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'., , .", ,,' '\ ,', " ~. ,',' ;" , ' . ';. " , ," '",." ',"" "t,,,",~j'!~-'~!"<''!Jt\~~''''~~~ I ~~\~f1~ ft'(t s..t~ <~i.'......~. .:-...<....,'~\~," . ,. d . I . , . ". . \ "" ':. . " ,.', ," '. .. . ~.~~.. i~ n/ ~ ~ ..J; ',,, "- ";"A,,,i.~ -!W.; :,A}~~{~,,'~h":~l .t";Jt;". ...;, ~ l'~>. , . ,___~ \ h, .....' ,. " .," '.;" .... .. "I.. ~,\~ .:-~../J~~~.:.J.~,~ ,,;)I~tf%~~~~~~r ,0 -~~-o _P."'..'~f',1l . . ~~~;:;1...y.:(.~;~~;.,~~'""-..~', ~.. ,,",,~:.~~t:!?5~!;~~r.~:}?\" :'. " ,}'fi".s1~v,'.rfA;, ",,' ,."', -,''',.', . ~:,~}~:~:~~!1M:Jt~'tl;;;~~1~i. ~ ,;' Section 401 Section 402 Section 403 Section 404 Sectlon 405 Section 406 Section 40'1 Section 408 Section 409 Section 410 Section 501 Section 502 Section 503 Section 504 Section 505 Section 506 Sectlon 507 Section 508 ARTICLE IV PUNDS, INVESTMENTS Establishment of Funds ................................."........... 29 Application of Bond Proceeds; Deposits to the Project Fund . I- . I- . . ill lit " " . . . . . . I- .. . . . . . . I .. . . . . . . . ,. . . . . . . . . . . . . . . . . . I- " . . . 29 29 31 31 32 33 33 34 Disbursements from Project Fund......................o... 0.... Reserve Fund, . . . . " . . I- . . . . I- I- . I- " . . . " . I- . . _ . lit I- . I- I- . . ..... . I- . . . . .. . . lit I- . Bond Fundi Application of Bond Fund ............... 0 . . . . 0 . . . . 0 . 0 Debt Service Reserve Fund. . . . . . . . . . . . . . f . . . . " . . . . . . . . . " . lit . . " . . Custody of Funds; Moneys Held in Trust................. 0....0... N onpresentm ent or Bonds ... I- . .. . . . I- . . . . . . . . . . . . . . .. . . . . " . . . . . . . . Investment of Funds .. . . . . . .. . . . . . . . . . . . . . . . . . . " lit I- I- . " . . III . . . I- . . . lit lit Assignment of Mortgage Note to FHA for FHA Debentures or to MBIA I- I- . . . . . . . I . . . . lit lit I- . . . . I- . .. . . . I- . . . . . . . . I- I- . . 34 ARTICLE. V GENERAL COVENANTS AND RBPRESENTATIONS Payment of Principal and Interest .............................. 36 Instruments of Further Assurance ..........................0.... 36 Inspection of Project Books ......... 0 . . . . . . . . . 0 . . · . . . . . . . . . . . .. 36 Recordation and Filing. . . . . . . . . . . . . . . . . I- . . . . . . . . I- . . . . . . I- ., .. 110 · III .. 36 No Modl!icatlon of Security; Additional Indebtedness .............. 36 Reports" . .. . . " . . . .. . . . " . . . . " . . I- I- . . . . I- . .. . . .. . . . . . . . .. I- I- . I- . . . . .. .. . .. 37 Existence and A uthori ty ....................................... 37 Tax Covenants I- . . . . . " . . . . . . . . . . . . . . . . .. .. I- . . . . " " . . . . . . lit lit I- . . " . " 1-. 37 ARTICLE VI DEFAULT PROVISIONS AnD REMBDIES OF TRUSTEB AND BONDHOLDERS Section 601 Section 60'2 Section 603 Section 604 Section 605 Section 606 Events of Default . lit I- . .. " . I- . . . . . . . . . .. . . . . . . . . . . " .. . . . . . .. lit I- I- " . " .. 38 Acceleration ......... I- I- .. .. . . . . . . . . . . . . . . . lit . .. . . . . . " '" . .... . . " . I- . . . ." 38 Remedies..."........".................,.....".. 1-.......... lit...... I- 39 Mortgage Insurance Bene1'its . . . . . . . . . . . . . . . . . . . . 0 . . . . . . . . . . . . . .. 39 Rights of Bondholders ...................... 0 . . . . · . . . 0 . . . . . . . .. 39 Waiver by Issuer..." III....." 1-..... I- 1-............................"..... 40 -11- -..,.:~~ -1 151\ ii'U.i1~ I. -: ~., ,". :~~~";'.'~f. '>. ...... .... ., '.', .~.. ~ "...:~'t''" t, -~ . '.. ~ _ ,.;,....~l.""...........,"V'!.... ...~. /..rY""'~4~' .H,...,~a~h~":ft'l'i~~"'~ ~.~'~~~'tt~~~... ~ . v ~ "= M ,.,..."", ,,~p?j.!I"~~ '~-"'{"'t;r,"""-r-..-~,tJ -r."~~t"'l<il ~ ~- ,~, ','. ~;;:. "!'1 . ..14... '.~' l' >, ;.~~~ .. . .., ll' 01; ........'. (..... . :'~:'. 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':,:' ',;,-: :~: ~~'~':;',::~s,tj,~Y:~~~{~f~~~{~;'J;[~~~l~~~'~~:{'2tJfft;;~t.!::t~~}~}:~f. ~JI..""'I';U~~~".''\ ,j ,', ,. .,' ..,....~,~I...\ r..~.,.+,~...,..) ..-:... ,. .f !,~ -l.,,", "'-' '. 1", ""I.,~....,},:.~v."",~l~,,.~.1~~,,.\t1.,.?..-~,,,t>'1..r.1.c')' )t~i;~;'~l?::-"/.~ '.';;~; ".:'.::t;;;il;1J U::\~';:':;E,:';,'./':','; ';;;\:,:.i;~;r;;'~:'N;:;:';i":~f;t;;!;~':y~&~~f~~;~ J\1~4<,..'o-~\""''''' H'; ."~,'~ '\. 'li:;!,"').l";I. . .,. ~ '. ,L ,. ..,.~ ....\ ~ ~,. ~ ~. '?" :\"l't~ h (, '0' "" ~\ ,.. ,.....~'~<~...t~! ~,l'~:Nj-{IJ:'t'~i.?;.;.\'"'t , "~.'. ,}"(ift~~~;,f:)):':::'>"," ':,'\;;;2):,~";'~~~',: ',- ';.-::\:>~:; ':":' ;',':: :" :: :;; ~:'i,~>,:,:~ ": <.~)~~~ :,:';. :'~:: ';., '/:,Y":;'.;:>:'\<~~:! ;:;:',"::'\i~'~:;}~;;t~h;,i'i:;;{dl.~:~~.J~~;'f ';11~~A,'J~:"':i"-'('~"'["!J~t!\t1:';~;':"I,.I'J]h'<~;';"\":", :,'.,':,', ',:<,":,','":'.; "', " "';" '. J.,,~, " ,;::/.: '}-')'''.. ,,'I,: ':~:"''':',,(~;\~\:!f.~\~,t'~ ,I >~1ii:t};(f.:~~~4~~;~,';:'~;...'\'::}?: :',/:', ~::?:~',' ":';/;':':'~ :..' i' ."0'" ':. ':.' ",' > " :' ,:..;'.. ",': \,:, ';' :'.'< '; \ ",;' ,'~ ;;", ;,:,? ':,,':"" :>,;, o,';:'~ '>~: :~:,~ ~'~,{s~, ;i:\~~::~;t~~t;.t!:;,~~. . "t"~' ~."'~-:-1',;o.,f-.-l-,-~.';1~ " \'-....... ~"~ 1 . ...,~, ,,' -..:,.. .. , . 1 > . I . L' ~. (, n . .~~I;,-' \~ ~ . Of' I \,. V""'~"''l '~:':i.;}:'I(":'J~,....~:.:;I."~'I'~:~>~:.~:.~,,~/:-,;~,:~,;/~ '.": ;~.. '. ","'1' ~ : '}~<" >,1: ~ , '~,:::":" ',_ : ,.:> "\ t/<:.~, ".": ,~> ~~,':.t:/:'~~:t:'~S~ ~....'i;..;.. J.~? 'j"'~~> <~'I 'J ".,k.,,- ,....... . ~~. ':;..... . ..J . '. ,..~ 'I; l". ,.....~ ~T'l.," ....' ,.~~~. ,'a "...i~...-.~",~ , ... ~ ' ,. ". .t. :~ .:: ,~. " .. '. .' . '. ~ : >~. . . I . ...: ~;. ,'. '. '.. /,1:. . ' . .' / ~ ",'.' . ., . ,*;:: .' ~ ..' I," . \ : .'. . ~~~ " . r . ',. .' d." . :', ".: ,~ '. ~r~', ", -.,{:",': . . .\. \ " '. ' ' .\ ,'. -..__........._.~d.. . .... \ .~ ~ "'..... ,->&" .t.'"""'! " " ." 0 0. .Ni'~'"'' ~ 1~l~~'i'i?!'1t:,;:-/,:,:( " . ''-.:' (~~,Q4~ ~"" .r./T....} ~. ~"I... . > [>tr.''L...t.~ ~i':'~. \':;~~;<;:'",~, ~..;,,~ ~ '.:..::~~ lJ }~f;p.:::~-:'~ ll,...f.cJt~ ~~.-.~. "'.~.'lf.r ~(!:;i\.~~~,~?:'i..~i::~\~..;;i: ~t;t~ ~~ ~.' d;;;""1 INDENTURB '\\IDl' {.t!;~ .~ ."i--->"" THIS TRUST INDENTURE, dated as of September 1, 1983, is between the City of Clearwater, Florida (the "Issuer"), a municipal corporation organized and existing under the Constitution and laws of the State of Florida, and Bank One of Columbus, N.A., Columbus, Ohio, as Trustee (the "Trustce"). Recitals The Issuer has authorized the provision of funds to finance a mortgage loan in the estimated principal amount of $6,043,200 (the "Mortgage Loan'? to be made to Drew Gardens Associates, Ltd., a New York limited partnership (the "0wner"), pursuant to a Building Loan Agreement between the Issuer and the Trustee (the "Building Loan Agreement") for the purpose of financing a multiMfamily housing proJect to be located in Clearwater, Florida and indentified as FHA Project No. 067-35276-PM (the "Projeat"). The Mortgage Loan is to be evidenced by the Owner's Mortgage Note (the "Mortgage Note") and seaured by a Mortgage on the Project (the "Mortgage"). The Mortgage Note has been initially endorsed for insurance by the Federal Housing Administration ("FHA") pursuant to Section 221(d)(4) of the National Housing Act of 1934, as amended (the "National Housing Actl1), and pursuant to a Commitment for Insurance of Advances. In order to finanee the Mortgage Loan, the Issuer has nuthori:ted the issuance and sale of not exceeding $7,375,000 aggregate prinaipal amount of its Mortgage Revenue Bonds, Series 1983 (FHA Insured Mortgage Loan - Drew Gardens Apartments Project) (the trSeries 1983 Bonds") pursuant to this Indentuloe, inCluding $ principal amount of bonds the interest on which is payable semiannually (the nCurrent Interest Bonds"), and $ principal amount of bonds the interest on which is payable at maturity or upon earlier redemption (the "Insured MuUtiplier Bonds"). The proeeeds from the sale of the Series 1983 Bonds and any additional bonds issued hereunder on a parity with the Series 1983 Bonds (collectively with the Series 1983 Bonds, the IIBonds") will be held in escrow by the Trustee and disbursed under the Building Loan Agreement as advances are approved for insurance by FHA, except that a portion of such proceeds will be used to provide funds for a Debt Service Reserve Fund. The Municipal Bond Insurance Association ("MBIA'? has issued an insuranae policy providing for timely payment of the principal of and interest on the Series 1983 Bonds. The Current Interest Bond<;, the Insured Multiplier Bonds and the Trustee's Certificate of Authentication to be endorsed thereon are to be in substantially the fQllowing forms with necessary and appropriate variations, omissions and insertions as permitted or required by this Indenture: LKL-8/23/83-1207 A Rev.B/al/S3 Rev.9/14}83 -1- c. ~.' cr. , .rl.t .. ..,~~.~ .::.c'~: , '~'> ,J. " .....~...............~ , ..,... . ~ --------------- - ...... ..... . ~' .. ~.~'>;,~. .""1; ~1"'..t~...""..J" ....~~ J'.> .;"....;. "'".."":.~....~..':_~>".J...~i.l.,., ~~......t,.~jr~~~~"~-,., . ~ ~ ~ ...~ w.;; ,.t......... _.~"""t<< .. .4\, .' .....~~) .,.......ilo.\'.,_,~"r,....~.,.~....~~i'f'.~I~.~..~.f'(t""'i,;;;1~')"~..$~~1-;..... \~ ~~.. .;.~;- ..;: \1. p t. .t~'''' / "~ '. 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( l'''',..,\"b' i..'! ~ 'j. .< .rl;'~~>; ':;>:~?;(."d.::'~ :;::: ..~~.. 1"~~'~~:;Jl~'~.~ ,(~~t~' I ,,,,h, d_"'. . "~..,'; 0 [~I'" 'b;!J~.. .~\'l, I~ u\~,~i:f~~~'f].:\;\<;k'?:'/ '-- e~h~:G{f. ~.Y1~ 1P'1"~'\f"'-"" ". - I" c.', ",', ,': ;.' ,'fI d' ,_~ l~ . ~. lo-f, t-;:J;);:(~.:<"~/:\:',,~~::~c;';~I'; I '. ~;,...~~..~.~~r~~I' f;.-J;p,"t. ~~S.~~ii\~ J ;"~',\,~4' .I..(;.'.~~. ~.J..'. ~ .:~ :~ < ..... ~,.~J.~.."7'r:-:~rl " ~: ~f~~~~JU.~l''1'~ri~:~~:0;~~~'T:~.{ ?l't::;,:11 ~ ::: I ~:~:0;~..;.~~~~~. .' ~. ::rr;.r~"!, ..(t~W+. :'t:;r~N;.J,:,(\;:".;;,,~~ /';~j'~"<' ,<"'\~\ ';'. . ) !'.f.~<'.tf~:~' I~~<:l 'f',:','I) ,,' :-;:;;~;.'~;:~,~,;. ',,:j"~\r~', ':,' (Form of Series 1983 Serial Bond f\~\:;' r (~~ ~~~! ~J\"},,, "'~~';:~'f~~;' '.';.~/4}Uj:t:' )1' .~.~. ) "~~"" t,p-.,y. ,,~,)~tr\'c ,1~ \.'."o~;.r~... ,\';;';!I:;,~... ,'j, ';, (Form of Pa"e of "'ond) ~':(;,~ ,-1.'1 ' i'':' r.l~:,,~ lj-;)k'tLf'~.f':;:"''' :~t1:lj':h ."...... . .t~:~..",. :,':.,-,: '~~'.' \ ... P .....{.,"'~y.~'.;... ,:,:r . ~.. .j,~~fu til",~ ,.r,i.'."'~,",,~b.">',,':v^'..\fr).I';~:-,\.:... ,',,'" "::I;I~'''''''?r ,,'" ,,'c," ~;/:>i;: ,:~.~~,.~~t.l ;.'~l ~1~~.:!r",..r'~. L;~'::*.,. :/.,','.~' l~~(tJ;;":", <;..; ~:. ::h~;.:e" V'I/'" .......;;{-....t'-,E. -:,.... _,~+J (-<.'~' ,. }''1 .. ..' A ;;:........ :.........f. "'1";':;""'" :t\,~r'. ~",,(::.'H ' , !{';.'ir"f'.'~~"""(", CITY OF CLEARWATEI4 FLORID :"...,'r~:. liJ,<:i'S:~ MORTGAGE REVENUE BOND, SERIES 1983 (FHA INSURED MORTGAGE LOAN - DREW GARDENS APARTMENTS PROJECT) -r-'-i-..<<,""'.if', !.. 'c( ~:-;';.1{''r~ "",')'~~;'!:o,"f<1::' ~~;:~;~%l~}l.; f,~~ ';':{o;!.: tt~~<~J '~;~:!;;K::. ~(; ~, ,J.' r~~~\""{~ld ;....."~:~ ~ '}.t \{.'} ..~ .~,;:,'1 ~,. ~\'':'~'~J"l,.,t;.i'r1j. 'i ~J:f;.~;.... \.:' ~'~0J~i~ ""'~)t~z~;:.::;~. 3.;.;r;~~}~ ..~~?t:;~~:;;,~.: ~.i~;~Ji~:~.~~.;~~~~' ii~~qi~J~':: :\~~:\ , ~'[i~~tJ~i{;\~: ~:t;l'#1A',);\'(;\: G\t;~~i;::,o;.:). (Xi" ~~~1~{"~;~~~;N~~~:: ,;,{;;\, h:;-.t . p." . ;~:i~J~';":r:1.i'.;'4}~'~~.t ~'~fi,,,"t,...,,, '~;~i~f~~~' ;"f.'~:~> '..'f~{;': ~~'j~" jr~t:.~~ "r1~~' 1;~~1.~ ,,,, ",\ NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY OF CLEARWATEI4 FLORIDA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF on PRBMIUM OR INTEREST ON THlS BOND. No. $ . City of Clearwater, Florida, a municipal corporation of the State of Florida (the "Issuer"), for value received, hereby promises to pay (but only out of the revenues and other assets hereinafter referred to) to or reKistered assigns (subject to any right of prior redemption hereinafter mentioned), on the first day of , the principal sum of 'Thousand Dollars ($ ), together with interest thereon from the interest payment date next preceding the date of registration of this Bond (unless this Bond is registered as of a day during the periOd from the sixteenth day of the month next preceding any interest payment date to such interest payment date, inclusive, in which event it shall bear interest from such interest payment date, or unless this Bond is registered before March 1, 1984, in which event it shall bear interest from September 1, 1983) until the principal amount hereof shall have been fully paid, at the rate of _96 per annum, payable on March 1 and September 1 of each year, commencing March 1, 1984. PrinCipal of, premium, if any, and interest on this Bond arc payable in such coin or currency of the United States as at time of payment is legal tender for payment of private and public debts, at the principal corporate trust orrice of Bank One of Columbus, NA in COlumbus, Ohio, or its successor in trust (the "Trustee"). Payment of interest shall be made by check or draft mailed to the address of the person entitled thereto as such address shall appear on the registration books for the Bonds. 'IlIis Bond is one of a duly authorized issue of bonds of the Issuer known as its Mortgage Revenue Bonds, Series 1983 (FHA Insured Mortgage Loan - Drew Gardens Apartments Project), issued in the aggregate principal amount of $ (the "Bonds"), pursuant to the provisions of ordinance of the of the of City of Clearwater, Florida. The Bonds are issued under and are equally and ratably secured as to prinCipal, premium, if any, nnd interest by an Indenture dated as of September 1, 1983, between the Issuer and the Trustee (the "Indenture"), to which Indenture and all indentures supplemental thereto (copies of which are on file at the oWce of the Trustee) rererence is hereby made for a description of the trust estate under the Indenture, the nature and extent or the security, the terms and conditions upon which the Bonds are issued and secured, and the rights of the holders thereof nnd the terms and conditions upon which additional bonds, equally and ratably secured with the Bonds, may be issued. and pursuant to an LKL-9/14/83-#207 A -2- 'II~lK ..~ ..."'~.......-:-... .,~-~ ......--.... .. t.~:.: .~f.~~' ;.'~c~'d~,>P/~ "~~J~.' ~::.~;.f:U' ~..... r; ~ . I P . .:f~y~.~;r'~ ~ ~':" .....~t~n~. '.. ....~:r~1.::~' '.~"'.:1~~"'.""~':~ ~l:;'.'."\"C'-:~';'r;.': .-"-'1'"'"\ ~'l-.T.:''J!"''+.~ ,.~~.~~t;"t. ~o'!~.Jr",t..S.~~ ~:.. .' . ~ .. 'l' . . ." .' .... '..' . ~)': ',":I"~~"~': 'i. "C~~}."....,,,r' '~'~~~')lft::':'t~~,;~,.."p,!*.,,, ' .. \ . . . .;:.,. ~', .: " .. . , ,. >.1:'.;t ~.. .';' "... ....~-.. ' ,.. ,>\-;..L .... , ~ t" . . , ';~ t ...:;.':' ___.____ ____ _u \. .....~!,,';''1- ... ..... .. . I'!.... '";.(" . t ,', .f"';""".J-~ ; " ,rI... , r .. ....:. }.I I , " C),', ".'. c" o AU things necessary to make the Bonds, when authenticated by tbe Trustee. and Issued as In this Indenture provided, the v81ld, binding al1d legal obligations ot the Issuer aceordlng to the import thereof, and to constitute this Indenture a valid lien on the properties, Interests, revenues and payments herein pledged to the paymont of the Bonds, have been done and performed, and the creation, execution and delivery of this Indenture, and the execution and Issuance of the B(lnds, sUbject to the terms hereof, have in all respects been duly authorIzed. ' NOW, THEREFORE, the Issuer, In consideration of tbe premises and the acceptance by the Trustee or thp. trusts hereby created and of the purchase and acceptanee of the Bonds by the holders and oWliers thereof, and for other good and valuable consldera~lon, tbe receipt of whl::lh is hereby acknowledged, in order to secure the payment of the principal oC, premium, it any, and interest on the Bonds aceording to their tenor and eUect and the performance and observance by tbe Issuer of all the covenants e~pressed or implied hereIn and In the Bonds, does hereby bargain, sell, convey, pledge, assign and grant 8 security Interest unto the Trustee In and to the rollowing, sUbJe!:!t only to the provisions of this Indenture permitting the application thereof or to the purposes and on the terms and conditions set forth herein (said property being herein referred to as the 'Trust Estate"), to wit: , ' , L KIr8/23!S3:', 201 A -9- 11 ,\ " . '.' I"':. , " , , .~:.\.t~..\.~ ,.~.... ~ ,. - .,';...:>~r~.::,,~ .:.::'::':'.,".:. i...';...~.: . ' , " ';' , '~:":' :,:,y~ ~'''\~~~t:"~~?:~~1:~r;1~ ~, " , .'::..,.';' ',./ '.: ~ +,: ~~.?~".~',''':'': ':,~..Io,"~"~'~. ~ ..~~.~ '~.. .l:'~~ ~~,~'t:. I ~.~:'~:' .~'b.~~\~., :~.f,:..~ ~"7~ti'":cl:~~:..("'" I ,.,./ \ 4....:~c o A \S," PROVIDED, HOWEVER, that if the Issuer shall payor cause to be paid to the holders and owners of the Bonds the principal, interest and premium, if any, to become due thereon at the times and in the manner provided in Article IX and if the Issuer shall keep, perform and observe, or cause to be kept, performed and observed all its covenanb, warranties and agreements contained herein, this Indenture' and the estate and rights hereby granted shall, at the option of the Issuer, cease, determine and be void, and thereupon the Trustee shall cancel and discharge the lien ot this Indenture and execute and deliver to the Issuer such Instruments in writing as shall be requisite to satisfy' the Hen hereof, and reconvey to the Issuer :my property at the time subJect to the If!;!n of this . Indenture which may then be in its possession, except funds held by the Trustee 'for the payment of interest on, premium, if any, and principal' of the Bonds; otherwise, this Indenture shall be and remain in full force and erfect, and upon the trusts and SUbject to the covenants and conditions hereinafter set forth. 'LKL-8/23/83-f207 A ,; -11- " ~~l~;;;\{,;; ,,'" ~ :.,\ ;'1 I .'. ~ r ." r ~ ~: . ,I, , ~.:I""~'~'..I;J c '1.. .:1 ..~(~ " --~ : ' " . ~ 'I: " I. .' 'I ",' ,.' ;,''j:: , ,',', '. I, 1, I' I, . .' ~ ~ '.1" ,I - \ . ,? k~""~' ,:.{. ':. L '" .\:r'" <';;'!<': [J' " ! ' JlJ.:....~. 'I' '. 'I , , ["-' ~~t: .~ ~ !';"'td..~..... ,". "_~"';.-1.r. >.~'.~.'..~ J.~~.~I'J~!; ~... ~ ~./ ;....., . " . ;~. {'.' '~,' "~: Ii I>II-"'~ .. ,.-_..... ~ ,..,r.".,...u.........I..r~;r .-' , .)