?.r Na•5 ,? E,.. .i. 1", !?. f.' S.?`:'tt :r?".? 's' ? s.•.: _' ?>7 .r?uv"; ??+'? jt . ? .j ..?. r'%:; ;x ? ?.. s w - 3a n a :i .a ;? C x' ?.; 't€? ' J ."';• 'i? ? ?'? i'1. ? rF ?,.'.,a 1-, •.')y r. ?,.,, ;??+• '. ,` j' ? s'- "r?'i'€`?Y / Fls-r i .r ,?i s.? tia.5 r?: T?? ?• ?R .'rr .,,5 ?V !S:'•" '1.'?-.?• r... .t., ; ,+1.: •.?, grr rr,.. Q ; li ,. •'?, •.? ?l"t J1S L'S I i ? E ' I i ?Z F, ?a i r\ .,1 i .' :W"•"`"'"'"?:arv ty, ?*•.f..}s-?w>-,.K rSh,ar's. s ?. I A, (e) On December 29, 1988, the City duly enacted Ordinance No. 4738-88 (the "Authorizing Ordinance") authorizing the borrowing contemplated by the Loan Agreement and the Secondary Loan Agreement. Section 3.2. Representations, Covenants and Warranties of Corporation, The Corporation represents, covenants and warrants as follows: (a) The Corporation (i) is a Florida nonprofit corporation and is duly qualified to transact business and is in good standing in the State, (ii) is an organization described in Section 501(c)(3) of the Code and exempt from federal income tax under Section 501(a) of the Code (collectively, a "501(c)(3) Organization"), (iii) has the power and authority to acquire, own and operate the Project and (iv) has the power to execute this Secondary Loan Agreement and to perform all of its undertakings contained herein. (b) The Corporation agrees that during the term of this Secondary Loan Agreement it will maintain its existence, will continue to be qualified to transact business and be in good standing under the laws of the State, will not dissolve or otherwise dispose of all or substantially all of ids assets and will not consolidate with or merge into another legal entity or permit one or more other legal entities to consolidate with or merge into it, provided that the Corporation may, with the prior written consent of HUD (if required) and the Lender and the Bank (which consents shall not be unreasonably withheld), and without violating the agreement contained in this subsection, consolidate with or merge into another legal entity, or permit one or more legal entities to consolidate with or merge into it, or sell or otherwise transfer to another legal entity all or substantially all of its assets as an entirety with the prior written consent of the Bank (which consent shall not be unreasonably withheld), so long as such other legal entity is a 501(c)(3) Organization which irrevocably and unconditionally adopts in writing all of the obligations and responsibilities of the Corporation under this Secondary Loan Agreement. (c) Neither the execution and delivery of this Secondary Loan Agreement or the consummation of the transactions contemplated hereby nor the fulfillment of or compliance with the terms and conditions of this Secondary Loan Agreement conflicts with or results in a breach of the terms, conditions or provisions of any 2145G -13- Fti?K"?t? 't ?."?c'siY"? ? ?S'?`./. .v ??7;ySjl'• ,tt+7e? ,•-/q ip y'?...1 {':?5? •:. ?.; ;t:: :'S.`??;ti ?{'?' arf'1{ "?i?•, '.K,a'f ry. .?'-'•'I ?;` 1;+:i1 t .•,+ ??.fi'3; va. , "--? .. x, ..•s . 1: o ,.?E it ' t','= -s s' ' S?f Sri f ?; h 1/' ,c«.: .:. J:.'.4 .w:.;.s ».}..'• r...4.?»'''r!s-,wA•?A+a•?•i..:.:rC??;;c;?iYaY .?:.y?,.???;??t ;i1? 1.•' '+r' '?t;:?: :??, 'J- 4'1 ,des ,•?? •:•s ,sj"°: j?` • • I •t •1 ' ?'!' -'iii +`; j.lfia restriction or any agreement or instrument to which the Corporation is now a party or by which the Corporation is bound, or constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of the Corporation under the terms of any instrument or agreement, except as provided herein and in the Indenture and the Security Agreement. (d) There is no litigation or proceeding pending, or to the knowledge of the Corporation threatened, against the Corporation or any other person affecting in any manner whatsoever the right of the Corporation to execute this Secondary Loan Agreement or the ability of the Corporation to make the payments required hereunder or thereunder or to otherwise comply with the Corporation's obligations contained herein or therein. (e) The information concerning the Project and the Corporation submitted by the Corporation to the Lender, the Sponsor and the Remarketing Agent is true and correct as of the date of delivery of the information and does not make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading. (f) The Corporation, to the extent within its knowledge and control, shall not use any of the proceeds of the Loan or Secondary Loan for any purpose other than to acquire the Project and to make an initial deposit into the Stabilization fund (including without limitation the costs of acquiring the GNMA Security and costs of issuance as provided in the Indenture). (g) At least 95% of the Project (determined separately on the basis of cost, square footage and rental value) will be utilized in connection with the charitable purpose of the Corporation. (h) The reasonably expected economic life of the Project determined in accordance with the Code is not less than 30 years. (i) The Indenture has been submitted to the Corporation for examination, and the Corporation acknowledges, by execution of this Secondary Loan Agreement, that it has reviewed and approved the Indenture. 2146G -14- .;ir. Win ,uty} .f .t??Se'r ..?.?v,'??j:'::'a?Yn k'L??:?'+$'•.?.5!`.>:'+?..if,`, ?: °,'??a ?•;: a:•, ?° :.C??,'•: f•?. ;,".k"•`,.._ F.•,,•J ,e?^;.er :.•?.•'?,?i1 f r+t%+w•i:w +,;, 7 'wd5°.Ltd:,.t`:.;i?'•'t.r%.,.,.:"??,.'.,?,;h•rr,..........a:.,is?,:;-...:«r?,a%i,j.:.+t--•j w... +:+._?K,: i??N??1'j %.., by w. rte'.',.. ,,; ?S ? 3` tir rl "C?.:': ,.4 F.•. ;,.' ? y 2 y?"„Sl.t.':a' .,:j J''k• ?.ife??Z{''S.' '..=,?t• ?.??a?,?^ fr?(rk".?? ? '+.?• '3'.:' :y' yf.- r,,, ,,q; t.3.,? •?.fi?????..?a??°.:?`: yet,`!:'".?;",.,?•,????,,. .,' -'••''•'' ?,.' .. ;.• `?.;' .E•j ??,: •! to ? .a', ;., .E, y,:??. z..?,•..:.?h.?; <.n i-•r •°.a•?+:..,^....yw•w+«rh•.?.^•-..e.•?1...!,r ±•?v.•y.rr??^ : a, s?lsV..pr.•','.??! -`s'L'Si!,`^.`a:. `?hr+!'?"^*{?zO:.?F??""s',?s'? . "?;?'."'. , ,? ,? is ', .. .. , s.. ' ? ?€?Y; ?°iY;,," ?4 •y?'?>t? ,:;.1•°'i '?',+?; y: (j) The Corporation, for the benefit of the Sponsor and each Bondholder, hereby represents that (except as required by HUD in order to carry out HUD requirements or prohibitions pursuant to the National Housing Act, HUD co-insurance regulations and HUD/FHA loan documents) it has not taken, or permitted to be taken on its behalf, and agrees that it will not take, or permit to be taken on its behalf, any action which would adversely affect the exclusion from gross income for purposes of federal income taxation of the interest paid on the Bonds, and that it will make and take, or require to be made and taken, such acts and filings as may from time to time be required under the Code to maintain the exclusion from gross income for purposes of federal income taxation of the interest on the Bonds. The Corporation agrees that it will not make any changes in the Project which will result in a violation of the limitation of the maturity of the Bonds under the Code. Without limiting the generality of the foregoing, the Corporation agrees that it will file or record such documents and take any other steps, with the prior approval of HUD and the Lender,, as are necessary, in the opinion of Bond Counsel, in order to ensure that the requirements and restrictions set forth in this Secondary Loan Agreement will be binding upon all owners of the Project. With the prior approval of HUD and the Lender, as required hereunder, the Corporation hereby covenants to include such requirements and restrictions in any documents transferring any interest in the Project to another corporation, to the end that such transferee has notice of, and is bound by, such restrictions, and to obtain the agreement from any transferee to so abide. (k) If the Corporation becomes aware of any situation, event or condition which would result in the interest on the Bonds becoming subject to federal income taxation, the Corporation shall promptly give written notice thereof to the Sponsor and the Trustee. (1) The operation of the Project in the manner presently contemplated and as described herein does not conflict, and the Corporation will use its efforts to avoid any conflicts, with any zoning, water or air pollution or other ordinance, order, law or regulation applicable thereto. The Project is in compliance with all federal, state and local laws or ordinances (including rules and regulations) relating to zoning, building, safety and environmental quality. 2146G -15- •N ? R'.R ars i-..p,,..,- -,.^.. .,...- - r. ; ,_ ;. •i'r?p(r Rls7 E,?.? ti.:°.:.1• vr, L r ,.a y.... fi ,: z.frr a i.4 :'?'. ?, ,,;y ":•tf?'i .•?14,.a ?.. ,<'.k`:Srt t" ;yPa ate, µ .:..- n a. 'i ?° °. i':i'€fi', ?,C'-s.t ,.• '(`5r:.. ?! is {?r???. -=?'r ? r.+: t, r.'':?a• t:.s ?r-a .t;;,:s: •Ps?a•e'.'i.ir 47 ,??? ??lF ?iT?,???? 1. ??i,? ? "r?u.t 3.. ??d??.,'y'?; ,?. `r'?; `st. s 9i',1 .. _. r'[' ?" .; 1''+Y??:!?".. L `?'.?x .; ?«`r .?e•c i.[ t?a.'..w,r},!' Yl:?a`f'Y'1 ?i?.^R:?4r r-?iyns' ?!».r:?:,.d j¢..,ilf'f'!1•?r ?3..rt•C"+°r-!?ti•'1•V,rv'?,.?JrsHJ?:?ti s+rh'f.--rr• F:...,.p ?, A•>?tE',?A.?ssc "': Aji4.lti iSi??y????. so?i^ I.;a?.' ?, .'••+p7,???fti o?;,??r,?F#R..?': ):'.ilk ?9i1f?r S'zt T; y?,?;`, •?s,:p?r-?:J'?; ?.? ?t'. ;;?`b..??'; .'r'?3 ??4.x'. -? i '•'[x t i?' ??J s'{' i .T t'. r.... ?'1 rir - zj•'x?' .','?'•p' '; i ?" ?.+:. r i• -•?i'.??;'?1 ? 1. ? I+:'.' ? wx'•. s, .'rr'.; - •.??? ?? , .?,._•.r 7.3 '.t 14 %'i v ,; o.a '. _ ??il%'?.' ?Se`S:t.sf i?...?. N?,?r€a'??m .?4=?z s..?t.i?e;L .-?i.°.rc;:•,•,?.?::, 'r'!`F_'. .- •i.. „ :i,,?ff, l; e-. r??... ',;. r , .. is 1 (m) The Corporation has file+ filed all federal, state and local required to be filed, and has paid all taxes as shown on said returns received by it, to the extent that become due. 3 or caused to be tax returns which are or caused to be paid or on any assessment such taxes have (n) The Corporation is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material agreement or instrument to which it is a party, (o) Endorsement of the Mortgage Note for FHA Coinsurance has already occurred. (p) The Corporation shall not; (i) except pursuant to the provisions of this Secondary Loan Agreement or the Mortgage Loan, grant commercial leases relating to the Project or permit the sale, transfer, conveyance or encumbrance of the Project or any part thereof during the effective term of this Secondary Loan Agreement; provided, that this covenant shall not apply to leases with (A) 501(c)(3) organizations pursuant to which any such 501(c)(3) Organization shall use a portion of the Project with respect to its activities which do not constitute an "unrelated trade or business" within the meaning of Section 513(a) of the Code or (B) governmental units for governmental purposes; (ii) demolish any part of the Project or substantially subtract from any real or personal property of the Project during the term of this Secondary Loan Agreement; or (iii) permit the use of more than 25% of the Project by a person other than a 501(x)(3) organization or by a 501(c)(3) organization (including the Corporation) in an "unrelated trade or business" within the meaning of Section 513(a) of the Code, if payments received in respect of such uses total more than 25% of the principal of or interest on the Bonds (which shall include "use" pursuant to any leases permitted under subparagraph (i) above), (q) The Corporation covenants and agrees that it will maintain its status as a 501(c)(3) organization. 21466 --16-- " ?. J ,; •?? S':tr ".• i, f ;? ?"'4.i 7' £s°{' S' ',-"fit Vie',,.. ?? p,.t,. 4?'7 { ?. r"w'.i??? :.r?.?:,?. ? ?.'sr?, t.'_ ' S''#e ?? 3'., ?Tf?. 4?'' ?i >t r.:..; ?-:_ .?T .??'r? . s'.?... -??. ?. ?ra•,'.'i.. .?: 7 Y ts' X74. .'? ^:.7in - ,:? • is _f;. ? ?G??` a:. ?^.,, "???,, . ?,,?.>,-,;. vY . f, i !? i•4?.3 .77 r`.. ,S .?L?yw ?'•;`i<7??i: i;,=i''L".' ^:7> ,r J?l?i' tjf... .?t',s'. '7i j1.' 1 ????+s ^; .4:>fja, - S, '7_74, •7.".. ?' ., . i n r;lf ..r y?•. ..?„a. ?e,?.+?•. ^r?•r..wk ? ?T.?'Mrf?:?i. y>'{. ?y?.tt ?;??f'r:rr•T•. •Ref?'r: • ..... ... ... ... .Sif'a ?. a_Y ,SY ?" ..._ n .f?r. .'.11•?.'?e11« .f_ ?. ?+. .. .... .t ?. { f `C• (r) The Corporation will not use or permit the use of the Project in such manner or to such extent as would result in inclusion of interest on the Bonds in gross income for the purpose of federal income taxation. (s) The Corporation shall execute and furnish all documents required by the Lender prior to the issuance of the GNMA security. (t) The Corporation will not contract for the services of a firm experienced in management to act as the managing agent for the Project unless such firm meets the requirements of the HUD regulations, and unless the management contract does not adversely affect the exclusion of interest on the Bonds from gross income for purposes of federal income taxation. (u) The amount of the Secondary Loan, plus anticipated investment earnings, does not exceed the "Cost" (as defined in the Indenture) of the Project and does not exceed the cost of the Project as defined and described in the Authorizing ordinance of the City, (v) No portion of the proceeds of the Secondary Loan will be used to finance any Project which is used in the trade or business of a person who is not an "exempt person" as defined in Section 143(b)(3) of the Internal Revenue Code of 1954, as amended. (w) Immediately after the execution hereof, no Event of Default shall exist hereunder nor shall there exist any condition which with lapse of time, the giving of notice, or both, would constitute an Event of Default hereunder. (x) Neither the Corporation nor any person related to the Corporation will, pursuant to any arrangement, formal or informal, purchase any Bonds in an amount related to the Loan from the Program to the Governmental Unit, Section 3.3. Representations, Covenants and Warranties of Lender. The Lender hereby represents, covenants and warrants that: (a) The Lender shall perform all acts in the manner prescribed in this secondary Loan Agreement for the purpose of assisting the City and the sponsor in the financing of the Mortgage Loan by the Lender to the Corporation to finance the acquisition and rehabilitation of the Project. 21466 -17- s d nnigw frsy;.tr??• ?`?? ii;jsa, -_-.1; ?•=iiJ}1f;1 3rJ: ?. u'.,w o4.V.` .. e.. 's ?fw:i :'.^..:-' r;•TP? ftf.::?:y?:f{;''?.t?.t+ '?..i;{`}tit'd.t •• (r ., ?' . ?;n?M ( ?' e '' M .,. ?:1e:1= ; r. ,.. •FA b:. ,,:, •? .,?,?•. ;:•?`:; ? l?,?,_', ?.vrt,-r?t•%'.a? ,?5.,...i'f •y a r. aR' , i;? ? .? r °F _I ' ., . ?._ . .. .r r ?-.'.'?•,'.:,. - r'r '",'Isf : .., . . ° J.` f ?.' sa r. ? ?, • ;?..R Y.,:, w.:. 1"sl::.?:++?:i?:f.y„ `..1::5?:,..:.?.,:':,:o-?:.:w.?,,.G.?.- '..:?...':?.,;„.,?..r?.?.-..?-,,..;?.as. ;.,.?ykf?,-,-?"=??r',?i,h i [ • ' ;t;E; .?'?` ?r ?f 1 Y?jt }i ??'?t;",io „x, .t. ?f re'• S v?;. 3 . ?a ....' _e r?., ;S':i>'r? {r. jj?? y '? ixi'?i { ?.i•;;r`.,?i:1? ?.t?!gg i?r', ,:?:t. `t,;z; !^•,?.,.rr ?-i' ,'a",?r;!' "_s+ ,.y s: ,.?^(,r.?'<:?Ttii.a. '3}r 6j.,•??. ?.. ? ?? ''r,l. J,,'a?•!' .r°w???;:. f f t,?} -r `Q?,ti, :K:??kl:.^?:'??F.,7'??'.: "}?" 'r` .?„ 1^ i'f'.r ,`'.,r{•,r ?l.- r' .ka ;l.:'( .?!'?.. :{"-.i.:?:?,.;.. ;i` '•.C, !. 9?:: :+: "?.?:?1+?ir.??. li!?'S p•,i • Ire y. ! s 1 . { >,,ya.- ? >, .. •i' •.: v.?/.. '' r ? ?R. . ? r: e ,. .. .. '+??? -i:?l •S' '`^ i ? •'?°?R ' y='?'le?l?. . re Tir fh.•: .. ' . •• .. .'a ? S?'. V. (b) During the term of this Secondary Loan Agreement, the Lender shall (i) cause the mortgage Note and the Mortgage to be held by the custodian referred to in the GNMA Guaranty Agreement from and after the issuance of the GNMA Security; and (ii) maintain in full force and effect the guaranty by GNMA of the timely payment of amounts due under the GNMA Security. Nothing contained in this Secondary Loan Agreement shall be construed as to alter or diminish the obligations or duties of the Lender to GNMA under the GNMA Guaranty Agreement or the obligations or duties of the Lender to FHA as mortgagee under the Mortgage Loan. (c) The Lender shall: (i) issue and deliver the GNMA Security to the Collateral Agent in exchange for payment therefor; and (ii) use its best efforts to give written notice to the City, the Trustee and the Sank of any default or impending default by the Lender under the GNMA Guaranty Agreement and of any prepayment on the Mortgage Note as provided herein. (d) The Lender (i) is a duly and lawfully organized Texas corporation, (ii) is organized and operated for the purposes, among others, of making mortgage loans to provide financing for the acquisition of multifamily developments and of issuing mortgage-backed securities guaranteed by GNMA to obtain funds to make such mortgage loans, (iii) has full lawful power and authority under its organizational documents and applicable laws to execute and deliver this Secondary Loan Agreement, and to issue, execute and deliver the GNMA Security and to perform its obligations hereunder and thereunder, and (iv) by proper action has duly authorized the execution and delivery of this Secondary Loan Agreement and the issuance, execution and delivery of the GNMA Security. (e) This Secondary Loan Agreement constitutes, and the GNMA Security will constitute, legal, valid and binding obligations of the Lender enforceable in accordance with their terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other laws for the relief of debtors generally. (f) The execution and delivery of this Secondary Loan Agreement and the issuance, execution and delivery of the GNMA Security, and the consummation of the 2146G -is- Fl. I !, rIF I 'f IV i11P i,t; air4r. f 's#r r, „,?':.,?i rxL...:.?: ?.?Yin.?1r-?e.rti?i.k4?.r .SyYL 4i . ',. ,to .«s.'r.r"rtr"?*?+'??%r r+4!•rc"?".ir.,.,.?w,? +,., ..I!i ?j?'.?.-...?rt?..r ?t??":?'?'?;`'???"??r4{ . ? ,.?%-•M7??#'.'?.. r f c, i A transactions contemplated hereby and thereby, do not conflict with or constitute a breach of or a default under the Lender's organizational documents or under the terms and conditions of any agreement or commitment to which the Lender is a party or by which the Lender, to its knowledge, is bound. (g) There is no action, suit, proceeding, inquiry or investigation by or before any court, governmental agency, public board or body pending or, to the knowledge of the Lender, threatened against the Lender, which questions or materially adversely affects the power or authority of the Lender to carry out the transactions contemplated by, or to be performed under, this Secondary Loan Agreement or the GNMA Security, (h) The Lender is (i) approved by the FHA to originate and service and to coinsure mortgage loans coinsured by the FHA under Section 223(f) pursuant to Section 244 of the National Housing Act and applicable regulations thereunder and (ii) meets all the issuer eligibility requirements (including net worth requirements) of, and is approved by, GNMA to issue mortgage-backed securities guaranteed by GNMA pursuant to Section 306(g) of Title III of the National Housing Act and applicable regulations thereunder. (i) The Lender has no reason to believe that the Mortgage on the Project will not meet the eligibility requirements set forth in the GNMA Guide as of the date of closing of the Mortgage Loan or as of the date hereof, whichever is or will be later. (j) The Lender will charge only the fees and expenses set forth in the Lender Commitment and the GNMA costs in connection with the issuance of the,GNMA Security, and such.£ees are reasonable and customary for mortgage loans such as the Mortgage Loan. Neither the Sponsor, the City, the Trustee, the Collateral Agent nor the Bank shall be liable for any such fees and expenses, nor shall the imposition or collection of any such fees and expenses have the effect of reducing the interest, principal or premium payable under and by the express terms of the GNMA Security. (k) To the extent permitted by the Mortgage Loan documents and applicable HUD and GNMA regulations and related administrative requirements, the Lender will not unreasonably withhold any consent required of it under this Secondary Loan Agreement, 21450 -19- ,. i '1 V. xx.. FC.??..t`ih?iyM7iii.f. ??ff!>rl'?•'dt. .1(?':?'' •:y?i?•S{1-" `'i, .=,'•s'.i?t.r•.:.I? :.?vi'".d:f :ot$'•i, ti,`fi ?'. z hsf?3 43,E r?r.?, °.???r,+?•..:'i'a,'• ??4s-,3.r,l. ?r;+ hr,Y?`:n ..?;` ?,,;.,:.,1,..?,.;.-..?:i.?.:.r.,ri?E.'t.'..1 .?rtr?}.?r ?Y,>??:tr*?:'...,,r_:...,a,.t::??..,is?rsY;'2i:.»t..?4k1s??R.'?rw=y.?..c.,,w;,•;r::...>,k:........:,n ;?•rs•• ??•s?•, tia1?,?r f,. r:";`} ??., ,j a. t, F.'i. }... ai` T.i:',r, ?i.'i`i `t 1.?t1s"','?. 'ay 2??; ?i?j. r?. T. ;;i,. l "? ;??, ^?.:r• °t •:,? a i' rt. `i .r4' : I•' ',; tl: •f',''•?%'r'i.y?a7. r1. ?1 !'' ft '? ? ,1 .1 , ,f ,•+ti..,.?#.. ,rs J.' ?'. "»r.}?a7?it!.,:';iir'•?•??z_.'•:`Sa?rr?,+r'.r`t i S 7 (1) The Lender will take all action necessary to maintain its corporate existence and authorization to do business in the State of Texas and the State of Florida, if required by Texas or Florida law, Section 3.4. Representations, Covenants and Warranties of the Trustee. The Trustee represents, covenants, and warrants as follows: (a) The Trustee is a national banking association duly organized and existing under the laws of the United States of America, and with full power and authority to enter into this Secondary Loan Agreement and perform its obligations hereunder and under the Indenture on behalf of the owners of the Bonds, (b) By proper action the Trustee has duly authorized the execution and delivery of this Secondary Loan Agreement and the Indenture. Section 3.5. Representations, Covenants and Warranties of the Collateral Agent. The Collateral Agent represents, covenants and warrants as follows: The Collateral Agent hereby agrees to use moneys in the Project Fund to acquire the GNMA Security from the Lender on or before the Last Date for Acquisition. Section 3.6. Representations, Covenants and Warranties of BEF. BEF represents, covenants and warrants as follows: (a) The principal amount of the Nursing Home Loan will never exceed the sum of $10,000,000, reduced on the first day of each month, beginning on May 1, 1989, by the amount equal to the principal payment which would have been made on such date if the original Nursing Home Loan had been in the principal amount of $10,000,000, amortized at 10.0% to achieve level debt service with monthly payments of principal and interest beginning on May 1, 1989 and ending onSN2yember_1, 2015. (b) The final payment on the Nursing Home Loan shall be not later than December 1, 2015. ARTICLE IV PROJECT FINANCING Section 4.1. Makin of Loan and Secondary Loan; A li- cation of Proceeds. From the amounts on deposit in the Project Loan Fund created under the Indenture, the Trustee is 21460 --20- ii ?b '"?„r- ?I-?t;#:"t ?,:e-}+'S?`•,t,'?„?",•`,-r;` :et.,3?'"?`-...K;' ;'•?,ist:r,-,may',-=.:?.,.:. ), -• •,:,,, ?t'.°-;.?,"'a`f+;! ?. aX iiAq.? .;1? xi ?•' :? ? , i. ?Y: 1}.f .^?• ?'-'?.: '. ?? r..: f' t?1?,?','•?:,F: `,J ?. .?°: y:r 1` -. ? ?., ,• t4.4?«i? ??;-wr..w-x??..'. `v4w''• r,.y.nSri.. r...: .?r..i.. ??:'.r, 'y?,?i.+,.: rrKY'....`.r:..:y,.l....',:ui+r3 ?. ? .. Yr r?`?y (r ":?. u!i„Pe°'.l.r 's: "' t. tt ,?x, r.'l ??. - i';4.?.''? t' y? s,',i• _• s ? ?., as?V {,,x '"? e.t.• •i' •i: .{•r 'Y`. ?-G...' ?i . Crq _ • s.r rl? r,:'s•?:.:'..,c .; •e ?° .a: ?[ Y t'e: 1 ?9 .kf ..SF ii. ,1. „?_ L. •?i.{: ??, ; ?:ir..; .?'ri -f•• '•s, #?Y NLI.t4. , ;rI ?`? ?t? °f ??r4°' "t' 'L -i:t •'?'?.t?r;`:i•.?.?? :,?.,.:?, ;i r. ?s?.r. 'C•' ??J.a'.o 'a. i z2 ?". -?+' 'd; dl ri:? ?°w! :r,S i. •t',. .9;1?•Ir?.¢l•je .s.' ?a? a .tit ? >s? a fj?'S ../ ?:?sr :.S ?.. •4",^' .. .. '' ?' ;,; :. fir. {,,•A° ? , f -A>.:.:?.?rra•r..??.n,rc.?„?,.;?;.>.:u+,?.wns..,?y+?:~';,,.,.+a+r?r...r.?.,f?. .z.;.*..n,?. ?}.?y ,s;s„?'s,?r;?,?l" ?,y?,,, r.., S ; . f . , f ?` `St ` 3 r A!rn {/ ?j?. }WiF.:+ll'•. hey! on depositing into the Project Loan Fund and then advancing to the Collateral Agent under the Security Agreement (a) the sum of $25,093,000 to be used, along with income on such amount, to acquire the GNMA Security at a price of $25,093,000 plus accrued interest, on behalf of the Sponsor, and (b) the amount of $2,182,000 as an initial deposit into the Stabilization Fund, both of which the City and the corporation-hereby acknowledge, approve and direct. Such deposit into the Project Loan Fund is deemed to constitute a loan to the City and, through the City, to the Corporation. The Corporation hereby agrees to repay the sum of $27,275,000 plus interest to the order of the City. The Secondary Loan made hereby shall be repaid in accordance with the Note and Section 4.3 hereof. The Corporation covenants that it shall enter into the Mortgage Loan, on behalf of the City, and shall use the proceeds of the Mortgage Loan solely for the purpose of acquiring and rehabilitating the Project, and that it shall not use the proceeds of the Mortgage Loan in a manner inconsistent with the representations and covenants set forth in Section 3.2 hereof. Section 4.2. Disbursement of Secondary Loan; Deposit of Moneys; Security Interest in Undisbursed Proceeds. (a) Upon the execution and delivery of this Secondary Loan Agreement and the Note (the "Closing"), the Corporation shall deposit, and the Trustee shall disburse, the fees and expenses of Bond Counsel, Counsel to the Remarketing Agent and Counsel to the Bank, and the amount of expenses of the Administrator and the Bank to and from the Expense Account created under the Indenture. The Trustee shall create the Secondary Loan by acquiring the GNMA Security in accordance with Section 4.1 hereof and by making the deposit required in subparagraph 4.2(b) below, (b) Upon the Closing, $2,182,000 of the Series C-1 Collateral Agent for deposit the Trustee will transfer Bond Proceeds to the into the Stabilization Fund. (c) To secure the prompt payment of the Secondary Loan and the performance by the Corporation of its other obligations hereunder, the Corporation, to the full extent permitted by law, hereby pledges to the City and the Trustee and hereby grants to the City and the Trustee a security interest in and agrees and acknowledges that the City and the Trustee shall have and shall continue to have a security interest in the funds on deposit with the Trustee, subject to the use of such proceeds in the manner described herein. 21460 -21- L i.l ' ar .lt ea ,f';: ??(eu•;.j'+ ??+ ?t' 91tl ? 1'.9'=C..: j,!=r u . i ;?.. I:' L.? 'rT'.:.?a??,{+{:. }1 ;.; .P17 '!„'S4 r t " } V' ? R . ?" . '7.??h`;'y ?'•1 '.w'.nrw r,:. ? ? ar. •'i >_, ;, . .Q,r'?i....?,':,r•.r? s.?e 7, ? .7, r.• , i .-?.,.-, :. ? : " . r ? " °` . ? ?' 9t; ; 4Ai -': (t.>r p ? „ ?} ?'. ?"Mi{?''???: ? r y+ . . .. . ? ?;? " , f•? f'':?? i C ? ?.;? 3 a - .1:<' a , a 3?a,,r'.: P +'s']r?: ; i- . ? ??1.?' `?. .?` r ?"1_' ?; ? ? " • ? =,-.. .. .. . . :a... «r .y?..:..j.:,..yr.,, p. YO..?.,, y ?' s• r• ;'.??"• ,?' y , , + , ? _ f ;. F4S nbj?a .; ,:? '.l ;i i:f, !. t }.: a },yr. t! " Ya',.' tl .1 ..?E?`. s; JJ r•'fl. . ? : ? e: ;%, ??+, :•r :.' , rf ?:I ,.Y .? n '' ?? ? :P- ';i >+?r .,-, '1 E? ?I . ?: > .i ' y ' . ? ti ? -A r. Section 4.3. .-Repayment of Secondary Loan. The secondary Loan shall be repaid in installments which shall correspond in time and amount to the payments of principal and interest on the Note and shall bear interest at the rates, and shall be payable at the times, payable on the Note, as follows: (a) The interest on the outstanding principal amount of the Secondary Loan shall be paid in monthly installments on the first Business Day of each month at the rates determined as follows: (i) At the Initial Interest Rate until the Interest Rate Conversion Date. (ii) Interest shall accrue thereafter for each interest payment period at the variable rate (as in effect from time to time) as determined by the Remarketing Agent such that it is the interest rate necessary to enable the remarketing of all the Bonds at a price equal to the principal amount thereof plus interest accrued from the most recent Interest Payment Date plus 0.25% (the "Variable Rate"). Each Variable Rate shall remain in effect until the succeeding Interest Payment Date, Principal shall be paidAon the dates and shown on Schedule I which is attached to Note which is attached hereto as Exhibit the final payment of the Note must be may three Business Days prior to December 1, immediately available funds. in the amounts the form of B, except that le not less than 2015 with (b) There shall be a credit made by the Trustee and the City against payments due under the Note and the City's Promissory Note to the Sponsor for all payments made to the Trustee pursuant to the Credit Facility. In addition, the Trustee and the Collateral Agent hereby agree as follows: (i) Each month, upon receipt of the payment under the Credit Facility, the Trustee will deposit the principal and interest portions of such payment into their respective Principal Account and Interest Account and will invest such moneys in Investment Securities of respective maturities such that the moneys will be available for the payments of principal and interest required under the Bonds. (ii) The Trustee shall apply amounts on deposit in the Principal Account and the Interest 21460 ?#??'i. -?`., 'r?;=<??,'f3.?a:'?;;#??1¢f;'x':ae'p}.?'!!?;}`,°?"... _ ?--6,^•.i.s rl??i.? ? .€i.: #4?.: •L ? ,tr i 'S'.t•, -22- '.:?'?°?..t `'1?'e`r?•`i:S ?`?ti?a, X1a•.?rs +! L.:, ?..:.: Y.. ,•k :'?!7. i:x ,. i, .., r?^. +»?,,a; r?'?k{I;c +'1 fig»'t S'. r rA` T: ?'.!,, "7 ?'+4. y.l ??.? t d.,;;`e,.'??.:?'F r.. •, ,iii'`;! ?i}! y ??'; ?r'."',,?"'?', ?:?i; yirr7•1 ' .?-s?„'^.?w; ?i'•?t .7+Fa_S?'.N{ ? • }.'':; .s ?????i.'?[?'?a ?? °.Y ,i ? a' 3 ? I W i? r1 , A .i M• x f, ?? i t fF o - f f M r t 21480 r?tr ? ti? . :G' ?. .<'t ?, :•Ej.P?'. , 1,1 h i°n+d 'b ?;iyi 1.,? +af Y.ri?.r r1..}!' ' L-- IL _1 1111 low k Account, on each Interest Payment Date (or any other date on which Bonds are to be redeemed) to pay the principal of and interest on the Bonds becoming due and payable, whether at maturity or by prior redemption, on such Interest Payment Date. If on any Interest Payment Date, the amounts on deposit in the Interest Account are deficient for the payment of interest due on such Interest Payment Date, and the Bank has failed to honor a properly presented drawing under the Letter of Credit, the Collateral Agent shall transfer funds to the Trustee received pursuant to the GNMA Security and then the Stabilization Fund, as necessary, in amounts sufficient to cure such deficiency and shall give prompt written notice of such transfer to the corporation. The Collateral Agent shall give notice to GNMA on the next Business Day of a failure of the Lender to make any payment on the GNMA Security on or before the fifteenth (15th) day of a month and shall demand payment under the terms of the GNMA Guaranty Agreement. (iii) on each Interest Payment Date, after making the payment of interest and any payment of principal required by the Bonds, the Collateral Agent shall deposit all unused moneys derived from the payments under the GNMA Security and income from the investment thereof pursuant to the provisions of the Letter of Credit Agreement and the Security Agreement, (iv) Two Business Days prior to each Interest Payment Date, the Trustee shall compute (A) the interest and principal which shall be required on such Interest Payment Date for payments under the Bonds and (B) the amount of moneys on deposit and which otherwise will be available on such Interest Payment Date. If there is any deficiency, the Trustee shall immediately notify the Corporation, which hereby agrees to pay immediately an amount under the Note which shall be equal to such deficiency. (c) As provided in the Note, in addition above payments of principal and interest on the Secondary Loan, any payment required to be made respect to the Secondary Loan which is received than its due date shall bear interest from such --23- •,i>F 3?.iw •;, h?, fit:, i1. jt Ef.• ft,,,.-•,K?' y'. .`.. to the with later due date t'?,?'y: ''r? • : ? r m?a??s :;?"i;itf;:? rfF1`?..'„`Ty%?`, ?f`r,^"7!? ??4.??-i..e.;v..•,a?.h k.w.,.u.;4w.F«'?'?F+{?u,i ={iati 3a ,?. •ir" ?, ?•?k io'f??+?,e .op, s,f k E>k pllr at a rate per annum equal to theAPrime Rate, plus two percent per annum (the "Default Rate"). In addition, if an acceleration of the Secondary Loan is declared pursuant to Section 6.2 hereof following the occurrence of an Event of Default hereunder, the interest rate on the Secondary Loan shall be increased to the Default Rate. All payments made hereunder shall be applied .first to payment of accrued interest on the unpaid balance hereof at the aforesaid rate, and then to the reduction of principal and payment of other amounts due hereunder. Section 4.4. Payments b Lender. The Lender agrees to make all payments on the GNMA Security when due and to meet all its obligations under the GN'MA Guide and the GNMA Guaranty Agreement, Section 4.5. Assurances. The Corporation, the Lender, the Sponsor, the Trustee and the Collateral, Agent mutually agree that no party hereto shall enter into any contracts or agreements or perform any acts or request any other party hereto to enter into any contracts or agreements or perform any acts which shall adversely affect the validity or enforceability of the FHA Coinsurance of the Mortgage Loan, the GNMA Security or the GNMA Guaranty Agreement. Section 4.6. Delivery of the GNMA Security, The Corporation and the Lender agree to use their best efforts to deliver to the Collateral Agent the•GNMA Security on or before the Last Date for Acquisition. Neither the Corporation nor the Lender has any reason to believe that the GWA Security will not be delivered to the Collateral Agent on or before the Last Date for Acquisition. The GNMA Security shall be registered in the name of the Collateral Agent, but solely in the Collateral Agent's capacity under and pursuant to the provisions of the Letter of Credit Agreement. Section 4.7. Acquisition of the GNMA Security, The Collateral Agent hereby agrees to acquire the GNMA Security; provided, however, that the Collateral Agent's obligation in such respect shall be limited to the moneys available,for such purpose in the Project Fund. In connection with the purchase of the GNMA Security, but not as a condition precedent to such purchase, there shall be delivered to the Collateral Agent, on or before the Last Date for Acquisition, the following: (a) an executed counterpart of this Secondary Loan Agreement; . k { a Y { t { J 4 2146G -24- ,?f??i1'i?'?'i#k?l''Yt14 ?•???"'???? ??P[.I`: ?k,14,., r.. r:x.,.•j. 11^,. iVV'?''? Y??^dt"':.ii??.??•-???J?i.??'3 ???tm •!_4{' L€? .,e>rr..i Y•'y}f,a. l:+?ty.?: 'L?=.J i`+ •t «'?.,. Y.-e`.:•.+.-?w•. ?..:; :, ?. n:• .:.:a1.°?''ti;,w+r• .;":;.1: r ?1/.• ,a;4y r' ..i'?1': •r ??, f. '. ti..; ',1. i3.?• ,. .. .•. ... -..«nwr.nsy.,wd.I,n.,?..+„r?i:Yn"b'?'t„rYr-'ES.•*?y;+•^„a'.i{h sw'+•. `""'n: s!5' :;'A.w.•?.: !!N.M .?;•p;n•?SS•r?e ta.I.? .,? •I. .,M,.?a:A N,..•,,. ..,, - .. . ," ?.. ::R-,-`----- . ..? .a ,....ut :r.'.. ... ?..ir?'sCa.]+.."•"6. ,?, A. ...... .lti???'•.^ _-•+ri?r. .1,'y:.a•,.iP?'da..: ?:a;^.17; .#i '..?. _, i.'uS!.ft:?s, i?._ 1Si _._ ,.. .?.._ _ .r:?i=.e :.__.. •. ?«_.. -x.L?, v :?+• .i °,{ t - y{? s - t; .: s: S.: ..v. k , S 'Q ;. t. s+. ' .i•s;! 4 °t9i s t.! i. t ' i&?f t f`s SS.yf31 d?"F+? ?; f IM. II j y 1. _,+,Y.§ is t •{F: r.Y` t'. ?i C' WcilE '?t g,? ,? t? R •"??c; }? G'{?,j4] Tlr `' ."MG.?, '1c4 }iti!L (b) a certificate of the Lender that the GNMA Security meets the requirements of Section 4.8 hereof and that, to the best of its knowledge, the Lender is not in default under this Secondary Loan Agreement. (c) copies, certified by the Lender, of the executed Mortgage Note, Mortgage, FHA Regulatory Agreement, Title Insurance Policy, GNMA Guaranty Agreement and Lender Commitment; (d) a certificate of the Corporation dated not earlier than the date of the Mortgage Loan, stating that (i) the conditions precedent to the acquisition of the Project have been fulfilled, (ii) all representations and warranties of the Corporation set forth in this Secondary Loan Agreement remain true and correct in all material respects as of the date of such certificate, and (iii) the Corporation is in full compliance with all covenants and undertakings of the Corporation set forth in this Secondary Loan Agreement, as of the date of such certificate; (e) a certificate of the Lender as to the commencement of the amortization of principal on the Mortgage Loan, with the final payment of principal of and interest on the mortgage Loan due on November 1, 2015; (f) a prospectus relating to the GNMA Security to be provided by the Lender; and (g) an opinion of counsel to the Lender that the GNMA Security has been duly authorized, executed and delivered, and constitutes a valid and binding obligation of the Lender, enforceable in accordance with its terms (subject to certain bankruptcy exceptions). The Lender shall be entitled to receive, as payment for the GNMA Security, but solely from and to the extent moneys are available for such purpose from the Project Fund, the total principal amount of $25,093,000 plus accrued interest to the date of delivery of the GNMA Security. Remaining balances in the Project Fund after acquisition of the GNMA Security and the required deposit into the Stabilization Fund shall be applied as provided in the Security Agreement. Section 4.8. Issuance and Terms of GNMA Security. The GNMA Security shall be in the principal amount of $25,093,000, shall be dated the first day of the month in which it is issued, shall mature not later than November 15, 2015, shall bear interest at the rate of 8.25% per annum from 2146G i' -25- -T:r I¦f? ????jj (('. y: ?'.Yss"??.r #`°+';<?`:"•':`y?;'?? i?t'"t?5?'i ' ?:`:+' F ts? '•ss" , f?. r r' ' °? 7?'. ?.«a I ^,?K Sl?t{'?It{ k s?` ..{ t?*ee,1_ tt:??i ss?' '.!f i '}•. '`?? y .`lj! .1'i.~?t,iy': ••'i'I'f..,l ?,.?{"f.?.! ?''.,.c•.e.:'M '1ks i. .,N ?.kr.. +3:. r.3.: :G .. 'i? t` •.4 :i '.'?:%Ei ',R ?;',f5 ????' .rti:.•S`.•. p1 y?? :?•?+r:.-.,?r+».iy: '•i• •-.-.v.i..+1.:a;«. ;-,..?».-?e?:i?- i...F rsF+i ?,!yy ,t'. ,a'.fs•l?i •s'?•_ ..+.. "'rer?' '°? ?.t? .!•. < lr:?,. ,`fz.vs • 4 i •>a 's :+y l: :V i •r: S ?S rya!`; ?i w ?? 4•?,F ^. !J E (b) a certificate of the Lender that the GNMA Security meets the requirements of Section 4.8 hereof and that, to the best of its knowledge, the Lender is not in default under this Secondary Loan Agreement. (c) copies, certified by the Lender, of the executed Mortgage Note, Mortgage, FHA Regulatory Agreement, Title Insurance Policy, GNMA Guaranty Agreement and Lender Commitment; (d) a certificate of the Corporation dated not earlier than the date of the Mortgage Loan, stating that W the conditions precedent to the acquisition of the Project have been fulfilled, (ii) all representations and warranties of the Corporation set forth in this Secondary Loan Agreement remain true and correct in all material respects as of the date of such certificate, and (iii) the Corporation is in full compliance with all covenants and undertakings of the Corporation set forth in this Secondary Loan Agreement, as of the date of such certificate; (e) a certificate of the Lender as to the commencement of the amortization of principal on the Mortgage Loan, with the final payment of principal of and interest on the Mortgage Loan due on November 1, 2015; (f) a prospectus relating to the GNMA Security to be provided by the Lender; and t (g) an opinion of counsel to the Lender that the GNMA Security has been duly authorized, executed and delivered, and constitutes a valid and binding obligation of the Lender, enforceable in accordance with its terms (subject to certain bankruptcy exceptions). The Lender shall be entitled to receive, as payment for the GNMA Security, but solely from and to the extent moneys are available for such purpose from the Project Fund, the total principal amount of $25,093,000 plus accrued interest to the date of delivery of the GNMA Security. Remaining balances in the Project Fund after acquisition of the GNMA Security and the required deposit into the Stabilization Fund shall be applied as provided in the Security Agreement. Section 4.8. Issuance and Terms of GNMA Security. The GNMA Security shall be in the principal amount of $25,093,000, shall be dated the first day of the month in which it is issued, shall mature not later than November 15, 2015, shall bear interest at the rate of 8.25% per annum from 21460 -25- , '`Pty. ???RU ?`):•:S?:i*t::S. >e.-i?i:;f`-<1? ?`. '}a+?Yr :i:f`4R?-S'E iy??''`i•: r11r : :,.? . ?..• 'r:' `?-,? ..1 ',,?° Vii, rs`' ;,. .j ;_ .g ::_ F,:-• ? ?,. Y, '?.. •1??/rt fe 7 e d'i v' ?i. ? 1f ? ?'d. i. ? ?;.-•?.c."'•? '?'!,'..",?. `; o'rr ? 'J;?? hin 'F. ;r;'.;.?r+7 ?4. .?, i, r• f1 5- e y -j, y, •: = r . ,C-e.;...•;;nw.Yb..w. 7'?sMEt?N?.1tv}?'+?,.a ., ,Yn;..r. t+.?1 ?..• ••:w and after its date of issue and shall be payable in approximately equal, consecutive installments of principal and interest payable on or before the fifteenth (15th) day of each month, commencing nay 15, 1989, in legal tender of the United States of America, each such installment to be applied first to the payment of interest on the unpaid principal balance of the GNMA Security at the aforesaid rate, and then in reduction of principal. Prepayment penalties paid by the Corporation under the terms of the Mortgage Note, if any, shall be passed through to the Collateral Agent as holder of the GNMA Security. Section 4.9. Mortgage Loan _to_Corporation. The Mortgage Note and the Mortgage shall be in the form approved by HUD. The Mortgage Loan shall be subject to the following terms and conditions: (a) The obligation to repay the Mortgage Loan shall be evidenced by the Mortgage Note, which will: (i) be secured by the Mortgage; (ii) be in the principal amount set forth in the Lender Commitment; (iii) bear interest at an interest rate equal to at least 8,50% per annum; (iv) be payable in level monthly installments of principal and interest based on ate.--month amortization schedule; (v) mature not later than November 1, 2015 (with all principal not theretofore paid being due and payable at that time); and, (vi) commence amortization of principal no later than Ay 1, 1989; and (b) The Mortgage Loan shall be subject to mandatory prepayment in whole in the event of the involuntary loss or substantial destruction of the Project as a result of an unforeseen event or calamity (e.g., fire, natural disaster or condemnation), in the event that the Lender determines that the Project shall not be reconstructed or restored, promptly upon receipt of insurance proceeds or other compensation or, if there are to be no such payments, promptly after the event giving rise to the involuntary loss or substantial destruction of the Project, in an amount equal to the then outstanding principal amount of the Mortgage Loan; provided, however, that such prepayment shall not be required in such circumstances if the Project is being reconstructed or replaced to substantially the same condition as before the loss or destruction and the FHA Regulatory Agreement continues in full force and effect. Section 4,10. Obligation of Corporation to Make Payments. Nothing in this Secondary Loan Agreement shall be construed to increase or alter the obligations of the corporation under the Mortgage, the Mortgage Note, the FHA Regulatory Agreement or any Mortgage Loan document. 2146G --26- E?? rr r•'i t'i:'Z?Tt_., ..?.`?'....`.... 4.- - ?? ?F'•.I.., i- '+.S ,P3.• -:i= ,iir ._e„?, ..:. .s ?(?i'T ?.,+[(, s.9r ["` ? Si(lr '? r?. ?'.w. ?`" `: r•,'r •?t; - •i? ^?, .+,? -?t'?" ?,r. ;?'{'?ii :ir i' Yt';°• #': ^': ?d: 1'?.r£J.i ?.`? ..?fTN Y.}?V. +{:' ..`t't° N 4 h '?' ?'7J .l, 9S. ??. ?.i' '(. "-?- ' • I-. - A -•[-. 'h";'';'F"' ?1",'ti "-Nta•[',•... ,1.?i :Y I.A ;r r? r.::..?...-,. l:i•?'S 'sy.; !. I?? ?! r•`?tl? '''Fins ' , ^`'.9},s .[ •It ',,,5 :[. l; ,r: t,^?a,se1; ,:.?.?: ;.?, t`s,`?r. ,t, r.,,:?,,. ;,T'<?.?,.:;.C:?..'.3...«1..::c?.i.,z?.:i:;:...:ir•::,,..:141'..'•'..?w;fa:,?,,.rir,.r.}M ?o.ti. sc?i+!.i f?..',? i`(sy? 'j ??.v4. A',('. "'• '1••%.' .a, ??. ` ii?F. s'?•'W-'{`i "•?. Y r, . i t I,? I.'c'i ,'s :,f;:5ti :•?E',"'?•' ?' 1.'; rl: 1, z.•'y • f;? 'mot r" ? R? k, ..+..:,.x.,..;?.sn'ar,rma•?rs+..„;,<.3.^?r.av vi??aa,.ts,.-,.•...'i S. kwk« y.1.+':^,r?ti.,?•?;r'?r q? t {f 4110 S, r ' r ?r Section 4.11. Default b Cor oration under Mortgage Note,__Mortgage_orFHA Regulatory Agreement, The Lender shall ' use its best efforts to give the Sponsor, the Bank, the Trustee an the-Collateral Agent notice, in writing, of any default by the Corporation under the Mortgage Note, the Mortgage or the FHA Regulatory Agreement of which it has notice or knowledge. If an Event of Default, as defined in Section 6.L hereof, shall occur, of which the Lender has } notice, the Lender shall use its best efforts to give to the Sponsor, the Bank, the Trustee and the Collateral Agent: (a) written notice of the Lender's intention, if any, to acquire title to the Project through foreclosure w or other means and to file a claim for FHA Coinsurance benefits; and (b) written notice that the Lender has, within the prescribed time, filed and is perfecting a claim for FHA Coinsurance benefits; provided, however, that the Lender shall be under no obligation to proceed to acquire title to the Project or file and perfect a claim for FHA Coinsurance benefits during any period of time in which (i) the Lender shall, at its sole option, continue to r all installments of pay principal of and interest on the "r GNMA Security, and (ii) FHA shall have extended the time for the filing and perfection of a claim for FHA Coinsurance benefits, ' Section 4 . 121 Benefit of Bondowners and Enhancement ? y.? Provider, Compliance with Trust Indenture. This Secondary ^;?z• Loan A regiment is executed, in g part, to induce the purchase by others of the Bonds and, accordingly, all covenants, agreements and representations on the part of the City and the Corporation, as set forth in this Secondary Loan Agreement, are hereby decLared to be for the benefit of the owners from time to time of the Bonds and for the benefit of the Bank. The Corporation covenants and agrees to do all ' things within its power in order to comply with and to enable the Sponsor to comply with all requirements and to fulfill and to enable the Sponsor to fulfill all covenants of the indenture. c Section 4,13. Assignment of City's Rights. As the source of payment for the Bonds, the City hereby assigns to the Trustee, for the benefit of the registered owners from time to time of the Bonds and for the benefit of the Bank, -all of the City's rights under the Note and this Secondary Loan Agreement (except for its rights and the rights of the Sponsor, the Trustee, the Administrator and the Independent Contractor,.if applicable, to receive payment of f -27- 2146G i N y •r'.car,. .???'j'..;;f; :;r^r/• a'"'.i ;. ,?,?a7<<. ,jar •r. : ',s.?'.r, ?. .. g•n ..?? f?it•kS" '?Y.l-''r '/ •^°r'' 'a .jar' `°r „}r r .. tit.,i a.1, a?,?,Y'w dy?:.,: ,{# r 7Y?.':Ys, .6 'y.A. j(. ,1?•f; .. . .fl^I'" s; ??' •'1????." .? 7'i ? }fig. ,r ~I: ?,,{?,,'? .}t?y;,?:itiyt,.,..?..3.3 .,,h;! .,. .,?,;_. «p....., .....t ., .- .-. .=..ti1'!'+,.,;,?..f:3:' '?? ?7,:.""";.,v! §str?;, ,s•?. .t.t- ;, e.?-,,,...,•!e _ ;, ?f. ?„• .,??; .t.. .'!S: ii s...: SI..Jr :,V ?4. 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S' ?'? ,?,.?,? ;?. `'L Fer ..: w ;SS•_4 C"' ?.;f' J.f..', ?i'* ^r. •^,.-s? .?-.' ? ? "-?! ? . dl . k. . ,?• t ?':. ? E` ?'? s:1.r{' ,,iY'ti '{ rr,'rAa..+a?',:st. .d.V?: '" "i., +a !•. s'e, F y ? 'y?r : N L .i. y? . t '? :?'?!' ;".,r? ':r +r v+,=??,: 1 r?' 7 q•X;L+ [ Ild%, i,,^L°« ?'"? ,•!y.,°i r r1.?±????'F{?i??'.? ?' ?????' ?`=?r?..'??5?. :.[. ?: C'.'k{"?:E?`'.,r...x 4: ?[.... .. .! -..l:•.?.i •'t. ,, ,, s: •'„ »....?.SL,i: .. .a:..iFVti ?'r.?i a. ?.•.'..'?-. .1?1 i-;.:.. ?'_?. ?.. ,1. a& u.r:1r ???.?:a'?r}s '? n ..t.. e t 1- :wi?r.e 3.. _ I 4k`. p.:: e,. ?,}(*f:'J•if','h:? -15: e?,7"fit};F? 1•y.q .,?`',- i,z. ;; L,?J.. l- •: s' .r r; .E e... n-;!i xs •?. :?,'i::! '?i•;,^ti: ('. r.'e:•ti `1T r. 77+ 4, s? jj•.ry ,f;>,: r'. t;r •-s ?L, .?; 'S??,}.?r? r ,;'sx•?f'r;.i.z?: ir' ?4 •?`!•R..`t?. it .; yr `i:..P-'? 'C,•:?J`.,fr. {:: 'a .i sr•n-^c?i'? ?.? 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'l •ri?.F :i'r:risi7rf>?. ??,?t';• ,? „r. +rri P. ?. ,f,' T' ',°:..F'••1 ,°j." .t? `i ir,?V y, t ? ??3 s. f„?." ?;• ,./ F?". .r .is'+' .,X`;.=:p+?, J. :tr.%•.;'yr 1 Y: y. x?. ''ry1="f l `;i11??iTr J*• .I .J", `S' '^9?'. ?.f .f rh .',i•.' ^!+. 'T?iiLI,l ?, dr.?.. -t.i a.., 1,.: ..?-y rS.y: ,Yi` '?.? kr, '•!. 1 mr ?1 .f :', ??. :, E,,e'r. ?'??ri •»?" '}? f?:`:''' r? "?? •7}is• .?c?:f?!?^i:'•1'ti: :i`i.j. :+! a,. 'l's.' .,f..•? ;r? t°• :,7t sq '•4?.1.E if•'r•. Fi;a•, •?t '?,',•, •?r? .?°? .?,? .'y, "?' ,4.•: ?, .•h ,, •• r:'y:sr?.. r•7 ''f.;:, ,7;, :r.9.5.. ; 't??- .+:t 1?'•• •?? r4: '? ;t:. l'r.? ?'#6'?ir a"+•s •'?.i'?'.S ).;'si't. '?=%•ti ?•r1.":q :i:°; :t,?,s• 's}.',• .Ji:'!!'6`?s,i}- ?'{::{.y: ,ki,i'i'•? y'tE.". F5. JJ„?i {. r• 't ;'ti ,.; '':' i+?e-)r`'?`S'==,-4'., .?;.}. ?#f Y . 'jiff} !}?? ??,?•tIt, :', i:.* °;r::4: ?ti a?tF?,y }; ?n l dlti?• ? (,Y?., administrative expenses, reports and indemnity against claims, and rights it may-have with respect to the GNMA Security and any and all funds held under the Security Agreement, and the Sponsor's, Trustee's and Administrator's rights to enforce remedies pursuant to Section 5.3 hereof). The Corporation will make all payments required under Section 4.3 hereof directly to the Trustee without defense or setoff by reason of any dispute between the Corporation and the City, except as provided in Section 4+3(b) hereof. Section 4,14. Administrative Expenses. The Corporation hereby directs the Trustee to draw upon the Letter of Credit, and the Bank hereby consents to such drawing, but only to the extent of 0.25% of the remaining Outstanding principal amount of the Bonds, for the purpose of paying the reasonable fees of the Sponsor, the Independent Contractor, the Remarketing services as Administrator and Trustee in connection with the Bonds, the duties an services of such Administrator and ' Trustee being set out in the Indenture, and through the Trustee, in addition, all out-of-pocket counsel fees, taxes F: (excluding income, value added and single business taxes) and other expenses reasonably and necessarily incurred by the Trustee in performing its duties as Trustee. In addition, the Sponsor, the Independent Contractor, the Remarketing A ent an 'the'lrusteenare entitled to income from the appropriate portions of the Reserve Fund, as provided in the ,`. Indenture, as payment for their respective fees. The provisions of this Section shall survive the termination of this Secondary Loan Agreement' r, ;r. } Section 4115, obligation of the Corporation to Replenish the Stabilization Fund. In the event that moneys f: are withdrawn from the Stabilization Fund for the purpose of paying interest or principal on the Bonds, or for paying the reimbursement obligations of the Corporation under the Letter of Credit Agreement, or for any other reason, the Corporation ?f shall pay the equivalent of such amount into the F Stabilization Fund to replenish such Fund to the level at which such Fund was funded prior to the withdrawal of moneys tr 5 of the Security therefrom in accordance with Section _ Agreement. The payment -required by this Section shall be .Y? made, however, only to the extent of Surplus Cash available for such purpose. Section 4.16, obligations of the Corporation_ Unconditional, The obligation of the Corporation to repay the Mortgage Loan or to make any and all other payments required by this Agreement, the Indenture or any other documents contemplated hereby or thereby shall be absolute and unconditional and shall not be subject to diminution by set-off, recoupment, counterclaim, abatement or otherwise, 2146G -28- Yl. '?,a r. w .,.. ,N.-..r tMrWi-.M,.??-v,' r.. ••4 rJE: N. r 1 ,' Orr .N..-r-.,r.. _ .w1 :•h e.yJ i..trTS'If?r?. r, :».^1 .,^. A*s+.n,....., 77 i..,a, .,p•" A .!i."i' ;I fr'{jtiS 1 r]'?n r.it?ai.,;. . f -'1? ?i: _ r a .. .?. ?l3...r P}:, j°..?,._ • , sY I tq ? `?1. ?rri "tom Y: I ?? rrJi ?.rY.«,xw"spf? ; r.r.`'.r:-` .i I• '. t' ..ri g:,, ,°!a'.i)[r??°S;e i ?A ?i? k'?t?`E i'.. s .: r. ?i. C'S 'r .tF•:1'7f'"'.? (.?is? VA? •k M1 f., K y?r a+.•? Ya Until the Bonds have been fully paid (or provision made therefor) in accordance with the Indenture (and longer if required by the terms of this Agreement or any Loan Document), the Corporation (i) shall continue to have the obligation to repay the loan as aforesaid, (ii) shall perform and observe all of its other obligations contained in this Agreement, the Indenture and all other documents contemplated hereby or thereby, and (iii) shall not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, any defect in title to the Project, failure to complete the Project, any acts or circumstances that may constitute failure of consideration, destruction of, damage to or condemnation of the Project, comknerci.al frustration of purpose, any change in the tax or other laws of the United'States of America or of the State of any political subdivision of either, or any failure of the Sponsor or the City to perform and observe any of its obligations arising out of or connected with this Agreement. It is the intent and expectation of the corporation that the Corporation's payments hereunder will be sufficient for the payment in full of the Bonds including (i) the total interest becoming due and payable on the Bonds to the respective dates of payment thereof, (ii) the total principal of the Bonds, and (iii) the redemption of Bonds prior to their stated payment dates. Payments by the Cc'llateral Agent to the Bank pursuant to the Security Agreement shall be credited against the Corporation's payment obligations under the Letter of Credit Agreement. In the event, however, of any deficiency in the.amount of funds available for payment of the principal and interest on the Bonds when and as due, regardless of the reason for such deficiency, the Corporation agrees that upon notice of the deficiency from the Trustee or the Sponsor it shall then immediately pay the amount of the deficiency to the Trustee on behalf of the Sponsor to the extent of Surplus Cash, Section 4.17, Mandatory Conversion to Fixed Rate, If the Bank is in default under the Credit Facility or the Liquidity Facility, and the payments under the GNMA Security, when added to the interest income from the Debt Service Reserve Fund, are not sufficient on any Interest Payment Date to pay the principal of and the interest on the Bonds due on that particular Interest Payment Date. the Bonds shall be remarketed on the earliest possible date by the Remarketing Agent, at an interest rate fixed to maturity. ARTICLE V ADDITIONAL COVENANTS AND AGREEMENTS Section 5,1. Inspections. All equipment, buildings, plans, offices, apparatus, devices, books, contracts, 2146G -29- 4. 's '?' 3' ? x*? ? ?` -?'iwl::Fri%???,.Y~'.it:";.j3?;?"Y?+;1Y' .!'?- .•'??'i' .? . r.:.:; it_?, :???{, ? ?: ?...,.?.; .i•, s ' 1? } r ?.. +ir.'st`t•.•r??..a:.?«is?,.,,s..;:s.?,y,?, ' sJ.. , i.;...s1. ' ' i' s •..? , ? . r? ?? "'-fe1 ot. t• +e ';l'i.' ?T-. .'S'?E° SH .....?.i.S.. r.r\.:t' ? i. ,? 'r .rY.a•+ ',.. t. .? ?-f ;rk.r•e.+sr.?Yh?L,.a r y a 6 r i?'? ', _ ft. t" 4r `!ld?.{ .•r? r f? e?`?11z? '?• i Yi°i:.y ° ..??? :7,,M ,?1,• }.? ? 4"'' : y"E:r ? L er r t, wt...::ir tw ?I''r.:{.l:,;r?- lY-rrf a??itr,?sl, ?C"?•: ...nxa .: f pvrm'tr?r^,.1...r..r ar..+r?•"'': •,. ,,c+'n..• rE, ...!,w+ra.. -30- i7 l A".: 14 1 '1 40 records, documents and other papers relating to the Project shall at all times be maintained in reasonable condition for proper audit, and shall be subject to examination and inspection at any reasonable time by the City, the Sponsor, the Trustee, the Lender or their authorized agents. Section 5.2, Reports and Information. At the request of the Sponsor, the City, the Bank or the Trustee, their agents, employees or attorneys, the Corporation shall furnish to the Sponsor, the City, the Bank or the Trustee, respectively, concurrently with delivery to the Lender or HUD, copies of any reports and information furnished to the Lender or HUD pursuant to the Mortgage Loan Documents. In addition, the Corporation shall furnish to the City and the Trustee, if so requested, such information as may be reasonably requested in writing from time to time including, but not limited to, compliance by the Corporation with the provisions of this Secondary Loan Agreement. Section 5.3. Immunity of Sponsor, In the exercise of the powers of the Sponsor and its members, officers, employees and agents under the Indenture or this Secondary Loan Agreement, including (without limiting the foregoing) the application of moneys and the investment of funds, the Sponsor shall not be accountable to the Corporation for any action taken or omitted with respect to the Project or this Secondary Loan Agreement by it or its members, officers, employees and agents in good faith and believed by it or them to be authorized or within the discretion or rights or powers conferred under this Secondary Loan Agreement. The Sponsor and its members, officers, employees and agents shall be protected in its or their acting upon any paper or documents believed by it or them to be genuine, and it or they may conclusively rely upon the advice of counsel and may (but need not) require further evidence of any fact or matter before taking any action. No recourse shall be had by the Corporation for any claims based on the Indenture or this Secondary Loan Agreement against any member, officer, employee or agent of the Sponsor alleging personal liability on the part of such person unless such claims are based upon the bad faith, fraud or deceit of such person. The Corporation shall indemnify the Sponsor and any of its members, officers, employees or agents and save them harmless against any liability intended to be precluded by this Section resulting from acts or omissions of the Corporation or from acts or omissions of the Sponsor or any of its members, officers, employees or agents in connection with any necessary or reasonable acts taken pursuant to this Secondary Loan Agreement, except for fraud, deceit or acts taken in bad faith or which are negligent, 2146a ,?,'"i:;L,(^'a''??i'•??;'a ty r+'?iar,i`ify?=?P,'?w?'? :?'?.'zr ?.?. .Fi ?: v•?-r; s.f'• }t; 1..,,':. •v; •?:w':;:t='?,'.: G'.'.i' ?r'? ?•'_4'•''-.:%;?=.-?-r'e%?3]Yyt::...?i.:.:.:+r.i......??2`.?;.T7'y:..r.=.r??%.'.,9',.j r:,..r+: L=..;:?. r::?_,?.:,.,s::?,.?.?.rr.+',•!-i:tin?i?' c? ,+_.t. ;l ii ?••'!'-1 ri'?., 5?? ';: 'i?' .. '7 ?t,"Sli ?4 1'. ?-1'S f...?: .. tir S L.:i F w .y 'r1 .; rR ,;?•' ,faf.`?,h.?+r. sine.era .r. 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Pi R 1; f. fir" 1;;?r>t +` ' t, ' •')' ti 7 a?1 A i !? {+a 6';'?:b o?? `i:4;: 1,1:? t r ifr7t ;;,? q•..: ?t'. ,i i:';•..-'lr ;' .lik fr.? ?V ? f,t{1. 9 v1 ?,•` ?.?'r! '.? ' 1 ;fir. .;c.,h» .?-; 1 r1'`o"' Lt' { '; {_ •'1 .; :i,'a• _ ?a3' •? ,?+1d"r t'! Y ?. j 4 4 ? 7. {,,1 ' .* a Jr, 5 {' .? .r:'6? ,3:'?..: ?`r ;. ++ )"R, V 1:?, ? i' ,`: T;,s , .6wfss•:a$ g ?{re t I: ?i» .r 3, r..i :i' - .?` ?d }!'? °s''t?,°;-i:{4?., •,? ,?',:r• ,`t?.,. ' ,r°r i,L??s?. ?r `^I?Y;LG ?1'. ?,k. l';7?..',.+e: t??`'" i";•'i.si 5» .t?f:Ey •? t. ,r J.1-, ?'t?< .i4,+?:'•?. 1'. "`c'J,#'2 .? ..=$$r r.+ ? ?'•++' - -fir- - Section 5.4, Compliance With Laws. With respect to the Project and any additions, alterations or improvements thereto, the Corporation will at all times comply with all applicable requirements of Federal and state and local laws and with all applicable lawful requirements of any agency, board or commission created under the laws of the State or of any other duly constituted public authority; provided, however, that the Corporation shall be deemed in compliance with this Section 5.4 so long as it is contesting in good faith any such requirement by appropriate legal proceedings. Section 5.5. Assignment. No assignment or transfer of title to the Project, except as provided in Article VIII or Section 3.2(b) hereof, shall be made unless (1) the Lender, the Bank, the City and the Trustee consent in writing to such assignment or transfer, (2) the transferee or assignee, as the case may be, assumes all the duties of the Corporation under this Secondary Loan Agreement and the Mortgage Loan Documents by means of documentation satisfactory in form and substance to the Lender, the City, the Sank, the Trustee and Bond Counsel, and (3) there is delivered to the Lender, the City, the Hank, the Corporation and the Trustee an opinion of independent legal counsel to the transferee or assignee, as the case may be, substantially to the effect that any assumption of the duties of the Corporation referenced in clause (2) of this Section represents the valid, binding and enforceable obligation of such transferee or assignee. Upon the assumption of the duties of the Corporation by a transferee or assignee as provided herein, the Corporation shall be released from all executory obligations so assumed. Nothing contained in this Section shall be construed to supersede any provisions regarding assignment and transfer of the Project contained in the Mortgage Loan Documents, Section 5.6. Mortgage Loan Documents. In connection with the making of the Mortgage Loan, the Lender and the Corporation shall execute and deliver such documents as are customarily utilized for mortgage loans to be coinsured under the provisions of Section 223(f) pursuant to Section 244 of the National Housing Act and applicable regulations thereunder, with such omissions, insertions and variations as may be permitted by such regulations and as may be consistent with the terms and provisions of this Secondary Loan Agreement. Section 5.7. Warrant of Truth. The Corporation covenants that no information, certificate, statement in writing or report required by this Secondary Loan Agreement or otherwise furnished by the Corporation to the city, the Lender or the Trustee will contain any untrue statement of a 2146G Nt. -31- 77 ??1;la,x: is 5. kt ,?