-;~'''1. "'::;.~...~,.;f~~~~~~I...~ ," ,<\:.,:..~:.. . ....~~....\"""'~~'/'t ~~ . T_ .. ;;<<:~~~~~f:.\'~~~~~+:~'~~ ~~:1~!:~"~\e1,C'tf"l;t'\t~~~~:~~ t~!::\.- :2~~J ~':,~~~~~J9.t~{~. ~. ~1': {':" "'::"l~;' '-:. 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'i{ ::. : ~. \. ~ ,~;(..... i . I '. 'p\ ...~. ,..:~....;,~~ \.,.~;. . ~;i '/~-J ~.}\ t\ :i'" .....:.. ". : "1. ., ;;. i~~' ~.f :'.'~ ..r,r,'~'r:. :l';;'t.~!V~ 1::;..",t,,~t~}"Jk~ ~~~J;t~:f;~U~~ [~!iW~::fi:t~;;::I\<~';: ;);:;:~'\'~,~r\/.~~;::;~', :;,~: ;<,:.: \ ;":':::;,~' .:: .. .~: :/,:,' ;({,;:,;:: ~};:; ~ ~~:~, ,:, ~ :i ;~~::' ::/{:t/:,;;: 1:}{~~{ i~;>.~::i~:~'~~\"( '~:;4;;'0Jh::; ~~~1}.~:*~1?f{~ ~~!{;.t~l"",),,i;J,'''';f'(':i:'.'','; "'fI ",!!",:{. "",'.',., ,..,,' ~"':-"" 'r""" ". .' "",'-'1, .", ,~,-,' ,,~('. '\"" , '., '.J,: '" "r -,' "",'I""":'"'i'!"~'~~::~~~'~'~~' ~l/\f"./~.'t...",~.t.r j. ~~ ;; .Il'". p' (~'+.~ 1.. ~'.-.l>.. .....:;,.0/"' 13~' 1..,~ ,.H'~;.'J; ..~. '1 ..., ~. . ~ ,.'\ i~ .'_" ,'.' ..,..' '''--,.t, f1~.r! .~.,') ;,,, ..I~ , '~f;lr\(~i7 i'i,;;V),'::.';; ,;:':~t':;:,; ;'::: ,<ti~;i:;:~:t,:.:::;ok:;>>:': : :::: (. ',':, ',: <'."';: :';?ii[li/:::";'\ ,;:;J,: ~;.'\,:"'if~;'E "@ D.J ~\tt:~t,.~;t:.I~~ ./~'~ \.~.. :~~~I'';l~fy.:\~~ :.l..i;~,.!.:\~.:.!, ;,~~~';:~,";.,~~"'i ,4 (\ ,.i \'tr.(;:g~; ~",:,~ , : ~(~~~~:;~; r..;I~W~i:!".i',~., I ~~~~i~h)~.;i: 11'/t::~\f \i;1"':;.j>, . \'~q~'"'' tf~JiW~: ..t~'~:r.r. l~"'I'~' ~.lt~.,",,~\ ft~~~r......l~t~~. .~~8r"'" l' ~)~'~';;i.i1j ~i' . '\~or . .~ 7.(.., ARTICLE n The Bonds Bonds may not be Issued under this Indenture except In accordance with this Article. The total principal amount of Series 1933 Bonds that may be issued hereunder is expressly limited, to $8,390,000. The Series 1983 Bonds shall be Issued as fully registered bonds, without coupons, shall be dated the date hereof and shall be numbered from 1 upward in ascending order of authentication thereof by the Trustee. Sectlon 201. Authorized AmOWlt of Bonds. The Current Interest Bonds shall be In the principal denomination of $5,000 or any Integral multiple thereof (except one Current Interest Bond Which shall be In the principal amount of $5,321.18), shall mature on the dates and in the amounts, and shall bear Interest payable March 1 and September 1 of each year, commencing March 1, 1984, computed on the basis of a 360-day year of twelve 3D-day months, at the rates set forth In the following table: Maturity Dates Principal Amounts Interest Rates March 1, 1983 September 1, 1984 March 1, 1984 September 1, 1985 Maturity Dates Principal Amounts Interest Rates March 1, 1983 September 1, 1984 March 1, 1984 September 1, 1985 March 1, 1985 September 1, 1986 March 1, 1986 September 1, 1987 March 1, 1987 September 1, 1988 March 1, 1988 September 1, 1989 March 1, 1989 September 1, 1990 March,1, 1990 September 1, 1991 March 1, 1991 September 1, 1992 March 1, 1992 S'2ptertber 1, 1993 March 1, 1993 September 1, 1994 LKL-8/23/8 :i-I 207 A -16- " t'; .~~ d'~". t'.f-L: I." . ~ '" ,\ ~ ~. ~ , "li~~,,\,rt~~~~'rf.tPtu--~'{i'}-l;"''\'" '~f;!.-~:......... ~,Altf""'l....;.J);' ~""__"'~'~', ~ ..'?:'.;J~~1 ;'~l\','~ .~Ir"ot~~c~'V-;\!V'$..~1 f~'~.~~'~:!~, "~'-',;"~~~:-l'''>'' "':';~";' :~',,-::.,O".:"'t~,' " ,:"'," ,r',' ",': ,:,~ ;';~""':"'C':<'" ,:i~"" ,'~",',.:'._';~,~',;:.:,\, " ~ ,"', .,..{,,r-',, ' I ~ 'll~.j~"}:!:.l:i":.:~:.f ;~~~I~~.~\'~.:I::~(,I;;. 1~\/~~, [",: ':r~:.;~~~'<..~r-~ \ ~ :t', ~ ~:~.;\:1~~~i~fi..;it.:;:':~:~ (.t:t,;l+tl~~!~~~~f.~t ..~0~~~~1;~ . ..~.."' ;:.:t.,I'I'..,;;...""'oj.-vp"H(Q"*..../'I. ......J ...~ \."t ~..' '..., J,. ,",~1.-t.~... ,..... ",:\7 ~ll.:'" .t'( ~~ i~\t\i)-~~,~-i,..~gw~... ""'.,- i,lr~.~~~J...~.+~.:,~I~\.."jr~;)\.jr it~..<.:';},;~~.':;...,rt,."}f.':.~1 I~' ::;' }J:I..",.-~-~~~"t~*~::../~~1~t. -k~'fI;.1~;.-\.~~-~\<4r:{tt':.-;,~\~t'> - ~" . . . ,~: ~'7'11 ;.\i.',',"';" ,.,..:')'.. ....,,_.t:': ~".t~.;-'; r.~!':""'~i-.I'lf,,\,~~"-!.'j '-...'.-',,{.~t}:"':~".:'.....1t\(....>f, ;t~:1 .'J..~,,.-.,~~4C..--rIIJ.'t! {.~:z:)-.k~.u..:)~~. '''-'T ' "'~"""'~, ," ~ '" ~", ,) -J.' ,)', ",", A"'~ .'P'" ~',,,,, -, """z ""i"t;"*'~~" Jf:Jr."r;';"r{':-rrt~/P"';"!'\~\"";'"'!t,..~?\,,:, ".-~.l'-:c>>.'-e:,'-?'';~'!~Q..-','1:'~'~ "'~/~~,...,tt. If., ,,'<{~'" :4::.~'\ -;. ......>1 ~""";J~."';~. ~ t ~1 ~~:~~~ r;:~~:.,~'~?~ l ~;.~,. ..t~',~~~. ~I i,.l.,~': ~..~",~ ./~ ~":Z ,:i':L, ,t ~;:::\;~~ ~>li:~i~ t~~t;' ;:~~'";;.~~~; ~ r,:j/3}~~'/~" f-J'{t~;, ~~)~~+J}"~~ ~~~I t ~{~;~Jf~ ~~~) l~:~~ ;f.:{',.:l,~~:~~ !.:t ;~~:,_,~~:~ ~h ~ ~:\+ '~iJ;:: ~ ~~;~~~i;~:;~~:i ;;1 ~;}~ri~~:iij?ji~:;;~ \'.I-i+~"'(l;J",-. ~l~..~~~~::"'" X,;t~~ "i~. J~...-V.' ~.~.-,;""A-;' ~'~:' ~\:~; C:J: ~'.,,:~XL.:~ .~~i"~\\";:tJ7~"I,T~~1~t\~I,Y'r~."Q'1;w'IA:::nt~i~-:'''' ~.~'. it: i ~ ..~. \' i,~~:~1~~*J~Jt0-::{f. ~;'~A.?~: ~~;F;(~'~t&?/i~ \t: ~:~ ~ j '~~'l~ 1~~~~ :;i~~f'\;! {jt:~',~~.~ f.~,:~~;.t~~':~f ~i~~~i~~_~~:~l,~;ff.lb\~~~'r{~?:.p:rf; ... v.or"~ + ~ ::'i: ~~:~ ,.~~ \~ J~ ";:..' ':fLJ: .,.)~:; .1,,' , ',..~"R .{ ~ h ~ , 1...., t.';.... ;;. ~...~,~ ....., 'j "J. L' "',r-. ~/ tt.;r~pl::....~!;.:\--, ;. ;.~\~ ~.:r., ~~'t'}~'tr.".c>./ >t! In ' ~~'>J;~"'~--;~".o- {'~If.L~~ ~~""J>{?' '?--",l~ :"I""~ '" ~ ....J.f... I~.'""--.....: ~. 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'1. ~ :r. -:::.~ '~('~<...f oJ....,. ..' ...." ~ .,' ~/~~'.....~vl""............ -( .".',,~t~ L \1.~';~~",';,.'~ I .~'I-."""'i" l.;:-;..,..-.~.r,.!'t~.... ~jrtW'!:~ :;~s\;~;~~~~~~;:J(!.;lr.;i ~.~i~~~,f.\~~,L.~n~~~~i.;~~. ;,;i:i<~~-J ':~~~~:':. ~:. ~~~1t :\: .)~ ':~':'.:. :~:_ J;....~f }o~.~,.;.i:t~\t;~.t{:1i. .\. ~:.i;:~"1~,~~~?f .~~~':..;~Jrti.:~:' I 'j{, ;iF1 .I. . l;i!S i~;;~::r r:~~ ..~\;~~~\y.:e~~{:~.~\~1j~;>:. ?-5~:~~~?:/~~~~t~;~~s:-.~~:.~'.: {;j~~~ r{ '1 (- 1, ~;~:: -~.f{;S!.::~~~:~~~~/:~.~ ~I:.~~~~;.~ ~.~;;.~~~~!~'~:~'::;::l!:f ~{"J):~~t:.~~(~1ifJ~~::f' ~~.~' \ '1~,'>~i J~ l.,.....li~'~- ......,.)rJ .)~!":..:-1...<..~~'..'.!.";.,. .~.~> A],""".j" ,:.., JJ'~,~I:":r.\ . '.'c/<.,.'~~'~~' t.~, ~ !i~":'~" ;J-'.;~'''.r.\. ",";':'.~t t.....\.[.) '~"~.~~;"""l~ 1~ ,:~~l~~~~~J~~%!:~~;;;i{i;~~5;X~\~~~1~V~:\~ ;i!;' ::{~~.~'i::~P~{~-i:M0.:':;:i;':';~}~ ',.'1 ~\~F::~j,~i:,..;~;.:::::';t~{X:';~:;~i{(~:f~,/~X~h\~~!1;~t~~fl:f*~~~1:;~~~:1~}f:!.ir , ' .~'l , ~ ~~ 'V... ~l '-.[N \L ~-t' .::;1. 4;' .w t" '....' +' oJ. 'jJ' .... ,., " . t..> ... ~ J "'~". xl ~ 1'\.......'. "; ~ .",. 'to> ..... ....., "I } ~~. .., '. ..,~;.. ~.~ - ~ i ~ ' .~.,:~. '.'1. . I '~....' '" o{~ ., !.(:~ + '. .: f ~." ".J;:<.-" \....< t~-;r\ 'P;~~Q ~J:~:'~~:'/'~ ~ ~.. ~l'~";~ l~;"': (':/;:.. ~:;' ~'{:~ ~ .' }>~ "'h~~/-:"'" .~~ ..~~ I', t, ~i ~\ .::i I! ...!; p,;f ~: :-:"....: ,",',' 1 :.::.~: ~ .l:: :,. '.' \,: .'. .~. :,' .. ,_ f.,', . . ~ '\.h;';:",~~, ,-T~-:':. ,\7~. ,:,~.~ >, ~;, ~:~.~.~ \: ';J:i'.~~\.\'l.::.r;"..i<f. i:.....lt:..yl':'."""I~\!. V'" vj.-:~ 1.. 1 ~\'~~l.,l~ t't ".~'?" ~ f~;-~~" ..,".. ': tr.t ~'" d ~~ ./ ~ /, ",J!.'....."J ~, . j: ~ .. ::. ~ , . .....~.. ~ . _', ~ "". ~. I' .~. '0:, ......>.". n l ( ~ ~'~.'1 "'. ~ ~.' ~ "". ,;.)",,' [,.~\, ..~ .~.J, ,h," .~ ~:J {~1."':1 ~ 'l{~ H,.{-fl" I,,;\-t i~.' -.... ~..t ,;10" 'r'" ~H'I ,. " -'I,.~i . ~., '. .' ,'. , ~', < 'I t ' ,I -'.., .,~. r. ' . ..,~. ~. ~ ,.~ .fh)1........- ^ .1...' " ,\"\~j~. ~~r'- J: ~.' ...._.~._...~ ......_--,_."'~_......\ TT' J ~i....._ ....~ ~...._~.I... . '''t}~t..''''''''- Ii' ~t'.. F <f~~~':' l.~~"iJ..{i. ~.f..j'ij~.~i::"{'1il ~~' .. 0 !i't:~;.~1't7..~#~ .I.,:{!""l.....". 0 "I""j':;}',;~'" ;;':Fl~~?/rfl;~(:::(':'~Y~~~~', }~~~~..~..~~~. f ~. i-:-h,':j'; ":.~ 'I i~.,.:,:~. ~I. ': It-:j'{.r.,.~1:t.~~~ !'~f":{\Y'''; ,;' ',~ 7:./~ :' ,'~;~t.F~':pr~?:.'l t. ~ .;t.~~:~i<"~.':-::P:_~': )11~';;~~.~.i} tI..~t: '--:..:.r~~~'-!\,....:..:...\ ..~"-{" ~'r{;:'"'lt. ~~,"~:' ;"f~t( Y:!~~\~;~7::';::' Maturity Principal Interest ~~l \f,l!l; ,~," Dates Amounts Rates 1~"I"t, ~t+~ <b. ,.....' , ~~Vt.l'1 .; '--.,;., r ':;-"', .' '.f~:~ ~d" --;>~~J:,~~,~. D~z~!:'i /~,;." March 1, 1994 "l'l~l' "~<' 'i~"\i.\Yr;'; Sentember 1, 1995 ",.~ ...+.,j~;..' ~~~~ ~ ~<< ,~ J"'~:~~'\ March 1, 1995 P:*,i";; ~f~~ .~ .~I"~,,, September 1, 1996 '~~d, March 1,1996 ,l~t' ;f, 'f' . 'V'"vt!",' September 1, 1997 .":t~~~:j;~ March 1, 1997 4 J~L~:-,.~cR~:~; ~ttt~;itt~l -:.'~h..'~ ~t~.f; l~ ~"' ,\:" Each Current Interest Bond shall bear interest until paid from the interest payment date next preceding the date of registration thereof unless It is registered as of a day during the period from the sixteenth day of the month next preceding any interest payment date to such interest payment date, inclusive, in which event it shall bear interest from such Interest payment date, or unless it is registered before March 1, 1984, in which event it shall bear interest from September 1, 1983; provided, however, that iC, at the time of registration of any Bond, interest is in default on Outstanding Bonds, such Bond shall bear interest Crom the interest payment date to which interest has previously been paid or made available Cor payment on the Outstanding Bonds. The Insured Multiplier Bonds shall be In the denomination oC $5,000 payment at maturity, including both principal and interest, shall mature on the dates and in the principal amounts per Bond and in the total principal amounts for each maturity as set Corth in the table below, and shall bear interest payable at maturity or upon earlier redemption, compounded semiannually on March 1 and September 1 of each year, commencing March 1, 1984, computed on the basis of a 3GO-day year of twelve 30-day months from the date of such Bonds until paid (subject to rounding to the accreted values set forth in Appendix A hereto), at the rates per annum, as follows: Maturity Dates Amount Per Bonds Total Principal Interest Rates September 1, 1998 March 1, 1998 September 1, 1999 March 1, 1999 September 1, 2000 March 1, 2000 September 1, 2001 March 1, 2001 September 1, 2002 March 1, 2002 September 1, 2003 March 1, 2003 September 1, 2004 March 1, 2004 September 1, 2005 March 1, 2005 LKL-8/23/83-1207 A -17- '" J' " '" , .' ,~~ .: , .~ T 'l~ .l.....,.n.. " ,.; " (~~.,.' ." ~ -} .... ."-.'., ..~....".~:.....,"".,~,,,! '.~ '.~ ,C'1:'~?'" ; ;"i , " -. ~ ......... "',~' -'. ~,,:j..... r , '. .~;'~ .'".~'. :<~~. '::~'j:~. '., I''':':~~ <~ : ~:'" ' :' ;"" } ~(."/ - ~ ,.....c: ""1' . n "., ~ . ~... .~ ~ ;,~j C , ~ " ',.. , ~ '. " , 'I , .1, .,' C,,'I ~ . >, 'I': ~: .' , ' , " " :' . . .~ :. . >, . ',t ,'.';t. . . } " ~. ,0" ~. I , ,H, "J. -, l"' " . .,..' . .,' 'j', \ ' . ,'," "i " .... ," , , ') : , '. J: r 'I', " . i " .J, ,,\ 1______'_ \, \ ._, _'''-'''_..r+~'''-.._.'''~ .... ..\' ,._~""""'~Mi~""___~__"""" ..-,. -, c "he Accretion Table attached hereto as Appendix A sets forth for the Insured MultipUer Bonds, per $5,000 payable at maturity, the principal amount of such Bonds and the accreted value, defined as the principal amount plus accrued interest, as of each March 1 and September 1 commencing March 1, 1984, until the stated maturity of such Bonds. Payment of principal, premium, and interest shall be made in such coin or currency of the United States as at the time of payment is legal tender for payment of private and public debts. Principal of and premium on the bonds, and interest on the Insured Multiplier Bonds, shall be paid only upon presentation and surrender thereof for cancellation at the principal office of the Trustee. Payment of the interest on any Current Interest Bond shall be made to the person whose name appears on the Bond registration books of the Trustee as the registered owner thereof as of the close of business on the fifteenth day of the month next preceding an interest payment date, whether or not such day is a business day, such interest to be paid by check or draft mailed to such registered owner Ilt his or her address as it appears on such registration books. The Bonds shall be subject to redemption as provided in Article III hereof. Section 202. Limited Obligations. The Bonds and the intere~t thereon ore limited obligations of the Issuer, payable solely from the revenues, receipts and security pledged therefor in the Grunting Clauses hereof. Neither the faith and credit nor the taxing power of the Issuer is pledged to the payment of the principal of or interest on the '. Bonds. Neither the United States of America nor the United States Department of Housing and Urban Development, nor any other agency of the United States of America, nor the State, nor any political subdivision thereof (except the Issuer, to the limited extent set forth in this Section) shall in any event be liable for the payment of the principal of, premium (if any) or interest on the Bonds or for the performance of any pledge, obligation or agreement of any kind whatsoever of the Issuer, and none of the Bonds or any of the Issuer's agreements or Obligations shall be construed to constitute an indebtedness of or a pledge of the faith and credit of or a loan of the credit of any of the foregoing within the meaning of any constitutional or statutory provisions whatsoever. Section 203. Execution. The Bonds shall be executed on behalf of the Issuer by the facsimile signature of its City Manager, countersigned by its Mayor-Commissioner, attested by the manual or facsimile signature of its City Clerk and approved as to form and correctness by its City Attorney, and shall bear the Corporate seal of the Issuer. Any facsimile signatures shall have the same torce and effect 8.S if said officers had manually signed the Bonds. Any reproduction of the official seal of the Issuer on the Bonds shall have the same force and effect as if the official seal of the Issuer had been impressed on the Bonds. In case any officer whose signature or facsimile of whose signature shall appear on any Bonds shall cease to be such officer before tile delivery of such Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if he had remained in office until delivery. Section 204. Authentication. Only suoh Bonds as shall have endorsed thereon 6. certificate of authentication substantially in the form set forth above duly executed by the Trustee shall be entitled to any right or benefit under this Indenture. No LKL-9/14/83-U07 A -18- ,,-:"'l~.: ,r~, ~}+.f""~ ~?..,i-o__~~........ ....~~........ ~". ~ : ~ ,- . ~ " .. '. '\,'.:' . H.... ~c , l ~ . ....... ,,", '+' r c ::~. . .' '. .. .-. ~,', .. I' ~." ' . q " " .... I . '\.' ~ ...' " n' . , .. ..,', "",....~ ~ '" J "~. ,; . . . .. . -. '. ; '".;c"~:.:. ~~,~ >,"1. 1~ :~'!c~,..' :-. ':" . '.<, ":';'~,~. . I ." ,... . . ~ ~ .'. t,'."\~:"~.~~"c:; "." ..,/,Hc(:, <;.:." '.. , , , ," ' !' ,', . .. '. "," .. <, , , .' T.,:,':;',' ,~. 1 ~ ". . '.:' . . J.: 1 'U~ ,t"';':;' :' ,. ,..,' ,: ,~. , , , .';' ~ " , '. .\~ .' ", '<,,' , "'\ ' " ," , :...~ . "~j ~ ~ ' . . I ,,'. '.L , " ....:.> . '\' '. ." ,). :, 'I ...............~...... \ ..--..............--....--.. -. ~.....' --......~-~_.... ..,..1. , -.. /'"". 41 c Bond shall be valid or obligatory for any purpose unless and until such certificate of authentication shall have been duly executed by the Trustee; and such executed certificate upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Indenture. The Trustee's certificate of Buthenti- cation on any Bond shall be deemed to have been executed by it If signed by an authorized representative of the Trustee, but it shall not be necessary that the same person sign the certlllcate of authentication on all the Bonds. Section 205. Mutlilated, Lost, Stolen or Destroyed Bonds. In the event Bny Bond 15 mutilated, lost, stolen or destroyed, the Issuer may execute and the Trustee may authenticate and deliver a new Bond In lieu of such mutilated, lost, stolen or destroyed Bond, of Jlke date, number, series, maturity and denomination as that mutilated, lost, stolen or destroyed. Any mutilated Bond shall first be surrendered to the Issuer; and in the case of any lost, stolen or destroyed Bond, there shall first be furnished to the Trustee evidence of such loss, theft or destruction satisfactory to It together with indemnity satisfactory to it. In the event any such Bond shall have matured, Instead of Issuing a duplicate Bond the Trustee may pay the same without surrender thereof. The Trustee may charge the holder or owner of such Bond with Its reasonable fees and expenses. Section 206. Transfer and Ea:change of Bonds; Persons Treated as Owners. The Trustee as Bond Registrar shall cause a bond register to be kept for the registration of transfers of Bonds. Any Bond may be transferred only upon an assignment duly executed by the registered owner of his duly 8uthorl~ed representative in such forms as shall be satisfactory to the Bond Registrar, and upon surrender of such Bond to the Trustee for cancellation. Whenever any Bond or Bonds shall be surrendered for transfer, the Issuer shall execute and the Trustee shall authenticate and deJlver to the transferee a new fully registered Bond or Bonds of authorized denomination or denominations and ror the amount of such Bond or Bonds so surrendered. Any Current Interest Bond may, In accordance with its terms, be exchanged at the office of the Trustee, for a new fully registered Current Interest Bond or Bonds, of the same maturity, of any authorized denomination or denominations and for the aggregate amount of such Current Interest Bond then remaining Outstanding. In all cases In which Bonds shall be transferred or exchanged hereunder, the Trustee may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such transfer or exchange, and in addition a sum sufficient to reimburse It for any expenses Incurred In connection with such transfer or exchange. The Trustee shall not be required to make any such transfer or exchange of Bonds during the fifteen (15) days next preceding an interest payment date on the Bonds. The Trustee shall not be required to transfer ltny Bond after the notice calling such Bond for redemption has been mailed, or during the period of fifteen days next preceding the mailing of a notice of redemption of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof Cor all purposes and payment or or on account of the principal of and premium and interest on any such Bond shall be mnde only to or upon thp nrrlf!r or the registered owner thereof, or his legal representative, and neither the Issuer nor the Trustee shalt be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to 'the! extent or the sum or sums to be paid. LI{L-8/23/B3-' 207 A -19- ~~~_~.