<a t:iqq .}..,?, s,. }ti• 1:,,i fin,' t : r"; e: ti.?+r t":a„' i I.- r ?h 4 ?t ? 4, ?.,f.,'.n.,..? ef'._ ?'' •,ii''?;,;'.t??°,' ?.i?' „? _ ,. i ,:q' '? .. ?pa:., ,t?r?;.'fg9 y.; ,;,<. ?L-.'{y ?.?i.'. .iy..r'?1?:•aw.,?...r.,.t?r.{':;? • - - ^r.'^.'Y.?'^+"F?,-:=^i• .r,l,.,+t..' fi ° "".t r , r°fcr.j''. ?r , r k"? •, , tw-. :"?.;.;? ?.i' r a..: j.`C' .,?".". "Y, 7, s e..::..•,-'•.:•t, ','-'• -ittwt{d? w'r' `rs ?+ ?, '1" ?', "?_:. ,?t f ?+"y. S ,?s s ' .r,} ? •:..°,t ?.,4 .,' ?'r, :a• ''•t` ,,F, P t :a, 'w?. s'r 11 •? 4. •,1 'r ',Ir, •},-l yt+. .r 3 :1 f• ,•f' 't'.J:i. t3 •?:.c„? Vs '4. "h 1 „ta j ,1' ,}"4:' 't Ar .L [.y-ti C•• ] hY'. /.! ! lib ` °.4' rS"' "'I' '•i , [MVP 4M +,? 1. 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Fe?._. .. e. ........:.. ?:r: . ..z... ... •,.R;.ils.•. _..,:a+•}; aaF'•"__r.°_ ?.a?.:n....a.. ?'? a ?,t o93,. iG•,ul. ,tlt.. ._ r_.,as:t?,-,she '?_.}•oir';r'f?s?i; ,i^!7.`• ":.y,?;"•`.{t,zt:F.:?'s:t.;?'Y•.,•. „?u y....,j.?i1''.2" 'xi li ;"'jr•- ?s?j: 3?ji?A ••,?a'H. ??Y7..Y''?+fi'r ?t"f.,rt?c?.':.??5,?`:9?L.` ??f?f.{??-: x5':'y'.. ,4 «F,s '`?1 •,'i.fr1, 1.j. rn':3 J„?y '"< h;>ts?b'y,- •.i?'d?.-o::, ':t' >): ;i'#=,`aX'ei,',=}•1 ?.'Z;-Ns ?ri.Fr tF??xa li ,F ;:s; ,•?`i .,r? t`?,,?;, `f'?'y.•I+T?,r:. •.?.e}??;i?S!}e': K:f jYi 'h^`.1 i:'x'r:?•S.i°?r.:1' •. icy . •.?; :/F ': .aYi!.Ir material fact or omit a material fact necessary, in the context of the statements made, to make such information, certificate, statement or report not misleading. The Lender covenants that no information, certificate, statement in writing or report required by this Secondary Loan Agreement or otherwise furnished by the Lender to the City or the Trustee will contain any untrue statement of a material fact or omit a material fact necessary, in the context of the statements made, to make such information, certificate, statement or report not misleading. ARTICLE VI EVENTS OF DEFAULT AND REMEDIES Section 6.1. Events of Default. Each of the following events is hereby defined as, and declared to be and shall constitute, an "Event of Default": (a) failure by the Corporation to make any payment required to be made pursuant to Section 4.3 hereof on or before the date the same is due; or (b) with the exceptions of those payments required by Section 4.3 hereof, failure by the Corporation to observe and perform any other covenant, condition or agreement on its part to be observed or performed under this Secondary Loan Agreement for a period of 30 days after written notice specifying such failure and requesting that it be remedied is given to the Corporation by the sponsor, the city, the Bank or the Trustee; or (c) if any of the representations, warranties or certifications of the Corporation under Section 3.2 hereof or otherwise made or delivered in connection herewith or in any document delivered by the Corporation to the Bank in connection with the issuance of the Credit Facility and the Liquidity Facility shall prove to be false or misleading in any material respect; provided, that no Event of Default shall be deemed to have occurred unless the Bank has failed to honor a properly presented drawing under the Letter of Credit or unless the Bank shall have consented to the declaration of the same as an Event of Default; or (d) default by the Corporation under the Letter of Credit Agreement, together with a written notice from the Credit Facility Issuer to the Trustee declaring such 2146G w32- t:i3`5. i.'.'2h._•..,.;i * l,' [ a?r F ?ir?M§ tZv _ .. , i..r-•.•.t4.;.;r" _y: :.?; ?.:.?;:!yf:'1'',?i"i::3.?.'?•?.,?:fffxr.?jh.?'??•#+?t? ' ft l+ ..td. ,..^. •" r ?" ',•'y .4 e?')5 ..; .?h..'I: 1.3.rr7.'tl,` PF!"iF #,?i?J?i ,?i +t-v, "?'."- •{.,??? :?'1?j??L?:......r^•w..?.«":.a.wi r;awl..±f.?=:.?.i.?W?:a•jf-•Y.fi.w +?+ r 1 5 ?t Imo, 11. ;bU i1 R 1) MP W 4 11 ? rF:-'?„rr..i'..,?.'....a ..a.f},. ,..,r re':+y.^:..,a :q. , w.rn- ... r,.,•: . ?? '•??'",jxs:;?c.:srrt?i?la`.Ir•',..?a?'•:. ....-1.. «.?'....... ....,...., ..•:'+ 1. '.. ?e . •. i.4 ?'..'1 . ?i: ?.• 4?4 • f 5:•-t?i-?.`t- `' [x? i tJ; y}4 f'•?'t4 "i. l?'i t???'Yt .. '. F?,.'.!'Y `.i ?. ;:T ??. beLiJ» -.?r. ?".?+,f `l???F.r '?: ,.3;^ yr.`f°I.r?'Y7•<.?j?: '9:t event to be an Event Credit Agreement and Bonds; or "y?.vlk.f?•.?nr•tgr?y+??«.w,,?c ? .,e{n of Default under the Letter of directing an acceleration of the (e) (1) the Corporation shall make an assignment for the benefit of creditors, (2) the corporation shall apply for or seek the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its property, (3) the Corporation shall fail to file an answer or other pleading denying the material allegations of any proceeding filed against it described under Section 6,1(e)(2) hereof, (4) the Corporation shall take any action to authorize or effect any of the actions set forth in Section 6,1(e) hereof or (5) the Corporation shall, fail to contest, in good faith, any appointment or proceeding described in Section 6.1(e) hereof, (6). without the application, approval or consent of the Corporation, a receiver, trustee, examiner, liquidator, or similar official shall be appointed for any substantial part of the Corporation's property and such appointment shall continue undischarged or such proceedings shall continue undismissed or unstayed for a period of 30 consecutive days; or (f) (1) the Corporation shall be adjudicated a bankrupt or become subject to an order for relief under federal bankruptcy law, (2) the Corporation shall institute any proceedings seeking an order for relief under federal bankruptcy law or seeking to be adjudicated a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy or insolvency, (3) there shall be appointed a receiver, liquidator or similar official for the Corporation under any law relating to bankruptcy or insolvency, or (4) without the application, approval or consent of the Corporation, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Corporation, or a proceeding described in Section 6.1(d)(2) hereof shall be instituted against the Corporation and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 30 consecutive days. NO EVENT OF DEFAULT UNDER THIS SECONDARY LOAN AGREEMENT- SHALL BE DEEMED TO BE AN EVENT OF DEFAULT UNDER THE MORTGAGE LOAN, 2146G -33- !} r?'lY•?a??'?j•¢?•{`{.r?'?;::y?t t?y F:?;;?, •??'j?'vz'?:y':.,,•?i,s .??., `!; s': ':i:r :'a?. ,i. .?.. .??: ,. r?_.. „t?.t,? - -,l„? _j_..?bis ;'•r.v?y? r??. 1 ?!.^+niar«t ,..? S t_ 'f 1` ''..,' ? 3^':a `' '? ' f •: i:•<.:. • ?''%': ° ?.'::??..., ,, ._ :?a?' •rrt.r; :' i''ai`•`?'s .?'"^',.?'? ?`?, tY:; r:.^i? ?+:?'+N, ..? ? t,4N':'.I,'i''it:.l::?'?..._Y..,:a.t ?y ?:aa?x?°?`..?.; '.?..:,G:r3 r'_ ?ti••?i:"'.:-sf:'N....-..,?,..: ..5'..';::.+..?.:. u:?4_?..:..t ;w,.:u. .. .I.°. S?''g ,,. ?1t?. a;.a :k -t q f*o-'.t? ;? .?;.;y} ',( I :.'?.?ti, .;s,. '. ?.;{'° .? .r'°,.i., :s' " frw.4f...Y;..?'-;s.t«:;{?•?+?Y".n.:.i r::?:N3' ?' •`{ i ;?j ''i' ,., ?r1' :tel. •?'f: ?.' 'C:xll'° i arm,:„ ,? t, R:A- e,? ,f '1l; it? ? ,.{^r"•',:c '?.,; s, .,H•:?a''d ,y i 'r:,'. ?'' ?'S 'r,7 +('t? ."ti" ?i' ;?f• ;r, ;r 1' "r. , .•(.'? ap :,r a'•,? VrT.. A ti 1ri. in 4i '4 rr •i ..,x•..p..n..a+.u•a'a"C'!rrS•:7'1pY,'-"!.+R:h?cy+.° '.tif?r•w :.+•+Y«.•. .K.,,?a`)?rk:r•?wk «?•?.v.r? :3?.x+'? S,ni?.^.=iti.`?3w1;1._ .. .'r?r ? ...•.?a.?t,.. i''•?.:?'i?:. ....,'.>d`;..:x4?i;°???wtr?4xr!?+f'?}ri.:.? ter?;; `e Section 6.2. Acceleration. If an Event of Default as defined in Section 6.1(a) hereof shall have occurred, and the AGNMA Security has been cam letel aid off, and if the Bank (so long as it as not failed to honor a properly presented drawing under the Letter of Credit) has consented in writing, the Secondary Loan and all other sums which the Corporation is obligated to pay under this Secondary Loan Agreement shall become due and payable immediately, and the Commitment shall terminate, without further notice to the Corporation. If any other Event of Default shall have occurred, the Trustee (as the Sponsor's assignee, or any assignee of the Trustee or Co-Trustee, as may be the case) may, if the Bank has consented in writing (so long as it has not failed to honor a properly presented drawing under the Letter of Credit) by notice in writing to the Corporation, declare the Secondary Loan and all other sums which the Corporation is obligated to pay hereunder to be due and payable immediately, and terminate the Commitment. Upon any such acceleration whether automatically or by declaration, anything in this secondary Loan Agreement contained to the contrary notwithstanding, there shall become immediately due and payable, in addition to any other amounts then due from the Corporation hereunder, the sum of: (i) the outstanding principal of the Secondary Loan; and (ii) accrued and unpaid interest on the Secondary Loan. Section 6.3. Payment of Secondary Loan on Default; Suit Therefor. (a) The Corporation covenants that, in case default shall occur in the payment of any sum payable by the Corporation under Section 4.3 of'this Secondary Loan Agreement as and when the same shall become due and payable, whether at maturity or by acceleration or otherwise, then, upon demand of the Sponsor, the City or the Trustee, the Corporation will pay to the Trustee (or its assignee) an amount equal to the sum of: (i) the amount described in Section 6.2 hereof; (ii) any other amount which the Corporation is obligated to pay under this Agreement; and (iii) such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Sponsor, the Trustee, their agents, attorneys and counsel, and any expenses or liabilities incurred as a result of such default by the Sponsor or the Trustee other than through gross negligence or bad faith, (b) In case the Corporation shall fail forthwith to pay such amounts when due and upon such demand, the Sponsor or the Trustee (or its assignee) shall be entitled and empowered, but only if the GNMA Security r 2146G ??.{'1• 1?.}?VF I?. ??A4• 7f ?ky?Z?: yH`=' ?.'.s af? •t%..-l' fie` ?. r? k ? i•?, • ,.. -34- 's^?''!"a';'S'.: ?t1'° '.i •'?•'•3E:.a-:'?;k_.-.: f', k•?y, 3r.r: •.!? .Si'.:f'i..??`?L. Ps:.?,.i-!", :••'i% ".'!r`a72;;. ;t; w?+1y^?ir_Ajs 4:???.v t iyv'• .: .'e, nom., •rs• 'r'?•':i `.n. '°'«T,?•.q,•: ?i -1. •,j: 7's... `?•?:?:1l1- e:ti;w:r:??M-'aa'F.:.l ,c..t;,s;a+'r,, ..ti:r?Gt:?;,,.?.r?::?4,.:y`T. ,r.?.?.4?+r?. ,as.•.,•r' ".C'y.'"'?.-... ?.w.'f.....µ:;::r..::t»:YS- LS?t":.•tiyS.,:,.=r?'..IJ:? ?.?•?•? -; ?i ?: .?r•sr;' ;r"= '?-??'i?1H }t •?• - "?r 'w-? :i•?'•?'?4: `:disk r: .y . ?St' i ,SF ?i - d. M f E at. ?" if. has been entirely paid, to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Corporation and collect in the manner provided by law; provided that notwithstanding any implication to the contrary in this Secondary Loan Agreement, the Trustee shall have no rights in, to or against the Project unless the Lender shall consent thereto in writing. (c) In case any proceedings shall be pending for the bankruptcy or for the reorganization of the Corporation under the Federal bankruptcy laws or any other applicable law, or in case a receiver or trustee shall have been appointed for the property of the Corporation, or in case any other similar judicial proceedings shall be pending relating to the Corporation or to the creditors or property of the Corporation, the Trustee (or its assignee) shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of the Secondary Loan made to the Corporation pursuant to this Secondary Loan Agreement and for interest owing and unpaid in respect thereof and to file such proofs of claim and other papers or documents as may be necessary or advisable in order to prosecute the claims of the Trustee (or its assignee) in any such judicial proceedings relating to the Corporation, its creditors, or its property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses. Any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized to make such payments to the Trustee (or its assignee), and to pay to the Trustee (or its assignee) any amount it requires for compensation and expenses, including counsel fees it has incurred up to the date of such distribution. Section 6.4. Other Remedies. (a) Whenever any Event of Default hereunder shall have occurred and be continuing, whether or not all sums which the Corporation is obligated to pay under this Secondary Loan Agreement shall have been declared to be immediately due and payable pursuant to this Secondary Loan Agreement, the Sponsor or the Trustee (or its assignee) shall, but only if the GNMA Security has been entirely paid, take whatever action at law or in equity 21466 -3 5- r1"" J.'- s?:.x ,. ?;?'Lr?;* y?„1.?.& r4? ??. 'a;s ` t; :r u> r.. ;:. ,?E?.,.. ? 1•°.::'y;? •,'?; ? `? ?.'f}K.s?iil`.??t??7??.at.;t4{!{, ''.i;' :1:•y`;• :( Rli;fr; d-t. w?i»'.?r?. . ?I,?q'Y'°" }:s'Yrr St'.. p.=i !: •?'', t'?r: ?,? $• ? :a Y rS.. :•dis ,?> ., ?.4 ;?, a?"t,'1. .:^,l ?i _F•i1;,?Js`! i !' <j.{' 'l.s!' "?. 1'S",: Lf :It i§ i -. ?4- .1: f:{ • -...??..,1:.?.,? :Y1I+r^? .M1 1. ? «Id4?? ?j Tl] .,„, 3 § 6 I Sir v?.? > ;r as may appear necessary or desirable, to collect the amounts payable by the Corporation hereunder, then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of the Corporation under this Secondary Loan Agreement, including the application of any undisbursed Secondary Loan proceeds to the reduction of the outstanding balance of the Secondary Loan, (b) whenever any Event of Default hereunder shall have occurred and be continuing, before or after declaring an acceleration pursuant to Section 6.2 hereof, the Sponsor or the Trustee (or its assignee) may, but shall not be obligated to, perform for the account of the Corporation any covenant or obligation in the performance of which the Corporation is in default, in which event the Corporation shall immediately reimburse the Sponsor or the Trustee (or its assignee), as the case may be, upon demand, for all expenses incurred by the Sponsor or the Trustee (or its assignee), as the case may be, in the course of such performance, including reasonable counsel fees, with interest from the date of such expenditure at the Prime Rate of the Liquidity Facility Issuer then in effect, (c) No action taken pursuant to this Section 6,4 shall relieve the Corporation from its obligations pursuant to Sections 6.2 and 6.3 hereof, all of which shall survive any such action. The Sponsor or the Trustee (or its assignee) may take whatever action at law or in equity may appear necessary and desirable to collect the amounts then due and thereafter to become due, or to enforce the performance and observance of any obligation, agreement or covenant of the Corporation hereunder. Section 6.5. Cumulative Rights. No remedy conferred upon or reserved to the Sponsor, the Lender, the City or the Trustee (or its assignee) by this Secondary Loan Agreement is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Secondary Loan Agreement or now or hereafter existing at law or in equity or by statute. No waiver by the Sponsor, the Lender, the City or the Trustee (or its assignee) of any breach by the Corporation of any of its obligations, agreements or covenants hereunder shall be deemed a waiver of any subsequent breach, or a waiver of any other obligation, agreement or covenant, and no delay or failure by the Sponsor, the Lender, the City or the Trustee (or its assignee) to exercise any right or power shall impair any 21460 -36- !+' ?..r,`•vl •, yt?.r"?.:?, •:'?? •.r ;a .. l`_'?` ? ?j, '. '. t,i Ji `, .,? ??§.r4. ?[° •: 4.:_ A i(„,L,? ;•?;w±?Y?°-.:i?WrrW«i? 'rL.',%.=•«w ? y-r. ?,.f '?;? t1. %, ;',:.,','.. r .?• r??'? {. , ?ar..•?S.`?.: ?'. .? S..l. K^?'?({r?l'.r. ..?. t, ?r ,, y. '?M.;. ? ?'?'. ;t[•.-?rw?.. _.?_.,?'.-. ,i.?..,,: .u.:..-,....., ,?rr? rlt. i'?lF?i'i #r'3'at ?.?+;[. ;[;°, '.?: ,a r3Z.•. :?. 1:' n4 '. t- .??: ,1,. !f .? .r. ;Nf q'.;. ,'#•-. . • ? •?.;y,M[ .,. .Z? . 9. 4• 4- r }t^. ?, '^r:f ? t, iTv ..tt'4i`? i. ,?d? ;. , ?', s , ?r ?: Ei=.t ? as ,• .. _li :.i kP, 15. .';I^ '•L.??t",e S?j '?{,, .1l, •..r r e ... ,,51 • ? '; ,. .t ? [s. k1 L; •. t? ?r "J ?:. ..,-•'?,>'Hf.i'1,a: r.;'w t,?. .r..,•?. r?•. sr..-. .r•w,?±•:,.,?"'.-"'°YT!.'.•>irw?..•.,?,. y,., ...., ,.<., r»... `:M1 f{.'•,!y3?s?y 1ti. '^'rCr ,` =fi_?'?`.A '• ??i3r.%+. :urr.'•,.:f,:`'?.1? i•.l^'t''`?-a ?' .i•r..*ti.?a i'f?,'f' y1., )s i''. s .?•tr.a`.., y: ^M: 's,`1d'1 Y.hi?,' ;`S?{i•^}S';' yr t'' ;Wm ";?,? )• f,: t'^;s, v lP-.1, IL,ry i 'i. i`17,y y? ?' ,, r s ?? e y ?+•r?' '?ys ?'Ct ?, . 4f."ys «1:?'... z:•",'!1. i.x..?'?zd+'?..'??.i?'}<?'A ?"1'a'r.".#.??:'';i.za i.'r`AC F•? 4 },? k •il«: x f ^, w k S <' l 'i i Ny'T ;FIi'';?P fa i'.e +st'i -.., ,.1?,. r.•: a t,. .':..,.:.;r• ?4??ay# 11.?s ? ;r A,?S ?,?`G .??z•} I^r'•.Y ?. i,'t ?,ti^? ? • a.1 ,:??;c? r- ?1i'?`f,'?: tyrzsE?i"?i•,+,.i•;?`r?4sf k;.??r?t?i.x aE?,rtM1?P1,EF,f,<?#.r'.7?'j •„, ,-•;r ,;.; 3''? alt°, ?'L'? ,t.?N i ij 'r 4 ?,? - qta gi.lir: ?.. f,_ 3. .}CY';.! i!'?'•?'. }}}''' _ L ?a 'ham . r ? y? • :? t 4eA.}i?`it ,4?.}y?s'ri "?4C'.•s•.1"s?k i!ii1. ?k •,,y ` 'rf nhk,,, s•r+??i?'i}re :`y! ?' u'{ax`1'??ly'f`• •Kk '?' ?`,R:`?; 't..•iS ?';?isi :?itl: .s ? + + 4f a }" •. .??t ? , ?t't a?f t? `i"?tti ?':`r +f?'°:,?•; e,`h eyi `?'t'. t'' ,,, ;•.. ,.? ??•?"'?r1r,r!` 'r?"("' l?,i ?!:?• ;1?' ?:e:..4. F i,??.'a'?{,',x w such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised by the Sponsor, the Lender, the City or the Trustee (or its assignee) from.time to time and as often as may be deemed expedient. Section 6.6. Discontinuance of Proceedings. In case the Sponsor, the Lender, the City or the Trustee (or its assignee) shall have proceeded to enforce any right under this Secondary Loan Agreement and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Sponsor, the Lender, the City or the Trustee (or its assignee), then and in every such case the Corporation, the Sponsor, the Lender, the City and the Trustee (or its assignee) shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Corporation, the Sponsor, the Lender, the City and the Trustee (or its assignee) shall continue as though no such proceeding had been taken. Section 6.7. Notice of Default. The Corporation shall give the Trustee, the Lender, the City and the Sponsor, a prompt written notice of any condition or occurrence which constitutes an Event of Default under Section•6.1 hereof immediately upon becoming aware of the existence thereof. ARTICLE VII RIGHT TO TERMINATE Section 7.1, Prepayment of GNMA Security, The GNMA Security shall be subject to prepayment prior to maturity, as provided in this Article VII and pursuant to the Mortgage Note and the GNMA Regulations. Where prepayment of the GNMA Security is made in the event, and to the extent, that there has been a corresponding prepayment of the Mortgage Note by the Corporation pursuant to the terms thereof, the Corporation agrees to give thirty (30) days' prior written notice to'the Sponsor, the Collateral Agent, the Bank and the Trustee, or such lesser notice as may be required or reasonably implied by the provisions set forth hereinafter. Except as otherwise provided in Section 7.2 hereof, all prepayments of the GNMA Security shall be made at a prepayment price of one hundred percent (100%) of the principal amount, plus accrued interest to the prepayment date. Section 7,2. Optional Prepayment. The GNMA Security shall be subject to prepayment on or after April 15, 1999 from optional prepayments by the Corporation under the Mortgage Note, in each case, plus accrued interest through 21460 -37- .t: -11111 IMP i?3 .? •?? Mi'`?.i`SY*?sl•kY>:V.° .-x.: .i' 4; +.. '°Sr? i'E:,,7r.•', °-i', f'il r.rr111j?. ?-I'•,r':•ir t 4 i ?r . ?, :'e r.l l;,v. .'f. %4 r ?a3 Lt,f t+ ?'I• #rH .?+ ?i,,:?'?`, s :'/ .,t:?H ':.a..",.t???:??:-.?:.'.?.....-?..:'? ..?x'•:..a:.:r.:':?.»:...)-.5?:,•..?•f,. i.•. 7l+i?rr..1+. t I..t.rK?.al?,y.,?..:+•„re. ?-•-s.'?r.y,i? my.•..+,'i., «-.1 ?}re+?r ter,^Fx. }4 tr r ..?i: ''? `t; _ f ":;?1•i.l. s',it. 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Y + ? + ,.^,,1 r;•,;°a` "?.. ? i . 5.• .4 '""9°c;,r f ti' ?' .t r ?,'.,? ,{i ,.,x s. f??, ? °' .x , ^?f tb =. [e 'Y• rr?,y`t: ?4 .?;?.x.,.•?'3 }. 4? •:?,#:?:j E' rss ??r?. ,?_ }4" '• ?i'i 1'+7"'? t';°,`J .r: < .t?C?f`???: .z:. e•- ;?? tri'? 1. 'L .G ,?. ? t .? $ ?" -,'?'.!`: ,Y .l. ,(•'n ?._,.t.` ,s ?z?,:?,:7:" x:..`•,: x?, .},i am' ? ? i?? a ? t:f ?,?? #,??' p, y i" .,, ".,'??e {>;.'`-+:}.yg;.It ?a„ ,.# ,, i:•` .r c ,?'' ,i, r,'df:%.:#??•r;'•?j ;^t . ? .'tiM'i;??J<f?'.r'r•t? '??Cq,?q,°•?+ X '?'}€? .r,? ? s? ??-a+T ;'-:.' .!'r. e r •ft r '?'r. z r7:,.?.• 1f:?7 ',l' `s?; K .s?. , 4 ! Z }•::^t?'• !wi5 y ,'?, P r • :a .•y ?;p3? i (??,'r F}: .77?.#. ,<?r r.,r .:T rS ? '.??. }?. ,,3' y j•ti :.P . ? ,4i.3 g??'r` ''^? e;r; ?•?'',rr?t!.g r? C • ??.f,tf? ?: rf:S ?.?.? '??'k fir ;?y ti ? .e ? .1 h'' ,"12? 3. ,: ;i''.1 M • ?.? Fr,S;:a•'.tr?? •.r}':.,r- .r•?"'?" ?, ? t r ? ??r..:. h ?,,?t y'rCrIL t 4' ? h• t {F? „f MTt /? ...Y < •.. 7 jyr? ? s"-r rig f• .:,+r- Y ? ?w ;r?f? = g • •f ?? .?i r • ihji )ir'?., °'t• r?r.t` , 1•:?a., .{. r:,:r".,. ![ I' 9r` ;?., -k 'lti:.. r=!e„ ,,Yl `is-?^?.t??"+vy?,'iY j?;ix 6?k, ttti;??j 7Y +I'!? qq N , i ?,.,:,; rrls,r ya;{'- '•-c .?1.v"•:r..:., .c.,, ' 7: t` -f..'''.? saf ?`j y ii.':. *..? ? :Y• t:^?, ?,, r sri7aS.q... s:; ?? . r? . v r r:'? `r ? .b ?.fe',, x'• '?` . ? ?>:lid,,-7r4 ,?s'lt? #' f rtr ? ?;i'42`liS?t:. ;; .u .?>l.•y.'?:' ii?''4f?L?f 5.: .;, .}`+'?f?;' -?_• ?'>,.Y r: .'i' : x: f- •r:r'':i y: rr?i',.• , t•i_ e',... J?,°''?•,3',?u.?,.1 +. ?s?'J µ >:ft x 3?1rt'?a.? ?:a,?'?, fktr ?. r.l ??i f..?., ': i'ri ..?, x y:...v>`c ..r ".. ,.. ' {.; '!,$ i' f= • ::v• .Y..4 ,t. rtr"??, ? ? { "aa :,{. r?•i? - ?, :, ?.7 .t•<r. ? .??`:;1. `1°}' }:,-....:' .5,....,j r.`?:.:f"' `R? a«r_ '?' :'1'v.r,..?l'.' ffN;, i5,.?!is??,4 r#' h F. ??, :jt ', f ,? 5 X 't".F.{ : f='? s »>Jt .1'6: , a.}: •t k?.. . [k ? 'l . `t:4 a ? ."•' ?^?'-!•+'_,`?t ?: - . t •r. •:_.(. r . •?. - ?'+•.s?l??i •r. ?• tls lwte .. h.°J'*' .? r {. fi the date of prepayment of the GNMA Security, such prepayment of the GNMA Security to occur on the first succeeding scheduled payment date following receipt of such Mortgage yt Loan prepayment. ; Section 7.3. Mandator Pre a ent . r?g.i'r* ati • (a) The GNMA Security shall be subject to prepayment, in whole or in part, from prepayments under Aa + 9R11 W P •N t the Mortgage Note from such proceeds of insurance or condemnation as are not applied to the rebuilding or ; fA ,??r' f rF?. restoration of the Project; and the Lender shall use its ! Rt+ M?7'. tY'?1 ZG .7 a best efforts to give thirty (30) days1 prior written .??z. notice of the making of such prepayment on the GNMA 's` , Security, ,'? , (b) The GNMA Security shall be subject to prepayment, in whole or in part, without notices, from 4A' 5i "E prepayments under the Mortgage Note from the Corporation., ` while under the supervision of a trustee in bankruptcy. S% (c) The GNMA Security shall be subject to prepayment, in whole or in part, at any time, without notice, as a result of a default by the Corporation >h; ; J ' , .. .N ra .q K r ' j •, ,- r t under the Mortgage Loan, from the proceeds of the FHA 'r',. ?.? • • Coinsurance and funds of the Lender. Zil "• ,Y ^_' t: ?f?l? ;? a ter Section 7.4. Prepayments . It is hereby mutually agreed that prepayments (including premium, if any) made on the ; ':`??=.ti t r?i• : .s?:?•, : 4u< <?s? , Mortgage Note by the corporation shall be aid to the Lender on the date such prepayment is permitted under the Mortgage 'w ?- ' ?? ? Note and that these moneys received by the Lender, or other ? moneys to be used for such prepayment, will be passed through s on the fifteenth day of the month to the Collateral Agent, as # i ,?prepayments on the GNMA Security, for the redemption of the ?. Bonds in a like principal amount on any date set for the y•; i redemption of the Bonds, In the event that there is a, `?4^ default by the Corporation under the Mortgage Loan which ' x +Y,. results, at the election of the Lender, in a Claim by the ' Lender for FHA Coinsurance benefits from FHA, the Lender shall pay to the Collateral Agent the proceeds of the FHA ?`. Coinsurance and also shall pay to the Collateral Agent from , its own funds such additional amounts as may be necessary to , redeem the GNMA Security in full, The GNMA Security shall be r credited by the Collateral Agent with the amount of any I prepayment on the 15th day of the month in which such prepayment is made on the Mortgage Note. {, Unless the Corporation otherwise advises the Lender, the Sponsor and the Collateral Agent in writing, all principal payments received by the Lender on the Mortgage Note shall be -38- 2146G , .. •,. „? •'.?,,-ter;,,, i .sr• 't4v r.. t•'r°' ;Ir; -4 ?.. _.+•,;'-.=: 't:'.: .s. '.f sn'r?: 'v.•r fa`?, C:'. h: `-`i'!? t+: "" ?',', " d,'`-"i'; i'A''i } :. . t _ ` ft •r., eF + lr .? , : ?e ?.r' - .f.Y ",•-?::. '.?3:a.L:.< ?f' i'1' 'p.% ;YT.'ir kiswsjj Ip7l.1,i;{:FBI ,Y, ;:.+-t,:..:.•.?'. ?. '.{,.i, is t_+15. s ,r ,4! .?: ?•J. ., f t •`. `7:z}r: '.'77;..?..} -fit L 1 E , 1 1Y rr ] i F > r f .?a, °5 .li . s.F.• }irj ar .'1?.,?...,7rr { ' 'S ` • I ;, rS +1 Z 5 3 r' « t(+.tn,..,,.. i"v"'•,.' ^. s.., ol?..,,f "^}•+:?' ! +';wf:?('?'R.a,ra0r!r.+.?•:w,?-z^s:'_°?'dt?...'s:^.?..w.e. ". 1,"ty9s...xy..?k,?,, A,,? 4?•a `????w d;'k?r i'd?.r ? . h . I?r t ?? f ? , ; ? ti=alba•... 1 rYrwkJt!N? .fir` ,s `. :•r ... y.„ .tea w;,..31«,n. ;t..?,s« 1 3 1. ? d: . t? 1?1?A M -" [S 1' . t,,.st?{y.? w - s ,w«?. ..?- -?.•'!-.. r.?? .k " 'Jr :.• ,.{r ? . ? P Ri ?- -:.,s, ?rffi? ^}'Z?ft'i °.'`:.s?-i:?t '? °:f:'. -'"€,.r?.', :r.;'S? '"+Sn'FR r•r' ??. Etr.> ,?r,? 7! Y .?, ,.,E".. ,.< ..rti' .,,1°•'I.n??';.i?:r1 y N?? ( tE r Id ?•i.;'. "o-ty 5q.?rt; ?I:,Yr'.'':Y.. 1.,.,?,1 < 'f ? J'w s4;°t!, n <. • sa+.a+.. .F,? t '.4p ;: :y, •1? aw; r•"zi'.^ ??,111.?.tr .li• / 1^A.. ??f. -!t"?µ?.cW'`:?.?J•.?•i y.a": .:s.•, sz: 'r.? .I'..•'3 •:,,. ,??, ?1:: r`}':r'?`.l I 'i?• `J' ?,•f ? f':3:5f?,?, c:' :: `s'''t ' • ~•;?.v'??.`.} Iti,-r,, ,J,,:`^}7`,?d::',?'"; . ?,??ri a 'r.JS4 ?i-°'„1't?:`.:°*;i.'3l,:zy'.;?''.,3t:,ti..'t••:.?3'?•.?3 .is;?:. ;:ejt',?t;:'?ri??::.t:c / i deemed to be scheduled or required repayments (not K prepayments) of principal on the Mortgage Note, and the Lender shall pay such amounts to the Collateral Agent on the ??},- • GNMA Security as scheduled repayments thereon: , ARTICLE VIII CONVEYANCE OF THE PROJECT A Section 8.1. Conveyance of the Project. The .' Corporation shall transfer and convey the Project to the City ' in the manner provided for in Section 8.2 of this Secondary .: Loan Agreement; provided, however, that prior to such . transfer and conveyance, either: ..'"'' 3 (a) The City shall have paid the then applicable ; Purchase Option Price, which shall include all principal and interest then due and accrued on the Bonds, the Mortgage Loan,/lthe Nursing Home Loan and amounts due. IL r,T?k an under the-Letter of Credit Agreement; or (b) the Corporation shall have entirely paid the gw=?? .' Series C Secondary Loan and the Mortgage Loan, and BEF shall have paid entirely the Nursing Home Loan. M The City is hereby granted the option to terminate this r Series C Secondary Loan Agreement and to urchase the Project b h i C P u M upon payment y t e City of the then appl cable Purchase tion Price O ', M ;t- p . '? Section 8.2. Manner of Conveyance. At the closing of ` any purchase or other conveyance of the Project pursuant to Section 8.1 of this Secondary Loan Agreement, the ;L} Corporation, BEF and the Trustee shall execute and deliver to z the City all necessary documents assigning, transferring and Y conveying good and marketable title to the Project and the Nursing Home, as the Project and the Nursing Home then existJ> R" subject to the following: (i) Permitted Encumbrances, other th thi S .ylJ , an s econdary Loan Agreement and the Indenture and any ; Financing Statements, indicating the City or the Corporation as the debtor and the Corporation or the Trustee as secured °Y'- party, filed to perfect any security interests granted under `. the Secondary Loan Agreement or the Indenture; (ii) all liens, encumbrances and restrictions created or suffered to exist b the Corporation or the Trustee as required Y or permitted by this Secondary Loan Agreement or the Indenture 1 or arising as a result of any action taken or omitted to be taken by the Corporation or the Trustee as required or permitted by this Secondary Loan Agreement or the Indenture;' ' ' (iii) any lien or encumbrance created by action of the City; j and (iv) those liens and encumbrances (if any) to which titl e J,,1 to the Site was subject when conveyed to the Corporation. -39- t ` 2146G r "E Yn _ .f,i .l'i 1' ,' ;;"?'^'.. Y. ri%']!'.'.•I g,M:; .}.k'?1+.4'G{ Fra 61 ?.??: ft're i!_.? „.l.initi i'-; f,'j j.f:,R' .rf? .r;f P? ..? „ .'!' .! •i;:3.' 'Yx?l ,^ft':?i,l ?,y??'•: N°' ?: ?7 s ? +':1 '?.ts 3,K ;?? . tYr?tt f f?.. ,.i .}. ''.? _ •!: ", ?'. ,i;f 3.:;'4; '{ !sr .j> ?* r :r,. `" ?` :.,", t'y„•i. w7: ,, _: -M .' , . s•. - .I-; . x ; ..t, t:' ! . .y? .fin IY wy. `.?"i?wfw,.4 .tff1 [[???M4•YS °kr,. wi4 Wja l'• s. .. 1 't>•:4i.-A..f..'u ViA ??/:C•Y411MY?••yt y-?-jwr Ardrr}has...}^ ..n ??f.?j) ?E' ? ;1 ?",. '? ??. ` ,?!r Y ?'1 ' / T • !! ? • b I J .. t e ? E. .C .. j •.Rb S-^e S ., .•i ? '?', t.' 4#'d• r P . . S v„ .1 , r'pr 7' ` .t . +a• i ?,°•¢, €k (,i• 1• .i. ;i?.t• .1? : r F! d . C..;: ' i ? ?` E 1' ` ? , `,• < - , E:I =1,?' (1::.?<:. ?' ?.i.l . .t", ?:1. '.rr. 4 ,: .R FV-. i .a, S' •z- , ?tl . > :tl1.: a, i ?1. 1 , . .. 1- tr?+??tAi rV 13 1tTr'to-h. F: i . f ?. ? .'?` ',1'' t . 1 , "1- ?. ."sS • . 1 tli.. ._ , i s e 'z 1 ,Am t= E II ?'r {= • • V ¦i Section 8.3. Escrowed Deed. In order to facilitate the enforcement by the C ty of the obligation of the Corporation and BEF to convey the Project and the Nursing Home, respectively, to the City under the circumstances provided in Section 8.1 of this Secondary Loan Agreement, the Corporation and BEF shall deposit in escrow with the Trustee, concurrently with the delivery of this Secondary Loan Agreement, deeds to the Project and the Nursing Home, respectively, satisfactory to the City. The Trustee shall, upon payment of the Purchase Option Price or of all of this Secondary Loan, the Mortgage Loan and the Nursing Home Loan as provided in Section 8.1 of this Secondary Loan Agreement, date and release the deeds to the City for recording; provided, that prior to any such release, the Mortgage Loan shall have been paid in full. ARTICLE IX MISCELLANEOUS Section 9.1. Notice. All notices, certificates or other communications hereunder shall beAdeemed suffirjent-1 given when delivered or mailed by registered mail, postage prepaid, addressed as follows: if to the City: City of Clearwater, Florida 112 South Osceola Avenue Clearwater, Florida 34610 Attention: City Manager if to the Trustee: Sun Bank, National Association 225 E. Robinson Street Orlando, Florida 32381 Attention: Trust Banking Group if to the Corporation: i 1 The Oaks of Clearwater, Inc. 1100 Northeast'Loop 410 Suite 801 San Antonio, Texas 78209 Attention: Steven muse 21466 -40- :?11? ?i??tb?;.'txr?3s?,p?fa'!;'?'-.yy?,?r=,.f #;'-•!'i?t'y ?'.:b" ri'?. ..-sue _ ,x,<.-?-i f;.. :3^.it'..`sik:l?%?•?: k?t?""7.: 1? x..7:1.".'!'.':. :i?ik e°??t? } ??. .ef. •Yc. .cif F 5. ?}. .'I a4?f '` f ? ,.N s ? .. Y =t .,1 i if to the Lender: Eagle Housing Mortgage Group, Inc. 9870 Plano Road Dallas, TX 75238 Attention: Donovan McFaul if to the Sponsor: City Manager City of Gulf Breeze Post Office Box 640 Gulf Breeze, Florida 32561 if to the Bank: The Sumitomo Bank, Limited Chicago Branch 233 South Wacker Drive, Suite 7117 Chicago, Illinois 60606-6448 Attention: Paul Olson if to BEE : Baptist Estates of Florida, Inc. [To be provided] A duplicate copy of each notice, certificate or other communication given hereunder byAany nartyAshall be given to ever other art . The City, the Corporation, the Lender, the S onsor, t e Bank, BEE and the Trustee may, by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. Section 9.2. Concerning Successors and Assigns. All covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the transactions herein contemplated and the execution and delivery of the Mortgage Note. The Corporation shall not assign this Secondary Loan Agreement or any interest of the Corporation herein, either in whole or in part, without the prior written consent of the Trustee, the City, the Liquidity Facility Issuer, the Sponsor and the Lender. The city hereby assigns this Secondary Loan Agreement and the Note attached hereto to the Trustee as provided in Section 4,13 hereof. All covenants, promises and agreements by or on behalf of the Corporation which are contained in this Secondary Loan Agreement shall bind its 2146G Rol 10 --41- <? `r"?f?? .tc ^-Srt .ri, ?i;??w. l'L "??'- ?J' „t ss.' ;?<`_':N ?:t?••.?'°ai >r.?'v t,?s y ,N.: St successors and assigns and inure to the benefit of the successors and assigns of the City. Section 9.3, Governinq Law, This Secondary Loan Agreement and any exhibits attached hereto shall be construed in accordance with and governed by the laws of the State and where applicable the laws of the United States of America. Section 9.4. Amendments. This Secondary Loan Agreement is the entire final agreement between the respective parties and supersedes all other agreements, whether written or oral. Modification or the waiver of any provisions of this Secondary Loan Agreement, or consent to any departure by the Corporation therefrom, shall in no event be effective unless the same shall be in writing, approved by the parties thereto, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given and so long as the interests of any Bondowners are not adversely affected and the Trustee assents thereto. No notice to or demand on the Corporation, in any case, shall entitle it to any other or further notice or demand in the same circumstances. Section 9,5. Further Assurances and Corrective Instruments. The City, the Sponsor, the Trustee, t1le- Collateral ?Agent, BEF and the Corporation agree that they wzllrom time to ti e,'execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, with the prior written consent of the Lender and the Sank such supplements hereto and such further instruments as may reasonably be required for correcting any inadequate or incorrect description contained in this Secondary Loan Agreement. The City shall have no obligation to prepare any such supplements or further instruments. Section 9.6. Captions. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Secondary Loan Agreement. Section 9{7. Severability, In the event that any provision of this Secondary Loan Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. Section 9.8. Counterparts, This Secondary Loan Agreement may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument, each of which shall be deemed an original, but all of which shall be deemed one and the same instrument, 2146G --42_ ? ti° s? sa?.Y'yR7 ? I#r?^??? 1?,?a?,?': r, n?C"F'. '?'.'e..•. ,.• .?;..,.. ?.'N, ..ti ,';:?:: .C?-"'i'?•r- r.ss f. + •a r z* . ??5,??.?? a3T?i+w .r9 a se jn^?" r,,;.,,i11 ... -`' `f -r.'?•'..: r ! t ? '< Er"`r?C ?' :..'...:: i-? ..} ,?..,: a -. f•:' l.?'y=;. 1?.= i z trt?r?'4•.d ,S? :;.? ??..x- «??..,.,r.F.a,?%.1".j`.:,.... yi.?«::..::t..L•a:?{.?..?':;..1,...., 4...a?.Z..?..,y......-rsy.r?.{1.:......ti..:;,,:.,.,,t.?.?._'...,.???.?.sb!%?1?.-..+. 7?.r ? xr? ? ? ,,??!!""??? +' S.*-7" ,w:j i'r1.? ???'! ,s .is'?t. :sys? ?t'?v•s , qr ,'?" _ ;+,.'eE.: ,,;''r ;. p ?e i }?'y ?5.?,,,.?ct r. ?,C {?' 'j, iSt. '?`'t?. ?'F_?ti` '??,?£:.s:? :t, ;..;t'q'` :r". •? y: ?s;'? Y:7?r•.J?. _! .,i, ;'r"d.' .l. .1 ? 't .;3, 'f` . 5 n .t'r'.J? ['a ryes =., ?« ,? ti f i Y I ? Section 9.9. Effective Date and Term. This Secondary Loan Agreement shall become effective upon its execution and delivery by the parties hereto, shall remain in full force from the date thereof and, subject to the provisions hereof, shall expire on such date as the Trustee receives full payment pursuant to the terms of the GNMA Security and/this- Secondary Loan Agreement, Section 9.10. City's Liability. No agreements or provisions contained in this Secondary Loan Agreement, nor any agreement, covenant or undertaking by the City contained in any document executed by the City in connection with the Project shall give rise to any pecuniary liability of the City or a charge against its general credit or shall obligate the City financially in any way except with respect to this Secondary Loan Agreement and the application of revenues therefrom,/\which have been pledged to the payment of the Bonds. No failure of the City to comply with any term, condition, covenant or agreement herein shall subject the City to,.liability for any claim for damages, costs or other financial or pecuniary charge except to the extent that the same can be paid or recovered from this Secondary Loan Agreement or revenues therefrom./ Nothing herein shall preclude a proper party in interest from seeking and obtaining'to the extent permitted by law specific performance against the City for any failure to comply with any term, condition, covenant or agreement herein; provided that no costs, expenses or other monetary relief shall be recoverable from the City except as may be payable from this Secondary Loan Agreement or revenues therefrom.N Section 9.11. Indemnity. (a) The Corporation shall pay and shall protect, indemnify and save the City, its Commissioners, the officers, attorneys, accountants, financial advisors and staff of the City, harmless from and against all liabilities, losses, damages, costs, expenses (including attorneys' fees), causes of action, suits, claims, demands and judgments of any nature (collectively referred to herein as the "Liabilities") arising from or related to: .(i) any injury to or death of any person or damage to property in or upon the Project or growing out of or connected with the use, nonuse, condition or occupancy of the Project or any part thereof; 2146G -43- ,i t: ;I?• - ?., ?q f=it t .fit .`.,?iil irr i ry, ; - r7? ?e t•?.? _ _. ?."?_ .?i? ?.r+ r, C. 't ,`r.;r 'aa 37+?tr. y'i'??„ {•f ';g?r ??? ' t.. .. t. .Sn.?.!?t?`? ?' p::f e.'k' ir.{_i.u'..,,? ?{, p' x'1i;•?•??' ..iiYy`. };?r+E.41'.}i,?;r,q+;`.°;!?d?":ass;":t 's' ,1? •i,?o 9,?i{3,ii*y.? i?, ,,..I r •v ;l•'y.: ?? .PY A" " i (ii) violation of any agreement or condition of this Secondary Loan Agreement, except by the Sponsor, Lender, Collateral Agent, BEF or Trustee (it being acknowledged and agreed B-y-the parties that no acts or omissions of the City will be imputed to the Corporation or the Trustee or vice versa); (iii) violation by the Corporation of any contract, agreement or restriction relating to the Project; (iv) violation of any law, ordinance or regulation affecting the Project or a part thereof or the ownership, occupancy or use thereof; and (v) any statement or information contained in the Indenture, this Secondary Loan Agreement, any official statement or placement or remarketing memorandum or circular relating to the offer and sale of the Bonds, any certificate or any other documents or agreements relating to the Bonds and the proceedings relating to their.issuance and sale furnished by the Corporation which is misleading, untrue or incorrect in any material respect. (b) The Corporation also agrees to indemnity and hold harmless the City, its Commissioners, the officers, attorneys, accountants, financial advisors and staff of the City from and against the Liabilities (i) arising from or related to any errors or omissions by the Corporation of any nature whatsoever contained in any legal proceedings or other official representation or inducement made by the City pertaining to the Bonds, (ii) arising from or related to any fraud or misrepresentations or omissions by the Corporation contained in the proceedings of the Sponsor relating to the issuance of the Bonds or pertaining to the financial condition of the Corporation which, if known to a purchaser or the Sondowners, might be considered a material factor in its decision whether or not to buy the Bonds, and (iii) in any way relating to the execution or performance of this Secondary Loan Agreement, the issuance or sale of the Bonds, actions taken under the Indenture or any other cause whatsoever pertaining to the financing of the acquisition of the Project with the proceeds of the Bonds and the Sponsor's approval under the Act. Promptly after receipt by an indemnified party under this Section of notice of the existence of a claim in respect 21466 {_'Sf„`?':tt"r-i`;r-c"_'4„R,.i?t"?, s^'^:GSiytS•`,.".i'=iu -44- as pl'Y t"? '''???R7''i???,."° -!• -::'.•-?:?'i; =°e "?'':.'ti;P. r.x.s?:z'?. '?',71'?i `r" t_?.t,a! t ?;,t•a?:.1•,,?ii•y`, .?•is?°.».1.Kr:...i*?s+w:..«-?:.?,(i=ir., :..,sr?llwal?ri:,?yw??? S3 l?:?g;?,}A;'',,Z. '.e `?•^`';r':?'1.rey..'?' ;i:"''kv't;ia' }°°rrs'rii`;?^?. 'i ?i; '??. y•-Rj9 ,+,?xrti5'Y i, l % of which indemnity hereunder may be sought or of the commencement of any action against the indemnified party in respect of which indemnity hereunder may be sought, the indemnified party shall notify the Corporation, in writing, of the existence of such claim or commencement of such action. In case any such action shall be brought against an indemnified party under this section, the indemnified party shall notify the Corporation of the commencement thereof and the Corporation shall be entitled to participate in and, to the extent that it may wish, to assume the defense thereof, with counsel satisfactory to the indemnified party; provided, however, that if the indemnified party shall have been advised by counsel for the Corporation that there may be legal defenses available to it which are adverse to or in conflict with those available to the Corporation or other indemnified parties which, in the opinion of counsel, should be handled by separate counsel, the Corporation shall not have the right to assume the defense of such action on behalf of the indemnified party, but shall be responsible for the reasonable fees and expenses of the indemnified party in conducting its own defense; and provided, further, that if the Corporation shall have failed to assume the defense of such action and shall have failed to employ counsel therefor satisfactory to the indemnified party within a reasonable time after notice of commencement of such action, such reasonable fees and expenses incurred by the indemnified party in conducting its own defense shall be borne by the Corporation. The duty of the Corporation to defend with respect to each agreement to indemnify under this Section shall commence from the time the claim is known of, and such duty shall exist and continue regardless of the merits of the claim. In addition, the Corporation agrees that if it initiates any action, suit or other proceeding with respect to any claim, demand or request for relief, whether judicial or administrative, in which the sponsor is named or joined as a party, the Corporation will pay to and reimburse to the Sponsor the full amount of all reasonable fees and expenses incurred by the Sponsor with respect to the Sponsor's defense of or participation in such action, suit or other proceeding. Section 9.12. Exculpatory Provision. In the exercise of the powers of the City and its officers, under the Indenture and this secondary Loan Agreement, including (without limiting the foregoing), the application of moneys, the City shall not be accountable to the Corporation or the Lender for any action taken or omitted by it or its officers in good faith and believed by it or them to be authorized or within their discretion or rights or powers conferred on 4- 21466 -45- All {a'•??. )•' ?? .?iS?i: 'FbE '#1i 1341.Y.1`.'i'{?'?'?e'ar aY s s• them, The City and its officers shall be protected in its or their acting upon any paper or document believed by it or them to be genuine, and it and they may„conclusively rely upon the advice of counsel and may (but need not) require further evidence of any fact or matter before taking any action. Section 9.13. No Personal Recourse. Neither any member nor any officer, employee or agent of the Corporation nor-any person executing this Secondary Loan Agreement or the Note shall be personally liable on the Secondary Loan or the Bonds by reason of the issuance thereof. Section 9.14. Conflicting Provisions. To the extent that any provision in this Secondary Loan Agreement shall be in conflict with the provisions of the FHA Regulatory Agreement, the Mortgage Note, the Mortgage, the National Housing Act or FHA or GNMA rules or regulations, the provisions of such agreements and documents, the National Housing Act and FHA or GNMA rules or regulations shall govern. Section 9.15. Notice of Expectation'of Obligation to Make Certain Payments. The Administrator shall promptly notify the Corporation by telephone,'followed by written notice, whenever earnings are reasonably expected to result in the Corporation's obligation to make a Reserve Payment. 21466 fi'{4•"2?{.t.?Til ?•?Y.f'F't ?..7 ?`JS ?' .'1... -46- _ - ... __ a .. ? • .• , [?: ?•?. Ye IN WITNESS WHEREOF, the parties hereto have executed this Secondary Loan Agreement as of the 1st day of April 1989. [SEAL] CITY OF CLEARWATER, FLORIDA Attest: By Title: By Title: [SEAL] THE OAKS OF CLEARWATER, INC. Attest.: By President By Secretary [SEAL] EAGLE HOUSING MORTGAGE GROUP, Attest: By Title: [SEAL] Attest: By Title: [SEAL] Attest: By Title: 2146G INC. By President SUN BANK, NATIONAL ASSOCIATION By Title: THE SUMITOMO BANK, LIMITED By Title: -47- ?^? ? „ ??r •'• ??i .. - ,.. `fir ni r?.a ?s•. '.c7?. ?"=S> xfc,:? ?otr:.:>,i;a7 y;•,?'r.r' '<<> ?°?s.;;r-,=_,.? ??'??=i?*:kJ+?'6»»,y?rxi??; ,??? Moe m • e [SEAL] BAPTIST ESTATES OF FLORIDA, INC. Attest: By Title: By Title: I -48- 21460 'c"i le'?•.r'" i?Sd? ??p,t. i °.?` •i?': =?t? ?r?i???ti ?????i:'r a.-T;' ?'? '` ? ?? F???7.?+; • •; -??c,v.- - '?? 3,a, -q ?.'S' - -: h'.;` '[•?:"?`?:{? !:-? - - - h!•.F •'i?,?.. ?f sir' ?:t?itl,:? i. ? ,.. ., .,. i,.7" ?r4 /:??"',?? ."?? .I?. ,?. Y•. ,,,ivy j#};n'y..;? ?wv?? +...-.:? ru'...: ? •? .y; 'sy. '+«: •. ?f ?rt ,; +...,P ?.. ? r .. ,?'4i a.,.:j, E}aiIBIT A DESCRIPTION OF PROJECT Project for which the original cost of acquisition and rehabilitation is to be indirectly financed by the Secondary Loan: The acquisition of a 500-unit adult congregate care facility to be owned by The Oaks of Clearwater, Inc., until the full payment of the Series C Secondary Loan and other payments' as set forth in the Series C Secondary Loan Agreement, and thereupon to be owned by the City of Clearwater, Florida. 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'('`"? . i ns f• - Y e' t?'?' Il SSyy ?. :]'• ,f •r" .III V ''i3r I•". ,: .1., L•. 1 ) f.. r, i k•( I I, 1.r IT (,? 4 . ?1i ^,:1 n (1' , •f ' ' 1. i+d.' y t "t, v 1. 1', L r4 u . •'' v 4. ' , i x. 'S III " r•' G ::: rG? '•Ar J' i' ,1 a .1' ff+ tEr .,i z 1 . t r? »... z : y. ,r..,; Y'I?,i .1?. 1t. v ,Y?l l1w , !-, r t,' i 1-f" r';rs,`.:if At . L' ' V-{ .I{;? .%. ,?#:J-ti MAR 24 99 i!4 F Sz ALT,` P. 2/4 r :, .: ?- - ; 3• .. . ,';:_t' ".Y , s ? ii , t try`}A r [Y Y i.1 ? 1 ? -1" , F'Y+KA t61 ti'?? s .- ` + ?r!i + 1,-`-72 },..i .? L rt";.,eXb r?•T. ,'.ti 1?. •.:. `w' 4r,' ,},' ';. ; +1} - -1'1, j 4 . F . J:, ?.. 1.:t1?1 .'l I ?V; ? ? ti,y, 2-? i 1 ? °`e' :'f F Commitment -The Daks of Clearwater w•f'ty+'• "? ??t-,{•(.d' ""' 4. V". ?;? ; > , A rI "'., ` !larch 1 1689 '" $,I r4lA{?-1.., ' }: , , ,' l Yf, yr ' {' I. !-, ,€•,....r d . 4, , ' s" ? • is ` YLG• / l t .s*°h'Y.'';147-`'S7raw• _ 4t4ifrksir'!ti f?js, t ?r>, & }'t i,A ,'L, ! 'C, _ 4 ?L. ,=4 •,t;, :(',i. i ,?: +"c"ri lyJ. r, r ,' ;rI ` ;? 050 ' rr ;YSryi .; f. Ld, ;_f,lP; .r ,fa+Pl is :° ?_?' e'1.k k 11 .? ?y?*pMISIt l Jr .r`s } rti* di: r`Y{?t Y??. - ?s r i''i a j} iM : a' ` ix?1, }i;s ?1 DT A } l ., Lf ,, Y ?j . . f? j .. z § s t ; ?' '.' "? <' "E;:A LEGAL DESCRYPTItil4i? f: OAK BLUFF: <<?: Y,.? s - Y,` )1T? ?tx PARCEL NO. 1: F--?,: ?;:' ,-s? . e t; - ? , ' ?- Lot 5 and the South 37 feet of Lot i, LESS thQ Right--w ay of Bay Avenue, • .1, F. -'_1 ,;'t. s " ' y ; eSt of ?..:;; I. Ti. :;x:. Yd Lots 3 and 4 and the North 1,12 of Markley Street, now closed! lying ,X• 'i'-"' < '• ''4¢ the forty foot wide ri ht-af-way of Bay Avenue, in afB1 ock 3 of Plan of ,•, r:4 •' i t ?! 11 - ,`;r comprising A. CF Turners subdivision of part ',,,y'I -.. 's Gl earwater ifarbor, Florida, ,'?:'` ?,??? Section 16, Township 29 South, Range 15 East {Commonly known as Turner's First - ;, 'S „:.? i? ,.. •.' R din Reed Book " " , ?,1:r?q-•P Pill* d rwater), accordin to plat thereof records -i,, 4, ,t ,,.#:. tr. A ditian to Glex q ?.. :`}t." °r Page 415, Public Records of Hillsborough County, Florida, of which Pinellas ?`,: ; "I V ` -' ?.°'? County was formerly a part and a part of the South 1/2 of the North 1/2 in ' '`i;'.-' , : .; '?.F r ?,.,L=Ii,l ,-r?''??`',; . Section l6. Township 29 South. Range 15 East iYina South thQriZOf. ill of the : ,.r .d"A . ??}4" r.at 1,7, ,,; ":; above being ewre partscutarly described as fallOws: `? %W- j"'y ,Y F':?}r 'y? ,rte, „ '?.-,r ` _'?::?' From an iron pipe at the northwest carnet of the intersection of Rogers Street ' ?, ? `" q 4 . -!.:` . y u e 's Subdivisio No., 3 recorded in =-' µ;} ,';= :'_;; and Ba Avenue Bay St.) in the Map of T rn r n No -E< "J.."', }' `-- " ' g Go ty Florida of which ?'• -;; M<,--. -',,:' .-I Plat Book i page 53, Public Records of Hil]sbarou h un , '` . - '° ;;•£;~ `" I F t:.Y Pinellas County was formerly. a part, run North (assumed bearing) alonv the ;:+'Y ! ,-.°y' - { ,,',:: west 1 ins of the 40 foot right of way of Bay Avenue 155.92 feet to a tai road °'? ",, 1_:I"' -"aE°''- kts. .. ike far a Point of Beginning; thence run orth 89o19'Q1" Test 633.69 feet to :6-z,:! ;a;'otik: cad at' ;::.- : iv4 ' :;,• the seawall on the east shore of Clearwater Bey (p sing through a iron ?.• the line (;'.!I ,?''' h 2 5 '37" East al an tN i. °,;,. 629 19 feet from said P.Q.S. ;thence run Nort 2 g ,;; =r : , .,' ;' I ? 31.57 feet to ir, I ri;';-:,T' .1,s''e;:::?°:; a' of said seawall, 2!40.48rth feet; thence run South 89 19'53" East, 1 •;`?., ,,. kj-:r: '' i . 'Ij ` •, '•t :f `•+ = rt`r: : paint which lies No 89019'53" 4iest 122.53 fQet from a Concrete monument tz'z r . r.-r?.`'`'"r;-i at the brink of the bluff an the east shore of Clearwater Bay; thence `. "'.. 1;,=:.:;':, run ?'a :'.^s g,..' k = ? t-ki•"t''';rrr,sj North 23 35'05" East 16.29 feet to the southwest corner of Lat 4 Blok 5 of 1)x``,`f A'=?t? ;,f-I the said Plan of Clearwater Harbor Florida• thence continue North 23 35105" !;'. `" „ t',?:?j,(F,P',*-t r-;,y East 161 78 feet to the northwest earner af?Lot 3 of said Block 5, thence run ?F{f, ?,,.K:a? South 89x18 28 East along the north line of said Lot 3, 100.16 felt to Y, '>'`lx, I ., r.1 r?t'?j :1 `-'-q •,•., ,I I' 11 ° the bluff• thence continue South 89 18' 28" d ?;?; .rR :t : ' concrete ranument at the brink of ? L; 1 ' t a its extension 241 10 fee 'A:, r "?r;,. , East along the north line of said Lo 3 rid t to an X -, ` ty s -,; ,ty`•?` ; t "• mark in the concrete sidewalk on the west line of thQ Qxistinq 40 foot right ,47? I ` ,14f tT,Nk. ?s`??? of wavy of Bay Avenue; thence run South aiang said ri ht of wa sine rsaid ..t1 <;: `r, t:l i y l s, ;', ?. c; tit y;t ????[[[[ !7k ?••' ri gfit of way 1 i ne bas ng 6 feet west of and parallel wit the east line of Lots '??r ,:F y`" ' .''`^fy'-,,Y. i ind 5 of said Block 5 163.90 feet to an X aark in the concrete sidewalk on ;' ;r? -I 1`1'1A-e, f J 1• F. X41 ` i??`'?1: the south ]ins of the north half of the 30 foot right of way of Markley Street W 'I Yn'ti4L' i?j?'- ; r? s f F '' w;,: '-.,af'. in the said pi at of Plan of Clearwater Harbor, Flaridl, thence continue South ,? I , r;?•?r*y ?vy..h ?,,, 6: F' kCi along the west right of way line of Bay Avenue 224.37 feet to the P.O.B. ? ?/ ?, ?;' ,t1r ??"", r, 4 ?4j? x`.° 'y k PARCEL NO. 2: ', N' Also, that submerged 1 and ]ying Wast of the Yesterly line of Lats 3 and 4 of j ` .' B1 ock 5 of the said plan of Clearwater Harbor and the westerly line of the -;! ??5+ t' h ` North half of Markley Street, now closed, East of the Easterly edge of the .{- 11.' 'S? channel in Clearwater Bay, South of a ?test4rly extension of the North line of ;?1s tt the sold Lot 3 and North of a westerly ext4nsion of the center 1 ine of the t k V` ,, F k 1? ` ;, I '. right of way of Markley Street. ,- r? lit { ><*?r: ,i:?k r. ?./. :''.l' l:;1j,,1 ,L? .}f t} Y:f N'1`*!l' ;tF}atji' ' 4 '.' '( " }.,. .. 1.,, :• ," i.y, .,"•?-S??•, .-,c..i::a- .,7..;1.•._ ,. ..'r:. « r_.. .., ... -. .. ... .. - t 1 ?.-.d .;ii ?,?( y,hr}yw,,,(,r'• - 7?11 {..` R+'• ;7Mt` „ ;'l:?r}r,!} 1+fF" r:r`g:'S•rri; i:'M•. s, ',= iJ, ,, °,`. . r..,p}»?.. .. .r•''?,' + L} 1`: `. . pyt, ,, tcX;.yk?'_.s, ?..«sr'.?`,•:}?1.t:, ,i:i, < :r?E'• 3} : : ' io.T U h".F'Pr,1't:' y, ''.ir 7:r,- ( 'E ^9, • :r ,> e.. " . I i i . e F 5 II ;! ?" . j "I 0 '? 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J1 r " I' J , ..',?• '.S t ' '7' k ?•. l +a :'i ' ' r° r`Y' L.'. - tits ?i . ''r' t`' ' ? ':i t } lr i > ? i` S 4„ J r r'a't i:'a" X, w „i •"A'L'[' 1, ?`, .Jj??..•? ?,5,.!,, "N It 'I :,. i f' S a L '1 f . is.; i' - gar .' K' y" • } v; a ?. t • - ' .} 1 A t.t i ?•Si ryJ 1"'?f ^F'. I"r ' { [. a r ,t%-,., ,r' .. -f.% , ..4 nt ?v': ';r rr . d• R.- :? r a... 3. <r .., !'.? i T P•.> Xr.. f1 A4•. ?, . Np r ' y 'i ' .. > A•^ : . 1•: •? --1.•? ` a ,VI :a - I -e 'r,. 2 ,,, t Y ' ' 'i `; R J_ , •b P' ! : .I • . ' r.n=.? Q€.?•ri'r,• Y. ?/'' y . . kec . ,,"I , . :i5i '- ? ?t?f a '._. .,..Yl.. ..::.a s`. rr ....i r}'i4'' td?.s?#?vrkF? r . _y f`J,4' ? , , ?' MAR 24' ' 89 x 4 s 53 ALT, F 3i4 '` ,, ' `7{ ;;f? :j:a5'4ciI , I ,r +`F .k' . r. ! ' `L"`% F?S'ayS: r. Y~,x ?i,•.? ,r,"sG•h ?1;s'.-:" ,? •t`.,a'b'aC't ,?? •- n,n; !:,?i i 'cif.;, lj..'J F., 4, w?JC =:5;;. <; , `} ?`;, Fire Coo?itoent - The Oaks of Clearwater 1 }' ,: I.E0. -- ?i '?, ? J. '(,i;g:? « •x''. .,.,. 'r*.I'';n;t" ''.;r'- '`"°ti6 ,••'•i:- rxal'•, r, „ dt *. ',•' ,`? ar; ^i: Via' ch ?iV.7 ;;,} ?i , "•M -1 3. (ti' y" it. ? I, tla.i N:jzsy' I .t7?e}!i4:r,d ,t.>,,?'0% , .?1i c€ ? ?'? T n .x .y }.. `? - _ c= `s- r ALSO that subrae ed 1xn4 lye best of the ?desterly 1lnQ of the highwater mark :a'_..t `41'1 ?.g' Ora n ?'&,• J ,=.+i4,>i ?,1 . f Vie., t't .:' '. ?, ''. ?a 3: v:?j `;,, '^,, , ?';` of Clearwater Bay, East of the Eastorly ed4e of the channel in Clearwater may, ,-t-.,%. - .? {`. ;ts;;4ir%rkyYgi.'.`'., North of a line projected Yest from a point ]46 feet North of the Harth line '.°°;lr•"nr -. - r:' :';,.'?' 's =r` of the said R ers Street, and South of a line projected west from a point 371 - `-4 ")L. ,y ,.}, =, ?'? t' `+: feet North of the North i ine cf the aa3d Roger; Street. ,?°? ?'" r,?°r #,,..a 4p iSMi!. } ?'i 1?} 1.y' ors{i' :L, YSri-?iS r/-, ti i -,, " j3 P}?, ,.;;: rCt;,sm ,,, , jrk'1' ?i, r: OAK MV1Ea ..i:"t':,:•?;_ ;' '^z?'.'•it.:•:xi r; i .is. ,"C°„'i ti??J'"I".1" ;r;' der ine a „,,-, . a ',' '.? 'X s.? Cvamencing at a point 152b.1b Ft. South of the Northern baun y 1 f J: °:.x1; u ' .tf., }(„ f P ?tw'?-'r"i.:i: z• :, ,, i=x:: '':•:.r'. r•i; :, 4;°t_`,:;'; ?11,. ", fY' Section 16 Township 29 South Range 15 East and 1320 Ft. Best of the East =' S Fi t.`.rY-: ) fir' :,r ,, . ',; .} ,t ?,,; :f% '=' `„ boundary line of saki Section 16 on the Quarter section line, thence run North r',w=,'`,;;:: ,.? ;?- 4NLt ?. :t !' a / e Stree n e west line of ,'i ? t;'.-,,:< .4 `? , 'VI ` ` :.,aw r !. 1 , { 89 45 nest 402.38 Ft. to the cent r of Pierce t o th : ?:? : ' % yIit, . ; r°''' Osceola Avenue, if extended, ire the City of Clearoratar, Florida, thence run ::Yt',3 1,4.;=` ' rrr';;f a ? . , - ,??11(' ,/',,,t"'.i?y;k Sfluth 0°5' Kest along the west line of Osce ended, iba.69 Ft. :', ?';. ':;? , :s`'r '' hest if ext `t•r'J= ,.;,1, "I : to a concrete awnument, run thence North 89l21a '?8r Avenue, ` ' bbl 4 Ft. to a saawail •' ' '?"r' "`: , . jr,Y, i^i , ";' S"' tic'?} .-'i;:'., 'F','. ?, "' ".,j; ., A'S on the shore of Clearwater Narbar, for a Point of 8e inning. thence south ,,f,' , 4?'?`";,l;rt;lk23T _"a 16°5' West along ssaid seawall 138.7 Ft, thence North 89 36 2" hest 700 Ft. tC j`4';;t,;:r.`;',?:'?,: ,.?':'?, ;,:.' 'f, :$. ; 1 B th b05' West 138 r. '•-rf,....t' , Y : =2r~?;, ;",': East side of•channel in Cearwater ay, thence Nor .7 Ft. ; -, :.,.,e:> .°' ' 1r?4r',',- `r ;-"? along the East side of said channel, thence run South 89 21 48 East 100 Ft. ? ; ' tr. $$ "?'` '•I,tJ: ??rlr: to Roint of Beginning; all of said land situated, lying and being in Section ?.'•..A';'?:._a... atsy:, ;':,"';:•'' • - 16, Township 29 South, Range 15 East, Pinellas Gaunty, Florida, ,,:..,.,;:1?-,%a..?. l ..Sri J ?^v,:j :Y •r' ', 1.-: '! } ::=:' ' :. ;. =':; ; LESS AND EXCEPT that certain part of the above described premises heretofore ' . , J.=. --4"-:-?a-' ,, ) :;> .: ,.: , `. es eed f led far , conveyed to the City of Clearwater for street purpos by d i ",-. : 4 ." .',,. record October 25, 1951, and recorded in Deed Bo°?C 1344 at Page 9 of the : ?, 'r: '%: Asa - ; ,:f ;, ,`ZVX.- Public Records of Pinellas C°unty, Florida; said excepted tract of land lying !z'F` ;=Y'%{, ,?.?-;,;;r 1 .?," ;`.. ; .- Y on 16, Torrnshlp 29 South, Range 15 East and sore y r1".%, i.,'?,,' r;=s. and being in Secti . t, 'j.f' f ` particularly described as follows Begin at a point in the least line of ctr: `` `1 ;?'f` ? • `t: Y' .,!.i;£:=' I Osceola Avenue 169.8 Ft. South of the center line of Pierce Street; thence run = ' ;v `''F{ 'U, ' 15 Ft thence worth 135.5 Ft , °'?'. x `'='2 West 15 Ft ;thence South 135 5 Ft thence East s ,,,il :? ?.'-. `,>;' `=; to Point of Beginning, .z:.'.;:.'% i'zi,-t .:4 F, ''•}''';; }:.?`"1., I?',; .°,}: L., .p S• f fr'" r`t ?r,R'i "?,i rI , J4 y'=arrr;t,'-'?;.` 'rf:?•", '?. LESS 11ND EXCEPT that certain parcel taken by the City of Clearwater throw h ?:, ,,-'° .44•,?;:.? •" %?i; =.'s tS-I.•_i;?f:Fi t S f Court dated Ma 12 197 ;??;rt'. '.;r I .;,y ?, •,; >>-j'?";,,.:. eminen do?ain roceeding pursuant to Order o y fl,`M, `=:`•s1; ?: '_ °. = # 11 1. ,`::,._( Circuit Court For Pinellas County, Florida, and described as follows: 'That -,- ri,"? ,,.x `r: '}:..<>9 if ` st the C t of ;; : :='. ' ,,:'i;, N, 4:. ;s, f r part of Section 16, 7awnship x9 South, Range 15 Ea , in i y :,.;,. v . ' ??f ?., r s , %,',Clearwater, County of Pinellas, State of Florida, being ¦are particularly ?=,, ,.i . y,'. ` :'' ' ,r::?11; described as fol i ows to-wit: Co?eanGn at the Northeast corner of the -,,' ,- ~ ? r iT r? rF yr[xfJ- f r?..,,; Sri. r °. r, -! ;" aforesaid Section 16-29-15 and run hest a]ang Its North boundary 1320 Feet; ' ' M ? •.? r~ a t of tho NE 1?4 - .11 , -;:' ;•".:: aT1,`'a„r -?. thence S. 1526.16 Feet along thv blast boundary of the E S 1/2 ;•':'-r,°? f,,?y',?^' ?- A?h,?' r =. of the aforesaid Section 16-29-15 to an intersection with the Easter y '.,? f :5? -rlrr?? ;},;;: , , ?4- ,;-r. ;'r : 4sa7 t "?,' it, a / F:•...ka? FS i,Y-- GM Pi +•c•. ,.`p°f-.j. , 5 }u"e;iE ro?ectian of the centerline of Fierce Street; thence run S. 89 45 11., 418 ,r,Lr.b.g : i?r%? a ;b ?•, ( 41 4i It ,;;'?' ; ? U-n '' Feet along the aforesaid centerline of Pierce Street to a projection of the. rv r4•,`''>i,?"t" . f.(;.4.',}uk. j/?.i '?t'-'i±`? tL ?7- "re[S,, ,r.rylSSd , .a "-.L ? ? ,..3 i West line of Osceola Avenue as extended across Pierce Street; Chance South x0 = "'::=!.r„-; ail. ab?t P.q,B ;from this i orated P 0 B run thfnce N 8819' 42r E. 51.11 Feet ?.I=f°y?f " ;` 11 T MIMAL" r},??1F'a Feet along this pro?ectian to a cross cut in the calk at the Southwest corner ':,r?s Y; :'-;= i.,;. k' 1. . a Y•.7 p } :..r,, -L,:i.,!% Nj, t ?r::} t,,; ;;?t" 'A?k ?; of the intersection of Pierce Street and Osceola Avenue, as it now exists; ,Vf;;?;;w}?'?,_-;, ' ?j; ` t f? ?- Sid, ce run S 88°18' 42 "W 653 03 Feat to a crass c nth d %,"' ". 11 ,,% L ? ?1.; t . hen ., ut i e tap of 0] •,,..y;?5tr=.;?; - .r' i= ,J-- . ;*' -?'f _, Seawall ; thence run S. 0 53 02 E. ]19.80 Feet to a ancrete Nanuieent fora } fr y, ',_h, ; I 1.1 Ls.;,,4 :? ., ?=iI ; ' 'r thence along a curve to the right having a radius of 980 Feet, a chord bearing <<f' °:' f?;-ti'';' , ,¢' of S. 1Qo52'S6' E., a chord distance of 134.22 Feet and an arc of 134.33 `t> :' ?'? ' .t> rn i II.- Feet; thence run 5. 88v36'33'W., 50.41 Feat; thence along a curve to the left :?.` ? ,,, ,r; ;` ,•'. jf.i k• 1tt: p57 F{ .. A y .I.E:r;..1; ,.. rr..? hid. A it?M ?5a 3w'?? ...-- lBif..?12? " .:.::.: '.-:_..._.._,___..... rrrrlr [4?"%Pi 7?.k'M „j-'? ?i. a",Ilr:?'?"' , S.°:' Jf i?? 'r i isv M. FIT . » [ r ,> ,k. rr° •r r i,IMb WLIw?x/ {, 0 11 n>y ;iw7<+e?,: .-?ify„ yJ.,.«..t,.-ir,_,4_.'. 'r ` t, .. ,s'i., •r.I. . f . ?, jTr ,. 'l.. j 7'.<' I. •. . . , - ,'J , . w 1}? = , . L . V' 1L -, ., ..- I . . y •. , . 1 . €t y YY 'i:aJ . % :.A 1'- • :4 tJ r.•`' ;'v' yr q, 1 k; . L. .r?,r1 J J ,{, f .tj`_ }R? y2: 3:•. A «r2. I, " 1- i:•.r,f, ,' : ' `_ ;r . " :K`; J . .rJ r 1 jI tis f, - *;-,i{F`.,.",., tit a1I A`o ? ;. "A b. , ?'ITt.e, ` ?. 