~___"""--"""'~t~"",,~'''':'+N'''''. ......-- "~~---""" ..... .....~.,. .~~~~."~~~~V'~~r}':J~c;:~'-:~.;.~~~r;.,~,"".lt;.....".~... lr .'~ .~'. . .,~ ~~ . ~ 'J; ....~.t, <$;i.:':':\':;:'. ;X/:':'::~;:iiE;:{;:'~i\';;i::"" ; .: :", ' l".., :;~J; ;t~~}:;T:i":'~';'~''':~':'' '~~~....".~ ~:".J:' >~ t..-.ln .--:.~.".'~"~. ..' ,.~,' :r: ;:'~lrlri~f~~[j/~'t'!'f";;:3L,< ",~~,\. . ;~i>;Y~~' ,..~: . \ "(,j,,',, ,,""', .. ,.',. " ,', ' .....,. . .. ;. )' T" .. . "~";./~(t'.t" .,' '"" :,'",' '., " ," , ',.~ ,?;~~flVn1}":~~.::~ >.~,\l~P' "''': ~:':"::~,:.:" " , '.., ~ . ~r~ 'l1L~1~'~I\"""l~i"~ J~'. +~ .1. :~" ~ ,,?' ., c,. '\ ,1. ............ ?{' ~ It. . > :.r.~! .Sr~. '!; f ~'.'~'. >',' '.~ ~'. ... I . : + " i''''''' {,.. ,.," , .', I. Y ...i'~~'l~~1 ".,';c...... .. 'J.', {~...t\...,~2;.....< :-f :;~, ~ ..;.~~'~ '., '. . '/" ..:'::i~~;;i'j:'~:,f i11./i.,',~,"~" t ,',.',.. " p- ".i~~r;.i.;~;,.i:~"':~r ';t.\~;o-'"'(tl ~ ' '.' ~ .' ':., fi.,?~.~t~.~1';~yt;.~ y~ :~,~! "~",'" '. c..t " ~-.J. "..~~:~l;d~;/~ '0; i'~~L <~~\':, '," ~.'!.' ,\f~tli:-!lI',(l y,,( ( > ; '. : t...~:J'~.~~;:':'~,,~? ~>/~l!.J,.. ..':" ' f\ "}\$i~r.'~:~i~~'''l :,.11('" ',< ""'. j .....~,......~~.':';!~'\-...:j.~7.,1~.;..,";'. i l...,,'.~' ." , '''1 ,l\'~?; .,~~,;- f 1 fl'; ;" '41 ' LIt!.J~'1t;ri~~'~~~~ii \d(..;~..;' ~ 1'" ' . . . ..'< j':-li~.,)l\\~\t: t)~"'", ..I,.', :"'.'~, . " "I };l'i .';\\'. ""t-,'.t~" V";\ ' . . " , " r~;~t~;~...~~~~~j~\~ ~"7-),~ :',. 'K .", ' ," :'i~~I\~~i;l(~~~~! ~~.' ~:J':; (/ r.::"'J~\../""\;"l't )--:,:.... ~ .'l;. .. ~';~~~'I!:~'.{~~~t~~:::~i F'.::; :-.:: " '. :.. - ., , ~t~~'f:,i~;~i~;'~\} ~J-: ~.':~~: .~\:.. .' : ~ . ~~I[4'~"j)~~1~t~}; ',:;:~"",~.. }.' '. . ".- " 1:.1J~4r~"'~i'!~I.rit ,. ........, " f;::&0}~'l~'~!~, ~::.;f/-j:? ',", ' ~~rt1~J.;;Jj!: :~yr.:,\:,;;:: ':' t.......:-l1f.~. {~,i.~t'P'~:' :: r-' :>>, . . . t;""~''''}&rI~.V:l' " ';.:, ,>,' ',-/';14~~'.t.\!~y~.. .'1.,';". >,' h..~ , . " " , " '1" ~''!J1> ......,.jl(~~......',~f.. .:~ .,. ,.... . .. ~r:". ,>~~ l~itiil~1~;tf(~;i;;"", ~"'~,oJ..,J}L~I)'!.P\~) . y;~ty.~. 'X('~('~ \,~.+~"!":..\J."p f." '. \ '~~'I'~ "L,;..c~""'''...,.j(./"~~:;,'' ~ ") '.' .../ ~, ',., 'P"";i):""'.'~J'l '~~"~"""l;."'" ,Vy,., -/".,,', , i"::~...-.i~1J:~(.'.k.~ i~j~~~:~,:,~~I~i~~~!iS=~~~~~;" .\~:>t.l' ~: VI 'c"A'rMf~i~:t)'..~~ ~';'l'";'=\rtt~.~~'.~""-:-.,r;~; ~..> ':: ~ '1.'\ ~'.. "~~':afJ;li.tft.il.,,~ "'}~~1.~tJ,.".::~,~~,,~.I:'> ..-:;,,. ~ ",: 1~:'~~~1p)~~~/li'~~ ~t_ ~~~~~fi:~;;~);i;::~:{/~"~ ~~. '.tc"~: .li~ ~..:., ,~,,;~Tt~'?:.:~:" f", :.:':dt t ~ ,~(~....\, ;., ~ . ':to 'l ~">~f', . .1 ~~/}~~:W;i':; ~ ~::Y1~f~1~:\ ~1J/'~<r~..:;:~~:~.t: ~'~. >.F )",;;9.'""'" '<J"" '~'~'l,,'J~VII<" ", , ..I(l'.I:!~i'~,,'r .I-~,..j':;;'i"".'iJ:1;\~',~", .,.....t.~ ~\Ir<. \, ti:<:,:-It"~~.!.(.~ (,. .~~:~;...~. ......}...~...-N:-~ i.', ..'; ,'~ '~ll" ,'. "-<1''\;''1)'.'' ,;,.,' ,.,'. "'V,;,~,r<.';i\"'C"~" ",,'- ., ',' " ~~"'c~~i':!l . 'I ~.','"r~'-lc '..,~ <",':~ ~l;~" F.'! i f;'.7.tf=;zt~!-' 1T.~,~,'~L;:: \f:{"T~'I,~';fo't.I<:.:,~.. ~1~. ~r';;'~ "~;r t't,'~"'-.\.r"~"",, c ~P&~ ~I ;~~!."'r.l(, ~~'\.~."~~~].i.~t~. ~{>";~~ ,~: ~ t1.J . ~~{~,~\';.;r,~;:-('I';l~~~ ;~~~'~f:~ .~:;~;j~;~ }T~':;: ~'\l ~,r.,<t'n '.\',..,... ," ,".'.,' '., ~L ~7~~'~~f~1l:tl~f;'}}~~~,::~:'~ N ::t~l (........,../........;0. '.~ r.c ~ -,.;.. ...},:SJ 1;;4 ~~" ....)~.I~~I~. .,r'.,' ~~ . t~1.~tl;~~.~.~ff.... .;!,' .'~~~ ...",:; i.>~.I(~'): ~ .<~A...';,({'...' "\~,..\.,. '", '"' "~'\...'::",J1;r~~:~i rr:)' I".,..,.~ ,,,', ~.~ [,.. " .Ili~t~~: ~ ~{~t~~J,~~::.;J;\~~.J.~~,lj~ . 'j'~~(;t..~~~~.Hi:t~ ~:;J:. J;€,'l'l-l!~ ~>,.i: ..... " . :'fl~l')~ '(t~t:tl.~....~:: t,f.i%'~,;~~~' I ~ ;-t!;:,~ )~if'\'{i. \~)~~,~~t{i' ~fi.~.;'~~,~::-F:,-.;... .l/;' . I ..;-i. .~.. . '. t.jtr~i~l}\~ ~r~~~h\'\ . r':';1~~;\::::'~ D'.lh"" '^:;~,' ,'i-J if; {. .~..\". ~: . t," " ',' ,..,~..' ,I J' <. ~. '.. ~ > " ',. ..../ ".- " .' , -. .,: , ., '1,' , ,', \l . :~ 'f' " ._._-~__~...........,.... ..._......--......._....--......r._Irot.--~ ("-, "'-" .f) , .,../ Section 207. Temporary Bonds. Until definitive Bonds are ready for deUvery, there may be executed, and upon the request of the Issuer and the Trustee shall authenticate and deliver, In Ileu of definitive bonds, one or more temporary typewrItten, printed, eng1'llved, or lithographed Bonds, tn any approprIate denomInation, In fully registered rorm, in substantially the tenor hereinabove set forth and with such appropriate omissions, Insertions, and variations as may be required. If temporary Bonds shall be Issued, the Issuer shall cause the definitive Bonds to be prepared and to be executed and delivered to the Trustee, and the Trustee, upon presentation to It at its principal corporate trust oCfJce of any temporary Bond, shall cancel the same and authenticate and deHver in exchange therefor, without charge to the owner thereof, a definitive Bond or Bonds of any equal aggregate principal amount, of the maturity and bearIng interest at the same rate as the temporary Bond surrendered. Until so exchanged, the temporary Bonds shall In ell respect be entitled to the same bene!!t and security of this Indenture as the definitive Bonds to be issued and authenticated hereunder. Interest on temporary Bonds, when due Rnd payable, if the definitive Bonds shall not be ready for exchange) shall be paid on presentation of such temporary Bonds for notation of such payment thereon by the Trustee. Section 209. Additional Bonds. SUbject to receipt by the Trustee of the documents Hsted below, the Issuer may, with the written approval of MBIA and the Owner, issue one or more serIes or AddItional Bonds to pay the cost of completing the Project or to pay the cost of constructing or equipping Improvements to the Project. Each series of Additional Bonds ahall be issued pursuant to a supplement to this Indenture and shall be equally and ratably secured under this Indenture with the Series 1983 Bonds and any series of Additional Bonds without preference, priority, or distinction of Bny Bonds over any other Bonds. All slIch Additionnl Bonds shall be In substantially the form, be of such denomination or denominations, bear such date or dates) bear Interest at such rate or rates, have such maturity date or dates, redemption dates and redemption premiums and contain such appropriate series designation as shall be specified by such supplement to this Indenture. The Trustee shall authenticate and deliver such AddItional Bonds, but only upon receipt or the following: 1. A Certificate of the Issuer, dated as of the date of delivery of such Additional Bonds, stating that as of the date or such certificate to the best of the knowledge of the signer no event or condition has happened or existed, or Is happening or existing, which constitutes, or which, with notice or lapse or time or both, would constitute, an event of default under this Indenture; 2.. A Certificate of the Owner, dated as of the date of delivery of such AddltloRsl Bonds, requesting the Issuance and approvIng the terms of the Additional Bonds and stating either (a) as of the date of such certificate no event or condition is happening or existing which constitutes, or which, with notice or lapse of time or both, would constitute, an event of default under the Mortgage or (b) t! any such event or condition is happening or existing, specifying such event or condition snd stating In detail acceptable to the Trustee that such event or condition will be corrected promptly after the Issuance of such AddItional Bonds; 3. A certified copy of a resolution or resolutions or the Issuer authorizing (a) the execution and deUvcry of such supplement to this Indenture, and (b) the Issuance, award, execution and de1ivElry of such Additional Bondsj LKL~B/23/B 3-1 2 07 A -20- _~~~"'~"""'~.~'WIIoIIII""" " j ~ .. , ' ... , . rffJ .....lt~L...." :}"'~~~'t~~;;-';'~l~ , '. ~'\"'~ .,""!' ::~''''r,,':'::r,,-'''''-,'''''.~Io,f'~~~'''~':~~.:'..,:.:''.::-''',,:;.~lJ;-..~,.......""*H',.~,~. ...~-~ ".,it ",L', 't,....-. , " . ,', .' ,,",,' ..: !:::;.'~~:/;:: ".t :,~i;' ", , .:' :' '. - ' ' . ' .. \....."'..~+~'"!.e...l 'R I:1- r't~,.~ ....y..~ >....~~Il, + ~'1r~,o"-~~I:.'1~!.,r~~f..~";~.:-~I,i. ~.. ,I ~t.\...;~~~... ,''-~r;.\>, ~ ,-..~+~.~Ii,.;".'~~"':;"'-/"l',"'I'e~VF\"'~(ll'?~'r.,.:..}.~"~ ',' ':' <'" ","',/,: ' ,':.., ::!.','Aj.~,:,~::,:'~'~'~:;.~~?:~:~~~'~'~:;'~;::~~;~~~~~:!-~.~~j:'~~~(~~~~~:~,~~J;~~~~~ . . I'. t. lr,:O-V\ r~ .I~' ;-I'-q~\; ~ ..' /\I\! ~ ,~,,'i I -' "I~~"~~l..-"';.\..Jlh~,!\~~ "":'~X.t...-".~>..,.,.,! ,',,' . ,;'...'; '.:.' i ~',., .'i.;"'~'.'>;'f~:::,:.::J~l~;;'~;J7:J;fi.~\~~1{~~~~~4," . > ~,. =~. ,': ", . j-l~ .'0{ "- .. ", .>_1 .St.. H" ,~.:I;I\,""'~ , '. " ,::>',::.."'.',::,;::',:' :"-, :'~':<;:, ::~.:':';:~:,,"~:'::;!:;:'t:\:!,{;;~/!~'~{~~;~tl},\~,'~..f[ .'~ .'.. '.' ...' !'.. ',lL J. .......~,'~~::tP~I...~"t,~1\i~~..t~~....:~ti!,~(~ ~ ~.~ .\, .> I -:,... ':. ~.~: '. ;~~~> "~,J ~ ~,. :.:~:~:.';l:":~~I~~}.~.~;~~{t~Ji. ,~ . ',' , ,.' ." '" t", ""~'r,\ '\;{"'l~';; ,..~ . I > . .. :. : '.:" :~ I > ~"'. ',!:U ;._ .1f!;:?~...~..(t~(\ . .. '1 . ~..'" ...'~...\I ,'~~' :"\'.1 '~11~""'~ ,"~'", " ' ',I..' . ":" , ,::<:,~,:,.; '~~"(>?:"';':l::~~>':to/tf~~:~t~ $1: '''. 'f.' " ';, t ,,' ,~." . ~'J\t "',I';' \\,;;0}J~i\!\.~i' . , .. . .."" "'''' \",... ....,.-1(';'. \ ;', '1. . :'~wl.',\r'.~' J,.tl'1"..~I'!'(~~(\"l~"Ii';" . . ~ . > <\'. v ~ ~!;. ;/'. '::t~"/.. '...;.'ff.... '-':J- . .." , .,.: ~, '." :~~ "':; ~~:Jh,/ltJ.;Z:!.~ 1 " .\:'/r'....,.';~f' ~'~ ;...~:\~..I}.rJ-;~,. : !_' c , ~, ,.: 1~4,,; '{ t,~:'.~ ~~"1',\", ",.' "'l'" !<:.I., ".'l~\:..'.\". '. ' ~:'...I~...... '... ....r~,~~;f ;{~~!"~~., . I, . t... 'to- " l'}.~~" J.1 ....r~ iJft:}"" .' ,',~" .\.; t'i"~~:' .': '1!,y:IVr.t~I.\\.;" 1-, .', .1 I~'/':~..'-.')~ ....+\'!.l;f.~~,t~"~;.~..,Llt~ '" ,', ,'"," '\;'''''',111;,11', " " ~".:: '.:{~ !~I,;<> l~~ ::>:t.h.:.>~;t~.iN~,q 'I~. ~ Il .. . .:" .,:.'1/' :"p>:"t}'''l! ,:~.~\tl.~{ll' ~"Jt~~J " ~'.~; :J':'~t~ :":~~~"'~;';}-';I~il:i::#"'~(~ . ." ~.. ~ .... ".J 1) ,~u~ ,.. l'''l't:;.~'t>-'''/''''U~~ .' .....::.. ..:d:: ~ ~ " ~f;';.;'i;-J{i"~~'l:~~!:;~~~~~f' '" .. "': ~ ~<.. ..."."I~~,}.t~.(,..,;;"~(~..^..~o\.'"I.';(,. " .'1 .'., '" ~. ~lf'~' '\;'Tl.)!'~",'~'l~~~:r..;,' I:'RS- ;", '.(' .- ~.;..". ;.!~.:~ ~i:'~'~:~.:ti~oI.:-.:~;!~.'rSi~tt"'~j~.' . . ." '. ~ ~'y" .!:". . \.:~,.~~~ t~.J..:'::'/~~l ~J ;:, ~ , "'.'" ,.' "'" ..,..t~!",t'W,'~~ '- ~...:.~ }\;~::/'i,::'\ };i~~:{ ':,,+ i.1Jt~t lritt.r', , ""11,,,", ",'.'<-,' ""'~:'l:'\'" l~"\ ~:~ '.,~~" :,'~'~; ;;~e~0 ..~~ ~y. ,.;.,~j)' . .') ~ "-.,;: "~ .... ,1\ \~ "" , ,.....~~~ ,':.:\,:/{3&~ ;~!i~f:-}.);/~..,~ I~ ~ r, .,.", ".J.,)\ ",,,,~,..;,;W.~1 . ;7':t~: Io.-~'.Yi"~.. '1,?lV::~.~,j~(.. :'..:~. t: "......~LI.'. ;(~r:.fll~.t..si'c': .~~.:!Ai:~:~1,:~~':~f. ft-~~:f~~I~c '''" ;,..: .rf.. 1"'X.""r:.. ~~~i}M,~~~f!r' 1t~~, -;.~ "';'~P\:.t...".('~?~ '~"''J ,..... ~: :~"J';:t~~:t~f.~ ~\ .,,;;".a.~ , } I~JV.~".'" . ~(;{:~;~~i}~~~t " 1, ''':- "J:;':'- ;',~lf '~.'0 \:'-.J; ~t~.~'~..~ .:t.~~;..~':f\:r':J." ~ .N~'"'~ ./lJ-'f",~~ .,' '. ':..~~~.'~t~i.i~ ~ N(:~;~;~; ;,}.l!: r <1 " ~'}/-' : ,K" ......... . ~ ~... .. ct. ,TO,. .' ...t.........: " ~ . ',~ ~... ~:,. , ., -..... . .... ~ . o' : .\ I, . "'. \ !J. ,I, , .' ;" . ",.' ,\. :" ; ~..: , , '.~ '0: :: ~.I ) '" \ \ " ~ n '-....;..' 4. An original executed counterpart of such supplement to this Indenture authorizing the Issuance of the Additional Bonds and providing for the deposit Into the Debt Service Reserve Fund of an amount which, together with amounts previously on deposit in the Debt Serviee Reserve Fund, will equal the Debt Service Reserve Requirement immediately following the issuance of the Additional Bonds; 5. Original executed amendments or supplements to the Mortgage docu- ments providing, among other things, ior increasing the installments of principal and interest payable by the Owner under the Mortgage Note to include amounts sufficient to provide for the payment of principal and interest on such Additional Bonds as the same becom e due; 6. A tlrm commitment Issued by FHA to Insure, pursuant to Section 221(d)(4) of the National Housing Act, or any comparable Federal legiSlation, the additional amounts payable by the Owner under the Mortgage Note; '1. Satisfactory evidence, dated as of the date of delivery of such Additional Bonds, that the amount of revenues estimated by the Trustee to be receivable thereafter for deposit in the Bond Fund will be surticlent in amount and available In time In the current and in each future year in which Bonds and Additional Bonds are Outstanding (1) to pay the principal and Interest required to be paid on the Bonds and the Additional Bonds on each interest payment date and on each date on which the Bonds and the Additional Bonds mature or are required to be redeemed, and (2) to maintain the balance in the Debt Service Reserve Fund at the Requirement established for such fund; 8. A written opinion of Bond Counsel that the issuance of such Additional Bonds Is permitted under the terms of this Indenture and has been duly authorized and that the Issuance of such Additional Bonds wfll have no adverse effect upon the exemption from Federal income taxation of interest on any Bonds then outstanding; 9. All documentation required by FHA to implement an increase in the amount of the Mortgage Notej and 10. A request of and authorization from the Issuer to the Trustee to authenticate and deliver such Additional Bonds to such person or persons named therein upon payment to the Trustee for the account of the IS!luer of a specified sum plus accrued Interest to the date of delivery. For the purposes of making the estimate rer'':l'l::d to in subsection ('1) above, the Trustee shall assume that no mortgage loan principal pr~payments will be made and that any QUalified Investments purchased ot any time after such date of calculation in accordance with Section 409 will have yields not greater than 5.5% per annum. The Trustee may make such additional assumptions as, in its discretion, it may deem to be reasonable and may rely in whole or In part upon the certificate or opinion of a qualified consultant unless the Trustee knows, or In the exercise or reasonable care should have known, such certf!lcate or opinion Is erroneous. The proceeds of such Additional Bonds shall be deposited by the Trustee as t::-::...!~:~ !~ the supplement to this Indenture referred to in subsection (4) above. LKL-8/23/83-'207 A -21- ~ ......... ~"'_~~...I.....~ .......".........~.........t"""~..,.t~j............~.'""::-"I..._.,..... ........-- -......----'-~--_..-.-.----"-. .-. . , . . -.,~ ,:,.. ~: .'J ~ , '~~-'~:I'l"'~~''''''''''''~',~,-.~,<-: "" ,,'~"';l~"-{~:\:.l~,~'.(~:' ." '," ""!'"1~B$~~,~+;'~~:';';,~:, ',' t1~'i.;4~iJ\' ~;:j..;1< ~~ ~ ..h ~ ~',,; . . I ' : t "11,;~~~~~,f~:,~;;:t\~X;;,2':'~;.;.' ,~,)y ::< ',~ ,~~, "... t 't'<, ~}.;I.'L,5'~,;\:J~'.~~.lt'1-~ ,.:~~-):._ ,;:~' ". '.' ~ itJ- . ~;_~~...;>l''oc ....l~..;..:" r,:'t~."' ,. ~', ,.'L I" ~ I' . '~1 t1.~"':~!~~':'1f-f!~~1:'~"{~'~J~'t:" "'_~ "~',.~~ .J: ~.' .' . I, ,.. ~ , . ~ 1;':.:.\i,,~,/iIj:i' ", ,,'"I" '~P7", " , \ :t~~...t,. i;!!{~~:~t'5;i~~:':.':.~'~~:~'::.:::..:.;~. .."! :.;:, ;:': - ~,.:. '.' '~r~K"\~";:~?I' ,iJ.( .\";..Ir~~ (~k' '.' .......; ':'..' ~ ~ ~i;f:T:>'j.:";'{:)' . ~ ~d .. ~ I. ".'" I.'" . . I < '>:':/~~~L' r.f...l.,i...t....~ ~1" I ... : J- . t I r ~iF'fll'.."",: t..:. ~f.t .. Ij:<.....,:" ,.' .:J.;.. .'. < . 11';~~i.;);:#i ~~~?i::'i,~\,;,i: . ':: ',,', It ,.../t.if'!..l}1;k.....'t"..;o\ '. .'""='~ '~,>. . . . ~t;J. ~,:~~?ti \i~{:.~~1";"':>~i, l~~:. :: .:. '. ~ ' '."f-',\" -",\,,\'. "',~, '" ' \ '~;<~~:::J~~~~~i ~;'\~R~;:X: ,'," ' :', /:~': ['" .;" 0',' ,<V.! , " '''.<f:X~Wt\ lf~:~/~~': ',:',: ':C',! " " ". '1,1-. ,.f~""" "", :,,",',.. ." ~ \\'A, ~~...'., ,(o.;~ ,/ "~' . 1 '+li."'1i;,~~~"" .t:t'~' ~il~i!l,ti:!',,,, i' >~;.:lt""'~'"Z"'f t.~'~,'(-;>'.'""'}... : '~" {.'"or '..,I ~ "':~ 'ot,:-,....7........t...,,'i'l: .l2~'..~...'..).J:.I,t;"~.;; :.' :~' "". 'i .. ~~.I,:.~::~1.~,,,~.:.ri.~ ;~.~;\:>.{~l.~.~.:,'-:~~.\.~~\..:.> <~.".',". ~ l ~ ~...............<.",~. ...'\.\..... J, ~....'\, t ~ .' 'i~\."'. . ______ r :~'};~ig1~);, 1;~~\~1}>~:Hi';;:~:":1::)~:.;,~::. (;;, "!:":~"I."'1~~;;, trr,~~~....:..~..l,~~.. :..~"......?".; ....J. liftli (f%~i~t!;~;~lff~1;ii .'r\.,t~,."",~, ':D,;lt-.l, "... '.,'... ,.' ,'" ,.:-- ....~ ..~ {.(~ ~)..;..P,.. 'f''''! Ie::) ~' '=<\ .'; ..... \:.' JJ~tft\~" "..\!"ifr{1.i.~~;r~/.~p.,~.S ~~. ""I..t~"~...,. t '\::E. ~~t:~j~ ~{ ~l:.~~i[1?rj;;~\~~~;~;" ;:~~~~~~;.;~~:~.~. :i;J:~"1?.!.h~i; ?~~:t~i(~';;-\:'.:;.'il'S,. 1.: ',Z:, ~{~~f( H~ ~*~~~~t!~lf~~~~;~:~j~~~{Ui;: >,,~.f....l'if "1"1' 'v"",~f.l," .',", \ .... <"" i';~.~l:~.~l{.l~-...;~ 1~ ~i.:~~'O,..~'t ~k':.:)_:';:.:.t'~~~':"~>h:. 'h>~ ',.-CO', ..,' .....11' ","'"", I~'''FII' "M" " , .1f..:~'io':;'::-;....~.,"\,~ ti l"~i:",,;:l {J~r". ;'H;.~. :,,;:": ", ~:L 'li:::';~>\fJJl!). ~~;J'l{j;'~'-: ~,'!!/tltlrl.,.,j)':>r'> " .' "'1.~~: ~'~~mn:\' b...11~"'.;~~\:r;....;~~.,..,.,.:~~n:...: !~.I.i..~" ~\';~ ~. ~'T!J ,~h~:.':t. .I<,,:~',~,~: ,,~ ~~~"'.' .... '.: ~ , ~., ..~~; ~fJ{" ti.{l~~,.?'~~ ".~. ;1~fr~:~~; .~I \,rl~"'j":";..- .r;]~;.~(...\.: ...'~'~"'i!:i't(/.f..\~ , .;;>'"i'~ ~,.,;. 'nl+i"~}:L.J' ',.':1..( ...:'~, r .~~Jh i1R,s~~: .'~:.> , ,.1: 'I, . ~'I,.... '.'! .,. . , ..0., ........ . ""'"",':-,,,..~!' tf'.l~': . .~"~;t.+." , , . (" -i' < . ~ ~ I :.' .~. . , , .' "i ., " ...~' ..I, ',.:\' I' , ,: ;1-' " ,', .' ~ " ; > <, .. ': ~ \ :.!. '. , " .;. " ( q , '. ...... ...:~. .._-..:..-.._-_,_~_~_-_.._ ___ ,~.. _..~.,,_~\..~.:-'_......,...'~,~l"""'..,-....