0 ?;? w1ra'?J'? 1' '' :°-,,'i { ,,,' u' i :i:%V.- " illy . - . 1 .... , ,. J ...i.... q'°. t.'S . '.r .?4;.t.Rj?• •_?^-Y'?'Sh.?.?w'F rr+ .,?r'"`?.... ..3n .. tiny.,. +-?r.Rw ..,?`s. r.ix.«.•:.w ,• .?.., ..« ?Yrir•!-'a?X I? a'+?iti t.,?l ,'t'it- ii '?1" F 'x:• ,!.' ;«4'1,x. r-. ?, ;r':i. °: ;1 rW:'r :, r.ep???,,: a7.,:'ba .: ,.:. $•.F•? •;ty" ,:?••,',. _y•``:n'i, l1, ?t "s?. r., ''R ,t.:v., ?•$a?, ''•:?f''` - }.i+?ri 'f{???.; ;i,>a. ?^+tt'• 11'?:. '1 .r.t? ia+'":i ] '' ..^. ?` ? .r 'S'M;.2;?tU.4,, x.,E ': ?;'?: ?,; ?y,i.. ?.ur-??,}?• •-.i:: t;.~'t'z.?'.xvd?'`?,c. ;,,.?r,??: •x', tr q '?,y }?.. ?k?, m3i, '•t;.S".'.?.?. rt r.'•' F> 5 t ^?. r...q.i:•'t : ntr.,»,',3 k? A?::?`,,1. L,•r'??,i; ? 'St. '? ?,: ' ass f... Y,^? ,. , r •?,;;? tr,. 4?.:'':,rr?i'+5..'•,r y ?•: %`??a?f` {t``r7i. E..? ;%;.'€tr.,?`?`.,5? ???{± f:?h? ? t: ? ?z j??,h Ko ?S.na:e, y1 4 tp 1 ?? K `'c5elrasYtn?.>".e:i`:';file;{;:!..y,:?t•....a?.,.-r?ia.??:•,`ifT!5'i,- { M1 MAR 24 '89 14:54 ALT. pis.,,.'...... ?' 1 ... r.,;'`3 ':?ly;???lre?'t:' 'r{°,.?, ,'?f>` M:4', •?'•isd?.::r1,'µ(s•?u.rri? ' y-,.???y?. ? ..? r.I a,'9_i: •c. ;: •y' '•'. (, ;:e?'..• ±•:',.,`i?,,. tr ? ` y.. .-T:.s •!,{?..:"?f.??:, .?.>e.l.i,r"..?•? jir••?rt"•;''; ?oi1; r•,; ,, :. )•..: .'•r: :`FA'''r ??:t{ .?: ?;:? t`.gC': it',., 'i? 1' '+S;Fi:' -.r ..t? ',:yV _ };1„ 1 . t. ..14E •, •?;: ,:.i-i :.,k?s??:?; ..ri:'s ,'S', "??• ??,. ? `?" ..t 5 vet' ?? ?sn,..4..• .ate , .?rb+r .r., i,., ?„n,., P.414 Firm Commitment - The Oaks of Clearwater • Karch 1, 1989 V y. having a radius of 900 Feet, a chord bearing of N. 11043131'W a chord 6 " 18'42 E., distance of 134.14 Feet and an arc of 134.26 Fost; thence run N. 86 Y, 25.23 Feet to the P.O.B. LESS AND EXCEPT the following described property conveyed to Katharine B. Bie 5i by instrument recorded in O.R. 4650, page 1241, Pinellas County Records; Commencing at a point 1526.16 feat South of the Northern boundary line of Section 1611 Township 99 South, Ranye 15 East, and 1320 feet West of the East boundary line of said Section 16 on the Quarter section line, thence run North 89045' West 402.38 feet to the center of Pierce Stroet on the West line of Osceola Avenue, if extended, in the City of Clearwater, Florida, thence run South 005' West along the Test line of Osceola Avenue, if extended, 165.69 } feet to a concrete monument, run thence North 89021'48" west 567.4 feet to a seawall ?n the shore of Clearwater Harbor, for Point of Beginning, thence 8' West along said seawall 138.7 feet, thence North 89036'2" West South 16 ; 700 feet to East side of channel in Clearwater Bay thence North 1641 Test ' 138.7 feet along the East side of said channel, thence run South 89u211481 East 700 feet to Point of Beginning; all. of said land situated, lying and being in Section 16, Township 29 South, Range 15 East, Pinellas County, Florida. ALSO DESCRIGM AS: From an "X" in the concrete walk at the Southwest corner of the intersection of Pierce Street and Osceola Avenue in Section 16, Township 29 South, Range 15 4 East, Clearwater, Pinellas County, Florida, run South 148.20 Feat for a Point of Beginning; thence continue South along the Westerly right-of-Tray line of ' Osceola Avenue (See Deed Book 1344, Page 9, Public Records of Pinellas County,, Florida), 135.66 Feet; run thence S. 8903410011 W., 572.20 Feat; run thence Northwesterly along a curve to the right of 980 Feet radius (Also being the c Easterly right-of-way line of Pierce Blvd., established by Court order F 5/12/75), (Chord bearing N. 10011137" W., Chord distance 134.29 Feet), 134.40 Feet; run thence 5.,89015130" E., 596.00 Feet to the P.O.B. 9 i i? N r! A-4 -a-- ._." _. __ u:xs.r.rsr.a.e.•..•aw..,.+' --•..t ?' N-? ...,,r _-. - .. v .?: ,r ;'r..;,..•f? ,G AT. •J .?''?'`iS i?•.'li ?-. hf l?J•?Y :?t.,l.• V.•.?11. ,1'_ _ I ~' 71': . .. ei. '.i .!';" '?•. - tS'? S.["N UAW }?`. t.. ?..i r?... iti. K'. r?. i+: d h» "i'1: 'f" L: .:'Li' t'::i' ??i.•cr. r.., •?'y1 ?.:; ??.? _ "yy ' ,y 1. a f .t of 9. {. ,.5., r„?? ,('??`">{{•;? ?: +l n V ?y's '1? •f• :i' .'t .•? thy. R; wrn.frwer..y..i.w;...aiu.-!#t'.•+.?..X"^'r' Kfen,7+.• s...K ?,.. ? r;f t•,;rx?.s?i}r_r:'?y- :., „_ a.r ??:.; t:? . _. f .'Y.,S K.+`. ."i'?:....y, i EXHIBIT B SERIES C SECONDARY LOAN NOTE For value received, The Oaks of Clearwater, Inc. (the "Corporation"), a Florida nonprofit corporation, hereby promises to pay to the City of Clearwater, Florida, a municipal corporation organized and existing under the laws of the State of Florida (the "City") or to its order, the principal sum of Twenty-seven Million, Two Hundred Seventy-five Thousand Dollars ($27,275,000)•, and interest thereon, as follows: (a) The principal hereof shall be paid in 285 installments in the amounts and on the dates shown on Schedule I attached hereto. (b) Interest on the unpaid balance hereof shall be paid in semiannual installments throughj?A ril 1, 1992, andlthereafter as provided in the Inden below) at the rates described in the Secondary Loan Agreement of even date herewith among the City, the Corporation, Sun Bank, National Association (the "Trustee"), Eagle Housing Mortgage Group, Inc.'(the "Lender"), Sun Bank, National Association (the "Collateral Agent"), The Sumitomo Bank, Limited (the "Bank") and Baptist Estates of Florida, Inc. ("BEF„) (the "Secondary Loan Agreement"). Any payment required to be made with respect to the Secondary Loan which is received later than its due date shall bear interest from such due date at a rate equal to the ,prime Rate (as defined in-the Ir,?dglltUrp. plus two percent per annum (the "Default Rate"). In addition, if an acceleration of the Secondary Loan is declared pursuant to Section 6.2 of the Secondary Loan Agreement following an Event of Default pursuant to the Secondary Loan Agreement, the interest rate on this Secondary Loan Note shall be increased to the Default Rate, and certain additional amounts shall be payable, as provided in said Section 6.2. All payments made hereunder shall be applied first to payment of accrued interest on the unpaid principal balance hereof at the aforesaid rate, and then to reduction of principal and payment of other amounts due hereunder. All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Secondary Loan Agreement or in the Trust Indenture, dated as of December 1, 1985 and as amended and restated from time to 21'46G B-1 ;i1?:er; Of ?. ?. ?.y y.. •f..?•` `":•r?^.!S?wF:1 f.Y "fw a+. fr: v....?-a*•...,Y.-'w, •?. ., _1i??,,+ ,...Y: ,:i ':e .? ?',?q r'?' .t,, "hs>?i r?.F .,, '?"•f ?': •;'f: .a ?.s?,?_ ?'??`...f i.l.. t .159%?7?; ti..3--r.?a:?:.?,,..?f.-r;•, ;t:..:,. L ±,• ??. ?•?, ??r,? ^( ?: .??.<,,. ;•7,.r<f.x. yy:Ity ;?'..;: iYt„?F': , ''Y •r-?-.+4.ww,,:K:..,.} ,,?? ./•94.?,. .?:s s?. 1. -.4 ..'s??• >i + .?L ?%?' ', a r' 't: . s ti 1. ,4 ?,'.d .?4;?l. ..r. tijf.,,f. `t. 1? .a' ,i ?# ,.i`,, ?.?,` ?j; (f?y• a-.•if ?7y . ; „r!;`M+,°'rr?4n,+r•,-'^/r.'::+?,,.x'wnrs.•:t••^g;!???.!!.t "rrY°;r,•.'.' ...r•?.:?. .Yr,K« '+?,.n,? _ .. .?',--- ;??yf.??? ? ?•4 ? ` 'ri 's'. `.' w yt`trr'Str•:..n ni ??' . 'T. •..,,; rn . c'..F')`'.:. • . ;'?` : .!'. :.. 't,?y ' .y, as ,? 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' ` "'s^ ' y .' . i `!; •i A.; ,µtt +?aM ',?"1 ?.?y,?,'f'`".,f? YA??"',?rt`? .?,?•I ?, ? ?j,;+,r:?,;g," rni;?y,..•,a;°?`.r;?' ?%;,1?•?° ?`y "` r [;fie ,?. r, ',? ±"i' tv t3. H:, ?4 iz y «t.4 1?- •i: ii::K:,t ('?.. :ti?`<: i'1 d1,??1`d`:, .r ?1 ? ?'r? YY ? C:FS -kh'.?y;?5. `ry!,???i?.y Y'? y'1'? i.;:?i"T+JAS I:., `r•.: 1 .}'. a, ?' 4y, ,?,?r 3. .;'&?' ; ? ' -5`.J, of tT" ?i ;?i?.. ?S, , ? ?,'? y... ?.i. e-, :r; z•s- :?, ?e"? ' wtl ?: ?y ..1r;s .1zY!'a ?•, fi } ka j ? ?_.,,.?,.,, rr:;"? a }'?,,,yr?a:.. ?? X .? ?7. • ft?f?e?Sr'.^.?fr>'r ?'•Y 2.., ^h> ?''F f n ?t V.1x Y 4 5-`:•..:.? t•a,..• Fi ?? q '?'? y y br t"• ?f a •dj T. ? t'q^! S? .. t.,:A •', ?.. ti??{ 3"" y, Its.: J. ??,•{:. £A (2y x n } i Cb?ya?hY 's rt??..d? ?t ?',?,-? D.. _r4??rN'?: iri.'.-'•..".:, ???,r?".i'?'i^a'}r•N Fi! 1 {' s. `{?: ff{{..?" r: a..};k.+?Lr:sy :ar•+ n?/'';'i'' `.4"' ??4?(:?r.r ?i '?.°,',F 7 't.iy ?°+ r' y-" ?' iS2 's r" t 'i.''' //?, J,,' "r',;'•;'Y,f' ?' a:: ?'?: ?. s? ? Yt •4?ar?.? 6r:i ar. r..+ '{?' iwY,;.'.,?'. J•.r }''}. 4 tTy ????? Jr4f ;? ?5??}r'f5 ?,` 4,3?:'??;.??ti?F?`Cr?k•s. r "?t'..? •Y•" r sSCt?y??.r.?".... •5'.rJ'at`i??lj?'f:ti'+Y:?"r? +? .fJ?l?.},L-?! -`} v `?y? ?'•'? i '?`%i/ .x?'.,- r' tlt??fj.?"rr•rw«, j%.g'?j?.?.=,r ;. >n t ,J.. , r.. 3 ? ?? ??C}r .F 4'?R%;;•?e1i,t{,"."..15"i`f.??'t? ;«p' f? ?? t !•? ??? t'' i .. k; ?1.° lw`? ?, "l,~ ? i.?t'?ar: :r»?a S. ?I,r :`4 +q.P:?ff •ie•_ n'T; C{ i'?r ?,Fy?.•.>..:'i? •?s`s. .?-_.?• ,{ S;°..:'.;?.. time thereafter, between the City of Gulf Breeze, Florida and the Trustee (the "Indenture"). This Note evidences a loan (the "Secondary Loan") made to the Corporation by the City pursuant to the Secondary Loan Agreement, to finance indirectly the Corporation's cost of the,acquisition and rehabilitation of the Project described in the Secondary Loan Agreement (the "Project") and the Corporation has executed this Secondary Loan Note to secure all payments due under said Secondary Loan Agreement. Such Secondary Loan is being made through the City by the City of Gulf Breeze, Florida, from the proceeds of its Local Government Loan Program Floating Rate Demand Revenue Bonds, Series 1985C=1 (the "Bonds"). The Bonds were issued under the Indenture. All payments received by the Lender from the Corporation under the Mortgage Loan shall be credited to or deemed to be payments made to the City under this Secondary Loan Note. The terms and conditions of the Secondary Loan Agreement are made a part of this Secondary Loan Note as fully as if set forth in full herein. This Note may be paid prior to maturity in the manner and with the penalties specified in Section 7.4 of the Secondary Loan Agreement. The Corporation shall be in default hereunder upon: (i) the nonpayment on or before the same is due of any payment described in this Secondary Loan Note or (ii) upon the occurrence of any other Event of Default described in the Secondary Loan Agreement which is not corrected within the applicable period therein specified, if any, and after the giving of any required notice. In the event of such default hereunder, the holder hereof shall have the following rights or remedies: (i) the entire unpaid amount of the principal of this Secondary Loan Note and all other amounts which the Corporation is obligated to pay under the Secondary Loan Agreement, including, but not limited to, those sums payable under Section 6.2 of the Secondary Loan Agreement, shall become immediately due and payable in full without notice to or demand on the Corporation of any kind and without presentation, demand or protest, all of which are hereby waived, but only as provided in Section 6,2 of the Secondary Loan Agreement; and (ii) the holder may, at its option, exercise from time to time any and all rights and remedies available to it under the Secondary Loan Agreement. No failure of the holder hereof to exercise 2?46G 1. IF I -q WNW B-2 c.,.,•• y ::r: -.Frt; .a.. ,r•, ; F:'a ?:.•'w' .'?'. iah e y?t`l'3 :Y"rr.h',:?,v.'1': ?, y,.r tr'• 'lr.'-;`?+?.7,'r ''t:: pii ,':f'F ,. .YU (1 is ? l.i l,, '"f? ?.•" '+ ??.??rt ..?;. .•. F.,_ ..+%?:.:,;?,r.: ., a'J'?t??`,_'i:r yr;{';;}-: "r".?r„??,t?- """j'$}`7 :r47.w,r ar..tr.,.r:.'C?'«.Z,,b..t::..'yo :.L'-^-;r.'?.«.d:-:?i??e r:!•.',L"r,:?5«s,1...:...::?r _"!<T.il:::.w'.::a:?r3:NV;r?i-?,:?i.?i.>?w '?;?'t`?}t. .ta}:c•',s ?4.:?5." ..r.ri;; `14. ,`?i.:5 i e .Y;.;.; .;. 'i'ce ro ,,nt::? •r a'F ,?r•?.., ;'.r :!' ri:y ,•Y ti ,y? ,is:.. ter- .{?•1'"•; v'stiE.: .a.. ? r i 4M • do any right hereunder shall be construed as a waiver of the right to exercise the same or any other right at any other time. In addition to all other rights it may have, the holder hereof shall have the following rights, each of which may be exercised at any time: (i) to pledge, transfer or assign this Secondary Loan Note in the manner prescribed herein or in the Secondary Loan Agreement and any renewals, extensions and modifications hereof, assigning therewith its rights in the Secondary Loan Agreement in accordance with the terms thereof and any such pledgee, transferee or assignee shall have all the rights of the holder hereof with respect to this Secondary Loan Note and any renewals, extensions and modifications hereof and of the Secondary Loan Agreement so assigned therewith, and the holder hereof making such pledge, transfer or assignment shall be thereafter relieved from any and all liability with respect to the secondary Loan Agreement so assigned; (ii) to notify the Corporation or any other persons obligated under the Secondary Loan Agreement to make payment to the holder of this Secondary Loan Note any amounts due or to become due thereon; and (iii) to apply any amounts received under or pursuant to the Secondary Loan Agreement against the principal of and interest on and other amounts payable under this Secondary Loan Note. B-3 2146(3 ?Fj1(S?l .cr .. ?„ ;*may; .s ` #•4L0•7, fa. ,j.N? ,?1?•t? .? ? • ? ? .'s•i NOW l.. v - V qWW IN WITNESS WHEREOF, The Oaks of Clearwater, inc. has caused this Series C Secondary Loan Note to be executed in its name, and its corporate seal to be affixed hereto and attested, by its duly authorized officers, this day of April 1989. [SEAL] THE OAKS OF CLEARWATER, INC. By Attest: Title: By Secretary 2146G B-4 f! ty e » 5 3S°Y 6H LY Si lw "rk,?r.`^`a ?,t v.'k s sµ SF:';,•.e' t.' .'.. •M. ' ';?,.:A t•.. , Ke (*-`re ° .,?i -.. ?i}ty,??tg? '.?.?+??.?..•??; ?-,; :? Via:. ..w^.=y'':. <. ?:..? .it • ??'? v?. tf• .hn"•'t?• i?„ ??'t?r^ i•. r .:.rte. ,?r ?.. .;.' t?yK.!? -R,': -'h I AUHM owl IN WITNESS WHEREOF, The Oaks of Clearwater, Inc. has caused this Series C-Secondary Loan Note to be executed in its name, and its corporate seal to be affixed hereto and attested, by its duly authorized officers, this day of April 1989. [SEAL] THE OAKS OF CLEARWATER, INC. By Attest: Title: By Secretary t ' 2I4b0 B-4 t n . ?r r.• Y` .Y ? , W t Y T' ' ' "??,rils .. FSfr. ti. . ' F y ' [ ', I l 1y* r h,.. ?It•.f?,r? 3iY3h,,r A !f' ' ? . ' ?'? ?{ r ? i•??t?Y•??,AT 1i?? ± kr . j.'_.:? ?? r • ..I?Rl si"???d! . e _ r?,? j. 'S '; ?r i' ? .4 Yr N11., ei-l1?` . 4'r.rk', ea lv . .j, it , a •• .GM _ 3 rit I ? ?. ?^?' ![: .. •1 .l _ •• . Ce.._;t=...7. `iii' r.3..9(. .r.t. v'... .1• r ?. 1"' 1'.F,'?'?d.. i° eKy •''+"1'i k, i': °A."Ye+rt: 'wi b.,i -i.; 'i ..:i ss-s. - .*{(: .?v, r?r 'x. ?. a.s ,.?„<, ..ry,«.w".{L': ^.t ??y s 1"8'34 i ,i' 7 '',?°'Sa,'1 vJS'•!ijN:,f .a.a ft?•?;'rw'?"1.1 f?',?i"?,:; .F.,.t .. vW'? ':s?'?f , y'{"f ^^. r, , :'i .:( ' - i `r'.'-+ .. ,,t' :?`.•.. ..? ?4•i?1..1...'.t?r:<.......i£:1.:,. .:iat:,'. .. iti:: ?Y+?.. ,.. ,§.._..d.SK.,....l. .x.ia?.r?.., ,&t-. 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'; , # °=t,: - S ,ir• l + , ay?T s ? +?.n',' ?,t, { 'tr+7 a ` '? ? •, ? S 3+ . 'k'a,?q Q•i ?{`?r,4f.cy; .,? s U." ;ti+ §, ??.i:FFi w {t. 'w?.i S q ! 6 5{;4•, ,.. h y- ,{?ss ?+ h L, 'r?ii,,??? :a .} ;S y? iW •!•'?I. ;r :lt'°ti'f ll =).+r,,,4.?L€.'.y?$:? ? ? +a y austP,S r.? s 3zd st^?{??.. he f ?'.? .°s. : st°.. ., .k t .r t .,'!T• x#. S 7SK r. 1 t . t t w? i._h:... r d-, 1tiS.. SCHEDULE I ' REMOTION FUND REPORT JRZPORT oil) wr w.wwwr?www?r.wwwwr?w?.?rwrwrw CITY OF CUL>r BREEZE, FLORIDA LOCAL GOVERNKENT LOAN PROGRAM FLOATING RATE DEISAND REVENUE BONDS, SERIES 1983 C-1 527,275,000 LOAN T4 THE CITY OF CLEARWATER, FLORIDA PERIQD ENDING ON?IA PAYHZNTS --------------- BOND REOWTIONS ------------------ RESERVE ---- INTEREST BEARING --- -- NON-I N ERIST BEARING-- FUND REDEMYTION FUND ............ . PRINCIPAL INTEREST PRINCIP INTEREST AL ........... ....... .. BALANCE 0610]!-9 .. ............ ............. ............ . .........-- 05101l69 06/01/69 D7J011-9 20,903 21,031 , 20 90 78101!-1 191 9 tl1l8 I1 200 21,351 S 7;15 63,1b 10/01/89 L1lO3189 21,502 21,556 306,50 L2lO11-9 0 1190 21,901 21 962 1 27,6 6 6 1 6 01190 33101190 22,110 6 22,27 17 63 56. 193, 54, 36101190 22,432 2l3, 27- 25: ]5101190 36101!90 22,591 22,751 260;84. 4. 37101190 38101190 22,912 23,076 261 5 '01 306 5 9 01 1 101!90 10101190 23,23 23,002 , 3 329,58: 110 10 23,565 23,735 3376,722. 399 )L 1 1 )2101!91 23,903 Z407 2 623,524 007 52, 011191 01191 26,243 26,015 15 44495,70: )5101191 16101191 24,358 24,752 320, 15' 506 7 44' 46 )71o119i )-101191 26,977 25,114 5 ' 594,444 19101191 10101191 25,292 25,671 619,561 666,-5: 111pi19k 12101191 25,651 2 6 670693,,32: 32: 11101192 3, ]] 26,016 721,801 )2101192 13101/92 26;200 26,386 767!2: 774, 02: 1192 01!92 6,373 26,761 00 25 0 DO 0o1 -OD; 1 1 96: ; M 0119'1 01192 26,951 27,161 , ]0,000 33 000 76; 3 0 19 )-112 )9101192 27,336 27,527 ; 30,000 25 000 2,16! ,0101192 27,722 , 30,000 .691 ,11OL192 210L192 27,919 2-,116 23,000 30 500 3x331 1110119] 121OL19] 2-,316 26,516 , 25,x00 30 D00 1,65: 6,76! , 1]10119] 1610119] 26,718 26,922 30,000 30 000 Z;4z.1 15101193 6101193 29,136 29,333 30,000 25 000 31 7101193 6101193 29,541 29 730 , , 30+000 3 00 6,361 3,924 9701193 1193 M 29 960 30,173 30;0 00 30000 3,631 1193 2101!93 30,386 30.602 30J 000 3 4,10] 1101194 30,816 5;000 4 61] 1196 M 1194 ]I,0 7 31,237 30, 00 30000 1,57 6101196 5l 01194 31,67- 311,701 3 3 3D 000 33;0000 0 2,907 L;Oe! 7!01!94 2 2;15 ]5 0 0 ? 3,0613 7 MIR 9101196 32,379 32,609 3 5 000 000 1j 2' 010111194 2!0 194 32,660 ]30 7 0,000 5 00 S1 2,990 061 1 1 1l01l9y 0 3342 ' . 3 000 3 , 389 4, 2101195 33 7 -0 l ( q 2 x 9 A. , ( 260 34' $ 0 i l 9 ? 0 4.97 11 1 ., M1, ?p{??••66;!???'' ?i ;,,yryy ry: ! t?:'.:?3,`°`" ;i r=r.3:::, :s; .'.y .= '?1j'•:' }-s'..?},::?r?.7'?'?•y..t, [,Y.. ,l f? )• J: ?t4;'&4?' ,1', .'^.'?S .h?• .s ?`{•'f?``?iA :!?a }9;let ?{".?: ?o #[c': .far ?t ?.1.'' 'C ?S, (:.:413 h,'si5 .:, 1?'F. •?' Viy2r'.'A,,e 1? ?' rt '?? 'if S '7,I ?-,6Kt?•'L'?{i'S• ., ti M n °' , P. ?? :•,F-+ ''+' a . "{., ?,r l'd , s...x, 1` } a•ra r.?: w'.`a, ?Al y.'. 4 .. . i•' s - ... ( ,yr . ? . L?..;?`, '•d"?'zr',y,1 I 1 1( REDEMPTION FUND REPORT (REPORT OIL) riruwrrw....rwrrrrwrr.rrrrrwrwrr ' . LF R D LOCAL GOVER MNT LOAN PRDGRAM LOATING njA n XMNUE BONDS, RATE A 19x5 - 5271215,000 LOAN TOSERIrE8ES CITY OF1 CCLEARWATLR, FLORIDA PERIOD G}4. ENDING P --•------------ BOND REDEMPTIONS .................. RESERVE ---- INrERLST BEARING --- -- NON-INTEREBT GEARING-- REDEMPTION FUND AYMENTS _ .------. ............. _ FUND 7RINCIPAL INTEREST PRINCIPAL INTLRESL .......... ....... bALANC E OS/ 119 303 06101195 ]? 747 ..... ............ ............ ............... 0 _ .......1 475 ' 07101/95 ]4;994 ]3,000 i;2t6 119 18201 9 34,24 1 09 3 ,49 1 10 f 35,000 0 000 4,457 4 10 9 35,742 Woll 11 35,996 2 01 93 36 5 , ]5000 4 , 690 1,686 ,a 1101 96 ]6577 S 35 ;000 x'444 36,766 37,026 37,289 40,040 40,0 0 1 210 3;206 25101196 35101196 ]7 819 +3;000 O , 0 3,076 3 7101196 38,087 5 01196 36,356 3 8; 3 J 00 0 40,000 3,99] 339 2 1196 38,628 LO 1 1) 1196 38,902 Li 0 40,OOo 0 000 , 967 8 1/95 39,177 39,455 4 40;000 6 ,0 46 3 501 39,734 97 40,016 310 40,000 40,000 ]235 3 252 1/ 4101197 40;585 510 7 40,000 0,000 , ],5 0 4 135 119 40 672 'q 1 19 41,162 0 9 45,000 40,000 , 7 9 1 16 / 8/0 41,433 41 JIT 19101 9 40,000 , 2,622 42,042 'of 19 42,340 1 1 9 45,000 40,000 ` 1 X11 3,7s1 . 9 12,640 UO 1 12,942 45,000 40,000 1,392 334 43,246 Mfol/gs 43,553 3f 19 4,000 43,000 2;560 1 133 43,861 5 0119 44,17Z 44;485 40,000 g 4 000 , 4,994' ,166 01198 61 44,800 17101198 3, 4S 000 ],651 43,117 4S 437 91 19 , 45;400 45 000 356 45 759 olol/ 9a 46,083 1 6,703 846 /gs 68758 110 199 . `3,000 2,2 55 47 069 210 19 17,402 31 9 0 50,000 45,000 1rad2 3 465 1 199 47,73B 9 ?410 48,076 510 9 000 1} 000 ' 1279 6 101 9 48,417 48,]tl0 99 MOOD 50,000 2,696 456 1 efol 99 49,103 49,433 $0,00D OOp SO , 561 9 10 99 49,803 0101 99 50,156 , 45,000 50 000 4,817 1 7 1101 99 sG,511 210 199 50,e69 , 3,009 aaO ,9 3 724 Ito too 51,229 z1o too v 0,000 1, 2 B3 51;956 0'040 $ coo 4;176 410 too 52,325 310 too 72 696 , 1,133 1 36 , 53,070 5;000 0 000 1 5 53,446 a/c too 25 33 's ; 1 0 Z?6T 1 4 910 100 c/o too 54 5 4 ;Sa9 0 0 00 3,000 1, 9 5 201 1101100 Si, 976 55 366 3,000 290 , 1 01 33,738 56t33 3,000 3,000 390 1 , 3 allot 36;550 000 5 ,091 + 56,951 5101101 57 356 p 6 000 1,043 1 35;000 3,398 r' F' t ?? ¦ ..r' '4 r ?jr -:r4 ?N?',.:r_r• -c;r •rs+?.y .t-,. ?w -••a•, .!., 1 '?w:- A„•-- aa• -"- ,. a? ?••? •r-s:*m {?'s 1'i.,.i.•. `? Fmk' '?.,? ?§'• 14.-.- x:?r},a .?:`; 71r? i . C'? r ?.5:? ?'' '?1 .. . T x?.., :.z, iay `i N u q.?f, .ir,,.?'.,: .?y ; ' H"'' .. .i . .%: tcl;-,+ , i iyj.:`?7?. ??', v,?rtC'l L'. L'w??•-?+, ?? :r•.a,y R ?.r l?1w?r'Se ,?r.-.I... ? fit. •. .. ? .•.. 3 - j h" •, .' I' :} .r .? J. REDEMPTION FUt10 REPORT (REPORT 111) rM an CITY OF GULF BREEZE, FLORIDA LOCAL COVERIMNT LOAN PROGRAM FLOATING RATE DEMAND REVENUE 3OND3, SERIES 1985 C-1 $27,275,000 LOAN TO 7N6 CITY OF CLEARWATER, FLORIDA - BOND REDEMPTIONS ------------------ R10wrI0N - E A RI 5T 6 EN S Ni PALSr R ? -- l ENOIN6 PA1RgNTS N 7 1 3T PRIHCI J I ER iCIg y FUND PRI] w ---- BALANCE --_-_.- ---- 06,01101 _ 57,761 _________._ __.__._--,__ ________ .-__ __.-__....._ _.....--- 60,000 ` 1,138 07,01101 58,170 55,000 1328 08101/01 58,582 60,0o0 2,910 09,01101 10101/01 56,997 59 413 40,000 60 000 1,907 321 1 11;01!01 , 59,475 , 60,000 , 1,157 121011 D1 50,259 60,000 1,414 01102 W 60,686 60,000 2,102 01102 41,116 60,000 3,218 03101!02 61,569 60,000 6,767 04;01102 61,983 65,000 1,752 05101!03 62,121 60,000 1,176 06101!02 62,866 65,000 2,012 07!01103 53,311 63,000 334 a5 al102 63,760 60.000 1,113 09101/03 66,212 65,000 3,325 Iota If02 66,666 65,000 2,991 (1101;02 65,421 65,000 3,116 12,01102 63,586 65,000 3,701 01,01103 66,050 65,000 1,732 42101!07 66,518 70,000 270 1 03!01103 66,989 65,000 ,259 04 01103 67,456 70,000 72 3 05101;03 67,912 65,000 3,661 06101103 68,123 70,000 2,087 07;01103 68,908 70,000 995 08101103 69,395 70,000 391 09! 2103 69,887 70,0(30 678 10101193 70,382 70,000 11!03103 70,881 70,000 1,561 12101/03 71,383 70,OGo 2,924 01101104 71,888 70,000 1,812 02101/01 72,398 75,000 2,210 03101104 72,91= 75,000 121 WO1!04 73,121 70,000 s, 568 O1l01 73,917 73,000 Z,19S 6101104 71,671 75,000 943 , 07/01/04 71,998 75,000 964 1 as 01104 75,530 75,000 z, 193 19f01/04 76,063 75,0(30 3,536 01104 76,603 80,000 161 o f01 m 77,165 75, co 2,306 olID1 77,692 73,000 5,000 01/91/05 76,263 80,000 3,263 02!01105 73,797 80,000 2,060 03101103 79,355 80,000 1,395 04101105 79,917 80,000 L,312 05101105 80,183 80,000 1,796 06101/05 81,05] 80,000 2,869 07101!03 81,628 80,000 4,476 16 folios B2.206 ' 85,00o 1,682 09101/05 788 82 , 80,000 ' 6,470 0101/05 83 376 as a0a ' 2,845 1101103 83,965 85 000 ' 1,810 2101106 81,360 000 " 83 1,370 01101106 85,159 as,000 1,528 02101!06 85,762 95,00o 2,290 09101/06 86,]69 85,000 3,660 01!01/06 86,981 9q,00o 641 03/01/06 87,597 65,000 3,238 M01/06 89,21 90,000 1,156 oll06 85813 90000 299 e/o1/06 , 89,672 85,000 4,771 9101/06 90,106 90,000 4'624 10!01106 90,744 95,000 1101/06 ? 91,187 90,000 2,001 2/01/06 92,034 90,000 4,061 ;01/07 H 92 686 95.0013 1,721 /011/07 93;363 9s 000 0]f01l07 91,001 90000 4,07( 0 4f01lO7 96,670 95,0p0 3,717 05/01/07 06101197 93,340 96,015 95,00(3 100,000 1,087 91 R- ?y .'r < ra.-,r r yr •Mi[;T.:.r."•a!'r:" :7 ;c°;+: ?' K t r=,?k ,?? ?:,stl,'; ,l «'e:.' ?cc 7,7!}?r }?+, i.,y?.? r. 7 .:. [ R11 a, i+'• ?.t s5?l,t5. .?ixt`,r .i .!' ""r, Li's'';3ti• 9`?"`"p:`5::r4.+,i,:,?;i, i=.;?':,a ?::l, .°. r. .•;, ,.?? ".;.: 1ir?'i 'C;ru'4???,??+'CTs•S"i".'d ?S: ?.?; . a •?, ... 43,,,. ' 49 YI It 40 m R) P.9 LOCAL CGVERNHLNT LOAN PROGRAM FLOAATTING?RATERDEMAND REVENUE BONDS, $27,275,000 LOAN TOSERIESTN£ 1983C-l CITY OF CLEARWATER, FLORIDA PERIOD GNNA ENDING PAYMENTS ............. RESERVE - INTEREST FUND .. BOND REDEWTION3 ------------------ BEARING --- NON-IN EREST SEARING-- REDEMPTION FUND -- .......... PRINCIPAL ............ ............ INTEREST PRINCIPAL INTEREST BALANCE 96,696 SlaLlo? ,380 95,000 95 000 ............ ..-----..,-- ............ ------------ 1 794 r alolloy 98,765 , 100,000 100 000 4 175 2213 99,463 1107 2101107 100,169 , 100000 1'476 Iiatias 2101108 100,879 101,393 100,000 100 000 1,5244 2 3101108 12,3 ] 203037 , 105000 100,000 3,`15 510,100 510110 1 L03,76 7 00 104 502 1 1 ; 105,000 103 0 3,456 2,233 3 0 / LOS z4] 91 lag 1o3,988 ; 00 145 000 1970 10 log 106,739 10110 109 236 , 103,000 2,9b6 4 705 ; 10110 8 109,023 110,000 105 000 2 456 109;795 /a 109 L10,373 1 , 110 000 4;274 110 109 11L,355 4101/09 112,145 L13,000 110 000 1;204 112,939 "a 1109 1131739 , 115,000 113 000 3,349 1,288 2144543 215,356 , 110,000 I15 000 4 S753 1 01/09 115,996 , 120,000 1107 .10 /09 t/ 9 115 660 125 + p 115 000 3:099 ; 119,500 Al 10 , 120 000 4,584 /01110 120,347 11 199 , 120,000 4 084 4' r , 101 to 92,03E 101 to 22 1 9 125,000 120,000 630 68E 2 , 22 1101110 .to 1 to 123;793 1 67C 125000 120,000 , 4 6100 1101110 101110 126,432 123,000 125,000 4 073 068 /01110 127,3260 1 1/1 128;240 130,000 130,000 1; 4 1 01110 1 till 129;140 30,063 130000 ;6 794 5 1 11 30,984 lot 11 131;912 101 1 r00 13 00 837 1;?S7 1 132,846 33,787 /011 2 34 733 133,000 135,000 1387 , lot/ 1 33,589 101/11 136'651 135,000 133,000 135 000 122 462 101/11 lot I Ll;59] , 1]5;000 2 /01 It 101 1375 64 }40 3 140,000 , 3,574 10 141.359 1 12 4 140 000 145,000 3;817 372 10 1/12 1 1,372 140,000 145 000 2,934 41.589 lolltz 4 613 , 143,000 1,506 L095 ' , 10 112 11.1 ,6 ] 143,000 145,000 1.70E 3,353 10 /1 48,729 IlL2 149 703 130,000 145,000 4755 . latliz 150,864 151 912 150,000 155;000 `392 . 101112 132.98E 150,000 135 000 ;' 01/13 13',072 0111.3 55 163 M , 150,000 I92 4,364 . 13 }36.262 01 13 37 369 m 155,000 160,000 4 790 . } Ol 34 .464 01 153,000 160 000 3,159 1 113 101113 169"677 , 160,000 1249 160'000 1,986 .0 i w f Ni ??r??.GFkk qq w,r: r ?i •1 `•:__ a.li". r .,.,.. , fr' .tit t 3v ;1N4";l' a ck .as 7 ? :•A r .?;yr 'S,};•(?k ri";y>•?.d ;5'?iY•?'` `rf$.•'Yi/'f. •,,.?7?i ;' l A"':?, ?'? s.1 'sr 4 i``?? ??'l.y? ';?G: [ 'di '?,10a 1Aa 7` rt'?ux'd Y' ,' r"i?, k°i`'?. ??`.ti,??'{?J;i-•f?it'.,a' ???31' •'?'?.{?1 ? l^4l•".;'',.;::r".?.?::ii:t.+??. ,fjt Iyk:'lt'' t??`?" -?,'+F!!y5.. _y ?,lh?: ,`?y'7„kz rtt 'K r.-Y_.:w'h r+r1 J. ;", t' ai rw1 y`Sy'• 3 cn i ?br " ?F i?i+`?'•i "s ?. f'.•y?{''?,+,+ `itj •i??'?4 c}tk. ^r .yy- a. z,u?'v?;k? [r.. 5 E ,', ?'?^?, -$•i"`;.?_. s'ti, ?'$.?{,,,. .:,i , '.Ir r.,c ? Y'.+; •r t=,78.3 ;;e1'r;, ?Y?.? a r?.i r?i? '°f r?1+?: '`•r'r "!'r'?r"". -J)? ,,•3 ?.i;k ?Y ;r'•,;• .,r .4::. r¢?'i?_.• ,]'., ,rJ a •:r , 'S, ,: f ?z•?.tar ? r?'?r. .?: ? .. t„ , ,c+. ?•l. 'y . ?"" •`?' .? . : i. . r1:';. ; 45?,: < ., , r?k; ? ,4t'... i 1, ? ? • • }:??/ti... ?t„?.4.," ,.4,;, ?... y,i?;.r ? ?+; !?: .{,` •?'.9•.. ,,{?.,, _ .. #,, yr . [,?` -AL- z REDEKPTION FUND REPORT (REPORT 111) 4m W7111 , • REDEMPTION FUND REPORT (REPORT 011) CITY OF GULF BREEZE, FLORIIDDA LOCAL COMMENT LOAN PRO ATE DEMAND REVENUE BONDS, ? FLOATING R £ I C $27,273,000 LOAN TO THE CITY OF CLEARWATER, FLORIDA TIOH ? PERIOD CHMA RESERVE IN EREST pLARIHC - - HON-INTLAiS? FEARING-- I tUND ENDING .r ...... PAYMENTS ..... FUND PRINC PAL INTEREST PRINCIPAL INTEREST BALANCE .. 08!01113 ....... 161,876 .............. ............ ............ ............ ............ 160 000 .......... 3 a62 09101113 163,022 163;000 1,a8? 10101!13 164.,1 77 163,000 1,061 01l13 163,34.0 163 000 1,,01 01113 W 166,511 163,000 2,912 01!14. 167,691 170,000 603 02!01!14 168.87a 165,000 4., a 03101111 170,073 170,tl00 4,5`56 04!0111, 17;,x79 175,000 833 05101114 17 2,,92 170 000 : 3,327 06lall 4. 7714 173 000 ' 2,042 071014. 'aalai1111114 174943 176;184 I7 y 000 7 ; 1 a6 3, 170 09101114 177,4]z 1 5 000 IED,tl00 , 602 tol0Il14. • 178,689 175,000 4 291 11!01!14 79,954. 1 Ia0,000 4,243 12!01!14 81,129 1aS,000 474 0111 M0111 182,311 183,80'6 1 a0 000 1 8S?000 2,987 1,793 03101113s 1185,108 185`,000 1,900 tl4lOI 16d 86,419 183,800 3,3 9 05101113 187;739 190,000 I,a a 06!01115 07101115 189,069 190,(06 190,000 190 000 127 336 08!01113 191,737 190;000 2,293 .09!01!13 193,115 193,000 , 400 10101115 11!01!13 194,483 193,861 000 190 200,000 4. ,891 752 12!01!13 .. 197,2,8 . .2rr29...2r .. 2,182,000 - 2,380,000 ............ ............ ............. 11..,.0. .-•?--..-.- .. .. ....... 23,093,000 2,182,000 27,276,000 ;rn1:?•?c?•E f ??a f; r.?'-??:?J'?t.?t?'?!??. r.?• ry? •,? ry„„,5 s???w-?i,Y;i..'f5-?'rv;? ?'x<.tc: e; •..•r,-;a^tc:'a'n.,,+ •??_4?:?s.,a,:'_v,z;t`F?:?? ;? i ; eo,0, t.t ?' ?:C,. t ?. 1110, .V-i:r?,,. .1 ?y; "', `?` i{ .lY• ?; •r• .Y?, a.': .. }",. 1;, S.i'i ._?. ?•, .,a• Y.SI '? .. ',M,7- :rT,' .J?it .'s,:;1• 'L ?r.? ??}r 3h? `;. - .. ...?': 'r 'y,a ., 5'0'11 ??,:. s.-.?Ae +,,.. _??f :'?•'{•?_ ?.. _ :?-• r. ,;'• rj ... ... wa ?" ?.....5`:e- ;???+ 16 i t MEMORANDUM T0: The City Commission FROM Ron H. Rabun, City Manago A 2?v- COPIES: H. M. Laursen, Personnel Director; Cyndie Ooudeau, City Clerk SUBJECT: Annual Evaluation of City Manager DATE: March 20, 1989 C O."198 TO: COMMISSION PRESS Date MAR 2 01989 CITY CLEAN( Included herein, you will find various data in connection win my annual performance and compensation review which is due April 4th. Its order to complete the evaluation on time and with the same persons who conducted my six month review, I propose that we begin the review now and that we finalize the evaluation at the Special Commission meeting of Harch 30th when we also consider The Oaks project. The package herein includes certain performance/evaluation criteria and market survey data on thn salaries for other local government managers for your use and comparison. I feel confident that together, we have made a good start this first year in addressing problems and making improvements in City government, and along the way, I believe that we have infer-nally agreed on certain major goals to be pursued. While we have not yet formally established written goals or performance criteria, I believe that we do have enough substantial agreement on the major goals or projects listed below that you can conduct a meaningful measurement of my performance, In that regard, please assign the appropriate score to each evaluation category (Sections I and 1I). Rating key is shown as I thru 5 (5 is a high score and I is a low score). Needs Attention (Score 1) Below Organizational Standards (Score 2) • Meets Organizational Standards (Score 3) Exceeds Organizational Standards (Score 4) Superior to Organizational Standards (Score 5) SECTION I. GOALS AND PROJECTS: GOAL/PROJECT RESULTS 1. FY 87-38 Budget Although I was only on Execution and board for the last six Control months of this 5udget cycle, I paid very close attention to its execution and, in fact, we finished the budget year by expending only 98.8% of authorized general fund expenditures according to internal reports generated by the Finance Department. RATING SCORE: COMMENTS: -1- T 1 iE > ;f.b !', of rte ? • a ',( ?>• °'. . .... ;?"'