-""'~--,-. ',' "") '-'-/ o Section 2.09. Revenue Refunding Bonds to Refund Outstanding Bonds. Revenue refunding Bonds of the Issuer may be Issued under and secured by this Indenture, at any time Or times, SUbject to the conditions hereinafter provided in this Section, for the purpose of providing funds for refunding all or any part of the Bonds then Outstanding of any serieD, including the payment of any redemption premium thereon and interest which wfU accrue on such Bonds to the redemption date or stated payment date or dates and any expenses in connection with such refunding, so long as the exemption from federal income taxation of Interest on the Bonds Is not adversely aCfected, and provided that such refunding Is consistent with applicable FedEral, State, and locellaw, including the Act. Before any such Bonds shall be issued under the provisions of this Section, the Issuer shall adopt a resolution authorizing the IssuElnce of sueh Bonds, !lxing the amount and the details thereof and describing the Bonds to be redeemed. Such revenue refunding Bonds shall be designated substantially as the Bonds of the series to be refunded with the addition of the term ttRefundlng" and &hall be stated to be payable on March 1 and September 1 of such year or years as may be provided in the resolution authorizing the issuance of such Bonds. Such revenue refunding Bonds shall be made redeemable at such times and prices as shall be provided by resolution of the of the Issuer adopted prior to the issuance of such Bonds. Such revenue Bonds shall be executed substantially in the form and manner herelnabo~e set forth for the Bonds with such changes as may be necessary or ap?ropria.te to conform to the provisions of the resolution authorizing the Issuance of such Bonds, and shall be deli\'ered to the Trustee for authentication, but before such Bonds shall be authenticated and delivered by the Trustee there shall be filed with the Trustee the fOllowing documents: (a) a copy, certified by a duly authorized officer of the Issuer, of the resolution adopted by the of the Issuer, authorizing the Issuance of such revenue refunding Bonds in the amount specified therein; (b) a certificate, signed by an officer of the Issuer, stating either (I) that the Issuer is not then in defa.ult in the performance of any of the covenants, conditions, agreements or provisions contained in this Indenture or (U) that immediatley aeter the issuance of the refunding Bonds there will be no such default; (c) a copy of any amendments to the Mortgage Note and the Mortgage as a result of the issuance of such refunding Bondsj (d) an opinion of Bond Counsel to the effect that the issuance of the refunding Bonds will not result In any adverse effect on the tax-exempt status of the refunded Bonds; (e) a request of and authorization from the Issuer to the Trustee to authenticate and deliver such refunding Bonds to such person or persons named therein upon the payment to the '!'rustee for the account of the Issuer of a specified sum plus accrued interest to the date for delivery~ and, In case such Bonels under this Section are to be Issued for the purpose of redeeming Bonds of any serIes prior to their stated maturity or maturities or the date selected for 1I1eir redemption 8S above mentioned, such additional documents as shall be required by LKL-8/23/83-*207 A -22- . '. -"1 < .~.~<~:~:t;? '. ",:.' > I .~ ""'...~.. ........,.. . ,.....~~..,..~_...~..-.-,..~.......~-.:;O..~w ~""~"li~ ,l" " , ~.: ~ ..... . : " I l e : .'" \.\ . " ~ ~.;' . .. ~ . , .: ~,.' ; 'J ...~~~-_'''-~(T~m.r''''~~''''''~'~~'''''..:o....... .,.. 'r<~."f" ~..~.~.~~ ~ .-,.r'~'J ~.'A (....,,::;~ .'. ",;..- ~...~'t\~i:~.~ · '" ,,' '~~ '~~~"~jJ~i!.;~~'?;~j;::t;,; ;,", ' .' ,.,r, ",: ",~,', ~1~1'1' 1./"" ,> 'l ,,, ;' \< ,,~,', ','f" ", ',' , " ,,', ~, '1r -L,,, r... \ " . \ , .' y t. \ "" ~'_'" . ~ , ..,: . ~~r'\;""",.~l'~'~.~",,.,,: ~.r ,,1~. .l'.) !. ~ , )'. ",> , ~.+ .f'~L;.~;~~~,~.~:t:,~;f'~,/_r:~'~~t ;,<~~:: :..,~'T.~ ; ~~. ',: I '" >., '-<'~"~~"':1}'''' 1."'t-hl/~'~~) 4 .... {.. . ~ ~, . , . l '.. ~.. 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" " "'J;'~ -'I.~~"l:!,ll"'~"""'J',:: ,~, . t;~ ;(.''1. ~I)'J;'(',~~:,~:,~< " " \ A C ' \ {' .., ,~..~ \+ ''f I" , . -F ~ -,;l;L"-;"'''I ~ 'l u . .,} \ l)~-J' 1', ~' . " " , ., I ' ::it? ~ I .::l;~~~}F~';~~:',}',,":':':.'.:;';:.~.~'~';" <':,'. '~"t)'d~\J.': ,!l-t,;.t(),.\.,-.." ". j, "", --'" , ", 'q"-h!iiJ\\~,"".;",,~J"" . .',' '.,' !i~ ~.... )l!;,~~.t~\~t{1~\it~~f:'d.I" "':'..,~ ' l-c~ i )~ . "\ .f.-t.' J ~,;~. .1,i:~, !~T_ll"'. ~'". '/.'~ <, , ..:. ""'....~+1Iltlt'''.1 ;t;....~\. .-',h'"-. ;-.-1. ,~~~. .., 1 . :Ir~'i 1;"-' "....,....,t\ ~~' 'I >~~,~t!' +~. ~ "'ll,:i~,1,' -; Jt; "'""1'" ,,}t I,'.' ,,:; , " ' : "1>~~:'i,j:;~J' ~.;! ~:~ '~~." ;:.,':-;j H,o" ~...,; < ,'.. " , '~"J.l\f ~4!t, ,.f. ,. '1-.-.'0< ~. . , ., 1;,1l11 ..,...Iot 't .t~~~~.~ ;J' 'X .'",!.-." . .~...o ....'1 ~ ] J,:.. .:,,f !.' n.. ~.' .. ~:~ i;:~ l '~r~;'i~~)~' ~)',~".~:~'n ~.,:,,~,~,:,,;: . t ': ,~.;.:: ;,. '. ":- '. " ,",' ~"/~~~;'i'(""":""""~""""'" ~,'~~ ,rYj~~~;'~J<<:1?f:~ti{~A}~\r'),'::~:.< ~ "j":1~'>>'~}"C~'''''t ,;,/"'" ,f,',;",''' '. :~\~lf~'.L""::'_"F':'"v,~...."'~f~ :~t,. ",'., k' ',.' ~: "':)Sl..~":';J\~~.",~~ ~~-::~.;.:.. -:....~J::~:"(,.~'J..f,':;.. \ ,:. ft;~f}f~s\~A:':;~f(}.~6t~f~~~'0:,~::;t .':i: ~; '~{\'~"''':''~l~';'':l-'q'''W~'I', ~" ,f,; .'i.',-,' " ,. "'\. 'J.l"s.L.Jh"'i'"/--,1-~;. i., "',:'.:" ...."~~;'..:I.~~ ~; .i't~J. :10'?t;.~~~ \:';~ 'J.~~:r; ;~.t~~3;.'i'~ i;';.:. '. ::....-~.., : V(;.:L ~'f".\':'.,: f.~..'f~ :f(:(}.J.~:'!il:~J\:::;'"':'~T~~';.; . ."..... r .. ~t'( "'\:~>~?,~;(i(;.r'1.ti (t~ ,,';"'.;t"'ll":,: '~~l! ') ;~+ ".,/... ~.~b; ~~t~lt1;~~:;t~jf~;~~'t~i ::;;~1;~~~ ~~/:'. ""~r~ ft-.\hr~~~~' ~ "'i.I'\~ ~~" I ;..... ~, 1 "'.~f .}J ~.~4t'.l~"'\a.~: ~\: ....."'~~\.,);..I Ii,. .., ~ r ~<' tL)':;.t:"-.F...J-:.-t.. :-Hll,,",:;~'i~'<~./'~~\~.':-.' .' ~.'lY'T..~ f,,~.t'''''''i-t;lt'.'':'; I!'O ~., ".I"~ ~~f.:;;i~~~~~f;'~)J~:;~Wt:~i;4;i;:~; ',: !.\:! ";A ,/.",,/.\ nt"; "'~' ,; <" , {~~~'?1~IFr~'f}f~~F~:;:d:I') ;: ",~'j':;.'IJ:.o~::<'';;:h.+' "" '; t", r., '~'(:ti'''J''''c'''\'''h\ ,,\,' .~':~ .\~~~{:\r~'f::~~if;5.~}~~:~ ~~~ " ., c~>,1S'~~'~i.~":':~~,' ~'/.:Vi'J'f:;;> '" ;'fl' "'"J->;'llli"~ ,l'--( , "'~\~it~f1: 'f'......j It'... ),~~...;t: .1')~, ~4j~'~~a,lll[~(.tf)\:~~' : "';~...! f~''\t r.:4i"~~,~ .1';;....{~ LkE";,!O ~fl~~~lri., -t' V> ~~~~1~!i1t1~!.~~?:)~ : .M- \'~'W;l~'t~~rr1-~i!L ::L~' i.~1~j~~1.V;!t%$ji;' i:;.J.j.Tl":;.<.c ~~~ ~,hr~;" ;d,: '~.\~ d:~: ,,"/ !;!~~t Sf'~:.-.~" 'f,.'it~;~ .~f.~~L~ 4~~"l.., ":":i-i- if ''/ '. r...., ~, . ~\. .' :.t-:;t, n '\.c I ~ ~,' ~..... . 'i. . .; .'t " I) I,' 'I ~ : ~ 1 \ \ ., .......a.......-___..--..-.., o c' oJ the Trustee to show that provision has been duly made In accordance with the provisions of this Indenture for the redemptlon of all of the Bonds to be refunded. When the documents referred to above In this Section shall have been CUed with the Trustee and when the Bonds to be issued under this Section described in the resolution Included in such documents shall have been executed and authenticated as required by this Indenture, the Trustee shall deliver such Bonds to or upon the order of the purchasers named in such resolution, but only upon payment to the Trustee of the purchase price of such Bonds. The Trustee shall be entitled to rely upon such resolution as to the names of such purchasers, the interest rate of each of such Bonds and the amount of such purchase price. However, the Trustee shall not authenticate and deliver such Bonds IJnless the Trustee is provided with satisfactory evidence that - ([) the proceeds (excluding accrued interest) of such revenue refunding Bonds plus any moneys to be withdrawn from the Bond Fund or Debt Service Fund by the Trustee for such purpose, as hereinafter provided (except that any moneys in the Debt Service Reserve Fund which are required to maintain the Debt Service Reserve Require- ment shall remain in such Fund) together with any other funds available to the Issuer for such purpose, together with the interest that shall accrue upon any QUalified Investments acquired pursuant to paragraph (2) below this Sectlon, shall not be less than an amount sufficient (1) to pay the principal of and the redemption premium, if any, on the Bonds to be refunded and the interest which wUl accrue thereon to the redemption date or maturIty dates oacurring prior thereto snd the expense Inaident to suah flnanicng. and (il) to pay to MBlA on the date of Issuancf! of the refunding Bonds, as acarued but unpaid insurance preimium, the amount, if any, by which the then outstanding principal balanee of the Mortgage Note exceeds the differenae between (A) the then outstanding prIncIpal balance of the Bonds to be refunded and any Bonds which are not to be refunded and (B) the amount originally deposited to the Debt Ser\liae Reserve Fund at the tlme of Issuance of the Bonds to be refunded; and (1I) the payments to be received on the Mortgage Note in any subsequent slx- month period ending March 1 or September 1 (exclusive of Ordinary fees and expenses of the Trustee and Ordinary Mortgage ServIcIng Fees and Expenses) after the issuance of such refunding Bonds, together with intel'e.'lt on Investments held in any debt service rC!serVe fund for such Bonds, shall be sufficIent to pl'ovlde for the payment of all required payments of principal of, premium, if any, and interest for su~h period on all Bonds, except refunded Bonds, to be Outstanding after the Issuance of such refunding Bonds. Simultaneously with the delivery of such revenue refunding Bonds, the Trustee shall deposIt the proceeds of sale thereof In a specIal fund to be disbursed as follows: (i) the Trustee shall immediately pay any unpaid expenses incident to such flnllncing and (ii) shall pay the accrUl;d bllt unpaId Insurance premium of MBlA through such date and (Uf) shall then apply the balance of the proceeds of such revenue refundIng Bonds (including accrued interp.st) and any other moneys provided for such purpose, as follows: (1) The accrued interest received as part of the proceeds of such revenue refunding Bonds shall be deposIted to the credit of the Bond Fund. (2) An amount whIch, together with Interest that shall accrue on such amount invested in Qualified Investments, Is su!ticIent to pay principal. redemption LKL-8/23/83-f207 A -23- .' ".' '.., ~ ~ ~""'r~"""'--'" ""..,......... ,,~..............~p~'-- --- ." <,.. 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" . .', ~. ~''(Yf~':",,~~~J~':\f.''/~-'{~~') I,.'"~,' '~~ :t?"~ .4.:.. ~ ~ J:t.':;",., -- · '~~~~{~~J~Y};(::-'il \:;',/::::~'{;~ -!:.~. ,:~,:, :',:~"> ';',:, ", : ,;'..', " ", ' '" ! . ,.. '. I "',' " '.~,' '.', " ''f''~ '\")~ > .~ . ,:o.tt:'H"'\)"."~~:, rn,. '~ ..... . 'I.~'~' "~~., .<rf':1.~r"~~'1~.t.,~~..:,~.,! ~ \'t.~ . ~. . 0 " i.. . (. '.. ,-".., J:t....~~,..;,{ ,.;,-r,,~,i)':t'l 'tt,t I t~li,~,tl'.:.j,;~~;}.~;.'I,t,~;"~,li,ii,:;t:~,:,,~:,,~~~', ;'_~':'::',,<;,>:,:, ",:. "':, ' '" ' .:::";';"":"'f!i:';;f ~{ A' - ". ' f . ' '"" ,'" "',' ~r~.,,=,P ,S<&I",<",:, , 'l!1""~...\I,,, >, .>,; , " ",', " ,."'.. "'"" {',' ',.,. ':'f"..i.{'\ ~", ~)L '"r;'#::U;t,h',( 1",< ~':;,:."<,:,,', ", ,", \,' ',<,: ',' ,',<,.::~",~:/,': ,,!:.;,:~~:.~~q':: <~;,~h~,~ . I,' ~~,l ~ j{:~.\:.:.r>::,:J.<..,'...:"~' "~.' l' .... ." 't~~"'l.I. ~,~('...l~~NiBf : ft.'~i~ ~*'!,,;4~~:i~,'~t:', ,(;,: ,.'. ," : "'" <.T~c', ;'r,'. ,i:,':,~,r~,f,S,~~~,tt,i}~,~~,~t',:: , . ',q'hj"'^,l'~t~"'J,~'~!\,r{":h~f"~"""~"".' " ~ '. . ~.. f , ,,' ." - )" , , . ,,^' .. " , ,,,~r." ..,+ - j:l;~.\,;n ~~::~i:~:=-~r;'t" ;/"'- '{\~.\ I r .", ,I . ", ,.':,'",,1. " i, ':,,",: i',1,\""""),~"".,,;r""'I"t'~,':',",,,. ' I', ",.~..,:,.r ..t-':r;'5)~' .:. !. .,. ~ It>., '. .' . .1 / ..... " 1'r...,t.'rb~II.j"i.;"'J~~'I.;I',"r\~~ rloJ"l " .". 'i' . ...., 0 ,o.f~ "'.,.~(.,l."h.,;t'~.l . : ')hJt }i~>~'r. .'t. ~1 p. ~, .'. : . 0 , . ..... i . : I ,1; ~~: ~; ; 'I~~:, ://:l~:.;f~~~?J ; ~ I'" '~!~I" !'I'J'{,i".:t1'A' ',U',;",:, " " " '''' ',' ,,',' , , ';"""'( .,<\''-~t'' '4~i'-;~...... "t'rlH It;'l~;.. ~ .,tl~' :. '.' ',t... . L' ..}'r l,,{..f,{ _I-, ~ rtl~/....,I...l...ff'f'L! \,~ (\. .. <. j ," 0 ~, ".'~ ". t~l "t.'t,'I:'.'Al\~~'}' ;r>.,.,'1 ';"1 .'.".: 17-"-'tT""J'JI.' ~"I\' ~..i, " r .;..fr' .,'"....1 >\.~.~..,~.,...iJ.-Qo!\..l"'-~..~,\}Ij,,', ,,r;,~~iJ;dl"""'.i)I\.. - ,F", -, ~ II . ~ ~... --.rJ;:?~ '~t~~...~i 4.'lt~'f .......-:.~~. '\~ I' J + ~ /. ~ .::,:." ,:",~., .~":~.', LL.~.~.~~::::.~.".f;.,~~J.,"'~'l.,'f!\~,:~,,.."~:~> ~'~~1tt-~;:I\'"r~-1~.1~',;'......\I'/'.',- ':~'1" - . cT .,. ~.~ 4 ,~r.trjl ~ .. ~\ :l~"t, ~ ~ . l " ",' ,1,"',,_', .',':,~}l,'I..''iJ",~~..t.'I..".'',i(,...~"" :ii)~~~.iJi-~':i.'.~l~......t. ," ',4'J.. < . > ,. .( ,~.,,-,::l,; t...'-'{ ,r.... ~i.~r:~':i~l..~""~~"^",:....' '. " . . \ . :':'\. ~\"I~'. ...:~( "I,:.... "':';-':..J:.-rP-~.h~...Ii'~~.ti.: .~'l-1~;-i" 11j:...~.~-I.;r~; '~.~ <',' :'..' l .. : . .'~l':o" .~. 'V:.: ~t~!"~i:;~"\~.""~;;./,;lf~tw-t"J\ J'.""-U"{~~,.f.,:,,'~\f'.' .....,." ~~ '. \ ,.'~ .'.:':'t ,,~:,;~\,,~.,'~~g,~t~J"J't"1~; ~ " \-~.~ [" ~l' .......tSfl ~.\ ...1 '. . . "----'b..A ~..........____......~._ '- -~~..~~..- ...~D"'__""".~.~ --_.~.. ......_--..__--.A__.......~...___.__.._.. ""c" !~L'~l >~'~''::il ':71\" ,~?~<:,~ r1J":.~~~;~~;.-t.~t'{f), :-'J:',':;.!',:~!r!:\,""',lr,:"r'~"~I',;~;l";'::~'~"',",'~-c""""""""" '., . 1 ~I.~ ' .i..L"'''' ~\"..,I:l...~litJ.'~,"IfL ~J .- j'..- I :, .. .~."1-.. .,r,'r~'" ~/"~n>(.:~""Iffil-!'i'I:',;o\'. '." '-1td~'J'"~' ...,..'" .'" ','\1 '-1 ~', !:; ""'';'''i''<'~~);(I'1:<O\'*, ;, ~""",\\"II",;~ ~f{\:l"d.\.,/~ .;,.,....~ ... .. I. ( l I' . '," ;,':..: ~~~t~,r:?'~~t~f~;.~~J,1"'+t~ . :. .i~:i:'lio ~. ~;it~~.!.. ~';~~,~ ~n" r .', ~ ......... ' '_1 ~ 10,1. '.I.u t'jII,:. ..~!~.t.,.,\~!~ ~/~\:t.~'t..tl:,' 1.; " + .-..-- ' . " .~ '.~L-:-.. I~X/t.t~:',o->;.(\rf. . ~ ',' , "'" I'"~ , ", ,,:,:, I; ,~.:~"...t:<}l;jl:';;"'l:- ':n ' ~~.~:~;{~': :~.~:tYI~,';J':';<,,~:,:,~, ' i :,: ,.":.,~ ~~~~~;~~;;:~r.~r:.t~' ~'fj;': r ' .. ,"I,: ,..t.f""'-;H/l'tf.~H I, IIJ,;\:~>:(,;'... l~t~:~~fgg~:~~~~~:~iI~i1~::~~]j;~:~5J.s~r~~~\~~ g~:~;~~~tg;;~! ~l,~!'itt!J~r.r' r-,Vf{"""e; t','; ,J ...';;"". ", " A second notice of redemption containing the information specifled above r..;'\;;,' :,{ j~"1 ' ' ~ ' ",' 'l. \ ' d . shall be given, as soon as practicable, by registered or certified mail to the registere~ ',~~~+\hI1~t rf~f~"r~~~~s[~,:;{~:;;:;" ~~i~!{:H~~::~;:~;::~!::::::: ~~:~:::~~~::~:~::r~~~:~~:'~~~:::~i:~: iti~;~(' ~,",:;f"": \,'lM,~.~~;>r;f.~,:~')~::\~i~~;.l.."~,)i:; designated for redemption shall not affect the validity of the proceedings for the ,~h<~r}:!;:: I ~,,,-1, ~"J;;?h:",'\':'t'"" "", redemption of any other Bond ::ir>~\j;!; '. ~"':'-\1i"~ ~"p}:;:~;~J~!:;~':;,Y~;:\~'r,: '~f;~!~" ~tt;.f~~;;~ '~ ~',:'!:~'t:: oJl ~%c,,\?'~:,;J/~;..;!;:,'Y":;'.:"':"':', NotiC!e of redemption having been given in the manner provided above, and ;t;i~fftJ;;~~ ;; fJF'i ~~~tt~~~~~..'t.5f.tit~~\i~~f~'.~; ~~, ~".' / /. ffi Iff h t ';lld1N:.l;t.f" '~~ 'r:I,7.~IS:"'i';,,yt,',;:!":,;,:,,;,,:,' ",t'",I.~l': ,'~;: money su cent or the redemption being held by the Trustee or Paying Agent or t a Cl':\I("':~J' t~ ~~;},.~t,<}W}il~~~J<;:~ 'Pi~'f.;~':"".; purpose (including MBIA insurance proceeds), thereupon the Bonds so called for redemp- i!gt~,m)~ ':, f; . ~". j. w~' ..' , f')" " tlon shall become due and payable on the redemption date, and interest thereon shall "r.';'~;~" ".; ~f !(tj~'~I! ~}~~,~i,l_,!;,:".~:,j;.;<~.,'1:,;,~ij;,:;~,:,. r~i:;~r~rif.~:;~~r!~i~~~:,fi': u~~e~~~?: ;n".J~~~~~ f;:e~~~e;:p:~~~I~~~a~~~~t~1rt~~ tllJ~t!~ ~~ ~Ii ).t~~1f.":rjif~~:iJ?iU,: Sectlon 304. Caneellatlon. All Bonds whloh sholl have been redeemed shall ~~~~~ :~j .,. ~'}~':<~"~"~~~"}' 'rl";~, J"~ ", " be canC!elled a.nd destroyed by the Trustee and shall not be reissued. A counterpart of the """,:,;I"".., <'.r"I~ ~~~"i1~bj;,.;.tUv.g~~';J'::;;';;::: certificate of destruction evidencing such destruction shall be furnished by the Trustee to 2i\~~;;;~,;~ ;>;:X?:}r';~.~ . ,~~~!r(::';r~}~ /;'-(r~it~ ::.. ';i~~'. : ~'Y\f:'~~~~' :):;;;\~:}trJ~~~~} ~A'.;~~~~~fN::;i ;}~.f.1;' :;' " the Issu er. ;:,;;.:~,'Y,t:~{>}%~t}~~~)R} ;i{(..t ~~.....1;':~~"",.~~~:.":"-IU"~t..1','t.("'.. . "'l"ll''''\'''Hlf~'''I"'',.~'''l''. , "';'";",~k~?\:,'~,I;,{J1!::,,~,,:;t,~~;' Section 305. Damage, Destruction or Condemnation. If, prior to or \: '(!'" ',:'j ''''\'<~'\~I''J ~~:~riXy~:U}S1b,::::: following Completion or the Project, as a result of flre or other casualty, the Project, or :Xf-t[3;~tl:l~~.~i~!{;~it~ ,;. , ~,g\~t~:~A'~~~irH.:, any part thereot, shall be condemned or acquired for pUbllc use, the Trustee as mortgagee ,.",-,;./{~d\~!,{;::;.i',I;'~'v~ t'~MI~~~,~ii~~ ~~r-:~~~il~I:!~::E~::in~~[f1i~~I!J~~;;r~I~B~~:~~Ad~~:~~e dl:~~~t~~e~; ~~~~~~1~tl*~ ' ~~,i,~.: ':y~./~~;~? (a) Alternative A - Repair and Restoration. If the projeat can be repaired <'.';::";i;J:~~jJ2\"f.f\~J:!(}:t, <;';:.~ii tiN:; or restored to substantially the same condition as it existed prior to the event causing '~;::(~\~;~.;r;,~~t.'r~t1:'ltM~S~' .- , ~'~-l consent or the Issuer, MBIA and FHA, the Owner may so repair and restore the Project ~?~i{~J;~' h' and the Owner may and/or the Trustee shall apply the net proceeds of any Insurance ~:\J>~I:~N. relating to such damage, destruC!don or condemnation or any condemnation award to the ~;H}~l~,~W' payment or the reimbursement of the costs of such repair or restoration. The Trustee ,M&-:P./(';">' ' may rely on the advice ot architects, engineers, accountants, tinancial consultants. !:t~,; attorneys and other experts reasonably selected by it in the foregoing matters. ~;~:. \ ;'~ll LKL-8/23/83-' 207 A -27- -.,.~.......~- .-....-......."'-""'*~ ~~""':W"''''''~~''''~-''''''~-'''''H''''t'''''''''~'''''''''''''''~'''I:'l~~...~;r~-, 1~"11t"Ft~ ~,. r....'1.,irr~~;..r'-' . ~('I J>.f 1]+1.~-1'"'., ..~ .,' . ""'{l~>'tl ~~~l+';<~...~~ .:-r.w.-:..?r..~ ~ff' :\,~),~,),';;;';~:,:/y: <.:? ~:, :,<,,'::' :;~t~;!/,~~~Z;,?{:~ ,;<:." ;,~... ' . ~~,,,. ~ ..:. : ~ ~.~ ,;... r '" " ".. ,'., ';'.( , ~. ~ ' ~ (,:. :.:".t. ,. , :...c . ,~ : , ',<. ' .~~ ',' .c ~',~::.<:'~'.'", .'.' '.' l ~ ".., !' '. L ~>' ~ ... ..... . , '" ! . "~ . I',. ') . '. .~ . ... /." T I..~.' . .,1.... ''f~tJ. ....^~, .4"~. .......~...,),~~~__.~_........~____.....i..-..~ ...~-w."i1LL<<~~__...._...:~.. fl."" o (""'.. 1 ' ""-.