. ?.: ,•••s,'. _--__-- :;?71: .?^`??y ???i •?y.: _.. X91, Y..z?i'4'; .:f; :la.;aLYs: .4 .,?? --- .r: f V Ml ':` is t dw 41. 2. FY 88-89 Budget Within a fern short weeks RATING SCORE: Preparation of my hiring, I and Execution submitted a fiscally COMMENTS: conservative budget. Since that time I have taken several well planned steps to control this b+adget such as: a) selective hiring freeze, .b) various cost-'saving reorganization/ consolidation efforts in Public Works, Administrative. Services and in Planning and Development which will hopefully, assist us in developing a more reasonable FY 89-90 budget document that will serve to maintain reasonable expenditures. 3. Strengthen Top- For the most part, this RATING SCORE: Administrative has been completed with Staff the hiring of three very COMMENTS: qualified Assistant City Managers, as well as two quality internal promotions (Director of Administrative Services, and Director of Public Works). Other key staff positions which will soon be filled are Economic Development Director, Public Information Officer, Planning and Development Director, Risk Manager, and Purchasing Director. , "-!i?114'J.5.9:',ti'•..x'r,??fl?`x`?•'f."N=E#'t,??":a7rti.?t?,"'''4k`h's!'f,Y "'!:, ;r' Z.\.,. UMMM MAW r-2- • r.: y •.. ?? :rstir•xse•_-rr?arH"rr?s:r?.a,.----'-' - -° --'-- ,..»... _ ?x 4 V.::?" ;: .:' "•j'',iPf.A ?.yy S,d .}?i •?r @r 4'>ae ;.f.c' .,.9it7e'?i°4??r?. ?...?` -Ns ?,T??d sgl? ? ?'.. ? ? Y 1`.„ € a.? I,e.?. ;•j•." ar oLr a. t ? t•-? '?• i ? MI. }? 'gyp, 4 c 1t:4;G1 •;' 3',.:a}rrt 3?}?'' Hr-.SL>.P? 9''`tl•:.{."f ,€g€-# y?e± #snJflye ln' Fr. ire «* ti i ui3/a: Ir. -r; a : rt ^ ? ' i:, >' S« `' `i'> .1 i'--' . s.,• y r: ?.= a g:.. ,?,>.a ? r s,,, y... }. ! j: 1 ,'r 1 w• ;t?.t ..a.r .?? k 3•'-r ?'.., ?'f? ?-t?` t,..r ?,F "?. i? `:? s S?,ti ii ?:? .:{r y???,3 \•. u.? r,r" Lei. r? . i.?, a ::T''` ,?. 1 ?`edr? ° 4"' ;+?'t.'j ?' ``-" ;'` t}:f x ? r ?;?' ?" P?'`.5'''!'?4t°•i..`!a'±x.,?..al3r.?la,.w _.?.,-is,?'t?' `-.?:;'e!,•,^.'?. ???q'7,.•.:, r1? , ,.`i€ t, . +'4?;'N5•?:?Xreg?"`` 7!i.,7;U!;^x? •?:A? f ,•{5. rs •?: t?s'?r'.;a?S?SY •°'F •4???iF .,;f''yi•" i' iaf'•' •[• y ..s s"•`,}''w??? 3q. .e'.. e } i' 1• l . 4 1 5 •l? ? S ¢ ? i ?! 1 ? .rP ! ^L" 6 • I.!'??ViY Cr. - y??'i•?L f •j,.? SN! ?i • ?; i •,. i ? ?," ? R?7tf k,?yJ????? ,?}? ? +??;?p?f?z,??,?tin7', 'r'?f???,#?', ''' r? . f ?Lf? i °s S.-o'?trtiF7?kj•, h;,j,'}?t'fYsaj n..1t s l x rX?p^.t?J'?,`??,??..fyi??:e ?\? 4•?`kkN.3 ?4!'daL7??.i?,a >`:.•3gk.:. ', 5',..5 J:t...t;G.....,i?, ? L[a 4. Strengthen our With the establishment RATING SCORE: Health, General of a "set aside" premium Liability and Self stabilization fun-? to C011MENTS: Insurance Funds control an pay for future health insurance premium costs, tie have made a significant initial step to mitigate the cost shock of insurance premium increases. Through our insurance study (Siver and Associates, and in- house) we are now mapping a far more pro- active approach to problems in Health Insurance, Worker's Comp ensation and General Liability. 5. Improvements to our Significant changes and RATING SCORE: Legislative improvements are well Liaison Program underway in the COMMENTS: approach, preparation, and organization of our 1989 State Legislative Progran. Our approach this year is far. more organized (Legislative Manuals) and pro'-active to better protect the City's interests in Tallahassee. We already have greater staff and consultant involvement much earlier in the process for this year's session than last year. To become more knowledgeable, we will also install in Kathy Rice's Office an on-line computer data link with Tallahassee to provide a daily printout of legislative actions so that we can monitor, influence, and report to the Commission those significant legislative developments that occur, moment to moment throughout the Legislative session. -3- 4 t1Y-:[k -f'4.?'` ••7; 43'•« 'IS "t•?'?? 'A?\'!- r?J`.1?i1 `i vH 1,: !.+ -,{; liS: i-r.,' ,!'.'.rl^: I Y'7 R 'r x; "?'? ?' 3 ?4 .,: tip a '?'_ 3•.4 ?? i 1Jj?. ??? ;;•.,•. s., t: •' ?3+?. t.N;x?-is'LS .k" ki. r ,.i i. ,).'`'.`•'.?. st.?`J, fib. c. iF`?,e1'. ',tl,'.',, ??, ,`['c tl, a,,: ? ,1 .i '?;?> f•. ;Y n.??a'i I'd r ,t:,3 .i- ?... ;T.•i ...f'op': ' { • !'; kr Sit; I.?i ,r`"„ ro. 40 Sv ff1 " ... b. Space Planning for In order to determine RATING SCORE:» Future Facilities how to provide the most cost-effective and COMMENTS: sr usable space For future City facilities, vie have ` { J begun the first comprehensive, long- range, strategic space planning process for a future City Hall as well as beginning the r planning for space needs for all other field T >f 1 operations. I am confident that this. focused and methodical.., approach will yield ?- z great dividends as we:'' ' more deliberately plan r for our future space needs. 7. Economic Development Since the arrival of RATING SCORE: Activities and the Hike Wright, Assistant` ! ?.? C.R.A. City lianager/Community COMMENTS: is K z Services, our office Jr.; has made significant progress in restoring =i ,f ap. some movement to our C.R.A. agenda so that } various promotional , marketing and '• i development projects can once again, move r a •wV,: forward. 8..E.P.A. Fine and Through exhaustive RATING SCORE: w Sewer A.W.T. negotiations with Program E.P.A., Public Works and COMMENTS: the City Attorney's t .'' office, vie have been able to reduce an E.P.A. fine of $1,950,400 down to $300,000 (which we have paid), and have avoided thus far, a court battle, thereby allowing '. us to make significant, and now relatively unimpeded progress toward converting our three sewer plants to Advanced Wastewater Treatment (AWT) x' standards. y µ -4- rr ?tt sr=F ?y{ ? ''%' a:' ,.+?- ?.. , L,i; _ ,i w ,`.r' ? + t F` i:?:.??..: + r?;? K. •:! ??? ? ?i ? 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',r•'c t. sr t' ?C°'•i's?, '%it? }t. ti; ... .L?iY ''1 r`11?' :;y",'' C•..1••;, ?-0'`?. .F .y:. ,?f r ? .S.S.f•ir:??if'r}'1ki :•• ` , ? t .i?G$? }?' ? ? = . f '.':;'1. to .'1. •' 1 ' ?I?ISllif. _ _ .?y J i,. it .'-..4' „S : ? ?; . v - ?I? ?,;.:??. °` -.t„ • :!- '? '.'1. ra?:..._ - IIIY/I?r?lY1?I?.iYrrr? 'w..ti i.F'...ti.L....+r....+a ! 'f? _.??:,?y 9. Clearwater Pass Although many, many RATING SCORE: Bridge Replacement persons are involved in this major capital COMMENTS: replacement project, my office is pleased to have played the principal coordinating role in what may now be the successful funding of this project in F.D.O.T.'s 5-'year program of bridge work. While I do not take full credit for these projects listed above, I feel privileged to have been able to establish and coordinate a management team of Assistant City Managers and Department Directors who together have been able to make substantial progress in these and many other project areas over the last year. SECTION II. JOB RELATED TRAITS: As you review the specific job traits listed below, please use the same scoring system (1 through 5). ADMINISTRATIVE ABILITY 1. Timeliness of project completion. 2. Thoroughness of project completion. 3. Quality of agenda and special Commission workshops. 4. Competence in strategic planning to meet the needs of the Clearwater Community. 5. Degree of independent initiative. 6. Demonstrated ability to communicate both in writing and orally. (Score 1) Needs Attenti,on (Score 2) Below Organi- zational Standards (Score 3) Heets Organi- zational Standards (Score 4) Exceeds Organi- zational Standards (Score 5) Superior to Organi- zational Standards 1 i _ I? xt !-i 11•? n: t'• =a F? 1 r: ?.1 n { k` . ?•4 I.pf Z yIa f=t r x fs -5- J??'?,•;,f'a:j,, ??f .5 ?::; r"?,?'!s-':i'i;j?';t ::?! r. ?+" ?: ,. :;.' •j?, ii.i.:'P"..4• ;y,4i.':a..,1'a: :;gr r'ti'?: i '?? '? -1rv'.•jt tt 1 ..? `t y'q 5: .,7.lt ty •.;' ,;q'7,, .:t" i. .3 ,•l?. a^.?s .:.i Y'T, ,i. ,°r?.'..• 'tt4f,?:! , ,?-? 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Demonstrated ability to be flexible. FISCAL ABILITY L L. Ability to prepare and Mfr. operate within an approved budget, St •?1. 2. Ability to present new budget and cost control alternatives. IN LEADERSHIP ABILITY 5[(. `V?N t S 1. Ability to appoint quality subordinates. 2. Ability to communicate =ate, ` goals to subordinates. t: 3. Demonstrated willingness and ability to implement f,•.?,3 4 Commission policies. , 1 51•yy?? `r 4. Display of initiative. 5. Willingness to innovate. 6. Ability to make sound ti decisions. ;F 7. Ability to positively promote the image of Clearwater before news media, citizen and community groups. s 't T ' 8. Working relationship with City Commission. } 4. Ability to coordinate City cx forces to accomplish projects in a Timely and ' proactive manner. ORGAN17-ATIONAL MANAGEMENT 4 1. Intelligent reorganization and consolidation of City Departments. r 2. Improvements in intra- departmental communication, coordination and teamwork. (Score 1) kScore Score 3) (,Score (Scorn :j Below Meets E::ceeds Superior co :feeds Organi- Organi- Organ{- Organ;- Attanclon zacional zacional zacional zacional Standards Standards Standards Standards 1? ? rX ._ ?., n t r . ,V• ' mot: .L?. ?:tf} 1 a l• ?? i limp " • r,:;rr^ "3Si..7.. ,J., " r. :• -:rr";',* {.r"# 'i':s rit _ ?i'e ;t 'S ".. '.'}C?1, ilj3a{ra;t:(: .•l•. •2, .5?, '{i', ?'{' .. t ..i :. .. t:?.., :t. °t. c`. s'• '1'?y ,?•iyti A,h rkr 'FP. •. Z' ,?• . •,: xk.?" »s , t ., ..?ri '.tir ..1 ':tt.4 . 4.},. •t. >.. ii' /, . c: r4 .'7•.1. ,N..,, ?R!'Y?.° C. ,j?•`""'*"? S,r•, .r,±:in w? ..:r.:,.. _ -ni ., •r:' ,.? . > y.,•.•.:. , _`, f „y."t•, ,,..., t? ?y ,,p •q r k??' f i I' .;r.':?. ifr .+.? r? ?4:».F.•'.?i?{.+s 6r. •tl• N°"te?Ntt-{ T.e#.Fi'?r :. C,;j, 'iY '{' r' ?S .t i»4 4., "t' F ?5 • =T., 7 ,• .•C• • .'., ',F Yt, t t,2 Y It?f. i .r?' - 1e ri X. 'Z ?y 4n F r? P, 3. Improvements in efficiency and output. PROFESSIONAL DEVELOPMENT 1. Seeks to improve self through continued education or professional seminars. 2. Up-to-date on current professional trends and practices. SECTION III. OVERALL EVALUATION After considering all the performance factors above, please mark the box that most closely corresponds to your overall impression of the Manager's peri'once: (Score 1) (Score 2) (Score 3) (Score 4) (Score 5) Below Heecs Exceeds Superior co :reeds Organi- Organi,- Organi- Organi- attention zational zational zational zational Standards Standards Standards Standards SECTION IV. WAGE AND SALARY SURVEY DATA As a market guide for your use in now determining the appropriate salary that should be awarded, I have tabulated a current salary survey shown below (source: ICIIA's Compensation 1989 study, news accounts and phone surveys from comparable communities): JURISDICTION POPULATION BASE SALARY 1. City of Clearwater 100,000 S 72,000 2. W. Palm Beach 68,570 S 92,981 3. Gainesville 89,000 $ 87,113 4. City of Sarasota 52,000 5 85,550 5. Lakeland 65,000 S 79,300 6. Tallahassee 119,450 $ 81,364 7. Daytona Beach 58,050 S 82,440 8. Miami Beach 97,727 S 90,000 9. Ft. La,Vderdale 166,000 $ 90,000 10. Average salary among City Managers in Cities with populations from 100,000 to 249,000 in the South Atlantic Division is $83,392 (Source: ICMA Compensation 1989). -7- r 'r?"'it"?(k^tr.?r++4"q.?..fwwi{?,wy ?"?'?"l.'f +4rT.»+:lr,?"4tr;x+:: afi ?a.,«.r•x+.rii^'§3':"'^ ; .w..wr+' ?ry.rn•fy r' y.._.+'. ..trr;. ae?1 °Y + ,a'1?rt ,~x« 'rx: ,i + e•.i.' >!?:tr''w?-. .?: r .a'f".+?• •. lt. •y ? t•,??•'??::: ?:, ,t.?sa ti.o`'I;..}4':z" -`i '`v` '.1=i` ",3. ;t.^ C`-': 'ir 3a'•Iu?.f' i::•.k'- "?''?;.?. :?:t:ii. k?1?`'ti??t1' ?''! $"?'y.,..rr??r' G??'-ak{Y.f ". ?` f" f7?h'r?:4"r? ?:.t.)45,ti ? ? 4i r'%•r°1. '.kyct'.,-". P• "E.sf%t -x?S?1 7zr+t t':) ?. s'i ' i.: ti?'? .rrY r> u:++r .y;. ;- x. +i' ,?, .S "?•' C' T.'C. + a w,'5•.+, M ir'?t`?+ ?y?'? ?+r'}' fMlll?y} y.a r r<''Y ?'?`?'?. 1. 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(score 1) (Score -) (Score 3) (Score 4) (Score 3) Below Meets Exceeds Superior to Needs Organi- Organi- Organi- Organi-- Atrention zational zational zational zational Standards Standards Standards Standards 11 s .r :M `0 1 W NOTE: January 1st last year (FY 88) all SAMP Department Heads received a 5.5% increase, 7n7-like other union employees, a cost-of-living increase of 50 " on October 1, 1988 for a total increase of 10:5%. SECTIO11 V. SALARY RECOM11ENDATION After a review of the above performance and evaluation criteria, existing City salary policy, and salary levels in other communities, the following merit increase is recoin;ien ded effective with the City Manager's Anniversary date of April 4, 1989. (You may wish to make a recommendation below or wait until the :larch 30th Special Commission ,leeting. Please feel free to call me if you wish, to schedule an appointment or to discuss the evaluation prior to the Commission aneeting.) I recommend a % salary increase. Signature SECTION VI. FUTURE GOALS: As a beginning discussion point For future goal setting, I have listed 15 suggested major goals that I hope to make substantial progress on, assuming they are adopted by the Commission at its goal setting session. Please feel free to assign your priority in the far left-hand column, and comment, add or delete goals on the pages below. (11unber 1 indicates your highest priority). SUGGESTED FUTURE GOALS/ COMMISSION PRIORITY PROJECTS: 1. The submission of a conservative, balanced budget. 2. The creation of a successful, downtown economic redevelopment program of work. _e_ ..,..a .. .... ........... _. r':.: o ' > ,.tie..:.'t.'.a'lax.;,?t'c;+?f?•4 COMMENTS BY CITY COMMISSION COMMENTS : COMMENTS: ''. • •?r 1 59. 's NJ: .a SECTION VI. FUTURE GOALS (CONTINUED SUGGESTED FUTURE GOALS/ COKIENTS BY CITY COMMISSION PRIORITY PROJECT: C01111ISSION 3. Successful State COMMENTS: D.C.A. acceptance and adoption of our Comprehensive Plan. 4. Submission of a COMMENTS: storm'rater management utility plan to respond to Federal E.P.A. requirements and State S. W. I.1i. Bill requirements for stormwater treatment. 6. Improvements to our C0IVIENTS: citizen's Public Information Program. 6. Submission of a COMMENTS: Water Supply Master Plan for future water resources for the City. 1.Funding for Clearwater COIVENTS: Pass Bridge. B.Substantial COMMENTS: improvement to our City insurance programs: 9. Improvements in our COMMENTS: Financial Reporting Systems. 10.The refinement/ COMMENTS: inprovement of reorganization/ consolidation plans. 11. Completion of a COI4iENTS: City Hall space needs study. -9- f ?,trT,?. ?'SYY:^, ': .,r;a!'.r is n{7, t £t'? '+".:"1ctitf;Y-`:t°?"•?"`z',i ?! °iI 1 .1 1 F 3? , .:F d'?Y- b ?k '7P fief r..$,?Y'•'1 ?" ? +?°,"?`n ?4ti' i ./hXw?"r?n:i'??r §.,, ?:,5..}?R. ?? ?o: ?:a P k p!. 41 r •C? •r ? tF Yt' r? A,? ti{???' v."3r"? 1'.. :4?? .t-t^N°tc•?Nji {' j#-?...:?' ?i'?sf5, 1?.1 ??.i.? ,f. ,'%- ,^'??? ??: :°!} ?:y..til?iTi ?': j.S ER f.a', fC t` rr, y??,. ? ;ri:?S.•y.?:•??'??:r i'?'?.,; •I'- . .w•- !•r ,r'? i •,'r. :y"' a",fTCFri. w. , r Y. %!7 1 i.i !x; [:iX•: r?'• .. _?,t,??? "?,.p .r, r- !J11111111 7 a W!I N3:-? w • 12. Compliance with the COMMENTS: requirements of the State of Florida's Solid 11aste Recyling Plan. 13. Concentration on C0191ENTS: acquirin alternative (non-tM revenue sources, 14. Consolidation and COMMENTS: improvement of our City Pension Plan. 15. Improvements in our COMMENTS: Emergency Management capabilities for hurricanes, flooding and other disasters. With Conniss ion concurrence, I propose that the above list of suggested future goals (or others) be mutually defined and formally established at a future policy/goal-setting session, and that these final goals he used to more definitely measure performance and progress for the next City Manager annual evaluation in April 1990. RHR/daw ! .,10- ., s Xt .J?.V,f ',--Yi 4 4;ff T9 ? :tf .:tw :•;•. :frtr „rf3esl,"r°"•f t.. ,+, st;'-r+,:,,?rair 'tf :. <:?4 t.$ r5?7s?.r:??- 7.?'; r. - - '4 Z ta• ,r ..1 ?,t3" 't` ? r ?! • ?i??s u?.- ??` ?i ? IV ?M1.(" .r. '?•,.,?. f? ?.?{?n-? v? 'Tg,,.' '3 _ .::' :, ? yr; !,•, ,, .;? .,,? ?.: .i. ... ?w .y T'r?•* ES?',?? ?..li.?`'?i'•'?.!`", ."J1 ,'y 1• ,,,•,? '?'" :i;Y .>.? • ^' a.y ? r ?.. ? ??,s t f•, . rr ? f 1t,'.M€r.t?i.?tw,?+..'; fr.a-G, ??'r++?re!rrti r. l i? V MEMORA Dl! TO: FROM: RE: DATE: The Honorable Mayor and Members of the City Commission M. A. Galbraith, Jr., City Attorney I- Florida Clearwater Beach Hotel; Gray Lawsuit March 28, 1989 Florida Clearwater Beach Hotel, which owns Lots 1 through 5 of Clearwater Beach Park Subdivision, has filed a motion to„intervene in the consolidated lawsuits relating to James R. Gray and ader Clearwater Beach property owners. Enclosed for your information is a copy of the motion to intervene,omitting the Exhibit A to the motion. The motion has not yet been heard by the Court, but a hearing has been scheduled for April 10, 1989. The intervenor now wishes to discuss with you the possibility of entering into a settlement agreement which is similar in most respects to the settlement agreement which was previously approved, signed by the City and the property owners, and filed as an exhibit to a stipulated motion for the entry of a final judgment by consent. Enclosed is a .copy of the settlement agreement as prepared by the attorney for Florida Clearwater Beach Hotel. The paragraphs which have been amended are indicated as such by notes in the right-hand margin; all of the paragraphs are the same as in the other settlement agreement except for Paragraph 11, which is discussed below. If the proposed settlement agreement with Florida Clearwater Beach Hotel is otherwise acceptable, please make your motion to approve subject to the following changes: 1. In Paragraph 11, in order to incorporate a last-'m' correction to the other settlement agreement, delete the reference to Set skis' and add the following sentence: With respect to the above uses of the Beach Property the Property Owner agrees to comply with the provisions of Article VI of Chapter 114, Clearwater Code of Ordinances, and the City agrees that it will not unreasonably withhold any waiver that may be sought pursuant to such Article. 2. In Paragraph 18, fourth line, change 1154 units" to"48 units:' 1? R ??: j 's.:*ti?? `? q5S ?.r . r,. ir'; ?;t1?sv :Y•. s rr. 'etc yf5 ! ') r?',,4 3f:.. r `•: F ti r ': +. "` :i. ? ..t? 'f'• -1 .r.+ ,??5'F `N .M. • :(-R r, ?Mi.• ?HRh.A9* _ _- `? ?,.. s?..:rr.f;^.? '!:f?sF., ? i.,.t,: :e:,? -, ..:: r{r';?,: "a;.,, r??ti-t p: ,.•,.c?'? • : t ?...:•1il„7'?.{yfx7tv{.t??S; ? +-. ?? 'r.u -C' a+, y~)...:,i • ,,'? r` .4 ,..,? }.'; a;l :$^?1:• 1::, '+, .: t-+>' ?`r? t %i .'1?"r,•.r ,,/ u+i•T s. '-' +1 f's .rJ^,r? n-.l? r++ +p• ,k,n r ?«r+r •..L. 1.., yri,.» r,t ?«., .: w:.'.rr*^{.. ...+:??.t?1 ?"? d' ??a+? r . \T .h''.?.,?y?{(r;' ?y s',a ''•ti ''ice .'I €i', .¢- r?r.. .rr. ?•' 70" i I Mayor and Commission Page Two March 28, 1989 3. Also in Paragraph 18, add the following: The amount of density computed in accordance with this paragraph will not be recomputed at any future date but will be the final density available to the Property Owner for future development. '4. in Paragraph 23, delete the last two sentences. MAG:3mp Enclosures Copies:. Ron H. Rabun, City Manager Michael Wright, Assistant City Manager Paula Harvey, Acting Planning and Development Director Harry S. Cline, Esquire Richard A.,Nielsen, Esquire 3 "i'9!?. ,.•, .. •v'+,? f Y? JF X Y..' :k' !ti: ?Ir, --;( i .!?.'.t '4r r? ?-iS :S•.. .i':: i'?il. '; S`tY" t3 "7: - , 1'"1'?.'i. __Y.._. ,., ?, T. ?e t. .t:. y.b?. ,? ?,?y????`, a; .,. ?'??"{?? '-t?w'?' .. ,? ,.ia, ?i:: ;,f _ .;; ?,?,t, r'' a ? .^'Hi 1ii? ..." '. .. f r.•?., t^ ?x ,i Defendant. JAMES WILDER THACKER, et al, Plaintiffs, Vs. CITY OF CLEARWATER, Defendant. ., Case No. 86-17457-16 MOTION TO INTERVENE AND TO S'T'AY ENTRY OF JUDGMENT FLORIDA CLEARWATER BEACH HOTEL CO., a Florida corpora- tion, hereinafter referred to as "Intervenor", through its attorneys, files this Motion to Intervene and to Stay Entry of Judgment in the above-referenced cases, pursuant to Rule 1.230, Fla.R.Civ.P., and in support thereof would show this Court as follows: 1. The instant cases involve Lots 6 through 28, CLEARWATER BEACH PARK SUBDIVISION, as recorded in Plat Book 10, page 42, public records of Pinellas County, Florida, and all lands lying west of such lots to the mean high water line of the waters of the Gulf of Mexico. 2. Intervenor is the owner of Lots 1 through 5 in said subdivision, together with additional lands located immediately north. 3. Intervenor asserts its rights to intervene in the instant cases, and in support thereof would show this Court as follows: (a) The instant cases involve claims of ownership to the sandy beach lying west of platted lot lines, and the right Y ti,=vs?z=;tc.;i- .a ;:f!'?l??f':?='?r'!?r',,:+,;*;?.e?,. v,?ernr• . °. ti. - kLV "!I. .apt."'"?,??'•'i•''?:7y;9;9j°, ai ns?`U'Y R?{{''7?ir ?. .9 .: .' t tif. )'r.+y'?NT?'S'r <F ,r •C# f};.F :?. ? ) film (c) If such settlement agreement is judicially approved, it will adversely affect and take property rights from Intervenor. The proposed settlement seeks to confer rights and privileges to the claimants which are by ordinance specifically granted to other city boards and agencies to approve or disapprove, and which matters by City Code and charter are not proper subjects for determination by the City Commission. Further, the proposed settlement agreement would confer rights and privileges contrary to judicial decisions heretofore made by this Court, as to some of the claimants, in the case of Gray v. City of Clearwater, Case No. 82-1640-16. WHEREFORE, Intervenor requests this Honorable Court for its Order authorizing intervention in the instant cases by Inter- venor, for this Court's Order staying any settlement agreement by and between the parties until. Intervenor is given a time set by this Court to file appropriate pleadings in the instant cases, and for such other and further order as this Court shall deem proper. McMULLEN, EVERETT, LOGAN, MARQUARDT & CLINE, P.A. Post Office Box 1669 Clearwater, FL 34617 .(813) 441-8966 AttorneY;?rior Intervenor 1 1 By: .?. -V V 4 CERTIFICATE OF.SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Motion has been furnished by regular U.S. Mail to RICHARD J. SALEM, ESQ., Salem, Saxon & Nielsen, P.A., Post Office Box 3399, Tampa, FL 33601, Attorneys for James R. Gray (85-4145- 15) and' James Wilder Thacker, et al (86-17457-16) and M.A. GALBRAITH, ESQ., City Attorney, Attorney for City of Clearwater (85-4145-15) andp(86-17457-16Post Office Box 4748, Clearwater, 34618, this - day of s 089. Harry Cline f r." 4? ?,??,ri? .,, .t??V .?? ?;?p.?: ?r ??r?, ?.?.. ?,..r..; '? .,iu'•.i;. :rkk,? ;;i,`,. ..,!? `•?'`.??,- ?? t. .? z:. •{? ' .,,'•.: } f::N :?' ` ' ' ?? w?!'tia .. ,?: .:n ,.. `A .t?.. '1• '.r `_, ?•?'a 4,`' .'°• .. `' rw RY•.r" ,. . ..7?+}i...:., .'?'R't'l it I'? .h^' s-x :? S•`4 .i .h+' :`a,'J Y,.,.,.. .? 'y. Ner., ir. 4M 1 it !R IN THE CIRCUIT COURT OF THE SIXTH JUDICIAL CIRCUIT IN AND FOR PINELLAS COUNTY, FLORIDA CIVIL DIVISION CITY OF CLEARWATER, Plaintiff, V8. JAMES R. GRAY, Defendant. JAMES WILDER THACKER, et al., Plaintiffs, Case No, 85-4145-15 vs." Case No. 86-17457-16 CITY OF CLEARWATER, Defendant. SETTLEMENT AGREEMENT The City of Clearwater (referred to as "City"), and the FLORIDA CLEARWATER BEACH HOTEL, a property owner in Clearwater Beach Park Subdivision, Intervenor in the above-styled action (referred to as "Owner"), on behalf of themselves, their successors and assigns, and their officers and employees, enter into this Settlement Agreement and state as follows: RECITALS 1. The City is presently engaged in litigation in the above-referenced cases concerning the use and ownership of certain real property located in the City of Clearwater, Pinellas County, Florida and involving Lots 6 through 28, CLEARWATER BEACH PARK SUBDIVISION, as recorded in Plat Book 10, page 42, public records of Pinellas County, Florida, and all lands lying west of such lots to the mean high water line of the waters of the Gulf of Mexico. 2. Owner holds title to properties contiguous to those involved in said litigation, being legally described as Lots 1 through 5 in said CLEARWATER BEACH PARK SUBDIVISION, and has ''Ali' ., ::,. ..r ,r'i.'.:?:'A?'t}.?.: :".?, .,F,l7 ?' .?.' , ^:?•?^ :?t?',. st:?:•,`.i`-d_ _ w AA' i4,Fls?f44l.i°+H??`? { i1 <i I :"w.`r"?:?y'. r.s.:te.? .. ryY:.. _. .,raga; Yr' -:41?v, et „it' j ., vj e moved to intervene in the said litigation. 3. The City and the Owner have agreed to resolve their differences with respect to the issues raised in said litigation and in the Motion to intervene filed by Owner in this matter. Based upon the recitals stated above, and in consideration of the mutual promises contained herein, the City and the Owner agree to the following: OLDIkehf" t A. GENERAL PROVISIONS 1. This agreement is the settlement of disputed claims and the terms of this agreement are not an admission of liability by any party. All parties deny liability and intend only to avoid litigation or further litigation as the case, may be. 2. Each party agrees to bear its own costs and attorneys fees associated with this action. 3. The following provisions set forth herein constitute the entire understanding between the parties hereto. Any and all prior understandings or agreements between the parties, whether oral or written, are merged into this agreement. No other agreements or understandings exist between the parties except those expressly contained in this agreement. Any additions, amendments or modifications to this agreement in order to be binding shall be made in writing, signed by all the parties and recorded as an exhibit to an amended final judgment to be stipulated to and entered in the same manner as this agreement. 4. This agreement will be executed in its original form as well as multiple counterparts. The original will be filed with the court and any counterpart may be considered as an original for all purposes. B. PROPERTY BOUNDARY 5. The parties agree , to a division for use purposes of the properties which are geographically located nest 2 r `Y .??"?^'!'>` •":.S'^ r.7. ,?} a .ar, ,r,,r -ry, .T ..r s:_S? - 'r'!!.: '`t'' .?? '`J :., ,??'xk?r?,'' ??"S #ar 1 .jjti Nil 1 ?? ? •? <Rrl,'<? CF 4'+i%F .'f• rrr ,'1 ?<tiei ,fti:., 1 r ''s ., p, :i;''r.: a.- '°?; .??'g?r? !?'.?=e? .t ? ?• 'r t;f u,frt ?s f„ `? ° .w .y' .,s '?„ F '•;/Lw,..thx??' s, 4."? .,,,1'c^?..; r`a-; `,. :??: t f.: h r.N`..? ???"•ttt'f?$•'t•'? ?.f""'2'?'µ`;'tr"+1`rx.'.:r;f.3.;+,....rL'w._?'?w..?`/.,:t°wh...;nt.n.??k??te9'Y?'K.-!'r :^t.?,.:,r- '•a.j.:?tiw.....r.a.?4:,...'e,?=..i.:.?.-:.ni«?F?,t?'.?.e'S„;,??3i, , y trr- f.• ?.+?r7";:r AV's:?t;e,l$'?.-."}', ?,i?, i, ?'?.,: i? '' :1?6?.1' a, .. .iii .?=1.{; ;ie-.l ee.,,. i'??. L" ,'?`..: ",i,,. ;?.?.?; •,-.ti,: ,i '?,,r-3?.1 :9 eR ?«4? ,?a :?•;<,x.. =r•',!r'.a•: .?-,.'a ,1"-i,'.'?:';, ,,r,', ,'t'1`-, .?'-r?3°s?'',:..? 1S``? '''`?• r,?,r>;?'??•r _: ? ..?y ,?;:t?}?.7/.f?,?!??i1S ?',-\?:??.;t??st? ,r... - •,?'i..' ... : ,.°? ^ r-c'` °i'x",:? $"! W-W ... w+,?'., ? .. S __ ?_ -ter. _?? .. },?.. - ___ __ _? ? - ???_i?.r ? -a&f• f; 1 i I 4= ;I ':1 .? i t of the platted property lines of Clearwater Beach Park Subdivision. For use purposes this property will be divided equally between the Owner and the City along a line equidistant between such western platted property :line and the mean high water line of the Gulf of Mexico, determined as provided herein. It is agreed that the Owner will be entitled to the permanent use of the eastern one-half of such property and the public will be entitled to the permanent use of the western ane- half of the property. 6. The initial boundary between the property which the Owner may use and the property that the public may use will be determined by use of certified surveys to be obtained by the Owner and attached hereto as composite Exhibit A. Each survey shall reflect the western platted lot line of Clearwater Beach Park Subdivision as well as the mean high water line of the waters of the Gulf of Mexico. Further, equidistance between those two lines the survey shall, reflect an additional line marking the boundary between the property to be used by the Owner and the property to be used by the public. 7. For the purposes of this agreement, the property located east of the boundary established in paragraph 6 above, and including all property owned by Owner within the platted lot lines of Clearwater Beach Park Subdivision shall be referred to as the "Upland Property". For purposes of this agreement, the real property located west of the boundary described in paragraph 6 above, will be referred to as the "Beach Property". S. The City and the owner expressly acknowledge their understanding that the boundary between the Upland Property and the Beach Property shall be subject to review and adjustment based on subsequent accretion or reliction which may occur. Such reviews may occur, at the option of the City or the Owner, each rive years following execution of this agreement and if substantial additional accretion or reliction should occur in any such time period, then, and in that event, the boundary between 3 ? ?i????''?'? ? t ", ??'waa?t,-t. .r;?a.r;..,?,Er.?3.?«,=-•'.,ai ra jv . 3.5;°_' ? a'j?'+?'•'?.? ` ?? ' :,Y -: .'? t!o ?.r ` _>.! z ? xy. ,t h. _... -. n }71 .. .J ?-e' .•k x •i4• y?t?C? %? .:?.?i .... ._. ??. _?' i ?.h %. i.i ?r.', ?.. "%Y ffl^ t }}4 aw?l° ` ' r '3 ?!+>' s '"`?i`t`? ?'? - 'irSt ?,•, ,e? •„? :'i.? r-.i?r' ..e :'£1 i,?{E ttM ??``' ? ? 1 }*•„rC^,`41 ?;^^=rrvr-.?y.:.7." ?+=+i:.,:.+i. ?E?w.• 67 a `.w., •.'` -, I.:, 'r . r,{:: 1 + E!' {}. ?' "e ..3?. tig d. :1 '.1f r'.:..'w ,.er`•'...,.s.;.?., ,.;. .'•`'..:?::.?>-... ?.»..kw.:+::?:.+:.' '' ??'i .,f ';;i? ,3...r?'? yr,,.?A .'4?«. :.? .:lA, ,it '•i1 .4:??i. .'j a?,.,• ??'+..4': ?t,•f?'4 ?,:»?..?,..?in, -':d} '?? 4= {3 Y` rJ?eO.'/f M >a,'. C.-l}?..:a• ?. N +hY.O?"J /.«y'.h^. the Upland Property and the Beach Property shall be relocated maintaining the ratio described in paragraph 5 of this agreement. However, in no event, shall such boundary ever be adjusted or set eastward of the westerly platted lot line of Clearwater Beach Park Subdivision as recorded in Plat Book 10, Page 42, of the Public Records of Pinellas County, Florida. 9. The parties agree that the boundary line as described in paragraphs 5 through 8, above, will not be fenced by any of the parties. "10. To the extent necessary to preserve and protect the properties used by the public and the Owner, the Owner may remove or replace beach sand which blows up or washes up on the properties. The parties agree that should it be necessary to move such sand, the sand will be placed evenly over the surrounding area and neither the movement nor placement of such sand shall damage or destroy any sand dunes or natural vegetation or interfere in any way with the property of adjoining property owners. The movement of such sand may be between or upon the Upland Property or the Beach Property and none of the sand may be removed from the properties described in this agreement. C. LAND USE 11. The Owner will be entitled to continue to use the Beach Property as each owner is currently using such property but such use shall not unreasonably impair the public's right to use the Beach Property. Current uses of the Beach Property by some of the Property Owners in the above-styled litigation include ingress and egress to the waters of the Gulf of Mexico for operation of concessions on the Upland Property for rental of parasails, sailboats, hobie cats, wind surfing boards, "aqua cycles", "jet skis" and "wave runners" and placement on the Beach Property of items rented from the Upland Property concessions including umbrellas, chairs and other similar items for beach use. 12. The general public shall be entitled to continue to 4 vSa.ra.,.a?,r!.'.a ,.rp•h+,.,« ... ""°y'1'l?3:?FT?i•x ek•,.r%? wa, • m..l-?,v...:"f ? "4'.? >.r; ? a?s ?J `P. a?i,?!]?.-. ;n'r'?:'?i(:,ra??'`' ?•`t?. .:3 f'?.<?f , r: „S.? ? ',r . ,?f?-?,1?=.<i;'or ? .:. .>?,<, - 4 ;!F?,?? y? ? '?;}} w ? >,a .tt'?''Y.F >l ..1!'ie .t :1.` , ? '. ?e. ? ? `'7.ir.` 't,,. ?I S`?. •?"'' ?.. ` L ?!? ?":"'S,?•: PZT? {`e• ?'c` ??-?'' ?:%ws?ue, a; 4a ? ??F.:...?':.-..,...rsir::.i.ry?+ .:?:.!',.? ?>t... .?. '.,?`:. «..y'.<..'.+.?.a.a.i•??i•?.uii.i:? -o:{K...:.:?5 irt.'???.} w?? r. '+"s+'?' `1y?'?:'Yv*«'r:? "-v°?. •';l. ,.3' 1x; `r ???' ?1'??? Y! '' `,?a? :?'; ?i. ?.??`j.. ??i,,s?? p `i`ce ;f,} ?i, ;''. ?1'ti?°tiF' ?` 's49`• '1! ,is 'r. ?.' zi-'1. >..c'a'N.F'r?''?`;a1? ..a1 r ti.: ?tY,. it+?. ? MR:,?..^r+k'^'•'i:'* ?.?`w^-S t*..,. h.,,?.` +,.• ?; ;. w-. '.°";ri aq'r irr?R?3'.» r'°-'*,,,5' • "S •r hf?~'?» ea;swh • a?.?, .e `?,lii7ss.': .}S '?,?, ar ?, ?:` ,a, ;i ?yl .. .i1.- .} +.+, aE•!'?„ `3?7 _.°I, ` '.• :'f`-•;r ?!, .; s'„ ••.s.=°'.*. •, f,z f. ',.t :e,';"r` `.,G ;'J.,. •fi'': '': `.Yj y'y4 6'^ .,?,• ?;:. c,.; t}:! ?.? :. ',?: ?._?;W? 4 e.,",,' ??,. ?}` ,;•r:• f"_.,r? - f 4 ? t. ,,.., ?,.N r' " b '? r° -; •.5+? 's. ,?°., aL, cf'< v'.J? sr..,-. 6 g, YQ+=<s ?. ?'• :?.=-;,•. .''• d" .i"•,.. - s `? ':! '+•, -ri ' 3 £i ' ?'.?.ti S •-51?.:ry,Ty. ,?, .:'.i? , .?.:.•,, ,; t?,a 't',T'`la:ftii .{,,,y {}1??,,1 J S•?F1,,;,,'_i„ +?•? ?'? 6'F'.: +r 1 ?` 4 j+=C', ?f , #yti ?. ?s t SA? t ?. iW .?" .s-p k• ?r ? t V`F {,,f ..i s s' ?,?? rhtyo,? ".FT i ,. r ?i ?r????•t w 1 ,? .'?Fa .5? F r? ?? k ? o a ? W. }, ?' i r'v+ : ? yx1Cl5 ` 4 GAL S F,rddjµ"' . ??.f st':s} ?£ 511071*1 It :skilL?i.f3'r?y"Y :Llx'". r3}'l + +dd "sh use the Upland Property as the general public is currently using such property. Future use of the Upland Property by the general s public shall not unreasonably interfere with or disturb the use Y" of such property by the Owner, its tenants, lessees, invitees and guests. 13. The Owner shall be entitled to use the Beach i Property in the future to the extent such use does not unreasonably interfere with the use of such property by the ? r general public. The Owner may conduct on the Upland Property businesses related to the use of the beach and the adjacent r waters by the general public and tourists visiting the beach area, and the Owner's own tenants, lessees, invitees and guests. Such businesses will be limited to the sale, rental or 4 use of equipment, products and services as is then common to the recreational and other use of the beach and the recreational uses 6r on, in and under the adjacent waters of the Gulf of Mexico. 14. The Owner shall conduct all activities on the Beach Property in a safe and secure manner that will not unreasonably interfere with the use by the general public of the Beach ' . R r+4 t4 b; Property. In addition, the Owner shall preserve and protect on the Beach Property all natural vegetation and sand dunes predominantly in their natural, scenic and open condition. The Beach Property shall be kept open for the *' recreational use of the general public. The owner shall not i_ interfere with such use of the Beach Property by the general. public. The Owner and its tenants, lessees, invitees and guests 4 may use the Beach Property to the same extent as the general public. 15. The City and the owner specifically agree that any or all of the following actions or activities shall be prohibited on or over the Beach Property and Upland Property except where, by mutual written agreement, the owner and the City make exception and except as may be provided elsewhere in this agreement. Actions and activities, prohibited on the Beach Property and Upland Property shall include: ya, T" ,1. L.a>,?.).i.f• Vic-.,". kA,`a-' + .'YiLif?ifi???!•!a?FM1`,•rT?sA'J l•+ Wit% 3 t 5 mil" ??,?` " ire' •- ...,?'rsiv ????'.t, :?{!" ;i '.i: _ ;r?'•' '>• ,?A.°r'; ?? yt,s t" *iM ? r is wr ??'?' -'!' :.: ?.pg •.;. e° ' ';"? ', F?i:;,Y= y'.,.. ?<, E, q'f t?\. 4 Y,:„ }t9,?'%r°' °??t'? ' «?.: .`?; ?:,.rr:..,1'-Y. ,: ?, ;,i? 'w,.,n.:iaSw: ':.L:. - '`=...L•?-t :t .,?f:,'.I .'1 ? :.r ;°.t`.?'r' .!?-._: .. t;7t: ^?',?}r`,{`f?.?i?s vyr?„(!.';??.r? ?f.p? ??? J.? a?; ? f': •?r;Sr.. I? ?'S11 .?.? +. i, yH,'iw.w?... „?...r..R-,a .: ji?r?.'.?.??,ti. .:.P vf?.ti.. dS.Yl„?.,t..i_,.`???c.h` ?,.5'T ?fi,.y._ '{.+fl{ Sk,n f ??hh?C• ''?a ,t,i•: i?a,'Fa1x `.Y:#`.. .F..fr: -'P, a r. •'?.: •??,* ',k?y'F, e , a , i'.4: r ? ' ,,' :'i- ?::-• • n':•'rir, "?'.. ,-,v? }, ,.'t? ;.fS ff?•K? ?r rIM :, 4? Pt e a. The construction or placing of buildings, roads, parking areas, sidewalks, boardwalks, permanent signs, billboards or other advertising, utilities (except as may be needed and otherwise allowable on the Upland Property for the owner's businesses or concessions), or other permanent or semi- permanent structures or any munmade improvements on or above the ground; b. The dumping, filling or placing of soil, sand or other substance or material as land fill, the diversion by manmade barriers, barricades, fences or gates of soil, sand or storm or sewer waters on to the property or the dumping or placing of trash, waste, or unsightly or offensive materials on the above described properties or within the Clearwater Beach Park Subdivision; C. The removal, destruction or addition of trees, shrubs, sea oats, or other vegetation from or on the above described properties or within the Clearwater Beach Park Subdivision; d. The excavation, dredging, or removal of loam, peat, gravel, soil, sand, rock, or other material substances from the above described properties or the Clearwater Beach Park Subdivision; e. The surface use except for purposes that permit the land or water area to remain predominantly in its natural condition; f. Any activities detrimental to drainage, flood control, water conservation, erosion control, soil conservation, or fish and wildlife habitat preservation; g. Except as otherwise provided in this agreement, the conducting of any business or the granting of any business concessions to others, not a party to this agreement; h. Any acts or uses detrimental to such retention of land or water areas. Nothing contained in this paragraph shall be interpreted to prohibit the City or the Owner from participating 6 . ., ;?,,? i?}'• <?.• i;?« '?t; `III ?< ,f,"??-f'?`?j"''!+?',?i•t .;}.'? ?'<F"???;?.;n;is:Sr.:.:!'s.f.l.''i3i- p .,z. ^,•'?,?` _'??,./_..1... ?a..a•?,`i:;`,ji.>vr?t,'•' 'r'"?§3j?#i .?.?xx.? :??. ? 7'. ,?1".r?? :rn;'•? ?,.FSr i. .?.,•?•rx f: l:,{A?., ?3.? ??,.?; M 1'• ?•"•ci,:• .3,•a ?f•.sr s?; ?'? ''? <1• ?•:?-Y''?f-•71i+?r?i?er:.?»+rqw I:..'}?trr `y?`?'Pofa `"' t:.-r' .:,z,-. ,? t „i:, r•??pzl?=? t' J, t r ?.•; N"'•ws• ?'• .3'"!,"`.-•", e,.?.. i.o,,,p ?y. rL+w?„-klt! ais?-"r t` ?.'7 .?:y?Tr rjv t Si• ?.. ti ?r.ra ?1/ 1,r i..... z ,? ?,, i s + • ? „?? r'y?a ? r •''t ,s?.?.?'ys'. 7i? ^3';7 '.r•.V'.I ? rf?'. ?.;`}'.? TyY}!; ??.?'?>•-,.d' °+1, r?, °?'..:.L r3 :j ?: r.:l ?v.`? ?'€'-.??'? :`t. i..y. `s.s?" :il??. !, i, .,,?6, 1• +:?'• .'?':. ."It'.,tti r' !l•:}'.,:"ti44 ?: L F 1}? . a i G ,e ?> 9?..e±•r..t.?..1w??--,,,,t" 3?'r"!'Y7?l?i wh"'!'r"sµ:,,,«:F,..-? r?-r.J •!tq.?, n, i,?{asr,,.fi . _.'Fdl:..,.-^7.Ib a',yi;?s s'•:.'Yi =. ... - •'.`.+'r... .,:.?: .s w'-'%, ?:a i.n.xi36.?!.if tt'. t r in beach renourishment or beach restoration projects on the above described properties. 16. The Owner shall have the right to maintain and improve the sand dunes and vegetation located on the Upland Property; to erect and maintain dune walkovers, boardwalks, portable cabana concession structures and to locate portable expendable recreational and concession facilities, buildings, and equipment complimentary to the Owner's use of its real property as well as to engage in shore protection projects on and about the subject property. It is understood and agreed that any such activities shall be subject to the Owner receiving the consent and approval of the appropriate governmental agency or department, including, as may be required, the agencies, boards or departments of the City. The consent and approval of the agencies, boards or departments of the City shall be in accordance with the City ordinances and regulations in existence on the date of this agreement, and it is agreed such consent and approval shall not be unreasonably withheld. 17. With respect to maintenance of property, including the removal of trash, waste or unsightly or offensive materials, the parties agree that the City will be responsible for such maintenance and cleaning on the Beach Property and Owner will be responsible for such maintenance and cleaning on the Upland Property. D. NEW DEVELOPMENT 18. For purposes of determining the density available to the Owners under the present zoning of CR 28 which allows forty-two (42) hotel/motel units to the acre, the City agrees to grant a total density to the Owner of 54 units available for Lots 1 through 5, Clearwater Beach Park Subdivision. Owner may transfer such density either to the Upland Property or other real property of the Owner, pursuant to Land Development Code; provided, nevertheless, that if the transfer is to the properties immediately North of said lots, generally known as the Clearwater Beach Hotel, located at 500 7 'S [ s' r ?.t»,... ;,.?-?r.+.?w..Y,:?iK'. '`.i i..:,?.«...:'.+.. .:.f.-..?`• i??+.. ?,;"a• :•'rs?'`?'`'?y'•'r'`•''' 't ti?'r'S"?i?'??+j"i s,,,7 ?sr",??•,: "`?(4!''7?.? T, k rSr .'?. a. ?.«1r ???_?fy..i. w ..+?4s[.rfii-.,,.: Ra...?.,?,w-.:.i?•r n'ay??,(f„ .f.,,?,? I•.?; 'fi,. :??' '' •Gt`. M,' _ 'p-.: •.a• ,'e. `Iii .?',• s. ?' :i,[C': ?'?'1 s.t J . im •z, r. +A ?; •?Wil 441 a??f t t • ? ?. t 4 4 i r '??? k : •:1 ?63 ?ty . • w ar..I i Wr t_ .3:°- 5_. - ...:31?:':.i:._ .iS?k ', J_?•; .5 r_.a 1r. }? ir. . Mandalay Avenue, Clearwater, FL 34630, and more fully described in the attached Exhibit "B", such transfer of density shall in addition include the setback provisions of paragraph 20 hereinafter set forth as well as the transfer of the density to that property. 19. Since the property owned by Owner in Clearwater Beach Park Subdivision is of limited width, the City agrees to waive any minimum lot width, any maximum floor area ratio and any maximum building coverage requirements of the City's Land Development Code on the Upland Property. 20. Set back requirements on the Upland Property will be permitted as follows: a. If Owner is able to secure the relocation, waiver or exemption described in paragraph 24 below, and if Owner submits plans to build on any property located westward of a line located 35 feet west of the westerly platted lot line of Clearwater Beach Park Subdivision, then Owner will comply with the setback requirements provided for in the City's Land Development Code in existence on the date of this agreement or as such Code may be amended from time to time. b. If Owner is either unable or unwilling to build in accordance with paragraph 20(a), then setback requirements on the Upland Property will be reduced to allow five foot side setbacks, ten foot front setbacks and zero rear setbacks. C. In any event, it is understood and agreed that the rear setbacks of the Upland Property shall be determined by State of Florida rules and regulations. As a result of the reduced setbacks permitted under this agreement, Owner will not be required to comply with the open space and clear space requirements of the City's Land Development Code on the Upland Property. 21. The Owner will be permitted to construct improvements on their real property to a maximum height of 80 feet above flood plain. , 22. Without limiting the generality of the 8 •YS?.j'f zrrr i•'J 1 k* i •t ``il. -+,fl Tat •;'ti<:c l.`: ?.? -r - "e?,:., y'gbl i' ;• a, ? •ih } .' ' '-???:.' •' Y-i `?ti, ": +...? i2f?s'`. +'•} ^t•.Ir :4 ;,: rt??.%'s?`ri?;.s.???.??,cif;<I''?.'?'r''?};-5:1?:.rY;•'' ei :t't?,,,j'j:?.f`:!?. ='' a. t- ?i. :r. 42 . [; ¦ ?e ',77•Zf,s{TT'_71?aY i r arl? k° „i .+.1,;}'[Yt• .,#? •3.. _. ?..?.,°'.."••,?,r„r,['°•?" ,r.:j3'R..e?fA,.rtr .C?l.`c 'ir': s.. x= • ?r r t. )) at #:,•r r. F . 11. 4 %7 ?'i.: it4» ( vi ?.S1 'r.+i.', rF1 r.1a w{.x y'IiS: ht S .5`. r,.?• 4 ,,? 1'? .aC 7 11< •fi yy w ?r r M Rf:?ir°?A;5?°",k }.y}AS-stYil.i"),'.?-,r--.ar«•?..¢:°,.r:?' ••e raw., .,s., ?;ne4w.r..,•),.t,?......,y-+.^•^c4ry?,,.r....r, ?=,s..,.«5e.:..-.r .,? + 4s..?.... ';!kplf'Vl'^,+Fw!.tt+ttxt'?x. ?yy'"f.?f?'wwyr.?+?. s6f -`::? .?J; 'fi`r d[-L?:?i. ".x?.t ,r .r5•.,• 1„? •S ??„F •f?: ??? _ el .x .t. ?`.(: .?I r•i. [M:i"? r?.t??i3•.f:... si.? .. 4-.. .,wk. _, sd.c++,., rr+r r."4 .?-J."i'i... .:$ ..., .. .. ?....: t_,- _.Ar... r... '{'•rs c^... ., .,... ...•r.e•:,ty?e?o's_ .... ?..._ F?-:.ha _.:4.-s:,?'t.i.. _. ,.v., ..t .r,.,cYr.tt?,r a.......,., ...?nr.._?r:?.4 t ell ? u r <<,k can applicable requirements which may regulate improvements to the subject property, the Owner agrees to meet all F.E.M.A. requirements in constructing any improvements. ?nr ~+ 23. The Owner shall retain the continued use of all existing off street parking spaces and the same will count for meeting Clearwater code requirements as they presently exist and as they may hereafter exist if such spaces continue to exist or are replaced. In the event of any new construction, it is agreed that property owner will provide one parking space for each unit and correct any present deficiencies. In addition, the Owner can establish new off street parking spaces with parking of similar size or location, as currently exists, at ground level or in a multi-story parking facility on either side of North Gulfview Boulevard, as conditions may warrant. Owner has additional properties on the East side of North Gulfview Boulevard and shall not be limited to having parking or rental units on one side or the other of North Gulfview Boulevard and, instead, Owner will be free to construct a mix of rental units and parking that best utilizes the combined properties. The said Lots 1 through 5, and other properties are presently included through a Declaration of Unity of Title with other properties, known generally as the Clearwater Beach Hotel, located at 500 Mandalay Avenue, Clearwater Beach, Florida 34530. In the event Owner shall seek to develop Lots 1 through 5, or acquire other properties involved in the above-styled litigation, Owner shall have the right to seek development of the p_operties South of Baymont Avenue independent of the Clearwater Beach Hotel site. 24. The Owner will be permitted to build upon the Upland Property to the extent that it may be able to obtain from the State of Florida a relocation, waiver or exemption from the Coastal Construction Control Line of the State of Florida or the issuing of permits or approvals by the State of Florida for construction. As it relates to the Owner, the City agrees that it will not interfere with or object to any consideration by the State of Florida, or its agencies, of applications for permits, 9 5 U. aV' ..ti :{,?•'°dCS. 1s?= +•,T „ s 4J, .r, .; t. 'i r.i olk?: -•i'-r' ' ..w?.:.. ?:.Gw? a..ti:.. .?. ?-i!..'. wi :?i' ....1,.: .f•-;. ...+?.?:. ..?, .> o., ... _ •,l.+?e ?•? ?'?-4,•y' ate. - 11 _ r1?.. __ __ ___ L _ _ .? - ?+M•"N K .a ?:+• 1 1 f. h 1 ? 'r r. x ?.J . ;;,?itf.te?!5y?"?:. ijy..l«??rwt.{;;Y,??.?„' .}....., ,,.,?,,,,,..s.,.n,tY?,,,,:•.{?{,c,••w;".'y.. s.r,•V?'!w •'..?y."y":''+-?'?^r?rt'eys? "7,. "a?'t.a 1.'h•''! +F` " "L '''4a +?,?,p??"?'j' t,r"?1-.;rn°'-a r. • ,.fir..:... -r. I,ga. r, e1iaA•' .y '? r•n' q°' i:.,. +_L ::: •'t-5 ',? ?,:' ,? i?' '? ':'? ' ' a: ?,ij , }'" J••,? , .^ '?' ?, : (" : c t . ,A?:: ? r'.:? `'` iA . c i , 'r ,M1 a? +? J•• ? ,(??.. ?;f= L :j°; ::.':. .";; g{ „ ' i' ^' Y T ? 1.Y '?1..-.. 'S?k'ie-.f`-?.,• . 1 `! t+ ?Y ', ? .. r- AS{ :tii ,! r'? hd"?' ? +; ' ; i, "' , : z ' " - ? -?f °.`;! ? :; :iYl ;aY? F °' +n'ryf tti ,?'Zi ?j ^ A' ,?i ? ,? .?' •' 14§?,+?'i?. ; a'S't k .?N Sj ?? 'n?'. f'vf'd 7?'' '•t-'.S'' ... ?y { teS :L.`y t•-'? ;*??`ii' j3a .,Xt" g5!?r?;4Y#'?R?.?H4, '1?:,:/t3:?i ? ? xk ??:'?• t Y-J+,+iv?''k?'e17(S ?t . ,>; , r ? ???1. t 1 ' ,+-i ?i r}FX,•?`,•?Hr'+`?3??,.?aJld3?-° ?' y? ' '??, , ;t' . 1 19 variances or waivers or any reconsideration of the Coastal Construction Control Line by the Department of Natural Resources along any of the property described in this agreement, or the issuance of permits by the State of Florida with respect to the Upland Property. a. To the extent that the State of Florida may require the acknowledgment by the City of an application by the Owner for a permit, variance, or waiver under this paragraph, the City agrees to provide such acknowledgement or to execute the required State forms in regard thereto. b, Subject only to the terms of this agreement, the City agrees to issue any permits required for construction in r that area of the "Upland Property" subject to the jurisdiction of the State of Florida. c. Notwithstanding the provisions of this paragraph, any construction of permanent building structures by the Owner as to the said Tots 1 through 5 above, will be limited so as not to extend westward of a line located 50 feet west of the westerly platted lot line of Clearwater Beach Park Subdivision. 25. In the event of casualty loss, improvements may be reconstructed on approximately the same footprint as improvements that exist on the date of this agreement. 26. Subject to the foregoing provisions of this agreement, all development of the Upland Property shall be in accordance with applicable federal, state , county and city requirements in existence on the date of this agreement or as such requirements may be amended from time to time. E. MISCELLANEOUS PROVISIONS 27. This Settlement Agreement and the final judgment to be entered by the court shall be enforceable by either party by injunctive relief or by any other legal or equitable remedy available in civil actions at law or in equity. 28. This Settlement Agreement; and the final Judgment to be entered by the court shall be deemed to establish 10 ¢- ..t? +h1i iil.;+i?;?y --?y'+i'?1'? >r..,:; :,y ,-- -.?- ---:.2't: •!. ?., ?;?•?;?.: ?':, i•' .:i;;: 'J. -r ?' >K. :,i:*."t`" :?:". 4'a?-?r. _?_ ..>'T?a } ? ? t: J•r .. J:z?'fy?s.,f ,:,fir r'. .,.. ;'•r' 'Y. '.?? J J' t,.l ,:..- ' ? t f?i, ;'u ,; 1..:.t .??•:?.., r' S?? ti.ai y 'sF?i °'r?? -x:y'i?'=,ry«7iy:. 4;,...,w.--..-,7,:..:.,?c.,.r..:t.•+•t?:yt-i; °,•::`t r.?:i:':.r:,,:.?,?.-wrs,.:. ? r3..,? .. + S .?•- ,z,,;., i w S i . Y f/', at°.. :,f r.-t. ! r,? t'.a. .- !•,>.t. Y...-«..a1 w. r..y ,; ,,....,;;,.'j+,.L;..,, S.LS'.?T ,r-^ ";l:`r±'r .. ,,+.`.. i R;' fy?YY ,},g ry,,'s•' t`Yi. li i'? :.T• }': .I.. ?/?i':3.. ;`: -t 'tf.i',. ;1.. _ 'ia .1 ra:;i •4 .4r'•.- .1;'? e? t.'$}' e. it Y; di ? 'rSYl ^'Ii.f1? .I',..' '>t'• i1' `Jf '€'.'.'` , `f..l. '?? •[;ii i?:.4 =.:} ••]t\.• 'S•.1 { .[ K.. '/111'.4`' 1??t,a!'? `? ?l$' -1r'. '.1 . .. '35"• ., t:, ?, .??,,.,?: ... rj?we?l;r's .`Ari ?;t,;th -'i• ?tf,° '.i'?r ? 'i '? 'k, '":.-5"i<< t.f ...t. ,?..;..,:. ..ra•':r+--?: w.'r<. ??w..;.^?•..._.., ..,t,r. kr•+?y. Z•...s?t,..?.r,...:.7•f' ,i. -+v._-,:: . t, f'-'i'?:Y1'`''' ,?`:. -'?'r•n?l?' :??s'i1:? •?` ,a „yr.. ^ .. ,N`st'?!„ .b?.:,??•fyti: t{.b'kf'tA _. e.'LV?S f??l. ??k.._'_.. <_ ?. !1'M1.._.. •?1...__f..5'.'. .:_._ .. .a _...... ..l :...... . _'?_.. 0. - IV ir,w •?.. ,r.• '^- ^.Y?{$?r+??wS'?.?,'!'rr!-g"W..... fy s..:-..:?.:w• t. --i^r'", :,?a-!1^'rC.?•!'I z?Ff,, E•F'. ?, ,5? 4s yN f s'i•_ ....'4?'?,.i,^<??.?? property rights and obligations that run with the land and that are binding upon and enforceable against and in favor of the Property Owners and their successors in title, heirs, devises, transferees, assignees and grantees, as well as the City of Clearwater. The only limit upon the application or enforce&bility of this agreement is that the development provisions of the agreement relating to set backs, parking requirements and the like will expire on December 31, 2003, At that time the rights of the Owners to develop the Upland Property shall be in accordance with the then currently existing City ordinances, codes and regulations. The density will be fixed as of that date at at the amount stated in paragraph 18 above. 29. The court shall retain jurisdiction over the subject matter and the parties to this cause for the purposes of enforcing the executory provisions of this agreement and the final judgment. 30. This agreement and final judgment in this cause shall be recorded at the expense of either party and a recorded copy thereof shall be provided to the other party. 31. The parties further agree that any subsequent decision which may be made by the Property Appraiser of Pinellas County, Florida, relating to the ad valorem tax status of the subject property, shall not be relevant to the continued force or effect of this agreement, 32. The Owner agrees to save, hold harmless, defend and indemnify the City against any claims, demands, suits, judgments, expenses, costs, or any type of legal proceeding whatsoever, arising out of the use of the Beach Property by the Owner, its agents, licensees, tenants, lessees, invitees or guests. 33. In consideration of the City's agreement to grant to the Owner the right to build 42 motel rental units per acre and the City's express assurance that it will issue all required building permits, Owner, on behalf: of itself, its officers and employees and its successors and assigns, agrees to 11 f t e - "$ ?+li'+'•;4r?z i.S+', 'r''?.';u.fr?tr :+? , ,?., r ,i, ,. .,,rr__ .ti'f .w ..Hd .• :l M ,: '' +1 j.w:.? t ? . : . 3«. ?{, ,. r ?,+?: ?,?",,;,<•.r?.?i ?.?. +, ! S: ?i ?' S •ra , ' c• r ? ? f k yyyy ? a . -?r, L:- ,,,,,t ?• '?ai..u,? ,•?' rr; S 'e} ?. r1' S } 'fi 11 . ? 3 . - w . . . . . M w.a. ._ .r?,. _ . Ste, - {," M,f.r: . ! r .....e .;,,,..:.:ir :?.. .:..' t ?' ?;5?. ?w:ar-.?. a:s7:lry..?I :?±t: 1e•'•lr .4• .?,, ?: • .iYl ..e 4a•?L n , ?? r,x j }rt . i? r' .t•. ?' ,;f:'e'.. j-. f . •?, t??,. x , l .i. ??. g3N :.? ?.M?Ix?} Vii.: .?: Poo -A.L <z i¦. waive and release all claims for damages which have been or may have been raised in the pending litigation or which may otherwise currently exist whether asserted or not, which claim is directly or indirectly related to Owner's respective beach properties. 34. The provisions of this Settlement Agreement are subject to all applicable statutes, rules and regulations of the State of Florida as are now, in effect or as may be amended from time to time. 35. Notwithstanding any provision of this Settlement Agreement to the contrary, nothing contained herein shall limit the ability of the City to adopt.,or enforce (i) any life-safety ordinance adopted on a City-wide basis; (ii) any ordinance required to be adopted by any state or federal statute; or (iii) any building code adopted by the Pinellas County Construction Licensing Board, or any successor agency thereto, or by the State of Florida. IN WITNESS WHEREOF, the legally designated representative of the City and Owner have executed this agreement on the day of March, 1989. In the Presence of: ???, ?Y.?{+?F?HEi3?j?t ?I?:t4?1?'?+3 jyr+; +:nr; :<;+tr•?+ :i?, , CITY OF CLEARWATER By: (SEAL) FLORIDA CLEARWATER BEACH HOTEL CO, By: (SEAL) 12 ;y^: .z ?µa-,-: ?.+-{?L HI'??'r.ty `*-c;.+n??. ??f' ;.??- .. '•y? .??:?"s 4 ? ¦ i 1 ?s MEM4,.B,,.8..NAUM T0: The Honorable Mayor and Members of the City Commission FROM: M. A. Galbraith, Jr., City Attorney RE: Sheraton Sand Key Resort DATE: March 28, 1989 We have received an amended version of the W? ul??ated Settlement Agreement which incorporates comments received from the F1ori7a epartment o Comm5-7fy-Aff airs. We have also received the Land Use Table which will be Exhibit A to the agreement. . , , Enclosed is the revised Stipulated Settlement Agreement, the Land Use Table to be attached as Exhibit A, and a copy of the letter from the Department of Community Affairs explaining the specific changes they requested. MAG:Jmp Enclosures Copies: Ron H. Rabun, City Manager Michael Wright, Assistant City Manager Paula Harvey, Acting Planning and Development Director r r r7*. - ,??7 i? `?<'rr ? f,7'ii ??. f a{?; 'n'}r'?ty Z,. T?. ?, ;? F raI € Ygsr. st y•'?9r.;? :??< ?rsb? ?4,?+' -war ? a - - , 1r?i? iY'. ?? ': rr??,e• :'`ki;;?:,?! ?? ??i',s , 1 Y i 7tf'ka,y`, ?5 tti'Y i ?,`?. y. yY' t oA` 4 ? ..1'r-f.i z 7 ?.:?(i'" L?' s°.e.. 1 ,.? I ,rst T a4?? .'+4' .< ''s °. '!,l`? , 'Y'i- ?:??r. li•?.,'ofi= fit.. .,.. 'y r,.t?'. ?k..;,^} .?? -, ?y" '?. OEM ti I 4W STATE OF FLORIDA LAND ARID WATER AJJUDICATORY COMMISSION :N R:.: ORDINANCE y0. 4770-89 * OF THE CITY OF CLEARWATER, FLORIDA RENDERING A DEVELOPMENT ORDER PURSUANT TO CHAPTER 380, FLA. ST'AT. 'ON AN APPLICATION FOR DEVELOPMENT * CAST. NO. 89-13 APPROVAL FILcD HY '"HE GRAND COULO:R CORPORAT=ON FOR THE SHERATON SAND KEY RESORT, A DEVELOPMENT OF REGIONAL T_MPACT. STIPULATED SETTLEMENT AGREEMENT Petitioner, State of Florida, Department of Community AFfairs (DCA), Respondent, owner/developer Grand Couloir Corporation (Developer) and The City of Clearwater, Florida (hereinafter collectively referred to as the "Parties") hereby stipulate and otherwise agree to full, complete, and final settlement and disposition of all claims and issues raised, or rising from claims and issues raised in the above-styled appeal as follows: WHEREAS, on January 19, 1989, the City Commission of the City of Clearwater adopted Ordinance No. 4770-89 (the "Develcpment Order"), issuing a Development Order approving with conditions the expansion of the Sheraton Sand Key Resort ("Development"), a Development of Regional impact ("DRI"); and WHEREAS, on March 16, 1989, DCA filed an administrative appeal of the City of Clearwater Deve^opment Order pursuant to Section 380.07, Florida Statutes; and WHEREAS, RCA's appeal was based on its claims that the DRI Development Order did not provide a sufficient hurricane evacuation plan or provide a method to mitigate the Development's impacts on public shelter spaces pursuant to Rule 9J-2.0256, Florida Administrative Code (F.A.C.), did not contain the namae of an authorized agent of Developer, and did not provide a land use table in the DRI Development order pursuant to Rule 9J-2.025, F.A.C. ; and ;WHEREAS, the parties are desirous of resolving the ad:n_^- istrative appeal in an expeditious fashion; and WHEREAS, the DCA is authorized to enter Into agreements with develcpers pursuant to Section 3B0.032, F,arida Statutes; and r. ,? >?..• '+:::.i' sv lyh?°r4 -.,; R.5',"F=?,.`I s}i.'e. y„?.r'-5:'.e .! a i,. ,?,. .?..... Jr.'. tr la"r,WSr ". t •"???„ :'te'a fS'!/ If *31`r:??`??'?1f Y S' t?. 1? I,• ?'`'Yi ,„i- ,' ..;;lr.;,.' • •?JVie`::?d 'ii? f?fi V?r ?.?`i??•+4{`S• ?' trj'?!. E?rrS?:?i?F'S"'?"" ??`?:?rr.s.f?'?:r.??,<?„ ,Y.a'`":'-. ?,'-?r:??.''?? ?'!r•; •-.<:.`rf?;;:?,?:',?.^?-1.;.••:`,..?7'r?- ar•"•" r?ti??•. ? d?d`:+? 'r? ??r ;3rr7• r4W tr{i^t{{ ?.u., 2..°''±•?i::+.,..?:. h'«:.;.:++-..aT•.',:::-.S .1-r.7?.+ ...r;.:.,y;::+.:.:r'i?:.::S.ft''--.:.S..e.w,:. 1.7Wxr' 1.? ?,?4 p M i.571?,.IC aSr ?° ?'S da-57,".?Fy ?++• y' ¢, ,y; ??•,?r 9 }? , ? F ..? ?;T'` f,?!.! ' p;?.f;-_???]`.3y"?F ,?;r'' :3'??f,?r - ? r ':-?r? ? s?, .-,..,.'?•. ii ?a.,`„•I'• r'. r y1 ?fY ::,! ft?J?37%'i ,??i:,•}r t.?r? ?..,:,'. IFS '? ?i.'<'r .?1:< t al,; .,•:, "'i: ;'_?i; <' .ar`1, ?? .?fi 1 ,? t :d., .1f.. ,a. s•,.3ivl::'r,'?S sts•5 ..5• +_'s•:.}l .r.S''..` . f?` i._ ?'.k'E?? ??,ij °??!# !:'?.?t15/ r •'? ? W.??"f??? i711 ?i?. ,•? v'{ri F1,, ,?• .-!` '•?Fi' ''?;' ?. af' 1°?S? :1'. P_' .l .. '1 .F. r'7?1?'. hr £.a I.?'r i Y? a1 .I . ` .? . x`7 1 Ki r M' i E .'.. ;!.'" , ,.5i'?' •°r? . :'R. r ?.. .J.':.. : i'. .?:_ + i, Y•kdk s..,.,..13, r? 1 Y?rl. 4'? ..!'l?l ..1€=6j. X? .dr r.3tlS T?. f.1i.?b„4 ,? k<.l '', , . • . ?I.r'y ...?{.?, r .•I'.y a'f?' /E?.'T :a ???( ?r3' <5 u :fie:(=? i?r• 7 _. .. .. .. ,?i«;.%,(. C+" k' F, F WHEREAS, the plan will address hurricane evacuation for the Development and will be approved by the DCA prior to any vertical development pursuant to the Development Order; and WHEREAS, the Developer agrees to demonstrate in writing to the DCA's satisfaction that, it has provided adequate shelter space pursuant to Rule 9J-2.0256, F.A.C., prior to commencement of any vertical development pursuant to the Development Order; and WHEREAS, the Developer has provided a land use table for the DRI pursuant to Rule 9J-2.025(4)(b)5, F,A.C., attached hereto and incorporated herein by reference as Exhibit "A"; and WHEREAS, the Developer hereby designates Timothy A. Johnson, Jr., Esquire, of Johnson, Blakely, et al, 911 Chestnut Street, Clearwater, Florida 34616 as its authorized agent in the State of Florida in compliance ::ith Rule 9J-2.025(4)(b), F.A.C. NOW, THEREFORE, in consideration of the terms and conditions set forth herein, and the full, complete, and final settlement of all claims raised, or arising out of claims raised in the above- styled administrative appeal, the ?art--es stipulate and agree as follows; . 1. The Parties agree that the submittal for review and approval by the DCA of a hurricane evacuation and shelter plan which meets the requirements of Rule 9J-2.0256, F.A.C. for hurricane evacuation and addresses how the Developer will make provision for public shelter spaces, prior to the commencement of any vertical development on the project site will adequately address the DCA's concerns and issues raised in the appeal. Upon submittal of such plan in writing by the Developer to the DCA, the DCA shall respond in writing as to the sufficiency and adequacy of the plan within twenty (20) days from the date of receipt. If additional information is required from the Developer for the review of such plan or incorporation into the plan, the Department shall respond in writing as to the adequacy of such additional information within twenty days from the date or' its receipt. Once the OCA has issued its written approval of the hurricane evacuation and shelter plan to the Developer, the -2- c, •k" ? .ktiFr??r s' ? i •;:?y':.yat.rwri:.,•+ ?'