~.' " of the Owner under the Bond Purchase Agreement to reimburse that Fund for any loss of principal nnd/or anticipated Investment earnings incurred as a result of the Trustee's being required to liquidate investments to fund such an advance. Prior to Completion of the Project, the Trustee shall draw upon the Letter or Credit (i) in amount not to exceed $ (I.e., 2% of the orIginal principal amount of the Mortgage Note) as and to the extent necessary to cover any derlciency In the Project Fund as a result of the Trustee's being unable to reinvest funds held thereIn at a rate surrJcient to cover the debt servIce on the Bonds plus any applicable Trustee's and mortgage servicing fees and expenses, or (ll) to the extent needed to pay principal and/or Interest due on the Bonds on any March 1 or September 1 In the event the Owner does not make any Mortgage Loan payment then due on or before such date (exclusive or any grBce period provided in the Mortgage Note), or (Ui) as a whole on the date 30 days prior to any date on which the Letter or Credit, If provided In the form of a letter of cl'edlt, would otherwise expire, The Trustee shall, at least forty-flve (45) days before the p.xpiratlon date of the Letter of Credit, notify the provider thereof that it must be renewed. At the earlier of (a) final endorsement or the Mortgage Note, or (2) the assignment of the Mortgage to FHA (otherwise than as provided in Section 410), or (3) July 1, 1985, the date specified for Completion of the Project in the following paragraph or the date on whIch Completion of the Project occurs, if later, the Trustee shall cause the Letter of Credit, if provided in the form of a replenlshable letter of Credit, to be repleniShed to its original face amount, and shall transfer the Letter of Credit (in whatever form) to the Debt ServIce Reserve Fund; provided, however, that in the case of a transfer following an assignment of hte Mortgage Note to FHA (Otherwise than as provided In Section 410), the Trustee shall, atter replenishing the Letter of Credit (If appIlcable) but before transfer- 'ring the Letter of Credit (in whatever form) to the Debt Service Reserve fund, draw upon the Letter of Credit in an amount equal to one month's interest on the Mortgage Note plus 1 Q6 of the then outstanding balance of the Mortgage Note and deposit such amount to the Bond Fund. If Completion of the Project has not taken place on or before 45 days prIor to July 1, 1985, the Trustee shall, If, as and when directed in writing by MBIA, call aU or a part of the Bonds for redemption on or after July 1, 1985, and shall deposit into the Bond Fund from the Project Fund an amount necessary to provide for such redemption. Any moneys or Investments remaining in the Bond Fund atter redemption of the Bond for failure to satisfy such conditions shall be transferred to the Debt Service Reserve Fund. Nothing contained in this paragraph shall be construed In any way to limit the rights of the holder of any Bond under the last sentence of Section 609 hereof. (b) Upon Completion of the Project, the Trustee shall apply any amount remaining In the Project Fund In the following order of priority: (I) deposit In the Bond Fund an amount equal to the difference between (1) the principal and interest required to be paid on the Bonds on the next date on which Bonds mature or are required to be redeemed (otherwise than from the Special Mandatory Redemption Account) and (2) the payments of principal and/or Interest (net of Ordinary Mortgage ServicIng Fees and Expenses and Ordinary Trustee's Fees and Expenses for such period) scheduled to be paid on the Mortgage Note through the first day of the first month preceding the next day on which Bonds mature or are required to be redeemed plW:l interest earnings to be transferred to the Revenue Fund from the Debt Service LKL-8/23/83-ft207 A -30- , ," t ' "J , I . ' "'"-' .+0" C{, .' . .. FA'; :~'t '\~ tl'f<!-'f~~~.'\'<.'t:...~'t'~ ~ "";~;'!,;":'.~<Uj1~.'rl:~~ _~_'!f~"T'"P"' ",,"o..:~~~~''''}'r~ ~~~. ~ . , '",::: ,"~,":,'~.r::', "'~<"''':::'":,:",,'',,~,~:,,,':"~,,,S:~~''''':'''''' .: ,n';.I"' ,," .: ,_:r . t. ':) ;., ~.'".t ~,..... i' ~ i:I~4j:i \';'1' ,....";'.~"lt~j. -\ ,,~.. .:..t,~;tJ; .J.'.S:-~~'!)i."'t~t./:; '~'fe~l;" , , , ',:,,~ ,,!\j "'" ~,I,., ~ )';,.'"'" dt;'l"-'r~;'" '!~ W j,,<"-!;~'.:-f~:~:3/~~! :, . ~ ;. .~\ ,)t~ .'~ {~-:1"f:~'{ r;} :;tt~HI.J/~ t.~~~:~i'1 ;~\ :~:! II \i~;i.'7\ ~_ >.-~Jtt'~~~'''~'''':~P~1 " ~;-.", ", I. .f'. (~ -".,>.\ "...' , :'>1',,:I;~ " ~ "~;.;"'~~w"" , ~ " .; ?'/"'F /- l' ~.... ,J",~J,~ .t:...... ',~-lIU.i~o;~, ';:::i i'~'>~)~~r-~ .~~."'...... ~~'\?t'"~t ' ':,':~'" .':':,": :<;~~'(,~i,;;;~\>~{.~:e;~.;'.;~~~~0.1:i\:}~.jf~~f'?l~l:.~~: . ' ',,', :" )'1': :' 1'~"'>" ~.~,,~",> ";i,l~': i,' ,\..~\.::,;!:-.jjJ-i,I)~'7,;~:;:'f.l"i(5t>;&"f,T / .,:, <~ ~? ,I, ~ t., ~~,. ... ~ l...}~ ~. 'J~)~t,,.,.S, . - , " , ,'," I '; /,,' " .::':71t1 ',ifJ';':;:i: , ,'. " ,"d ,I, ',,::;:~:I}Jt' ,~\, ,,- " , ,',i'; "". ',?;!~,;~~~~ ~~~~: V 'f. ,~~!I ~:; f~ ,r\~,h:~~)f ~~, ~'J OJ: 'k :' :'/J. !\~~:.~,\: .: \l'l:~'i~~~~g-ti,{~~~ ~ ' ell, " ;:,,' ',':" i'\~VJ;J( P~'[,J)/,,^~ " , \ "'F'" '" ". " [,~,~.~" ..~ ", ~ ". '.,-..~'.. .:.';,'{ ...y~;~'! r>>~~~,'~,;'::F, ~n.J\t " ". r >>~ I f..... '~''''...~~l t'. ... (,;;'\1)f,~~ r.W'. ; -;l: . ~:~~ ~.J~..'~..l/:'r: ~~.t.,;:;.tI~~.t~'il~.,t'~,","X;;U,1~ t . ". ~l r, ."'. ,'i. lJ11 Il......',.>~'1-'4C.J".; ~.}.i1;lr;!:~,,' . . ,....:~~' .l~~~ t' ~r..., 'I:::' ![...,:,. ft;''-I;;.... ~ ~t. .!.' , , 'f. c '-'..,.'" "\,, ''''',i';r,P.!, ~ ' (I , ","': ':':';":-::',.';, r?~ ~'l:: ?~})\\;Zrl;t;}", ...:: ,',1 ' ", ..,', I"'",',, ,,~, ,. '~"\'!'\i.!~{\;' ,~) _'~'~c'" ". .. _._-~ ,~~'r";;1';~~~:~~ tf~iit'\:n~1J~f\' -(" . 1 ,,~'. ~r;r . t) ~./..~/{(t '~"'.I) it' 1.,. ....t ~ \:.~ ~"/,..~.~: t.>', .:~::. ~"~\ !j~}: ~ ~1i?:.1Ji~ ~: ~: ~i!: ~~~~"'J tt:+t~'t~~l-~ . . ~ 'j .~, I". ;;. 1. ";"f"'~.... ~ , .:>~' '.~' " ; ......~/: '.; ):i~//o:~... ." .1:;..,'.~. ,......... ~;l~':'l.~.:1."t- ::' '":':;;:~:i.~ f;i:~l ::i~:,:~i\~;~~ ';' ;';?~:~'5;J~Jt,,: " '- :,c""" W'f' '..,~ f~~!jJt r . '<'~~~\'\~-' i~'l1~. } ';'~~~;:~l.::~:.~:~}~i~ . \~J ~;{:~1:~! "'h'.";~ ',JI~", '" ;!\,~(l.i"'WJ' (\ '\L.&-\rl' { c 'r,"c.,r'H :;:.~";; \i':\,:'''1': .~. '.i.\~...;~:,~ .\~~f ft~~:";c~.~1~f' , ,.. j, ,P~..;.,.~ ,,:..,...t\'!!':l,'"~t "Y"'!' "i1. .~~;\ri,}l~...'\ ~:'f:'i-'!;. 'f'.:'~ ~~ ~ ;. I, I" , :' ~ '<~.';': .~~., ~r."" ~ ".,' l," i.1 "I .tL , i ,; , , c' I " .,. \' , , , .T......_~~ "--", <.J o Reserve Fund pursuant to Section 406 on or berore the nelCt date on which Bonds mature or are required to be redeemed; (U) deposit in the Debt Service Reserve Fund the amount by which the amount then on deposit therein (InclUding the Letter of Credit) is less than the Debt Service Reserve Requirement; (ill) use any balance of such amount to reimburse the Owner for costs of the Projeat which were not and will not be financed by the Mortgage Loan and which represent aosts paid or incurred after , 198 , (the date of Official Action), which are chargeable to the Project's capital aC'COunt or would bo so chargeable with 8 proper election by the Owner (for elCample, under Seation 266 of the Code) or but tor a proper election by the Owner to deduat such amounts, as shall be set forth in a certtrlcate or the Owner delivered to the Trustee; and (vI) deposit any remaining balance to the Special Mandatory Redemp- tion Account in the Bond Fund for redemption of the Bonds in accordance wIth Section 3.01(c) hereof. Section 404. Reserve Fund. After Completion of the Project, the Trustee shall deposit in the Reserve Fund all payments of principal and interest reaelved with respect to the Mortgage Note (less any Ordinary Mortgage ServicIng Fees and Expenses and less any Ordinary Trustee's Fees and ElCpenses) and all interest earnings on the Revenue Fund, the Bond Fund and the Debt Serviae ReServe Fund. From the Revenue Fund, the Trustee wUl, on each Marah 1 and September 1, after Completion of the Projeat In the following order of priority: (I) deposit in the Bond Fund an amount which, together wIth any amounts then on deposit in such Fund, Is equal to the principal and interest required to be paid on the Bond on suah date; and (U) deposit into the Special Mandatory Redemption Account in the Bond Fund any remaining amounts available in the Revenue Fund in an amount sufficient to redeem the malCimum amount of Bonds possible in accordance wIth the last paragraph of Section 405 hereof; and CHi) after payment or provision tor payment of all Bonds outstanding, deposit in the Debt Service Reserve Fund any balance remaining in the Reserve Fund. Section 405 Bond Fund; AppUcation of Bond Fund. PrIor to Completion of the Project, the Trustee shall deposit to the Bond Fund from the Project Fund the amounts required by Section 403 and shall deposit to the Bond Fund all Contract of Mortgage Insurance benefits (when and it reaelved). After Completion of the Project, the Trustee shall deposit In the Bond Fund all amounts required to be transferred to such Fund Crom the Revenue Fund and all Contract of Mortgage Insurance beneflts (when and if received). Any balance remaining in the Bond Fund on any March 1 or September 1, after providing for the payment of principal and interest on the Bonds then due, shall be deposited In the Revenue Fund. The Paying Agent shall notity MBIA at least five (5) business days before the due date for the payment of any prIncipal of or interest on the Boands It the amount anticipated to be on deposit in the Bond Fund on such due date will LKL-8/23/83~" 207 A ~31- ; ~~:.-:~,::':':';':{~'~~.\"":',?' , ' 111 it.. . ,......._........~ k1r._--- ____ f ~ ~~ ......-............ ...... , ".. . . ~~ '~:~M:~-~' ~'t. ~~ ~.~;~r;r;&- .~-~:;-~~r;~~,< ., . .j. '~\"::-'~~" j- "Il". "r.l. ':~""~:-~..'''':::.1.~~.i:.:~....~~,::-:;-,''. . j '!(. I , l '...., '>> ....."-:.;.t.'~"'...~ f' . , 't.,..;, :<'~.,,~;';"',~,.,'~';'~'.,~l.~~.,:i';":';'~:';:"~""~:':";..'-,"::;";:,~,,,,,"l':"""""'<""i"",',":..I..,;,~,:~.,:',L;'::~:,~">;,"':.1,;,,.,~\,~"'.~,i,:j,,:~,_,~,'~;\;l <,: " ',' ,: ,I ":'~~~,Tf',~,:.,~;.'i~.::~~!;",,,"~:,:,;,:~>~,~,,:,~,:'<~";".- .'~,~':"l."'L"'"_":,:",,...<,,:.,,:,:.,, .'.'~' .,.... ',. 'If' ~. ,,'~,,-~~"~,;:"l""f .~.... ',,'..- 'r... : ..- .,.- ~J"- . ..~:: :: =_ \ :'.-J_..,...". ~~...,-_V"_L..",. __~_ -......----"T-...-..- c.... - ~ ";] ,'~..\..~, ~...uu..~';rl,,..;t~~,"''''''':' ,I~. .~\'.~'1~~~;..!~'1":Vttr.~/'}}..'.~,.Jt t..~(f....;-d~f).'" .~~1(1~4~tl.?:~:~~>~~ .\ t " '\~ .' ;~ ~ .' . ~ ,I ..1: .' ":: ~ ,: :, ;,', :'.:.o/.(~:,~:~ ~~~":.~ , ~ ~ ~\ ~~~::~~~.~~,~:l:~ ",/ ~\. ;.~~:i1~ \~~;*~~~:~..1- Xff:i~l~~~~~;;~~~;r'l .~~.. '~.~\~\.1J;~: ;,"'\.\\, ~~ ",t> ~,. ~.'. OJ':: .. (. '. '/... - ' ':' :'.:.'~ . ~} . '.~ ::' /" ..~ ' t..~.:', :/';' ,'~l Pi.' : j L '~. ~::>. ~ };' 1'. 1 " t ~.~'~J1.iJ.'.'f,~:.f\~,\""I' .J:!~ji"'l').''''' 1.~~-'t I ~~'i'~ ~,'r' -i"~'. 1,""~..,!,, ..,,'.'.J "., ". " . ';l'.'~' t.... ., l' ~ <.)''-.. ....;......~. ":.".rk..t:!-l-;"-f'j,}~~-o-"ntr~~~:" r"I.~,.l "".J;; ll\1~i"'T 1~(',~""Y':,'"" ..~,' ,..." 'l :..' ,~,'\"<'~ ~I"",."",,..I.I.~'''';>'''''''''''.' to;.~<I~""'~U~~~~I',\(,'j"~.\i~ ,. ~ ~..,:Ji ':' , , : , ' " ., ' :'( ....,~.. , : ~'.c .~: ; ::1: . .. , . . .'. .~' . 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", ", ~ ,~ .d.' .1"\ i",~ 1.....u..Jo~~~ }, 'Y.:'~';{1~:1~\1::'~:-!'.'\.}j:~Jt~.~\""D'\' ... .' .; . , '.' .,',j :..., ~..';,.,'I ::~...~:..~rl:t~:~.~~~~'I:'J1{f.~ ,......J:~ ){'r';04<.r<'~ ,,\,..-.~, " _';" > " c ~ . .! t. .. ~""'" lr'.;.. ..:.~t~ef '.\t ,\~,'h:~' ~,\;:."~~~~~;~;If"~.~/:;:.r.t-.~,~'~.~., '\~,J.,,' .... ,. I +'. "::"'>~:"':;"J'l...~..,'!;J"{J.J.i.-;"'i.., d;" " t~~.J'''''l;:~J1-''''~~'~' {'. . '" . . ..J J. ' ~ ~ ~ ,.k-' <I } 1 ."'..~'it.-!{..,.t. :.J~'l'''::'!I~J~'Io~'~\.-'.,:...;-.\~t1:11''''' ',.'~ ,'~,.' I 1 ~.....: .~... ,.~~ ,''"'';.t,.:'.~.I',4.''~l, "<", "'. '!>i\'"'=J".1~'~I~" It ~ ,.f ~ ' j.. > " ~ ..\ '.' t '" , <~-i~.(!"""I.!'~ ~'~?"'~~.i:-r:~";~'~'-.'IJ,hl.~1";' \,~~.. ..' .'. (.' '.''''','./'''l:;.~:.r:'''~i! ,i"t::"c: h"'h\~~?'''i'::t:,''''!'''r''''' ..,.'.,., " 'f"'..".,\'",~I'h"l.'" ;.,,:ltl', h"",)~~';''i'.~\\'~.'l~ .:~,':., ~- ~ ._1~+ .~ '. \ I """.'~"I;.~ 'Y.i.4"~J.,,1'" t' .tlt/,'i'-" r;3'~\."\~'" J;l"'/..1t..:::~. ~1~' . . " . \ . ~~.. .'. '.~...... :.',......,~">,......:::j'; ~ ,', \,1< t.t("... "", ' , ...,...\, . .. '1 ",J' .... ""~ <~~):'~) .~:~i.t.'+~-'i-~" ~:-;':I t~:l-'i~< .!\.. '. ... \ ~ ~ ,----0+: ~i ..... '-_____......... ,..~ .." .... ..............L.~ ~.... . ..~.,-h._____~_..____......~ -.... ~.... ""-.........."'___c ~ ... 1. ':~'i '.'i"~~~'{..:.t,f I~~"~::~':..;; !J:t~t;f;':::V:+.J? i~"\~';",:':~,~::,~~ ,;. ~: ' .:..: .l ::~~:;/:~ l&:~'~~:(~~~; .~ , ~\.\ ~h'~<l"VV' , " ".. '" ,.".. '.", I ".-....., (.-..... \ ,', " ,~,"..~t~..", I~.~.~;~ )f/...>>~/~~,~t:;~:l~:'/"" ~<~~ ..;. \ _' ft ~/~~" '. :, .1 :,:r):\,> ~~.;t:i:~(;J~ .'!<'t~\f!.~ "(I~:flf~~~f:.I.,~~~ .;~,I~ .,: :-' ,,'.. :,; 0 '_/ ;1:~';I,l...,~.!.;;'i~H.~.t." Ir;:i~;9 ~1)~rlB'fu;")";:'';'\:,'?'''','I. '. : ' :, ' " '>:.~;~,:; :',;{{~>>1i'*.. \...:.....J.. -\'"1..~.+,':~....i'.':..1':..,..'~ '"I'". / ~.' I I'.. ..,~.U".~J ."l~i~~~,,;; rli ",.. .,1.~~r't :.....~~ .}:-I...'tl...~...,....,.~: ),{,;. ."";" > ~ . f' '~;~<~"'l .,.j.~;..""'...,.~.,.......~....~,~...~ ;":\...;....~~~. ~>}~~,,''l~.j'' 8" V' fr .. c .\ 1'..-<~I.1. . ;0"'':''''- . '~''''i ~"''''l ;;..;v'tU""~::'.t,.i- \..... .I..... ....... ,-~, .. . .: '\.'.~ '.;...ft~~.~~",... :-..:.. ~ , ~~~t~~~:l~{!;j<',:::;\, ~r" t~":~~~~~r~~Od~~~jt ~~~~jr~~~;~nd .halllmmeillately notify MBJA on the due d.te 'i~~~~~f~~' '-: I"~ ~j," t ""'J' ",' ','. . " ',- ~ I~", ,,,,'. , All amounts in the Bond Fund shall be used and withdrawn by the Trustee " "1 \ r :<j ?-~~JX\t~;;ti~J:~~~~!;i~?!;,;;;:::>;(:.:/,:',.,', ~ ::: solely for the purpose of paying the principal of and premium, if any, and interest cn the a~~~k ' i!f~t( ~~!t.'W"Yr)":'.':" ",. :\', '..:". : ", " Bonds when due and payable, whether by scheduled maturIty or by earlier redemption of 1/11+.-;_ {~~~ ~t~~~~~~~[H~~g~~\;~;l;~;~}:;{(L~~,:i~' ~~~~~~:~ b~~h~~~~~~~~:~~~~f;~ r~;~~~t~:n:~:~~~~~e~C:~~~. shall be used and ~1J~t; {~,},';'f'~';i r:.~~~~~~~;)'I;-t..1;;\..1,~-"f""'I:i' "(~l':,'\< ."J'" . :~~;>q '" ::;;l.:'t"~"'o(!.'~~:$:';-"';":;::"\':"''::';;'\'':'''';'':,'" The Trustee shall establish and maintain withIn the Bond Fund 8 separate of.~#' ~r~I~~ tif~i:;~i~l~~!\l;~'.~,~~:; ::~~:~~}~J,~+~~./~~:. ~:.,~ . ;;~.~..., :.~: ,. ~~.~~}~;s~: ; !~q! }J~~:I!'~ .~{?~~::.~~iEh,~;:;f:~~;~;;~;;:<,:;' ::,:~' ~~~~nl~ ~~~~n~t::o:t t~ ;~~~~~ ~:~~a;~~~ ~~~~m~~o~r^~:;~r~":a~~d ~~~h d~P~~~ f:\~~; t\t ,::/?~It~~~!fri~~;~f!;\;' ;:fE::r.:.~::~te~~:ii.::~~'~:~1rl~:~~~~~~~:\~:~:l~~Frur:u?~~~~\~~:~; ri;Y~ i$~ 1 ~~'~{{;;~W~:>;5;f:~~~~:::{;:;'t/~ Bonds, $5,000 payable at maturity), in accordance with the provisions of Section 301(0). t~'l "".' ",..,." c"'f.'"<k'\.'.",.' Section 406. Debt Service Reserve Pund. The Trustee shall deposit in the I.._~ t.~Jt .,.~. \(..,il."I/"'."h jl, before collecting upon the MBIA Insurance POlicy, (I) first draw upon the Letter of Credit r.~Jf "'.. ~t~lJ~~fr.f:NJt~~ ~~k~~;:~~~t~~~~ le~~~ i~a~r:c~~~~~ ~r:: a~~fa;:;~~~ ~no~h;e~~~~:~el ~~a~r ~e:~~e~h~~ c'''!>l!,''l?!:);;-~'~Y<~;,:r!;~ date (exclusive or any grace periOd [)1'ovlded in the Mortgage Loan) and (it) then, if 'lis;~:.:-:~'t'~'::i;)I~:l~Y(.}i'; ':;" necessary, draw on the (other) QUallCled Investments held in the Debt Service Reserve ~it.'f';".{.",,";a;\"H. v fund and transfer that amount from the Debt Service Reserve fund to the Bond Fund; ~~V;{~.~,;:~~~~t~J,':<'~',5:'; provided, however, that any such transfer by the Trustee shall not relieve the Owner of ~Y~~~~~~\i~;;ij F~;!~l~~.~rl~~:~~~r~h~~~!~r:G~~~R;:~::~;~:J;~~:~~ ~:~r:~:~:.~~:~;~; ~~"i:j!"'i'''''/:~-:;i'~~< Service Reserve Fund to pay the principal and interest then due on the Bonds. After ..:.~.t:by'~y~:;(}:~Jf~l~ Completion of the Project, the Trustee shall, on each March 1 and September 1, transfer f';;~h:~';~';:~:", such earnings to the Revenue Fund from the Debt Service Reserve Fund. The Trustee ::1i~\~'~:ri::~? shall value the Debt Service Reserve Fund on each March 1 and September 1, at the lower s~~;:fi~ of cost, market, or amortized value. c'tfJ(~~ ;;~~:;ll~ , 'p"., " ." ';)l.= ~I} ~4~: '~'1;~' " ", ,.' :' .'. i When all Outstanding Bonds are to be redeemed or paid upon final maturity, any funds held In the Debt Service Reserve Fund (Including the Letter of Credit to the extent then held thereIn the Owner has defaulted on the Mortgage Loan) shall be applied by the Trustee to such redemption or payment at maturity prior to collecting on the MBIA Insurance Polley. If such funds exceed the amount necessary to redeem or repay the Bonds, the excess (except. If there has been no default on the Mortgage Loan, the Letter of Credit to any extent still held, which shall be released to the provider) shall be paid to MBIA. Notwithstanding the foregoing, however, except when all Outstanding Bonds Bre to be redeemed as aforesaid, until the Mortgage Note Is assigned to FHA, no moneys LKL-e/2S/S3-1207 A -32- , ,-.. ~,...- ~....,.,.,..:~w..~.dII J. ~ 'T 1'" __"V~.......__~ .....- ~~.... .' ...... ."t;..'t .'A.".......L;:. .,:~..,i.~ ".,~~J ':"c u.~.. . ,.,"- I!. .\,r......., . .~.,...~+..,..('\. (' ''!./~ '~4" . . .,.,1, . . ".\ ~~~;r;7:~'..;~:;:i ;:'<:~~I~~e;:.i;:~>:.::;~~" ....?.. ":t~""'~:r~ " ':' ,h~',)" " . "~'.,:, ' 'r~ . .//. :"'!n.., "':;<11':'~~".: ;,' l" .. ,.' ,'," ...., '. '.. c c.".' ::\ 'i ..... ,.' . < .. ~ . . (, ~ . , ~ " . , " , ':.."::'01' '. '. :.<- .f' .'....' ~.: :~:I ~ I . " ;\ ' , '. " ~ " , , ';1 ,J ": . < ~: ' I'" , . t.",! J .: ~ ...' 10 ~...': '. " ,;. "J," , I ',-'1 :1'. ..,f' 'l', ( I \ ....,..~,....y'_~~~<f....'~__~..........~.~__~.~ '-'~. ._.........._~...___~..___.