+.teih?F lS4i " ' ..Y..,s. .,. - ..ate .v -...ri 44 f4.1?°`}f?, .sik'?d,' 7`:1f4tf.a?j7?? .tus.i1 r ?r.'af ,i.??.r q.. .s{ ;+.Yf ,: `.I/f ?:? _; 4E, Yy,{b: `r::.•q s, 1,r,'•2s ? S ;?EKr r 7Ht y ya Vii. .ls?. '?4•, .I. !" t S{???k •p?p t•l,.r r3 ? F- 711 f t i 'r 40 •.4 k A R # L: I /q?yr.ln t y.M:llr?SM r? C H W M Developer shall insure that such written evidence of approval is filed and the plan recorded with the City of Clearwater and the Tampa Bay Regional Planning Council prior to commencement of vertical development on the site. 2. The Parties agree for settlement of this appeal that the land use table as attached hereto as Exhibit "A" is sufficient for compliance with the provisions of Rule 9J-2.025 F.A.C. 3. The Parties agree for settlement of this appeal that the specification in the Agreement of the authorized agent for the Developer is sufficient for compliance with the provisions of Rule 9J-2.025, F.A.C. 4. The Parties further agree and stipulate that this Agreement or any action necessary to implement this Agreement by any official body or governmental entity shall not constitute a substantial deviation requiring further Development of Regional Impact review pursuant to Subsection 380.06(19), Florida Statutes. 5. The Parties further agree that this Stipulated Settle- ment Agreement is in sett=ement of disputed claims and is entered into to avoid the expense and uncertainty of litigation. 6. The Parties further agree that this Stipulated Settle- ment Agreement contains the enure and exclusive understanding and agreement among the Parties and may not be modified in any manner except by an instrument in writing and signed by all the parties. 7. The signatories hereto represent and warrant that they have read this Stipulated Settlement Agreement, and that they are fully authorized in the capacity shown, that they understand the terms hereof, and that they are executing the same voluntarily and upon their best judgment, solely for the consideration herein described. 8. The parties further agree that should it become necessary to amend the Develcpment Order for the Sheraton Sand Key Resort DRI the amendment shall contain the conditions of this agreement. -3- wr r zYr Nk j•:'?+''?tSJS•sRirl.f•.+.1.. ?'• e•??. 'r?'1'..'. r jFt {+ • t :..!? i .,`.a. ':?: j'?t ': f:?,'; ?rhr r i+l: ?i.?":???i•YI. iFi•F ?iC.?SX i i y '.+ti .t'y[?'(':k?.. Sj coif:(p. i t ' 4s 7"eS},`,• ,?, r,f'iC ??. _ j. ?, .1?',6 s "a' ?t?e.f.?t'r:.. +'.1,.r1?•,:'.f v+: •r . .fit +}?. 1• hN? J#';. L? 1? .t?,?.{?? ?•! .. ''•... S:: .1? '- n'?',?.. -f ?,• t Y`. '?` l?? 1t iSitt•'r(? 3s:{: l) ,? ••j,y:,? .•:i.+:?#i• •..:«.i-'.lyt..li:?{. ;.w?::.,.5;:-«.-..,.... t. „N:. .`?M'?,:: j:..,..,i.'«?t' .'.' r:+..f:.,rt;. ;..i ,: a#;? ??,».....;I,..r;•ti..'a,:1:.:t.?nt,i:..MM;:.:;t sYy.+t'...l.t.,...y,,.'.,r"° 'nl...i, f? t ?j. "?st.•.?i?'l e S-:i ??i„+?•.r.s4.[?.y^i'la?'-'i.r+s'? r a- ..1 i' '?,. ;}. N.?i ?'l'E?t' ?.'3"!?. ..V.?:!!;.rE.,S:' S?' t?f?:§,'r .ha 4. .1•'L. .?i,. t;5;`•••• t? 'i li, ii. ?s. 1, '1? ??,rif.•.•S is i:= ,. x 10 9. The parties further agree that the Developer will elect the form of transportation mitigation prior to securing building permits for the development. 10. The terms and conditions of this agreement shall inure to the benefit of and be" binding upon the heirs, personal representatives, successors and assigns of the parties hereto. The Owner/Developer shall record a Notice of this Agreeme.-t which complies with Subparagraph 380.06(8)(a)10., Florida Statutes in the Official Records of Pinellas County, Florida and shall provide the Department with a copy of the recorded Agreement including book and page number within two (2) weeks of the date of execution of the Agreement. 11. The date of execution of this Agreement shall be the date that the last party signs and acknowledges this Agreement. IN WITNESS WHEREOF, the parties by and through their respective duly authorized undersigned representatives have set their hands on the date appearing below their respective signatures. Countersigned: Rita Garvey Mayor-Commissioner CITY OF CLEARWA':ER, FLORIDA By; Ron H. Rabun City Manager Approved as to form and correctness: M.A. Galbraith, Jr. City Attorney WITNESSES: Attest: Cynthia E. Gou eau City Clerk GRAND COUL03R CORPORA..ON, a Florida corporation Hy: Kevin Baker Vice President and Secretarv (Corporate Sea.) -4- ??k+4!17Tj?. ? S,r. 7 '` ry?,' 7Y ?![??. ,..i?(`;t .'r t,.. ::trsf, 7. *, . ?. ??'d', f,ti?i ?. ??'`y't'e :'-i'r??: .f ....' ;tE ? -'. ??,??' ?!:'i''t °?F'4?3i..f %?fSa?:r'`;j?"??j ??•s MT,' W3L Approved as to form and legal sufficiency: Attorney, Department o Community Affairs WITNESSES: STATE OF FLORIDA COUNTY OF PINELLAS STATE OF FLORIDA DEPARTMENT OF COMMUNITY AFFAIRS By: Thomas Pelham Secretary BEFORE ME, personally appeared Rita Garvey, Ron H.. Rabun, M.A. Galbraith, Jr., and Cynthia E. Goudeau, to me well known, and known to be the individuals described in and who executed the foreaoing instrument as Mayor-Commissioner, City Manager, City Attorney, and City Clerk, respectively, of the above-Named City and.that the seal affixed to the foregoing instrument is the City seal of said City and the said instrument is the free act and deed of said City. WITNESS my hand and official seal this day of , 19 . Notary Public My Commission Expires: STATE OF FLORIDA COUNTY OF PINELLAS The foregoing instrument is hereby acknowledged before me this day of , 1989, by Kevin Baker, as vice PresiEent and Secretary o GRAND COULOIR CORPORATION, a Florida corporation, on behalf of sa_d corporation., WITNESS my hand and official seal this day of 19 . Notary Public My Commission Expires: ?': 4k-?+?.T'„t5'.-?"1%'ii+t:, <<fyiN'"?` `iL.?, ?z?t?;.3r??+?ts?^?r.n?^,?.'tad i?:.f •+• - -. - -S- -?,F' ??r STATE OF FLORIDA ) COUNTY OF ) The foregoing instrument is hereby acknowledged before me this day of , 1989, by Thomas Pelham, as Secretary of THE SLATE OF FLORIDA DEPARTMENT OF COMMUNITY AFFAIRS, on behalf of said governing body. WITNESS my hand and official seal this day of , 19 Notary Public My Commission Expires: 3 1 I• 911/SMS/19468CHA1 7505 d-5 (mme) -6- 44 f:fnxo.V'-u v^ Ft?R? M1gn "4+°3K "(fF:-?M"Fl'hY'VA I.FIib:?'+rN-T: SCI I.i?+?T't:M ,?. ,y-'ti •4.ni?r, ?•?i ??f1 rYm Ssr9 S?. <?r ?. i1 ?7?(" ? Y.; rv s f is 9' , 1 t st LAND USE TABLE .` ' In accordance with Rule 9J-2.025(4)(b)S, Florida -??. Yi Administrative Code, the owner/developer GRAND COULOIR ?,s;, CORPORA.ION, presents the following information regarding the ,?r,? expansion of the Sand Key Resort (the "Development"), a :: development of regional impact, ("DRI"). The Development contemplates the construction of a 428 suite hotel tower, alone with amenities including restaurants, retail space, meeting spaces and a convention hall. A second tower is' also planned? which shall be comprised of either 322 hotel zuites or 267 condominium units. A preliminary master site plan for the Development ("preliminary plan") is attached hereto and shows the approximate location of the major structures and amenities. The preliminary plan was attached as an exhibit to the Development Order authorizing the Development. The preliminary plan also shows the location of the existing Sheraton Sand Key Resort which is not part of this JRI. a:he Development shall include the following: Strsctures 1st Tower* & garaae area, incidential frangible beach huts and snack mars Impervious Surface Terraces, Pool Deck and Pool Pavement and Parking (at grade)** Pervious Surface Beach area, improved dune system, landscaped area, lawn, detention areas and fire lane, bermed areas TOTAL ACREAGE Size approx. 3.86 acres approx. 1.15 acres approx. 1.62 acres approx. 6.03 acres 12.66 acres * First tower, including all amenities (i.e. air condition space) is planned to contain approximately 448,000 square feet. ** The second tower is planned to be constructed south of the first tower. Although site plans have not yet been completed, the second tower shall contain either 322 hotel units or 267 condominium units. The second tower should contain approximately 300,000 square feet and occupy approximately 1/2 acres in the area previously designated as pavement or parking. 4 EXHIBIT "A" 911/SMS/19468METI 007505 d-5 -d . ,Fn?..Ta•.r' - ..fir -_. _ - ,a .?• .'.lea' `S'a, -. i.. a•r,t•m sv? .3, - .+.' ?%: ••'?^. .,"{.. •.?:., s rit";'t".?+C .: ai'd' 3`Y'.?n 1', ,tY.•,a• ve ??,4'?.H 'S t'i .CS -,{, ?. k;,?^W* t.: r y. ii..`.'?. ,' '°i.:'f^•?':is .x ;3";•`..x=e, ?. '?? J?• .,f??>N<* :? 'r?i"?f • ;?-.i:., :s7g r?' •,i. ? .s':` -41 ;r s.. .?,?. ;+! • ' ?'?.?`, `?J i' -.•'??.,. 5: `'°li; ;S•r yi r.`''Yliir{ ai ?1..'i•. ,?I?t: :?.t. . ?., "??s :'"?" ? s'i?ii'?:,?.?.. .,'. t.'i, . x"? .i? :i, ?.;iv.ri .?+y4{l ,14 ,, an .:1:,?r+, i-7., rn';h,. '.a.a:.'?`3l'd ,W?t+ .tE',' `l" .. .. - . 'i: ? '?+ °.?i ' ' i h F.'s.if?s zz A? ?r',k?'v*S.?. A,tik':WxM .9 ^•. ..t.?'+.M?•w•r?:l».'r»,$ru?t.+;.`"?IS•srv3 .t ?.^'I??.+.FT^'?, ...AS,?r.y Yh.nlM1 . ?Y???j Zy{t=,'•S::i,a.G•'??%a't..'+?+rrti'?M}eyr'i•.ul'na.+w;S?y?',v ?:y,: .y'•• .i9•ri? sz?;?.r'Li` ?'?'.4?•Y ?'"? ,?9ef' Y ? '??1?lq??,:Y?.` .e??i ?:t3',R???i'{}?? C • vt '? ?. Y??T ?'1? S 9 ":f`?'^. ... ? K;???'. ?i•,4F.7Cw??,`%?!b??' ?`.?i ??.• .."f .x. .. !. r 9. r:: ? • ? . i. .e ..? rM t? t 4 ' 4 r ?, C i r? i? h? 1 ZIRIH.'{3_31I5 W •nnw , . r'utio 1 IF ?jo ?? . i ? ? Y w N Q• w 4 ? 4 r ?f i O° xo OU L C!) U uu r• ?f 'L iP '.'d",+'? S??r ? i;r. •e' •'. si.' 't,' s: 'r'. . .?. ».r,.i P,p ;z{ir;rs.l,;:f .?. ?#i• °i ?.'.?." •r..'.3, ?:,. .:.?•')`"1: ".?,1 ?'•t?f}Y1°z,?:'r?9„?? r^X'. :?' •.r,T "?? ;: _ ??+r.'?.i+'<?:,i.: •A.- .r +?': .:1,..`e?.i?.:..s,:.. ?,?? +??r•?'r?:r. .}.a •s ?.1 .`?. /it. 'ti{'i "-:r' - .,yr r"S:"; t. ?..;.. .,F?; .y r;[? °''N .,, •?-`• r s.:.:. .HL.r.. ?.?,t.Y?:..•t rl,.:i.i Y,w?«...-:.. it '' .i. .r .. °91 • ?y?. .?t ,?. ,??:!'t' 'i ;?, e. 'J, ~'''' I ' ?r' '1 Nryr .r} dop lE ?" 1 ? li ??++CitbW , wS a STATE OF FLORIDA DEPARTMENT OF COMMUNITY AFFAIRS 2740 CENTtRV I tW DRIVE a TALLAHASSEE, FLORIDA 32 399 Roo MAIITINt= Gom w March 24, 1989 THOMAS Go MMAM s•CWA" Deborah A. Oetxoff, Esquire Fowler, White, Gillen, Boggs, Villareal & Banker, P.A. P.O. Box 11240 Tallahassee, Florida 32302 Re: A Stipulated Settlement Agreement for the Sheraton Sand Key Resort DR2 Dear Ms. Getzoff: The Department has the following comments on the Stipulated Settlement Agreement which was hand delivered on 3123189: The third WHEREAS clause on page x should read: WHEREAS, DOA's apppeal was based on its claim that the DRz Development Order peal not provide a sufficient hurricane evacuation and shaper plan or provide a method to mitigate the develo meet's impacts on ub1'1c.rspaces pusuan o R"u? 9 - 0256 , ar3 n ?dm3nia ra ve C55 ( A: ), did not contain the name of an authorized agent of the e? ve oper, and did not provide a land use-table in the DRI Development Order Rursuent to Rule 9325, F.A.C.; andt The fifth WHEREAS clause on page one% WHEREAS, the Developer agrees to demonstrate in writing to DCA'x satisfaction that it has provided adequate shelter space pursuant to Rule 9J-2,0256, Florida Admizzistrative Code... IIM AGINCY MANAGLWNT a WMING AND COMMUNITY MkVEWIPMENT + RI1301JRCE PLANNING ANO MANACEM€NT sit. .,... + ?i -- 'I°.:?'jiri ?. ?.,"''if: ?1 ,' s?'? 0:•0.•34; f2r.?;.??3aadtit «}'v`? +//?•.:?`•`.9nn t?k 33,E f?A1 ?'?ti ??. f??a,i,; ?wi :•??`". ^ i,: yT? {T",.f.; ? •. •, •]?#/4 ?, :•Y F?.i?; ? a••a?' tea.. ? ? -?4'..•?: 't!`a •? y.???. ? v•'t? : „ti..>:.. is . •???' ?:i»:+...»«•:dr,3?t.a'•^w;].s,r+ .t.? _;. r- •:,a . -'[:_tl;,';'„; ?(.iq?:,.t`•Et ?s?"4" ,-•?? ?? p `a? j;ra . S- t. ti•? ? F?. .?,q :t •113 `.:t ??•.:e`„??;.? ti : 7" ????ir? 1=l?fi?5' . 4?; 't ?.,?• .Y1 .. .i- - X55,.{•:,•• y ,c *.n ,'.?r , 4 ! S 40P Deborah Getroff, Esquire Page 2 March 24, 1989 rnsert a WHEREAS clause after WHEREAS clause 5 before WHEREAS clause 5 which readsi r 1 addr 'tea for the and The NOW, THEREFORE clause, please change the word hereafter to ?ereia. Paragraph 1. The parties agree that submittal for review and approval by ACA of the hurricane evacuation and shelter plan which meets the requirements Of RTe0:202`54, F.A.C. for ??oane evacua cn an a r"esees Tiow the evaia er wilrmake rov s on or u c `BEE-1 ergs a""ceaa?cea"res't a eve epee praox'to the commenc men o any verb-c-a development on the project site will adequately address the =Is concerns and issues raised in the appear..... if additional information is required from the Developer for the review of such plan or incorporation into the plan, the Department shall respond in wri ng as o e a equacy of-such additional information within twenty days from the date of its receipt. once the DCA has issued its written approval of the hurricane evacuation and shelter plan to the Developer, the Developer shal =sure hiar"such written evidence of approval is filed and-the Ian recorded with the City of Clearwater and the Tam a day Region- Planning Council prior to commencement of vertical development on the site. Paragraph 2. The Parties agree for settlement of this ` a eal that the land use table as attar a hereto a5 ExFiMt "A" .{ ?s fficiant compliance with the provisions of Rule 9J-2,025, 1-'- Florida Administrative Code. a Paragraph 3. The Parties agree for settlement of this appeal that the specification in the Agreemen,o he au'?r orizad ag?'for the Developer is sufficient for compliance with the y provisions of Rule 9J-2.025, Florida Administrative Code. Paragraph 4. The "s'l in Subsection should be Capitalized.., Paragraph 5a, Please strike: Neither this stipulated Settlement Agreement, nor performance of any acts or obligations set forth herein, constitutes or shall be construed to constitute an admission to the truth or correctness of any allegation or ?•'• legal argument made by any of the Parties. ? e r i Y f 8 1)" Lr . 1¢:•.,t r r'l r !'•' ?:i'.'r•a!"? ??`rr:tr'',- i,k'tf Y.'?"',£I`5? ... [ _:.. .. ., u, :t :\ .?: t:4? ?'rp. !.% .L'1'. !li??':?hl: ?: ?-; •$i.: .79f' Fr. y,fite,e.` ,,{? pie E' ,; t%;? .`'. i ,.e'3' Fs .. ?:.,,a . 1 rw.,ry.• vsi'?.}i, ( }°K •rY. ' S irS..j '?! ? f.?. 4 rLhK%w'i.? ? ?-?r,•ryi f\ !r ?'`?7 r ,r. ,Z.r •: •.,>, ti,: .c •y?:' `.ti,`,. .,i ?S' `t?«..•..,., ?Ai 'i?ri,?S,r?.,siN"s'!"!'3 "'?';•t.,.: 'yr? 1'..,.,•!?• r'.?5a'r?:'•; •"1'?t. .v ,t ASS 1(,C i .r. i -.. •: r• 'S"" _ 1'., 3 K ? Y • ? ,?,d "ti r .t. •I>:l :i ,`:.=°1' \1 ' ?;t:tii,.•.1.: ?,? T...:Y ?( . . .6ti , e ? ". .i,f" ;i. ,d F? 1i ???'?. ' 14a.?f i , .«.s:;: {;.a.•.;" xrrr .?,:rr, J:,; . -:fit »°'s ! '+,y,_..,.,..,,; .?": a;?, \S.S. , 4: !='?? ?'c^",'W..','A'k ?:): i. %. • "':E r :. ,..i. <'\4;: '.???? ",'ir.. ii.: s:ti?"if. ' `? ?? '' ?. y;??.:??? .f` ?4.r Yz`fC;.;;?.? : ¢j1',?'?it.'? r, i,..<.r., q: r:i, .. _.% -r •^ ?'`'., , R M) .•? .i•nF.f •'??l?('tA.iY.a ?r4F?d•fj?.t ?d? '•r: , ,.. . AW r 1 .900 R V ii Deborah A. Getzoff, Esquire Page 3 March Zl, 1989 Additional. Paragraph 8, The parties further agree that should it become necessary to amend the Development order for the Sherton Sand Kay Resort DEt the amendment shall contain the conditions of this agreamen ., Additional Paragraph 9. The rties--# rther- at the Developer wiL11 elect the form of o tation, mitigation rior to securing.,bUild.ing parmit,s for the development, Addition Paragraph 10: The terms and conditions of this agreement shall inure to the benefit of and be binding upon the heirs, personal'representatives, successors and assigns of the arties hereto. The Owner /Devsl? er shall record a Notice of his Agreement which complies wi-C Sub ragraph 380.06(8)(a)10., F.S. in the Official. Records of ?? County, Florida and shall provide the Department with a copy of the recorded Agreement including book and page number within two (2) weeks of the date of execution of this Agreement. Additional Paragraph 12. The date of execution of this Agreement shall be the date that the last party signs and : - ocknowledges this Agreement. Please add beck into the style the Sheraton Sand Key Resort, a development of regional impact. The Cas No. 89-13. Please make sure that signature page contains witnesses, notaries and a legal sufficiency certification as would a PDA. I hope these changes meet with your approval. If you can make these changes and get a draft back to me, I will forward it to Paul Bradshaw, Division Director for his approval. Sincerely, effrey N. 9teinsnyder Attorney TNStbsr 3 a t,< ,4yk - r. S?4 f' '? Yi. [. . ? . ?s ??„ Tr,?.-. 7 ..,._R?- _ - fit-r?:.7: t.: -r alt; ..r •-.: s.-5'l ?°??i ?)': a': ?.?y-? C;t ."r" )a ? .....;i?,,"i?i + t"?? '•?': •?" ['•'?t 3t? a•;?-a 4 ..a;`?. t. ', r s???.... J?'•, a,r•;`i •1 '?'a 4' a? iii! !<{??, ?,r1l?l.s; '}I;r,,.S •?1??r. ,???? ?r?:a ?tr.:X„??5?t. :a,a..A? ": ??= ': a'•`<??i, y:?.. ? "?,:'.v j`o• )?'?t "wi ow I .o. SJ E. I.A' F } ,?'' 1T CITY OF 11..E Interdepartm Q / TO: Bi aker, Publ Works Director Icy gn? FROM: cL r es A. Hun i ker, sCity Manager/0I COPIES: Ron H. Rabun, City Manager Ile, SUBJECT. Sand Key Bridge Kick'-Off Meeting DATE: March 27, 1989 When preparing the notification list of attendees to the off meeting now scheduled for Thursday, April 20, 1989, 5.v%j r....., Hall Commission Chambers, please ensure that Volkert and Associates includes the members of Clearwater Transportation Task as invitees. As you are aware, these include Representative Gerald Rehm, Mayor Rita Garvey, City Manager Ron Rabun, Alan Bomstein, Bruce Baldwin, Tim Johnson and yourself. The need for coordination with this group on the planning, design and engineering studies for the bridge is immediately apparent and appropriate. Thank you very much. CAH/daw Si PLEC r r^ ?.,r?t?rt E,y -:.;:, ?,?;?.,•{y::-: '?'34..',?t? ?"ii:?.?.'+td•.r?::??...s-.?:wstils;}'s?a?'.tit-.°.? 's ... - `ice - M` '.?.• ?.:. ?:if. ?.. .?. 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UxNr€n ?r»a Vii. •? a:....'. i t ...s..r' •r • M "',?^S*?`?".?r` . ?fit, =T??`f ?!' ,y?,",+"7' t' s?°.' • yt ?.lw° ?, o, ? p rh-.74? ? ,':r :F17" .:}; .:??:.?';'?t r?' , .y?Y j`. :j";•s ?? ::2'. .? r+.•1 ':'' ';} :f^ •' ?t'':5:`? ?.{'? ?.+.r- t, a a '. •'c:'r' ??"?•i ` €. .? g <zC^-. `b' r r. '.? ' .<' .`L:.: ?' i•c ' •? 'a ta' •? bb,, ..7 r.• ,v r ?s R2•. , %•. r r :1 ? ? ? i ? ? ,?y: 'it" ,} ';;,?:. ? •" t{^? f •" p;';'ri .?'` y • s' ? j,' ,,,'"T.. , .'C '+. • r.k J` +P, :•ti •A, Y n'si 2Lt 'h.? <<'45 i !'yl Y.e. ':> '?t Flea' ?'? C,^ W 1' d i4'S'r?,' L;,,lt. ::?". ' ° i;. • r„1, ? ^??.3 ? +..; K?t•r. ?.,??} q ? ?J ?••-g ? 1„.stil:`i;r3'st': ?'-i a ?.-'..?y ??"??????r.??? ? ???, i ,A?.?U'?" ^?M?, 5 ??r r {•t'.?:'.?';,.-.7?,?;.. '.. ? i..?'.'?3d.' ;? %.•4. ?$ ?.,..:a?,t?'?:,?? ?s;-•?•#{,'veF?i`:?':rl?'i`'?°?:'v'??,ste.P•?! . g?'°.:?`,d!.wFic:iy?a ..F cs.t hhs ?t,fi#'."??'C ?,??' d.. ? w•?,??' e ?t•. rSY' "F? a'?j ' +?,st?'?:?i is(?; ?y, "?,:' '?.,? .?;,.:. ' ,???. ` ? s•.a S' f ' it??'?. qt ,( P ?•?'a ?'`?I `[? -i rl€' I?T., rl' • °.'.'• . f,'• ;•7 •h.? ?., y`.€ ? !a 1.t i 4 ?? C 'i; 1r????.??f?. i?r?`?14?`, j •E,.t?i,, ?F . - ,.f;if °.: s? d:rf?. i?,>. ,f•?.Rnj';Y , Kw F,! • } iI?tr;'.'?, .?x.yt??!t •,}?-%v,hL`. ? t?;9s;.t_'`??r'r.t:-: '?',`.:•:;.','?tr.g ,?`}I)ryy 4?,.a h??1 ?^' `??~'A.F „fI'?:g .?•a„?C.j, Y::'iy=j 'P ?« '"? •-SAri .•?S rt.,? F f ?? ply t?'?.. ': Vie; .''•'•-»... 21 Lr'.. A?. i.. '`El?ti :jt 'J•)ri, .,F ``,. .'?,.'?. ..'.i ?);r "li.. ... _ 'rt'??•ltt5= a.C?3'=;'iN '+},?__7_1ii?a?^i;rs;.r'r,.?.•. ...'+i r; -.: 's AGENDA NO. MEETING DATE: 3/30/89 MEI1ORANDUM TO: THE CITY COMMISSION OF THE CITY OF CLEARWATER SUBJECT: DUNEDIN PASS PROJECT RECOMMENDATION: Staff is recommending approval of an additional $7,715.82 for the City's contribution to the Scope of Services proposed by Pinellas County for the sampling program for Dunedin Pass. 2 And that the appropriate officials be authorized to execute sane. BACKGROUND: At December 15, 1988 City Commission venting, the Commission approved the paying of 14% or at that time the projected funding of 58,400 for the costs proposed by the Pinellas County Scope of Services. On March 9, 1989, the Ci eceived an invoice from Pinellas County for these services at a co of $11 ,113. The request is for the City to pay an additional fee $7,715 for a total cost of $15,115.82. This funding is available in the "Special Development Fund." Commission Disposition: Foliow-up Action: Submitted by: Advertised: ?Affected Costs: 116j-115,82 ®Attachments: Dote: Potties Notified Funding Source: 0 Capital Improve- Pinellas County P ? Invoice city manager Paper: of Meeting ment Budget December 15, 1988 © O eratin Bud t A d ®Not Required C3 Not Required p g ge gen a E3 Other_ Special Originating Department: r Development Fund Date EhSequential Appropriation Code Reference Administration - --- - '. 13 None e t 1' .?; .G 'F,s. '1:??', r,3 '•i ,! 'y ` ?l rC 'k-?i '?' ? j; ris.?e il;?4k l:a ?,), ryA;*<'. .?.t.., ar.? i• F: ,?. ` y ' i ' `??` ' ' ' 5 , « w = `= r ' ar }.?,- •' w ? F"'j' !' .P •t: •i r: r. P, x'.j' Y •ti sit ..i .•)r}:°:.•t l.?i? i?t•''.r/ i . e't' ( ,v ? ? I " ` `' e p f, c :.. -r'<•r; ,;-? Inw. rv ?,:un ,i r W , T•; .-•:,:+wP.•.?.-o.. n'Y.. Y..., - ' i-._ .Prw• •-•y.I,ys `' Y ! -Ri"i .r,+r,-., , »#'• w t n??.,y}???; i,. rs; ,?'r'f: ib'°:;?. •rt' .h 3. .? . : ,I r ': • ' ' . Y . ? wr ' !r : , f1; .,.:}.. #: ? E 5. !ti: ; •Fi till .it '+r.., ' ,•• .?^ri .S?+.v kY',-. ?w: _ - ;"r.., ?.. `o. f'.r?i..?+?,?y ?'Ly'?+? • „ ? ? ' t y ? . _ . %:.e.,. t;? i .?r5.« , t'.c: 'r .,, { • r, ' y . y 71!. •.?? 1•. ,P ?al ' t f ?, . , .,f r , .a' ri `s '. f. ?? . rf a , . , : ta, • i . 600 t-. P I N E L L A S C O U N T Y Board of Country Commissioners DEPARTMENT OF PUBLIC WORKS 440 COURT STREET CLEARWATER, FLORIDA 34616 INVOICE Date March 9, 1989 To: Ron H. Rabun, City Manager City of Clearwater P.O. Box 4748 Clearwater, FL 34618-4748 --.. --._._.......,... -------------- Please Detach and Return with Your Remittance --------------------------------------------------- DUNEDIN PASS Expert Witness Services Expert Service Cost 1) Richard Davis Sediment Analysis 8,253.00 2) Clinton Dawes Seagrasses 8,000.00 3) Biological Research Ornothology 4,200.00 Association 4) Robert Dean Monitoring Water 94,660.00 Quality Total $115,113.00 14% to be paid by Clearwater $ 16,115.82 Please pay this amount. ' r 7 Make cluck payable to: BOARD OF COUNTY COMMISSIONERS Mail check to: Engineering Department 440 Court Street Clearwater, Florida 34616 = f_ ? u 's ?r c M AGENDA NO. MEETING DATE: December 15, 1988 11010RANDUM TO: THE CITY COMISSION OF THE CITY OF CLEARWATER SUBJECT: DUNEDIN PASS PROJECT RECOMMEHOATION: Staff is recormiending approval of a nininum of $8,400 City contribution to the Scope of Services proposed by Pinellas County for the sanpling prograin for Dunedin Pass dredging (Total sampling costs are $6u,000.). X And that the appropriate officials be authorized to execute same. BACKGROUND: Pinellas County has requested that the City of Clearwater consider funding a portion of the costs for the attached proposed Pinellas County Scope of Services. The proposal sets thirteen (13) sites, sampling to commence December 7th running through December 23, 1938. This expenditure is consistent with the City's ne to pay 14% of the funding in the Dunedin Pass Project. I have aC e a copy of my nemorandun to you dated June 8, 1988 regarding Status of Dunedin Pass Dredging Project for your information. This funding is available in the "Special Development Fund." Commission:l4sposhriot:: Follow=-p Action: Submitted by: Rot: H. :t UN, Cty hi onager i Oatd 52-1:?:1nntiC1 Reference Advertised: A941'eatad 1:c;ia 00 ,~ u'aAifa:'f fT:r;:a•...' Dote: i 'a. tiaa Fuov'mq Source: F ?, Status o_ c -.?c+in . Y IJotil.ed Ci Cc{: rn: 1I rr.provra- ass Dre.•.,t,:t = 1?h:y??:r: :r viaeiiny i men# Budget Projer:*. t!sm:. •:.',u: i Gs '7aE; yiirtq 8ua941• ]dated Ana e, 1' 'F . Mflo' -1equ?r'id iLi ut rs=: :,Ertd : J Uthb? _ 5_: e? ciF: ' ' r Oriyinwaing Sep r rrttnon;: i , _ c .. :A-01" ocr,.Lnt Fund Appropriation Code w 0 ? •. .r ..w?. ww-?..r?w...«..w ?... .Y ?r.....•.w •. w.n • ?.... _ar.....??. ..v. rn... • I- :ry ?, .:> ?r ?.• ,? .i • t;J;:.a a , 1.:• r?,.i <. r ,;gar s6r." ? ti: t it+Fji:• aZr y? yr ;Vx j y ;.r`j s. .; ;`''.'1F ?,...t?..?tr: .;':' •r... ?:i??: `; .?.s •?•S•?.i..r..i'1r.''+{l.r,.l•r''.'r,i.''s 1t 3.?r?i`q'?`b.`?Ss-:.' ??4 ?' ?>s ;tid4.y, F;w??r `tiy y.n 1. w".4'7=-.?r,:?.?r3::r.?ee :,.?j#w .S..•4°.t..f.ller>• . y_of,.?.:?.n!?+.r?ej49•»?:•wi.??[? fn ?,. y"'.?}> l;?y ?.F?. ft ??.; ,?. 1•'. 3ir•,.F .y!>. -ti' is .4.1".Y°6.Cr??'-,+?'?'h ?,.??>? ?j ='y?`r, ?fy, ?' ..%1`tt; 'r• i:p `s'S?r ,s ;; P:.:-y? ,S'; :.r€' s°.?,t ,,t, s . j !i , 'r''°...?.` l:ts l,l ?.?'< <r'. in " ', i,? ,, 1 f"•?';: .C'r - v"' .?C' .r?, eel»... .fit, ? y r.e •r:.. .t ?t t .d3:. :k 4W I d? C I T Y OF C L E A R W A T E R Interdepartment Correspondence Sheet TO: Mayor Garvey and City Commissioners FROM: Ron H. Rabun, City Manager COPIES: William C. Baker, Director of Public Works SUBJECT: Status of Dunedin Pass Dredging Project r DATA;: June 8, 1908 In accordance with your request for a project update, I have discussed the subject matter with Public Works Director Bill Baker, who in turn has maintained a dialogue with the County staff, and the following applies. The Dunedin Pans Dredging Project which involves a $1,000,000.00 State expenditure, a $200,000.00 Pinellas County expenditure, and a $200,000.00 City of Clearwater expenditure, is progressing in a normal fashion and has not been denied by any regulatory agency. Because the authors of-the project (County Engineering Department is lead agency), failed to meet an April 1, 1988, deadline for encumbering the State's share, the State commitment has now gone by the board and will require refunding. DNtt and DER have review questions concerning the project, which are normal to any effort of this nature. Answers to these review questions are being prepared by the County and/or its consultants and it is hoped that upon satisfactorily addressing these questions, the project will again be funded by the State through DNR. It was only the County's attempt to be placed on the Governor's and Cabinet's agenda to seek a hold on the State funds prior to the April.lst deadline that was denied. While this project remains controversial and has generated many questions from various quarters, it is, nevertheless, proceeding normally and it is hoped that the benefits of the project will eventually lead to State approval and refunding of the State portion. 7 vie }•;.: > ? ... :. ? Y?.. , . .. ? .. ? - , M tt scope of Services Dunedin Pass Project CollIrIlencii•rg an 7 Decf,mber, 1900 and continuing through th 23rd of December, 19118, the consralknrit shall conducL• the following sampling: 1, Every day, for tl•ro -soventeen (17) continuous days listed above visit 'the sites contained in Table 1 in,sequential order. 7. AL each site:, obtain data readings at the surface (15 cot), 1 Mel t•r and aL• subsequent 1 Meter intervals to the bottom for the following pararueLers: Water%flow and dire`cLiun (Fps), Dissolved Oxygen, Water Temperature, pH, Con8uctivity, and Salinity. 3. At each site, Air Temperature, Wind Direction, Wind Velocity, time of day, and cloud cover should be noted, 4. At each site, socchi readings and turbidity at raidwater (N fl!) are to be recorded. 5. Surface water samples are to be taken at each site IAW Standard Methods procedures sufficient to provide data for: Total Chlorophyll, Phaeophytin, TKN, NH9, NOx, Total P, Ortho-•P, Total coliForm, Fecal coliForm and Fecal Strbptococcus,- Samples are to be so analyzed and results are to be Forwarded Lo the County within 15 days of the last day of sampling. 6. Sampling is to commence each day at slack tide and proceed in sequential order. Every attempt is to be made to complete the . cycle in approximately the same amount of time each day. The selection of slack tide is to be made with the concurrency of the Department of Environmental-Management. 7. At the conclusion of the seventeen (17) day sampling period, as a continuation of the 17th day, the consultant shall. continue the sample circuit over 24 hours making as many circuits as possible and sampling for the same parameters as stated above, During the 24 hour period, space shall be made available on the sampling vessel For members of Dr. Clinton Dawes' group at$ the University of South Florida so that they may observe the Field conditions first hand. The samples taken from this. 24 hr period shall be analyzed and the data returned to the County within 15 days of the completion of the sampling event. 8. 'The data shall be triplicate within fourteen sampling. Conclusions and would be appreciated, difficulties or QA plan information (field notes) appreciated, presented in a written report in (15) days of the conclusion of the interpretation are not required but Annotations regarding sampling violations are required. Anecdotal are, not required but would be ,M '?'?L k'bi,4{?!: Sti'.f ?` ,?'i'1• 'f ;.'I.r.iq: J,i;..7-? ', •?..r ?f?' •.rrlr':-...e,r ?°. ???J1jrr.'s:i•:),ss ??i=??'??;"?.U?'d'etir3? I'ma Sol .'.s65 ? •`• r'g•? .4 djf ?5. ,[, i`f?.F'1, ip?C?.? ti ?c+.r. .Y.:3i': .. .. 'J'. ., I? ?. . r ..'F?l +??:a y'r'.r^.. r-A 11' __r. -rr a? -- ?• ?._y???_ _ ___ _ -_ ___ _ _L _ _ ' _??_'_i..r _ I S' s'Pk. 6 = a a Page -2- Scope of Services 9. The contractor must have an approved Quality Assurance Plan on File w ith the State Department of Enviro rnnental Regulation, . Table 1. Site Locations (sea chart) 0 Location , 1. 100' West of closed Dunedin Puss 2. 100' inside closed Dunedin Pass 3. In the channel by northern piles in Dunedin Piss Approach % 4. In the channel by marker #7 in Dunedin Pass Approach 5. In the channel by marker 915 6, In the channel by marker 1117 7. In the channel of the IWW by marker 017 8' , In the channel of the IWW by marker #2 9 . In the channel of the IWW by marker #8 10. In the channel of the IWW by marker 413 11. In the channel of Hurricane Pass by marker 116 12. 100' inside Willies cut 13, 1001 outside Willies cut Note: Markers in the channel may have numbers different than those on the chart. The above references are to Lhese on the chart. A field'uisit with members of DEM will be conducted with the consultant to Finalize site locations, TRC/lo EM0732m/1-2 r E I%- . a J.. ?q, ?4q -, .?'s •.r It 7[ i .tir;r" rv?-.y.?a E - '° ':1=:`Y?"):':•.e•y,ti -R•E •..'i'., .? °. ".Y.:.-..hf?; ?f>:?.!•i•s;? iy.7ti. .? ?? .,,'W ';r.•?,..> +;-x?, i?? `°• G"'..:?";` .. ,fye(,e •G, e7 ';' r ,. ..^? Pw.i ?:`, ..ti _Lj ir af?'j }rsfr;•r.. *S; i :'t• ?,•?.t',r' -, ,. j,.., . ?.v"•., -,• ' , r..,•.. ' ., • -r.•r , ... ... .... e r•.... ' _- . . «•. [+••..r .. . ? .. .. c 7. .;?..:u. .!' f• :?, „ f+: ks: }r?'E,.3,`f`Jn'C.',' I ,'a .s' :f' .. _ - r'-^[?i ?e ?: -a,•:r{ ~i? 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