____.LJOI,._................._~ o than 30 days rrom the date of such pUblication, any unclaimed balance of such moneys then remaining will be paid to the Issuer. The cost of such pUblication shall be paid from the unclaimed tunds so held by the Trustee. The obligations of the Trustee under this Sectlon to pay any such funds to the Issuer shall be subject to any provisions of law appUcable to the Trustee or to such lunds providing other requirements for disposition of unclaimed property. SecUon 409. Investment of Funds. Any moneys held as part of any fund created by this Article shall be Invested or reinvested, from time to time by the Trustee in QUalified Investments, except that (I) the Underwriters shall have the right to acquire Qualltfed Investments for moneys In the Project Fund and the Debt Service Reserve Fund for delivery to the Trustee on terms set forth in the Bond Purchase Agreement, and (it) payments on the Mortgage Note and subsequent Investment earnings shall be Invested within five (5) days following receipt in Qualified Investments at the direction of MBIA, or in the absence of such directions, in QuallCled Investments at the highest yields then prudently available. The Investments 80 made shall be held by the Trustee and shall be deemed at all times to be a part of the fund in which such moneys were held; provided that for purpose of investment moneys held In any of the funds established hereunder may be commingled. The Trustee may act as principal or agent in the making or disposing of any investment. The Trustee is directed to sell and reduce to cash a sufficient amount of such investments whenever the cash balance in any fund shall be insufficient to cover a proper disbursement from any fund. Prior to Completion ot the Project, all Interest, profits or other income derived from the investment ot any Fund created by this Article shall be deposited in the Project Fund, and, alter Completion or the Project, in the Revenue Fund. The Trustee shall not be liable tor any losses resulting from any such investments consistent with this Section. The Issuer and the Trustee hereby covenant with each other and with the holders ot the Bonds that no investment will be made hereunder which would cause the Bonds to be considered "arbitrage bonds" within the meaning of Section 103(0) of the Code and the regulations thereunder. This direction shall extend, throughout the term or the Bonds, to all funds created hereunder and all moneys on deposit to the credit or any such fund. The Issuer further directs that, except for earnings derived from the Investment of amounts in the Debt Service Reserve Fund which are held during a temporary period (lor a one year period beginning on the date of receipt), any amount held In the Debt Service Reserve Fund in excess ot $ , which Is 15% of the original face amount ot the Bonds, will be Invested at any llme at a yield that Is higher than the yield on the Bonds. Section 410. Assignment of Mortgage Note to FHA for FHA Debentures Ot' to MBIA. The Paying Agent shall, not less than 90 days belore the date on which the Trustee will first become entitled to assign the Mortgage Note to FHA in exchange for FHA Debentures pursuant to FHA Regulations contained in 24 CRF Sections 221.770 through 221.790, notify MBIA in writing of such date and of the terms ot the FHA Debentures. The Trustee shall at the same time certify to MBIA that the Mortgage Note and Mortgage are (or are not) In good standing and eligible for assignment. If that status changes, the Trustee shall promptly notlCy MBJA. As and when directed in writing by MBIA after such date, the Trustee shall assign the Mortgage Note and Mortgage to FHA in exchange Cor FHA Debentures as permltted under sueh FHA Regulations or shall asslgn the Mortgage Note to MBIA or to an FHA-approved Mortgagee designated by MBIA. On a aate tne earlier of (i) the date 90 days before the 21st anniversary oC final endorsement of LKL-8/23/83-'207 A -34- ......~...-tH4!..,,~"--.--... ..-w .' ./.~~:', c ,i: , , ~".~:"" ," ' ~'.." l < ~ "or}:.. ""~.~:~~t ,..,.,r ''-f~'1 '~';!:~.7'.~'~"<:':."\:'~\~C ".." ~:... " '~:-~. ':,' .'~' ""-:.-,'.<;.J~" ... ,., <' > "' 'J. ... ~~' ~ . i' "";."~'. :"t~... . .'l;.' '....:;. ',' ". J.', '.~""~~<':<1' , .} ~.....:.;,~ t '. ;'1, ":' "',,' .+. >. 'i ..J . . . " 'J " . , , . . , ~ ~. ~ . , :- .. '.,' . '" , ; , . h~: ..:~. .\ ,. ~.I ......;.,.;. ::~.I;-.':'~~~~.;. > . ~ . ~ " ,. " ", , .'.: ".. \ ~'~;, i>, :::, : '.. > >', 4 ~ "' l" " .,.. . " ~ ~, . ,/ ' ~~ . ~.: ~ \ .f :. ;. if ,\, ., .,.i ',. : "/ ", .'.' " ;, , .' ;, .' I I ~ . .....,. '" ',' \ , , - \,- ->>....... - .....T~...___........_ {'- . c ~ '- o borne by the Bonds on such overdue principal and premium, If any, and (to the extent legally enforceable) on such overdue Installments of Interest, and the ree.sonable expenses of the Trustee (other than In the payment of principal of and Interest on the Bonds due and payable solely by reason of such declaration) shall have been made good or cured or adequate provisions shill have been made therefor, then and In every case, the holders of at least a majority in aggregate principal amount plus accrued but unpaid interest on the Outstanding Bonds, by writtt!n notice to the Trustee, the Issuer and the Owner, may direct the 1'rustee on behalf of the holders of all the Bonds to rescind and annul such declaration and Its consequences; but no such rescission and annulment shall extend to or shall affect any subsequent default, nor shall it Impair or exhaust any right or power consequent thereon. Beetlon 603. Remedies. Upon the occurrence of an event of default, the Trustee shall have the power to proceed wi th any right or rem edy granted by the consUtutlon and laws of the State, as it may deem best, including any suit, action or specIal proceeding in equity or at law for the specific performance of any covenant or agreement contained herein or for the enforcement of any proper legal or equItable remedy as the Trustee shafl deem most effectual to protect the rights aforesaid, insofar as such may be authorized by law. No remedy by the terms of this Indenture conferred upon or reserved to the Trustee or to the Bondholders is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be In addition to any other remedy given to the Trustee or to the Bondholders hereunder or now or hereafter elCfsting at law or In equIty or by statute. No delay or omission to exercise any right or power accruing upon any default or event of default shall impair any such r1ltht or power or acquiescence therein, and every such right and power may be exercised from time to time and as often as may be deemed expedient. No waiver of any default or event of default hereunder, whether by the Trustee or by the Bondholders, shall extend to or shall affect any subsequent default or event of default or shall Impair any rights or remedies consequent thereto. Section 604. Mortgage Insurance Benefits. Anything herein to the contrary notwithstanding, in the event of a failure by the Owner to make any payment due under the Mortgage or to perform any other covell ant under the prOVisions of the Mortgage, the Trustee shall take all steps necessary to obtain the Mortgage Insurance benefits In cash, Including giving FHA the notice of default required by the National Housing Act and the regulations promulgated thereunder and specifically notifying Hun that the assignment of the Mortglllle relates to a finunclng with tax-exempt bonds entitled to priority processing by HUD for insurance benefits. Without limiting the generality of the foregoing, within 30 days after becoming entitled to claim Mortgage Insurance benefits (or any shorter periOd requIred by FHA)t the Trustee shall assign the Mortgage, the Mortgage Note and such other neaessary documents as shall be required by FHA dtrectly to FHA, givIng all required notices, and shall request payment or the Mortgage Insurance benefits in cash. The Trustee may not foreclose on the Mortgage. All Mortgage Insurance benefits shall be deposited in the Bond Fund and used to retire Bonds at the earliest possible date. Section 605. Rights of Bondholders. If any event of default shall heve VUI.J....I leU Wid IC requested so to do by the holders of not less than 25% in aggregato LKL-S/U/83.11207 A -39- '."'l"'. ~~+"",~~~~~~I_~~I _...._~~ ......................... ...,...~ " .j . 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"""',~'" "' ,.';'t'.(o'''~';v::''.'n,''';U:", ':' .,' ' '., " ;;"",\"),;",,(I"",'.i".'~;':N 1~~)I;:..i~Jdl;:<'.({'.-;'/..;':"', ~"~"l.!.,(. . '.' ,~' :.. ", ,~., ~.,,~'.. "';'::;,':j...~t,t)L"'i~~U '.i~~~/~~q1'~1~ t:i.~;l:'~::",{~~i::~"'>." .....; " ; -! :-' .'{ L.JI~:t~~~;:\:.l:;:.i"~7.l~'~~r(~:. 1"'>-';:. ~~ tr":'~~(~-:--!+l~l~ '~........~}o:'. + : J" I~ ',., , '.. ~ , " . ~~:' ;,." ~:\ l"~ 'w;J'!~};' >"~.f'>~.1 ::'i-l'~f~ ~.7:tt, 'f(~~/:""'':'',~',j,~ .l'i~" ~. ..'- r) .; ',l . >. ,.,~,"'+"~" .,.....~.>~~t.~.:..{~.~tl11 ~L..'.~..l~,i\.~f~.\...:~;~~'~.~'~: ',~':.l:r " "I '. " :.....:::/.,.. ,....:V~,f~~'f}:~l~: )I~ ..J.t..j\~-t.'......'i,~\,:L.., 'If, '1""'11' ' . ' \ '0'''' "" .,' .rl,~..,.J'-4:\.;..,.ll 'c .~'ilt.i~~ ~.' .,;.......~. ,:;1. , ~J~' t~ . ". . " c '" >'. >.: .i' ;h";\~ ~'~L' ..~;..I':~1:, ;.;~ '{ ....~~~~~;l?ir;~,:-'i(~~j:... t.~~.~~ :<X: ).\,.1 '!.,~' '. \ ~.' '''.''i.<''J''4'~~'''';'{' .:..{;...~t~t~~...t~~:4\~ :""''';';;!'''';;'\,-.n'k(~.; ,I" " "';' " .. ' .:,\.._.___~____.~__~,,___.~,_ ' _ __: ,.,.,., ,;~,;,\ ";':,.l!~"~~;r.'~r.'" l '.I\t,v;~"..,:,;iI;::-i"'J,=.",,' J.' {~-:J t . .._.....c_........~.........u. ..~...,........._......_---.,-._. .. ..~ t,.'J' ../,.."(1..' ":'~i'i,,~J::\,} ''i't~::' .'(~t~\::~2f~'~/~j;~:~ ,:.1: ~ ";~":~;" ".:.l i f', f~~;:.',~ .\I~~.\: ;~'~:~:rj..~~i ' ,.,'W..',.",....l. \"',:r '.'::"" ",.,..h, :' '1 ,r-.... ,..-.., '" ,'"" '.y., .,)~0't,T/I~, l~~:::..~/rr~~~~.):.]~;~:\:.-::\:..j/,r<.(:::.-: ! .. .;,;}:.;t~..~;:~."iilil~::;~'f).({t~ l;;:"'~~':f:;j\:\:i'}i~(-'~,:o.,;, l Y" '. \" .:, I '.....,"', ::,,; ,: "Y('" J~'t~...:".ir..;1 ~.~~tt~~W~;.~:f;.~~:/<,;:~:,; ": '"..:;:r:,' ,: :',:}:;;~:::;,~~::t. ~::i\:,:!~~~y1;t.~'l~~~ i../.w\lr~lt,i~w,.~1,.'lr;1i)'~~I.J~.... I' '~4~'r ,"..... < . ~.' ...,~~~....IJ<..-!IF."iC-~...~r....1;-/P.,i~.:.~ . ." . . .' . J. ... ~i..' ~ " .~..~t"...-M-\..~'~:'...;ll.:-....)~,r3.;.-.<r~o'.:...:.T;.... ;.....~:.l ..:. ,~ . .~.:...."'~ It,)- "/~'~"" - i ~.t'.J\' . ;.J"",~ ; f<,"'T' ~ .. L.... .. "" . . ' . . . 1\' . ~, ~ ~ ,.,A' J, ..) .~ j!:1..;.t.lt.~~~;.j~~.~;:L"~~:: ;;..' ::-:. '..:.1 . l:'." .... .:)~ :.....l:-:., 0 .;':~<~.~;:,: ' ;,'~f.\~~,N,,.;~~'.V:<:~\ ':'-',' }':t".~',:\" '. principal pIlls accrued but unpaid Interest on the Bonds then Outstanding with respect to :. ;,,; ',: .\;, "i, "Jr-;:," ~J~h~.'1~{~I'~;~.t,] tt:r}~"'" :t':,~:." 'f\.>~,.".:i: c.~'. :..f:I!....~~P.~.;p. \~.,.,~ ).~;.,\ 1~!Ii,;;~:;f:~,::l...:,',~y~{>:;,;,::'/~I;:.;:...': \,:,,' which there Is a default, and If indemnified as provided herein, the Trustee shall be ' ;,;:,:,:,,\:}'V.'.:'.'i~~ t':\.~0 ~f~i:').,:b'l~ "h',..;,'") ":'::', '.' ",: obliged to exercIse such one or m ore or the rights and powers ~onferred by this Article as ":',.:!~: I,,'fl~\^ '/," !.;iJ]~l~~~~~;fi;~;,~)/i~~:j;:Wf~\~~::, ~ho~J~:t:r~: b:~~!e~~v~~ett:~r~~~:I~e~ ~~~~~~~~ 6~~:e:::r~d;~:th~~d;~: ~;~~e:;o~ft:~~ :~t~~~f~i~~1~~;~ I.~"'-":'~:J-~:...J.o"'i"'" ~1"-~'.~'i' ~,l ......'.' >' I all ....I...';~*~ .....".;~... ~I<:,.t<" ,\",\~..,,"f,\:': ;":"'~'<:~ I :: ",..: ag""egate principal pllLq accrued but unpaid Interest on the Bonds then Outstand ng sh ."':,''-'''''''~~':~J J::.~J 'S'~.~''''I.''''.1''!: < tr!:"t"'i'J~'.":' ../ .'" ."'" 1:1- T ,r. ."l:\?~'" x~~'~'tI~:i;}~~~""JIi~':';,\:'.\J}i~::):".~:;-""".',.' have the right at any time, by an instrument In writing executed and delivered to the ,::::~:~.:~;1,:.,ljT p..il";?' . \ir;1"?~2/f:;;~~;:;:';';":'~"/':' Trustee, to direct the time, method and place of conducting all proceedings to be taken in .~~;~';:~\;:~:;; ~~~ ~:'~~r~~,:~::~A~f,~j!:~,;i:::~;}< connection with the enforcement of the terms and conditions of this Indenture, or for the i~,'~WY,:~.~J1 ~A' ....' ~.\.t''''''''''',:)-'''''- '''<<.,-' appointment of a receiver or any other proceedings hereunder, in accordance with the )..,' 11~',< ~,::l~;:'..:' ;"':":l~t~"<:'~"i' .,',.:, "';~:;.;',<; ~~ ': provisions of law and of this Indenture. !",::\; .k'~ ,', ""':4'.}'f' ,,!:,,;l';'I' 4'\lf,." """,'!,- '.~'; '", "," "'.r+ "r:S: t~'~{~:~ h~~~~~tft~:;.;}1i~~~~1;~.},l ~1r~f~{;{ ~~:~ ~~~J~ A.ii~ ~;,,',i;J7.~J&.,~!l~:~4,1J~~;;'~i~';.t;:"((,~~;~/.;:.:(,. Section 606. Waiver by Issuer. Upon the occurrence of an event of,Jt>...;-....., r\fVAP:'vJfitt~~t~fit;~\{~i;::~:(~~~,i:I' default, to the extent that such right may then law Cully be waived, neither the Issuer nor '~h, , rW~r. "f~~~tt>"";6~~;'~:~6J~,G':/f anyone claiming through or under it shall set up, claim or seek to toke advantage of any )M~}; {1~ .l. c,~~~i~\i~JL~:~/i :~a:~~~' p;~~~~lo~; ~~~~~re~t~~~~o~;e~:~:n~r~~el~~:e~~;r:ro~~~~nf~;::I~~U::r~?'t~~ .~~t ' ~j:\:f "ft"f~>1Ji{i;i.~;'7:;':' Mortgage; and the Issuer, for itselt and all who may claim through or under It, hereby !:~..J.:J~~} ~,.",) ""'1ll""'j', ,", i f I f -" I h '"~r ;t~ ;~,;,., 'iN<?,:i~!i~;'(.U,~'[:~: wa ves, to the extent that it law ully may do so, the bene! t 0 all suah laws and na r g t ~~,' ..~. tr",vl.!'" .,. ,:-".-,o.t,',. '~' of appraisement and redemption to which It may be entitled under the laws of the State. I *1!~ . ~")1~t{i~k~;~;iJ;~{~ ~~~ . _ ." it\. .. 11',..." .." \ Section 607. AppUcation of MonElJB. Any moneys received by the Trustee "(""~'t. . "~' ~ Jli~~t~1f1g;,:, ~~r~~~~~~~ ~~lss~;:::~e4~~~~~~r ~~t~p~~i~~a~~et~~n~J~w~~: ~:::r;~;v~~: ~:::r:: :a~~~t~;~t~li ":-'!1,;,'j,;<,,~.)\f,j'f,\>':~ fixed by the Trustee andt in the case of the distribution of such money on account or r)~.;';~J.' ;}~F~<iAi: prinCipal, or premium, If any, or interest, upon presentation of Bonds, and notation sft~ltill. . '<"~?i:~:t;;' thereon of the payment if only partially paid and upon surrender thereot If fully paid: :~y!~:~j\~\ ftV:Ji.4:; (0) to the payment of all amounts due the Trustee under Section 706 for ~~~~i;i~~j~'ifj /;\~JMi Ordinary Pees and Expenses and payment of any Ordinary Mortgage Servicing Fees and ;:~<k?il!.;f:4~~:;~;,:!iJ..;;lf~ ,:,;o;',',:.;.':,i', Expenses due the Mort"'age Servicer; ":"'~i.iV'~1,~"\A'j,~;',,,,,,,:,~\ . ~~;>':.~.;lY:-(:.,~, ~ ~ ~1;,<<.-~~J'}~.";~~):1~~ ...i\:.t-';l.....,~ .,"I""'L,I~'1.I.tl.A.," JI.; }4i~1~b~1}J' (b) to the payment of all amounts then due on the Bonds for principal, ~:~~0.'iB~f.gh~~~;?J '1jf~ !::~'~~ E~;~I~~lle~t:~~'o~~:r i~~:~~~ni~s r~~~\~~:~~~u~~~O~r t~~h~~~f;~\~tc:~~c~~~~~:~~~ ::~~~\~~j~~ ~J~, ~r. ):'>f. to suC!h event ot default and money for the payment or whiC!h is held in the Bond Fund),,~,! '\"it4'f.~'1 (:.,,~f(~t ratably wJthout preference or priority of any kind, according to the amounts due and ',,,~:;Y:~(ti:,~~:;' "" td.. payable on such Bonds, tor prlnclpalt premium, If any, and interest respectively; :"'.':X;.vtii:~fl' ~ ~~~~ "~{ (c) to the payment of all amounts due the Trustee under Section 706 for ~ft.~~~i;:~ptt ~I,I: '" "~ E](traordlnary Fees and Expenses; and .Vl/t;i;l '.'N't)' : '1Ir.."(. ~'~1~ '. It~ , (d) to the payment to MBlA, as ac~rued but unpaid insurance premium, the amount, If any, by which the sum of the Mortgage Insurance proceeds collected by the Trwtee and the amount on deposit In the Debt Service Reserve Fund elCceed the amounts payable pursuant to (a), (b) and (c) above. Sectton G08. Remedies Vested In TrtL5tee. All rights of action, Including thp r1eht to 1f1e proof of claimst under this Indenture or under any of the Bonds may be enforced by the Trustee without the possession of any of the Bonds or the production , LKL-S/23/83-##207 A -40- ". ~ ~V-'WUI"~ IT ,.......f"'~........~ --"I"''P'~'9~tT~l~'''''''''''''''''' ,.....- l;""+' ~--.-------------~---- ...-.. ',": c. .~ '.~T ~.:..~::":.{:;., .l~'-::"~I'-.., '.:::. '''~''':!~',,''.;'''.' "".:' " r IR .... ~', " .,' , .t--.'..:~. . .~, ~. ( . ". i, . . ',.':.;' ---- --~---------..-.....-----~----------~---- ___C. I' t . ~ c . " '"""..._~~~..,.v\.......,~;~\._~~~.....ltJ--':"lJOUt~~~!~~'~[ '. ; ~~~iY~:~T?W~~~ ':.'~.~l/~)~,y.~~~' :~:'i.~(,.:-~;- ~~~c' .l~~~":~~~-~-~i~~~?1?tWq~y~~~'!"'i'. ,l.::.1; .: !", c~~~:~t~: -' ::,', ,.",:, '<'.:".:. :";' t V.\,:,', :::~;:'~!-it:,:.:. ,> ~','<"!: ,", ~',.' .,Ic',.,i,:., ,.-','.:,;., ',:t;':"'","-" ;>:"',"~r." ~ .I,~. .~ : \.:.. < :".:'. I ' '" ", c ~ : . ,( . J:' ~:J"" .il" " '. ' , ',' 'f. '" '\ \ :::(":.~~,~~,,-~-~ " ';i c, ":~.....-,.;..,---..........:.-...__._'_~.:.....".. . (2) In the absence of bad faith on Its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements oC this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. (b) In case an event of default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested In It by this Indenture, and use the same degree oC care and skillin their exercise, as a prudent person would exercise or use under the circumstances In the conduct of his own affairs. (c) No provision of this Indenture shall be construed to relieve the Trustee from liability Cor its own negligent action, its wlllful misconduct, except that own negligent failure to act, or its own (1) This subsection (c) shall not be construed to limit the effect of subsection (0) of this Section; (2) The Trustee shall not be liable Cor any error of judgment made In good faith by a responsible officer, unless It shall negligent in ascertaining the pertinent Cacts; and be proved that the Trustee was (3) The Trustee sh811 not be liable with respect to any action taken or omitted to be taken by It In good faith in accordance with directions received pursuant to Se~tl()n 605 or the direction of the holders of a majority in principal amount of the Outstanding Bonds relating to the time, method and place or conducting any proceedIng ror any remedy available to the Trustee, or exercising any trust or power conCerred upon the Trustee, under this Indenture. (d) No provIsions of this Indenture shall require the Trustee to expend or risk Its own funds or otherwIse Incur any financial Ua.bllfty in the performance of any or its duties hereunder, or In the exercise or any of Its rights or powers. (e) Whether or not therein expressly so prOVided, every provision of this Tntfpntllrp. l'elAtlmr to the conduct or affecting the UsblUty or or affording protection to the Trustee shall be subject to the provisions ot this Sectlon. LKL-B!23/B3-"207A -43- :, ~""""~'r"'1-~)"'" , . .... .. ,..~ > t . P d :: ~~ >-."Y*,n~.. fJ,M: ..- ....,.~.,t.~~..,..... ., '''',''~"'7:'~.,,~. ~ c' ~ ," .. " . ,.;: ~~ ",. .! q.'" .. "";', '~', '.'?' " ',', ,., ,.':"" ":,,,,' ::""':":~1"."':>~'~'~;;~>;~;'~:~';"~"""':~"";~'~:::::\~:~:;;::~ .~ ""'.:. 'oj~.'<':~','I.~...r'::~'1 :,~.:\ ?'~'.~,; i(~"'.,~...,.,;~.".~ .'oj.:~,:;':.::"~.:'.~ll.;-<r'"'~X~: '~:\':,~":f..pJ.\" 4f....;~~ . ' r. '. l' ~~" .L......~~..t~f~ ....\ (...' '" . .. . .'~' .' r ..r ")1= ~~::!...,\:', i:/t!;'I}.f':... ~ \;j, ~ :'~.~\' .......' ','.,'101" '" , '. ",,",,' :<;"H'_r.,~,~..~.i"it...,,.,,...!I~~:;-A11"."~~"" " .: '. ,. ,', ',"', ,T',' "J'~"'~'\i""""""il;'!'I,$~?( ,,: . .... -': :' ::i{;:}!'::\~~;fi]~;11j~~Ct '. ",.' ...'~. ....'~.> > /t~i'.;.'~..~\~~"'~~ ~t'l ~,{'!>Jo~ " . ;', , ".::: '.. ,~~: <'.hSfJ" ~;',;~ t~.~t)t;'~k~~ ~(7~~ . ,,', " ",,:,' ".,'..:J... d\~~Aj ~.. . ~; ~ ,~. ,;~.j~: :.~L:> r:\l~,:~ ::'~'1 ~:.'!~~.~~,'..... . ~~. ~~ . . , . I I:' -r:- .. '.~;." '<'t,l... ',' l"'ll~~ t'~~it fl'~ "... , , '... ~", ' ~. I. .;., ...\..f'.,. ': "'I'I;.~ ~~ I ~ '.', . '..~d'I......~ ,'"~' .J,; ....f.?'}.,. '.r. .li.l.:'t ,~ . , ,,"'~. . . .... I . "j !' ~"'-' ;~ >to t .~. , .\ f .'.' '",It ,..... \ <'....~.. \ t'~i/"~h~~.:l'~'t~~ ':'., ~~~ ~ ,I J.~'I;-,' \.':~:"~~~:\>~(~,....1 J~:'\r' " ' ' , ,.'/, -c!, ,H."".l, d~"\)~' ,~ :,.' ,~,;,:'_W: ::J }\{ ;:/}~;f~J~r~~\1~~~~ " .,' ,';:: ">""t",,"Jt;"":.l~~l( , ,I, , ',C'.t .:.... V.t;\;:~~.'~ '.X~:~~~)li\\t . ',~ "".'~' ~ .o;::'l~'.~'\'\~;- .~""'~~~"'~I\"~7fJ " '.',}' '.....1' J~\.~\, ,:t't."~',1""";11\tt:{' I , . ':. ......f ~':: ,'':'' . ..~. ..'r.J' :1':i'l..". "}'\LJ;.(~ '~~: i . I.t. 71','1 ...'./.~iir,f...,',';t';.;.::''\i'2'~''r\~ . t" >~ ~ t-:r~ t~.';1t~.I)~i1t' , " I .. i I' ~.' k ....". ....~ " "J'I"~ ;. -.II , I . 0 l ;". <. ~ ;" ~:.~~. >:,~:;:,~iJ...~'.il!'-(t:{~ .~. . ''"1..\ ,,~ .tn;tf.-ft-v< }~""'nl);'::"tl\!>i-'~ "1 ;'." :':: f :'<S: ;~> ~~:~:\)~~~::if~ .~ .;'; .~r:::" .:I'i,~j~,.~~~t ': >:)).~i~, ~>\~g:'~~~1.J>'j ,~:o , ',' . ,',', ",'1"'<i\t;.,.tf'"r./~~'t.''' .t :-...?-..~_. ;~:r'f~,~ '~)'~...~'o/~~. . ":",' -:' i",;,'''''';!;'. t'm',~'.'r'l . . . ) '. >':> I.~ ,:-:'\1~'" ,'t~~:~' ~' t) ~ ..'. ;~". ..;1i/.J..~. r~l'?,\':' . '.~,:.''':'~.::.: ):'::it1)~:~'~ ..'.:.-; 'l"!J"'W~":' . ~~;:;~;~~:;:ri~Bi ,', i '.'.' ~'~~~ \~ ~~~J,l ~~[t it} , .~ "1l'~ ~,~,~,... {"!~ ~j~~lili' ~/t~:.:." ~~~~k~ ~~}~~; ";::'~~( " :~ t~~f;y,~lj' ';I:I.G~,;l(,\~ ~::;.....!J( ~Jf"~ ii.:;f1r-;.t.i); 1: : 9l~f\~l~~ .' .' I ','. ~"'rf" c: : ~, .1 r P- '>"(, '".. r . .~:~~," . '. ~" , , , ," , : '. . .".f: " . I, . ~ . . . . ..', , 'I .... 'f' " ' , .....:.................~~~~\ti~.:631o:oU...aM..:.tlA-~.....__. ~ ~"--) o expenses of defending itself against any claim or liability In connection with the exercise or performance of any of its powers or duties hereunder; provided, however, that the Issuer shall be obligated to compensate or reimburse the Trustee under this Section for ExtraordInary Pees and Expenses and otherwise and to compensate or reimburse the Mortgage Servicer for Extraordinary Mortgage ServIcing Fees and Expenses only to the extent funds are available hereunder for the payment of such fees and expenses, and the Trustee and the Mortgage Servicer each agrees to otherwIse look to the Owner for any other amount owed to It for services rendered or monies expended by It under the Indenture or Mortgage SerVicing Agreement; and provided fu:other that amounts payable by the Issuer as Ordinary Fees and Expenses and Ordinary Mortgage Servicing Fees and Expenses in any Bond Year shall not In the aggregate exceed % of the outstanding principal balance of the Mortgage Note durIng such Bond Year. Section 707. Successor Trustee. Any corporation or associatIon Into which the Trustee may be converted or merged, or with which it may be consolidated, or to which It may sell or transfer its trust business and assets as a whole, or SUbstantially as a whole, or any corporation or llSsoclation resulting from any such conversIon, sale, merger, consolidation or transfer to which It Is a party shall, Ipso ~, be and become successor Trustee hereunder and vested with all the title to the whole property or Trust Estate and all the trusts, powers, discretions, immunities, prlvlleges and all other matters as was its predeaessofl without the execution or flUng of any instruments or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstandIng. Section 708. Resignation by the Trustee. The Trustee and any successor Trustee may at any time resign from the trusts hereby created by givIng written notice to the Issuer and to the Owner and notice by registered or certified mall to each registered owner or the Bonds then Outstanding. Such notice to the Issuer and to the Owner may be served personally or sent by registered or certified mall provided that no such resignation shall take effect until a successor Trustee shall have been appoInted and shall have accepted such appointment as provIded in Section 111 hereof. Any such notice by publication shall be pubUshed at least once In a newspaper or financial Journal published dally and of general circulation In New York, New York. If no successor Trustee shall have been appointed and have accepted appointment within thirty (30) days following delivery or publication of 8ll required notices of resignation, the resigning Trustee may petition any court of competent juriSdiction for the appointment of a successor Trustee. SeetioR 709. Removal or the Trustee. The Trustee may be removed at any time, by an Instrument or concurrent instruments In wrIting delIvered to the Trustee, the Issuer and the Owner, and signed by the owners of a majority in aggregate principal amount of the Outstanding Bonds. Section 710. Appointment of Successor Trustee by the Bondholders; Temporary Trustee. 1n case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be In course or dissolution or UquldatIon, or otherwise become incapable of acting hereunder, or in case it sh611 be taken under the control of any public officer or officers, or of a receiver appoIntfld by a court, a successor may be appointed by the owners of a majority In aggregate principal plus accrued but unpaid Interest on the Outstanding Bonds, by an instrument or concurrent Instruments in writing signed by such VW'YIlt:l',), or by their duly authorized attorneys; provided, nevertheless, that In case of vacancy the Issuer may, by an Instrument executed and signed by the LKL-8/23/83-' 207 A -46- , ~ ci"~~:;t''''''''''''''''''''' ~...., -........................-. --................"........... ~...-.,..,.....~~... 1'''' ... .r. It . of". ,...<t ~ > t' . 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". ~.!'r.l!J::;1}'::t\""''"-.tv~',' ~'.~ II.. .'.'~ "', .., ... ~Jt.~~~~~1~.~:~}},r{j::',;:<<>'i;:';: ':',~:.':: ,": :,:','.',,::: ':' ":' ~ II!;: '1"'1':;"1'1"" "! ", \\ <,' ',,' ; "...' ,,' , ;" ~~\~n~j~J;ff,;':';0~i~ ",;t;;::,;;;"x.;,: ,; : '.... .' ' '" 'r~ '~{'"'')''''''''l''''' ,~v,.," ,,' :1 y.,' .' ,~~rjjti;~}?::W,~:,/;,:?\)r:,~':~':,:,: .:;F~" ,.,;',' . "'.," f" ' !f;.\'\\~I~~l~J',;(""':' !,"', ' , 'J .. 10< 1 Jt ~~~\-!(:~"ot";(~~!,,~"':. \,,}, ~ ,\' , , ' ]. ''-1!~'-' '~~"t~""""'.~ ',' "', ,". 1 '~.t:"f\\~;~..7.tl~~kr~t~"'~L~."., J ' ~,', .. " t .'~: ;,t,qJ~1l.~ ~:l!:.~~'l\t..i~" d...! .' ..', ' . . \l"~"'.,,):j~.~~;,,~.....);~:. {...'...!-~~~,~~ .~~"\ ~ ~.'.~.' .;-' ..~l' . .. l~..:;;,:}t.,,~,'I\\~f'~!""'1'"-: ~'i ':' ":l>':> :,,';; ~ ':", " ' !~-:;'t.'1~.':;;t{~{'''-''''.r,Ht~l,J...;.'.''' ". ..' (:' 1"'. ..' + '" 'l*,<JiI;.,~(,lf(';'" ,"i.. I ,,", "\" " "I ' " , , .n'W'';;~ ~~"~I't\"'";,, ',',:, 'f": ~'t.t~ftf~k"">i-J.o' ~....i"'; ~'...... ,..~~r-{,...\,.~' , .; \;~ : : ;;':JL.iJ'~t ~';;'J~/.;f.l,~.. ~;'~: ,",0" :~(.,~., cO, " .~ >, ' ~.~~?, ;~~:~~;:~/~'::;,~ l~~~~', '.,~:.::.:.'" ~I ':"fJ' .',. t'...l,ll ,..."1",,,):, ! "" , ..' " ' P~~"~/~8~ri~L'7:(jH~II.~"".!\~"~t~~~:' .> ~.: . '. ,:~' '... ,l, fP~{;\!.ci~~~\-"'r~~.:":<l ..-;jf~;.:~'/ ~1" "l," f' '. ' . /; .~~~~~.. ~yr:~<lt1:(~'1\1;: ~,' :~~~~:; .','. ':. ....--1- f .j';!.:,.~~>I~l.',Jt ~1r,,,,,:;~\,,, t~'.. '\ ' ., ~ . '. \""i_ ".... /J.. ~."tV\t~.:.....)11'-',.;;I:..1'\~~.;;: F:,\~.. ~~,'. ~ ~". ....' ~ ~.....\:~;J:.Lt'~tt~~l.iiJ~.~I(.f 1~r<~ :~ ~,~: i '.-:.: , ,. ,:i~:J:~~As~"~?:i;'A",,~n',:';-':' ,',; " , ~f~:,t..;~~~~~;rh;~~~:'(<~ .',,.' <;. " .- 1,;;P't;,~t'J'-:~\~:t~~~,..t~ "" ',> ", :,", ,',-: ~?~;\1~~~-r~~',t~~~W:J':"',,~: . '," ~J~': \', . '~'k"'~:.t O!'lf<.',J., ,J." .. . ", .' . , ~~1.~~:~1W.~.~+~~t~0~';?:'<" >::" ..:'.~I~ :. '~'. '. J :!['-:'~~~"'I~.':'~l):l~~,:,','" , ,!'::';,,:':, " , ,'.:.....: .:." .',1'. ""'ti.. '0;""H", .",'" " 1,e."" ' if.. . ",', v e~il~~ 'l~r~,.,:;o,/"'I""f..-'''"'' , ';~'~~l:~!~{~'.f~~1;;!/<1}.:. ~ }~. ~1 f'-.....l "l.~~""}'"' " . "~1:~~({~~;.;i~{,:\~{{~'~ ,}~,j:-!'l.~ ,r. ':\"<" '~'k;j"~) t~~"(:~\ki~~..'. , "t;'l',!l.:j., ,') "~I' " 'r ?:~;~,~;t~;. .;; .~.~~.- ;~~:'. ~;,,~I~..'..............,t, ,;:' i<~~~1~11~~~1Jj~:, ::\q, .1,9/; \'::;, ~'} ~;rJ4,'" -' '~i.~..\~('f:.J;(:: '[t;:j"\:~'~';t~'~'(~:' ~~'~;~:~.;~ ~\~~~ ,:.r~.I, '('I'~~1 ~:r .J-.~ {j"~ ~ ~. ,~/Srr..:;/.~s<J.~~ ' ,,\\tL-...~.~ . l,,,.&.t~ !!J:~ ~/~ ,.11' ft.: '.r.'v ~~~.'~"~"'~)./" ~.~ ,~. d. ....,.......... .....~. , , ~>........,~, ': ~~"":. 0:- ~:"l~'c\t"""'.c~r. " , " . " ...~ ~. -" ,.... . " '" . . -:-01 "'; , .1. : ,\ ',' " ' .) " , " \ ' -_.....----~---~~_........._~--_.......\.----:-...-..----......~.......*----- - ~.- -,.~ ~+_. :......._.~ .~r-, (.-..., .... -' ~ "-- . and attested by the under Its ofrtcial seal, appoint a temporary Trustee to fl1l such vacancy until a successor Trustee shall be appointed by sunh Bondholders In the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed by such Bondholders. Every such Trustee appointed pursuant to the provisions of this Section shall be a trust company or bank organized under the laws of the United States of America or any state thereof and which is in good standing, within or outside the State, having a reported capital and surplus of not less than $25,000,000 and at least $50,000,000 In trust assets under management if there be such an Institution willing. qualified and able to accept the trust upon reasonable or customary terms and qualified to act as a HUD approved FHA mortgagee. Section 711. Concerning Any Successor Trw:tee. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer an Instrument In writing accepting such appointment hereunder and accepting asslgnment of the Mortgage to it as mortgagee, and thereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and Obligations of Its predecessor; but such predecessor shall, nevertheless, on the written request of the Issuer, or of its successor, and upon payment of all amounts due such predecessor, execute and deliver an instrument transferring to such successor Trustee ali the estates, properties, rights, powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in writing from the Issuer be required by a successor Trustee for more fully and certainly vesting in such successor the estate, rights, powers and duties hereby vested or intended to be vested In the predecessor, any nnd all such instruments In writing shell, on request, be executed, acknowledged and delivered by the Issuer. The resignation of any Trustee and the Instrument or instruments removing any Trustee and appointing a successor hereunder, together with all other instruments provided for in this Article, shall be filed and/or recorded by the successor Trustee in each recording office where the Indenture shall have been filed and/or recorded. Sectlon 712. Successor Trustee 8S Trwtee, Paying Agent and Bond Registrar. In the event of a change in the office of Trustee, the predecessor Trustee which shall have resigned or shall have been removed shall cease to be trustee and paying agent on the Bonds and Bond Registrar, and the successor Trustee shall become such Trustee, Faying Agent and Registrar. Sectlon 713. Servicing the Mortgage Loan; Mortgage Servicing Agreement. The Trustee may either service the Mortgage Loan Itself or engage an FHA- approved mortgage banking company or financial institution to service the Mortgage Loan. The Trustee covenants and agrees that so long as any Bonds remaln Outstanding, the Mortgage will be serviced in aacordance with acceptable practices of prudent lending Institutions and all applicable provisions of the National Housing Act and all applicable rules and regulations thereunder. The Trustee Is authorized to execute a Mortgage Servicing Agreement In SUbstantially the form heretofore furnished by the Issuer to the Trustee providing for the ':;=:'''!=!~b cr the Mortgage by Continental Securities Corp. In the event such Mortgage Servicing Agreement is terminated, the Trustee sh811 either service the Mortgage Loan LKL-8/23/83-t207 A -47- /r..T!{~\~~~:~~:"; ....\ ~~"f'1~ F>--~~~~"'",",,~""""""'.~""--~~"""""""'_''''''''''''- -" :;,~:;;~::~':"..';-':", ' · ' , < :"::":;:":~~;;:'~::~i:::'~~:~C':F~~~,:d;--"- , . l.<.;.,lr..,' ," ,..".., ",!,.". '., ,>, ' .. . ',: 'I . .',' ,';\."'~.t"" ;""";",,,-,,,,~;i'f." ",.. ~!~~"~~~~~;i~::;::~~:z?:?~~~~~ ~~:~;:;', .:.';.;~~:"~/.- ':":'~' ~. ;. '.' ~.. ,.. 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" " . ..I':"::'I<"i:.~:~rx.:I:}1:'t:';~~.~~_\Ij'~l. -, il'".\"'j~"f~"6'N:l.~;;""'-~"" .~ ...., " .'..,,' ".' ,.,'J, "~"",\,,::.,,;,,I.i"t1'<~l'I:<,'~, .!~1.1\, 'I""""::t:\r~t. ~:I/'.~IF~~:;..t'~'~l':':t' OJ; .:!." "~,\, , ' .", <. t"." ....;'.. l""lJ>,'~~"~~)2':J/;.;;~.1~~'it~';~ ,t'Q!:J~ ~~~~}f~j.i~~ 'J.i....r{:_)j~~IJ~}..~',. :\,. .'." '.;.,t' .'~. . ..' ,': ''',>..~> J.:...~.,.l'{t~!.-,.l>,~:' 1(,t.~...,.~.J\~;\t'\~,., ,~~. ~ t~'(n!Ju:\ro t1'~i\.>tl{~ ~\' :,: 'I.r '" :. ~..,", j, - ./ r . \ ,'," " .~. <'~ ~/,.,L~':I~ .1j~;?.';"'f"':T'~\"';"" ~~~':'v .~\~;!:'"X '.fll'.".(t, ~\,~\ J~ .'L~l .;'" ',/~'~ \.. . 1 ;.\ ~. . l \ '. ~:. l;~ ........1 t:. .~~(".j,;/J'Jt11 }il...:;:~, ' '=: ;-(;[ ~ i.E. '.~l~J:,:-'. ":~~ll ~ ~~ . ~;<, . {; .J.', . > . . '~ ',." .:'.:1, ~J~.G'}: '~J~11;A7~~J "~1;' , . ' u'.' . ~. .l~;'Y.~t':)" . " '. '~ .' I.; , '.,. . . . , ~, \ ..~ f -, :.., \0-.... -,.... ' t~, I 'I ,<C:"" 'r:t~it~'~"",'!~'.,j, " ,~ :.... t ~! 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(.::: ~ :-;., . .,~\./,:....t~1~:"~~:('..... t, ."'>3' t~"r..tt{,'r>i 1".(,;,:".....,...\,."~...~';i' .... 0 F"'\ ,I ..."' ,pft.r,/:r'rIJ~,.t <t..I.\ \ ~~St !~fi'i; . I:J~'~~~'\\.' :,. .~. /t~'+"; >'~ \1 ~" ~ . l : .-: : .:': .: :.+~ .~:.~~~/,1 ~\ '~'~~~t ' ~ ':' p.,~.t,-;}.\,;(,,:'.1 ~i~/,.i~..."" i:.>~ '{:~'" < <~ ',-,/: ;.c'.'~:~ ~\'-,~~t~,..L)~"yt.:..e-~ ~ ~ i I~W~~~l~~ii'~",.:l;~~~~.~~:&{:>\~::'~\" /.,.':' ~ <: >':,",;,:',::\; ~,;~,i>':~'~:;2{~~f5~ : I", .~::;.~t~'},!r1"'.~1~':~ .h\~ '\"1 ..~'..'.. .. . "I.i',c"":d~"'. ,...~......di,,:.1t~v: ....:'l". f~~~:;~;t~~~'~~ !;'~'~~~''''''t~1':.;,~... ',; :.~: .' ~. ~.: .'~ ~~.:,:; 'j 'i.~~'~:~)l~~f~:Jr ( 1 :"h~~~_l~\i,..!.....""",t.' -':1" ~) ~'l . <''''J ,~_;;.I .",..... t ~. I . (... \ ", '. '.; ,.cr~ l'.l.l'h'~" \fii';Ii~.~tJWi;~l;~~~!:/,:;~!,;>:,<!.>:,,/:.\ ;<:'.'. without the consent of the holders of all the Bonds at the time Outstanding which would ;;:.::;<';.'~;I:::h;:l~,\:?f.\A: \,WJ!j,)',t!:&rf....,~l~.:l.. ..',;1':,.,':., ....',: '., ,: ," b elf t d by th ti to b t k (d) the modlflcatl n f the ights duties or c ,,' ~), ", \,.<:u,,"'('Y,l,.-t ~r;(....",~w.);"~.lt:lP;'!'~'iI;,';":,">;~"':""::<,:" e ec e e ac on e a en, or 0 0 r , ;:"'::1;,~: ~~<""'i~~:'HJ"V:l i~i' ~~\)~~:f-~~;~ff(i:.~:}>!;f:,~:;i ):;>{:'. > immunities of the Trustee, or (e) a prlvllege or priority of any Bond or Bonds. '),~:i:i\'~~; ~~~:{i;~~~~~: (." :~;f;l~~\;) (~'HP~:. ;;:.:.,,>.,;~~~~:' :,;~. ~..:1"; > .': (jf~~'~~t..: ; ~I f~lt~i4~~i" ;~V: .:') '\'J::if(i~A:.>!i;';::I,~":', ':-:;\<' If at any time the Issuer shall request the Trustee to enter into any such ~~'~;::!:,fii. ~l~': ~,"!' ,~I)~'I.(;;'AlhJ\,il; .f',.....,.':,'.. ...,' supplemental indenture for any of the purposes of this Section, the Trustee shall, upon "'r.~<';';" ".' !t$:';, '(lj~~;~~:~:D~gj;~;~t~rk;):'X': ~=~nc~t~~~s~~C~~~~Ys~~~~:~~~~~ ~~~~~~~e~~ ~e e;~~l~:~d c~~~~t~~e r~~u~~e~r~~o~~~ Jl~~~~~~: ~~~~jJ~~~'~~~~.t~:;~~;p~):;~~r~~~<+:,~(~',;, Issuer and in any event one time In a newspaper or financial journal of generDl circulation ~~'Tt }" .....,'~,}r,;:'{~ "I.~..',b ,,t........' .";." "'" :t . 'y' published in The City of New York, New Yark and shall also cause a similar notice to be '.. J.;.i..~t}1~~l,'2\1r~:'\MJ:\\.J:'.:\;};;.~:: mailed, postage prepaid, to all Bondholders. Such notice shall briefly set forth the nature ' ~r >,.~ "J.~li-~~mi~~_tjli:~.:,I)J !r::;~N)~~:~~r.~~~~~ P~J:~~:1~!f~:~i~;:~~h~~ ~r~~~:~~i:~~;h:li~ !' ../ \,.' ":,....,., ,,\:~"J ..,: ~",., .,. ,.., , ,,", ' publication of such notice, the holders of not less than two-thirds in aggregate principal Y?::" ~'C'!'" 'r~J,.;~~).;;~\~\,..V:;;':"l:':'~,:,{::: plus accrued but unpaid Interest on the Bonds Outstanding at the time of the execution of ~<.,' B. '':it~'tV';' .;:,:.:';":">':' any such supplemental indenture shall have consented to and approved the execution !f\Jfio ;1.', ;il1~~~;~};i;X ~~~\~f~~h~~~~~~'~~:~~~:f:~:hf~t~:;:;:%~:~!r~ !~!:~~~;:~~;~i::;~~t!f t.(~~: J.;;:..,;/r~~~.ri:~,;fi}51~j::' . .', Issuer from executing the same or from taking any action pursuant to the provisions .;~,:~',:;" ;/<I,;;y.~~::.:~\t;'-l;l'Y;lrr'~(:,!:." thereof. Upon the execution of any such supplemental indenture as is In this Section ~:;:-~,/~,i:J~t";1~";'~'~''{.;~~i~~'i5.'r7"'~:/.;,\, ::". permitted and provided, this Indenture shall be and be deemed to be modlfled and ~;}-:~'~~.~:'";;i 1Y ~~<)~'~;t :;;~,,:':\,:i~:.t,j~~\: .1,'J' '~I !J~l' 'J""11 o;..",,~;<,,',f ,. , amended In accordance therewith. The Trustee may rely upon an opinion of counsel as . "i'{:.:~~ ~N"3"':'I->t\.'<"'f;>;~,~ conclusive evidence that execution and ,delivery of a supplemental indenture has been ;".~~ ~{[}?\~r''''f . ~_.:..t" 'v .. t., "?~,,,~;'L'!!.i~:,;'f!';;!:,\~;~,;~ effected In compliance with the provisions of this Article. r~.:~~~'''~ ~",,'..I~:" ~'.l. ,l ...~t-"...t~ L\\,r.'\;pe;:: 1...t'.~~:,. ,\~'.I'~ . "I!""~~,t1'~~~S;/~;W.;;'~:~( f' 'f j\.'n tlt--=- \. ''t.,1 it .._~~l.. h ~J!)~~~? ~(~~~:~~t,f!;I~~ :t{,11~"i!, ;'..~,~e<".~l.'",.:", ~'\.:~~f~~ ~~~;t;:"I1~ ::;~~.:~1:~ ~/ '11~1"~':;; }."; i, -1.~\ ~~~ .-':"!l.~"~"l ~;.~~.fi"i;,~;J~J;.:Y,\ /!;~. N'=!'.'~" ~ '~'1 ~''I.':\-..h-I..... .f.~.t ,"(;1 -..~\ ~ " ,': j;ii'~;~~~7~'\-f~~T .... ~)l~~':''''''.:'P.'7l)~.~n\.;.'~' J) ,I' ,,':',." 1;('\1-"1-::" ~ '".."':" r t....f~ ~ "" ~~tl".~).t~ ~)~~...{ '~r~ ~.~~ ~ '? ;', , ~"~~~'~~~~\~~~~1~?/ ,,;-A,rx;;.,...i>J .:~>~~~1'..t~li\~ :~ 'h\;i"L,~,.).,Y. i j1 '~,;:-~'l~ ~~ ~~4~~ "~'..' :' };l,J}~' , t~~;:";~~ ..;i '~f~ ~{~. . ~ "', ::'; f:-' " .\, :J,- Anything herein to the contrary notwithstanding, a supplemental Indenture undar this Article which affects any rights of the Owner shall not become effective unless and until the Owner shall have consented to the execution and dell very of such supplemental indenture. In this regard, the Trustee shall cause notice of the proposed execution and delivery of such supplemental indenture to be mailed by certified or registered mail to the Owner at least fifteen days prior to the proposed date of execution and delivery of any supplemental indenture. The Owner shall be deemed to have consented t~ the oxecution and delivery of any such supplemental Indenture if the Trustee does not receive a letter of protest or objection thercto signed by or on behalf of the Owner on or before the close of business of the Trustee on the fifteenth day after the mailing of said notice and a copy of the proposed supplemental indentur~. S'l!Ctlon 803. Amendment ot Certain Documents. The Issuer and the Trustee may, with the approval of MBIA, make or consent to any amendment, change or modlrtcatlon of the Mortgsge Note, the Mortgage, the Supplemental Regulatory Agree- ment and the Building Loan Agreement for the pUrpo!le of curing any ambiguity, or of curing, correcting or supplementing any defective or inconsistent provision contained therein, or In l'egard to matters or questions arising under said documents, as the Issuer and the Tru.,tee may de~m necess&ry or desirable and not Inconsistent with sald documents or this Indenture and Which shall not adversely affect the interest of the holders of the Bonds, and may make or consent to t.he extension of the date required for completion of the Project under the Building Loan Agreement In accordance with the provisions of Section 714r provided that such extensions may be granted only if the Owner is in compUance with the Bond Purchase Agreement. LKL*8!23!83-1#207 A -50- fW<,4..J7"r"",,,,:"'~~'~~~-'-MII!~"""""".:.oao.~'III,I.i'--._"""'''''' .":..,:,>,." t ." ..............................,....---.......,.~ .]~- ---- - .... ~ ~. #. .1"'V1.o ~ .:t-......."'l'<\l..o~ of..~..%~~f'-";I!'J~t"!~.;~io-.....J , '1' !...., " ~ . ~~""i-.l.' .....~ t.JIt.......~.~....~. ............;.-"f ~ ..........,,'r+~:;tll~ "''!'~'" ~~~ ,. ~ ". 1...... > , "..r. .... ~ ~ )?2~~~~'~:1~~~:~":-;:':~' ':~".':'~' ',',"~ ': "'i:,~: '..~.'f,~>'," .' ,,','.:, .~:2' .t ~ ,;~',;,:" <,:;,~';,L;~;r:,~~~ .:,:''':~::.:',!.:'; :;;"<d,~)"i!f:/"> ,: ~.....,,l .. \1'1;,,l~,i'-J'" ;:. . 1" ))'/I..;{- ~ :.... . ~.. ,r ..\~ i\ < ~ ~'~.;~~':'i .t~~' ~:.... ....~~ ~ .",,~l~':":.J.i.:1JPh.1:?,~l.~\~tA'1~?~f~:...~i~~~~~";' ~ '~." "~:il'"7-::\. ~1+$rl...~~[~I~q~.;~\j '.vJ'"l:...~ \, l f" \,l,' "J . (-~ ...~ ~. .. '/.0(. \....~' r.f- t..........~. ~ U" ~ t~~'{,'I.,_fm "t...' ..o:';:...,"';~. if:. 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";">'~ "~'\" .., t1~r.i:l~~ .....;:.:1~i../):~.(.,'i,,':~....,'f}.~.:-i \.~.; .'7'i~ ~.~ ,,,,F"~ i ; ~w ; t ..H..< :,r>:-' .~..:,.. , ~~: J-: '. :!nt~~::}~l', L, 1 'J.:'~;' l.lr- .':l.:~ ':~I'!.~.. :'t\i:rrl.... \, ~. ~/7::?;!\."'~.1 ~~'j/ 4...".~~..~1,(""'{]F'~}.,~;.. -i,.l-rl, ..1";~...,'l.~,,~ ~).. .'~ ., ,'. '. " ,...:i " \. ,~. ':.".' .+1 ~ h-;..I...:"...".'1LI.....I';\-!.~\.-"""...<<1.f....fP.. "J:;~.~l.iy..:',~/oo;;;:~..:~?~-~"":$r~~:.\:~?.{:p'~~n{t\~,I ~'.,.:.', ',... .~~I;;. ',.. . :.:.', :.~~.,,' :., ; .1'r..~.~':~:''1:P:..,>.,~.;~....~~],::.)~1;!+:{,/~:'''i.....e~~:;.~.~~(~:./~~.:,i:< }...~A..L"..\.' ..~\ 1'~... .", t '..t ...,~.'". ~ . "{'~ l'.. . <; . 'j' ,>.; . j .."~ it ~~S,~, ").{!"J'~"" ,,"''ifrt;.~J~ \j:~lt~~1~~~~~;t:i)~:~H~:'iriy;:; ",; ,';(i' ", . , ,'" '; ,;:' ": ";\::~:pi~i.':/(:~;\?f!J:~t~~"] 111~.....'".;i:"'7)-..'..l~fl:,\.u~';-~\.!'t~...~~r.......~(I."",., +,' ...:. ~, I ~ ' '\';. '. I' I '~',..'- I..;...~,t..'!.~;!,~,\.!.f,;..~,~ . }i:":.:r~.'~!f?~,{{ f.~~~~\:>:\~\;'"',..~~..~.r./.:~:...~. ...;: ',~ '. . \:'/ . t. ,..,' .,..,,:,.:;~', ..::..~:~.""\.:::,~Ii~'/~>;;;~'\J;.i ~L~"r:';'"~ -:1I'1.~1.i...I~. ...~(t... \"... .~. . .., 'l.-"- ,..... . . . ,'~ .'~."j ~ ~ " .',~"i~' ':r:v:::.",,"J'~', ~;,i~~mff~J;W~:~~~1U;:\(:~V;'(::(::::,\,';~,\,'::~:,:>: i <.. '~..' :' "";, '~~, ' ..' '. :~'::, ~.':~>':';:"~>;,;<':~;<~\,/;~f;~~~~tw~l ',,'fJ},'t:,;:'j>. ,;",},,"/"'.',\;.'f,,:;':; .::j ':~': :....,' r" " '.: ;'" .',,,.,,,,,~~,j\'~1~")"';t.!lir, f~~1~f;t1~!:~~~:.<;.<L";:"~": <.;~;::.~_.. ' , " '. '. \~'~I'.~'~~~r.&'~~'~~ V , ,>' ",,' ,', '.' '..' '!"~L~;~~!Rl.~;f}:~ ,I)tr."';"~", ,'!" "'I 01 0' .,..,..,.;.~~ .;~ '>"'l;:'~"'w", " ..', , :", ." "<'" ..,,"- ~?.l~~k''''''I'l:'''~''''' ~\"":+f." ~ .~ '1').J,~(~a.."i',1 1- ;<,1~i~\t~I,!~,' ~~~'::::i~:=r;~:: ~::e:~'!.'::~~~ ~i'::~;~~: i:::.::~:[e~h~yS:~i: 1~:~~~~~.b~UI~ I:~: {lIlt ~~;!~~1It::fl{/~~'~; state in which is located the principal corporate trust office of the Trustee from time to 1:;t-r;(21.B.!iy..;-:E:'" time acting under. this Indenture. The word 'Trustee" as used in the preceding sentence \~.,\~t/l';0>,~'''vF shall not be deemed to include any additional indivIdual or institution appoInted as a ' "i~~~i~~~\~f separate or co-trustee pursuant to the Indenture. 1t~n~ji;f-~;; Section 1009. No Recourse. No recourse under or upon any obUgatlon, ~i;:~;,;'~ ~~~:~~~t, a~ar~teet~:n:~~:,af~;dt~ne t~~i~~~~~~~ o~/na~~Y a~:~:;:~n~~d:; ~rz, j~:::;e~~ '\ H',,;t I I I f i i . .~.~~if. equ table proceed ngs by v rtue 0 any const tut on or statute or otherwise, or under any ,,,;j~:'i.:"l,,; cIrcumstances under or Independent of the Indenture, shall be had against any member of !::ffit~\~ the , offfeer or employee, as such, past, present, or future of '-f1~~f::~ the Issuer, either directly or through the Issuer or otherwIse, for the payment for.:lr to the f'!:.'ll Issuer or any receiver thereof, or for or to the holder of any Bond, or otherwise, of any '~]i;f:.y; sum that may be due and unpaid by the Issuer upon any such Bond. Any and all personal ,~ IJabfllty of every nature whether at common law or In equity or by statute or by constitution or otherwise of any such council member, officer or employee, as such, to .~~~~\ respond, by reason of any act of omission on his part or otherwIse, for the payment for or .'1,-:'t.,~: to the holder of any Bond or otherwise of any sum that may remain due and unpaid upon ~.~,',~'t.; the Bonds hereby secureld or afny of them Is, by the acceptance thereof, expressly waived ., and released as a condit on 0 and In consideration for the execution of the Indenture and ,t'i/ the Issuance of the Bonds. . r,,~~~~~:'i '~~J/~~}t!~. . "'~f ~ :' r~ '1... 'f;-.\.., I:~"l!'~" V)',yj ,i\,.) Section 1010. Successors and Assigns. All the covenants and representations contained In this Indenture, by or on behalf of the Issuer, shall bind and inure to the benefit of it successors and assigns, whether so expressed or not. 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" ,,:::"'~~ r.....,;>:':.:.:':' ;?~:~rit~~~~lr' ,~l ~,j~~:lf.",:"..:. + ..~,,-r.<\.,/.....~..... ,I. .tj ..:....'. .~ ,~. " ,~ (" ~. .,,)- .1..~u.\~.I,J'~l"".\}-i '~.l~~:;~}~;:!~~:~r~f,{';':?i /:~/ ':,;' ',:}" ~)~. ~'\)':;, \' "..',' :. . " \ .' ..' .:: :~ ,:",:~~\~P~\~{l:;JtN;1)'i.~ ~tt[l:k:(:~J~S";":;;'~::~~ ',' ", ~. . "1&:\ ",_. - v'~_""_"'____"__,_",,, "'~.._-, ." "tt)~\:;\~}'i' ~111~.J\l.""-~ I.,' > ".r' .', ,"..~J. '~;::Y~~~~',{:;'~';',-, ;:'! 8 0 ,1I!$:,,~ "', Jt.}i1i~:{~('!~;;),;;" '!~~~/~ . '~ ~~""IL~t,l:~"'C""> ':.I.",..,~..>.t.> .1, .....t;~.-/'tr.........to" ./f.... "'~'~4ij~~;]:;:E' TABLE OP CONTE~ t~f:~r(" ~f.;t:\)~::;'l; -3~, :t: <~h~ .;..,.\"i::; lo;r' ":(:~wl~j~~ (PHA 1NS~~~~I;i;'~1a;?a~t~i:3 PROJEcm tii1 .. "~,f,'J,i'~l}!>",,..., ,": .~~ l:'~"~~"~ " ....;, '~~""'~';')'t"'''':l~h:~~; . +~,r;- t1,'t?~ t- . ',!~(;~.,.:~t:t,~;~'Y,,~, FINANCING AGRBBMENT i7<!;t ','4?:, 1 ~ir:\i~~'~ 1.\~J"~(~'t' ~1:l:~J"'~"l'\t:. I , i,,~i1~;~..it:~:.~!. ;.~?. ,," '. ... >' l>~t':>"t"'",,,,,".!(;.~~ - 'I~. ~~It. ....~.~ jl)!~~~ ".', "~',l ;,\\;'>;'.:',1,1': '.fl ~~i\~ ~~,' ~l' 1:1~ ~;;~~~~~g~~:j ~ t~i~~iI" ;t,,;1 !I~'~ ~j~"'~;\-~"~"~I~' , , ,f!:\;. !~;: \.;t~ }'.i.f:\:. .,'!i;"~ .- '.1' , ''Pt ." ., t_, ;.J..;;"'JJ/ r~l~'\'" ill. .j .. . ~ Wj'o:"l'~~ 1 ;\~/.-, ~j[.i.;y.t.i; c..:,:,~.1 ~1.1I~~IY{' ~~:::j1fF:.~' ~!:;<- > -"\'; Parties and Reel tals . . . . . " . .. .. . . .. .. . .. .. " .. .. . .. . .. .. . .. .. .. .. .. .. .. . .. .. .. .. .. .. .. " . . . .. .. .. .. .. .. .. . . .. .. .. . . Section 1.1 Section 1.2 Section 1.3 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 2.5 Section 2.6 Section 2.7 Section 2.8 ARTlCLB I DEPINmONS General. .. . . . .. .. . . . . . . .. .. .. .. . .. .. .. " . . . III . .. .. .. . .. .. .. .. .. .. . .. . .. " .. .. .. " " " . . .. .. .. . DefInitions" .. .. .. .. .. " .. .. " .. .. .. .. . . .. . . .. .. of .. .. .. .. .. .. .. .. .. .. .. .. .. .. " .. .. .. .. . .. fJ .. .. .. .. .. .. . Interpretation ....".............................................................. 11II .. . . III .. . ...... III ARTICLE n PROJECT FINANCING General Terms of the Financing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment or Moneys ".. ole " ... ... .. .. .. ... .. .. " .. . II .. .. . " " .. .. 41 . . .. . . . " . . . . . . . . . . Disbursements from the Project Fund. . .. . . . · · . . . .. . . . . . . . . . . .. . . Sufficiency of Project Fund .................................... Fast and Slow Construction Draws. . . . . . . . . . · . . . . . . . . . · . . . . . . . . . . Establishment of Completion Date .............................. Failure to Complete Project by Date Required Under Indenture .~............................................ Default or Late Payment on Mortgage Loan; Letter of Credit III...,...........""..."...".....".. II - . . . . . . . . . ... . ARTICLE m MAINTENANCE; INSURANCE; DAMAGB; DESTRUCTION AND BMINENT DOMAIN Section 3.1 Section 3.2 Section 3.3 ' Section 3.4 Section 4.1 Section 4.2 , .,"t' "P .'/ Maintenance .....". iii . " . . . . . . . . . . " . . . " .. .. . . . .. . . .. .. . . . . . . . . . . . . . . . Insurance ....." ~ " . . . . .. . . . . . . . . .. " . . . . . III .. " . . .. . .. . . . " . .. . . . . . . . " .. . III Worker's Compensation Coverage ............................... Damage; Destruction and Eminent Domain ....................... AR'l1CLE IV REPRESBNTATIONS, W ARRANTlBS AND SPECIAL COVENANTS Representations, Warranties and Covenants ofthe~uer..........~.'..................................... Representations, Warranties and Covenants of the Owner ~ . . · . . · . . · . .. . . · . . · . . .. . . . . . . . . . . . . " . . . , . . . . . . .. . . . . -i- '.f~'~., J'.:Ar ,:,.' , 'I~ "., ,f \ ... '\ . 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",;,~~,\{ i ~:.. .'!::-:~ c, , .. ....w~~\.i'.i,..../.t . .;&~ I!j:-.::.; , i'Jiii~~i~~f{S~:r;1 ARTICLB V ~~ s...'f~.,q~~...;-...'.,...J;l.' .~.\ ~.~~} DD 0 A NTS A AG EEMENTS I,,-.ili)'~r<fi I';}'!;:'i:~~'::,'.!';,~(.:':t~..'''''h. A rrI N L COVEN A ND R :li),~.:~,;-1 ,~}-(~}t.~.~~h\\;[:~...:....;{."..'. '~,>-I\.. )1:, '~~tll" !~ ~i\;.;':'Y.f,,:'f,'~ ;I~':},:,' :>; ',:',:: ., '!:\)J:r. Section 5..1 Inspections. · · . . . . . . . . . . . . .. · . . . . I- . . ... . . . . . . . . " . . . . . . . . . . . . . I- I- .. 13 Section 5.2 Reports and Information ....................................... 13 Section 5.3 Assignment......... 1-................".......... "............. 13 Section 5.4 Fees Under Indenture. . · · . . . . . . . . . · . . . . . . . . · . . . .. . . .. . . . . . ... .. 13 ARTICLE VI nVENTS OF DEFAULT; REMEDIES .h>,~, [~. i1'1fVl~.;a~ ..~~.';:~\.:.' ~\~;:.; 'JJi~'4 'JJ~~~. "M~.;~ ~J'" .1'~~ ..' .'!I,!<'., <'j'm7(.: 'f.'\'h),Jj ~.~\!f~;;.: ~\'J- ~;.~,.: ':~~~(~:f, ~~~~, ~...;:1td.::, ~:.~':\.~:W f':.{ ~~~ ~ ;tfi':?'{{ ~.-<J'I " 'i!'lJhJ? :J:;t~J; r: .~!' ,~. ,~~ 'f' 'j Section 6.1 Section 6.2 Section 6.3 Section 6.4 Section 7.1 Section 7.2 Section 8.1 Section 8.2 Section 8.3 Section 8.4 Section 8.5 Section 8.6 Section 8.7 Section 8.8 Section 8.9 Section 8.10 .1, .. ... " , " Events of Default; Remedies .......................,.....,..... No Remedy Exclusive. . .. . . . . . . . . . . . . . . . .. . . . . . . . " . . . I- . . . . . . . . . . . No Additional Waiver Implied by One Waiver. . ., , . , . .. . . . . . . .. ! . .. Agreement to Pay Fees and Expenses Upon Default..........,..... 14 14 14 14 ARTICLE VII TERMINATION AND PREPAYMENT Option to Terminate. . . .. . . . . . . .. . . . . . . .... . . . . .. . . . . . . I- . . . " . . . .. . . Option to Prepay Loan. . . . . . . . .. .. . . . . .. . . . . . . . . . . . . . . . . . . . . . .. .. . . . 15 15 ARTICLE vm MISCELLANEOUS Term or Agreement ...................... I- .. . . . .. . . . . . . . . " . . I- . . . . . . . .. Notices.. . . .. . . . . . . . . . I- . . . . . . . " . . . " .. . . . .. . . . . . . . . . . . .. . .. . . . . . . . . . Binding Erf ect . " . . . .. .. . . . . . . . . .. . . . .. .. .. . . . . . . . . . . . . . I- I- . . . . . . . . . . .. Limited Liability of Owner' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendments, Changes and Modifications........ . . .. . . . . . . . . . . . . . Coun te rparts ..,.... . . , . " . . . . . . . . . " . .. . . . . I- . . . . . . . . . . . . . . I- . . . . . . . " Severability .......... . . . . . . . . . . . . " . . . . . .. . . . . . . . . . . . . . . . . .. .. . . . Captions' . . . . . . . . . . . .. . . . . . . . . . .. .. . . . . . . . .. .. .. . . . . . . . . .. .. . . . . . .. .. . . Governing Law ................................"...............".... FHA Documents and Regulations Control. . . . . . . . . . . . . . . . . . . . . . .. . 16 16 16 16 16 17 17 17 17 17 -u- - .' ~,", ,:,~..:' ~: " '/': ,~~:'h~\~~~\~-~~;;;:::''':';'' "'~:~:~~~!':"'''':~ ~ /~: t,' -,.' :V"~ '~, ",F "'''%' ....':'".",. '+ T~C~.~'.'~~. , ;!,:~~:"i-_:~-;'<'! t!: ~ II"',~ -.-'.... ~~~l7(.pj:'~~~~+l~.~~.?~~';:~~ .' . " :, .' .;.. .i~'1' '.' ,: ~.'" 0, " ~ ~~<~. , " ll' I' ,}, " '" .h .~. ~ " " " , , .. (>. J .. ' I ~ ~, \ ' \~~'WM:...~"Uf.c>>~"""___... _w o ARTICLE I DBFINITIONS Section 1.1 General. In addition to the words and terms elsewhere defined In this Agreement, certain words Bnd terms as used In this Agreement shall have the meaning given to them by the derlnitlons and descriptions In this Article I. Those words and terms not specifically defined herein Bnd used In this Agreement and Article I as denned words or terms shall have the meanings set forth in the Indenture, as defined herein. Section 1.2 this Agreement: Definitions. The following words and terms are deClned under "Act" means Chapter 166, Florida Statutes, Ordinance No. . duly enacted by the City Commission of the Issuer on September 16, 1983, and other applicable provisions of law. "Authorized Representative" means a representative of the Owner, authorized to perform an act or discharge a duty under this Agreement. I1Bond Counsellt means an attorney or a firm of attorneys of recognized expertise on the subject of the exemption from Federal income taxes of Interest on Bonds .. of states and political subdivisions. "Bond Purchase Agreementlt means the Bond Purchase Agreement dated September 15, 1983, among the Issuer, the Owner and the Bond Purchasers providing for the initial offer and sale of the Bonds by the Issuer to the Bond Purchaser. "Bond Purchasersl1 means Newman ond Associates, Inc., Denver, Colorado and M.G. Lewis & Co., Inc., Winter Park, Florida. "Code" means the Internal Revenue Code of 1954, as amended, and with respect to a specific section thereof such reference shall be deemed to include (1) the r~lations promulgated under such section, (ft) any successor provision of similar import hereafter ena.cted, (lH) any corresponding provisions or any subsequent Internal Revenue COde, and (Iv) the regulations promulgated under the provisions described In (if) and (U1). "FHA" means the Federal Housing Administration, an organizational unit within HUD. "FHA Loan Documents" means, collectively, the Mortgage Note, the Mort- gage, the Building Loan Agreement, the Regulatory Agreement and all other documents required In connection with the initial or final endorsement of the Mortgage Loan by FHA for Mortgage Insurance. "HUD" means the United States Department of Housing and Urban Develop- ment. LKL-8/22(83-20'lB -2- ~~~~ ........~........u.....................~ .......-~E.oI .- .' ~, '! . 'f. ,~~ t. ". " (fM ~) (l0. ~ defIne or limit the provisions hereof. Words importing persons Include governmental entitles, flt'ms, associations, partnerships and corporations. , , " I .11 ~ ., .~ ',\ '.I ~ , , , , 'I: ': ~ I' ,I " j, " : ' '" .. " ,', _if Of .\ , , I , ' , ~ ! ';1. '. ~ \, ',I .:" , ~ "'{""( /',',:;\,:, I" : ~.>~ ,\.:< ... ' I \,\, ',~. ~\ ,~J\". ,. .1"". :~'~"',~\~,:,,;\:' , " f LKlt-8/22/83-207B, , i1j::f0::l,}:;<.:.fL"..:;.": .t~..;, .., ?,:; ..~~~~~~1.\\1~ .::,.'l' 1 .. II l"'/ 'L L ~~. '" L 1. 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'.....-": ~ ::.....1;<:>{.).~..l".....\~;'O""1.,.j. :i.";J;{..,~.." .t"~'i!.:~"~h!('" r....,I""~...~ ,"n~~''''",:l'P,'''' '\ ~ .. ....;. ;>~~.'1:4~: ,.:~.}.~/tl:r.~-!i-.o;;;;p, S :~~.t:~},\\~.~) tf;'''1"J..pJ'.,(~,.. ~";-.I>~..;, "~',. , ., ~ ~:'~}'::"'-;"'{T1~~,1r..:V"~fJ.x~n '\ ~r:t.."-:.,"4~.}1'f.fo~ %J:~~;;~tY, J?JY:':irr:", ::' :' ..' ;' ARTICLE II ;~;'l~{\:?i;}:;~~ ~,~\'i{i~ft~tl~fl)?tj}1~:h~t . ,,'Jt~(I..:J\~\ ~;!"-.: .\.+o~l:~f : :.' _' ::~J":~'~+~ ~~!';.~. ;t:i:'-ll:.,~~~~:~'~~t\t::: ~l'f Yt'r.;"~' of .i~. ~~1,1r{"'" .... ;"i- '''_''';~ >:,.~ ,~ .1 ':- -.; :>.... ;,.:; ~:"!"it '~Jj';:.!..~:~";~i':"'~'~:i<J'~l I, , 1,',~;-i:l.'.5:;,t. :\,l(' ,:,~'{;., ',. . ~ (..' "::' ' PROJECT FINANCING ',~tJ.l..:::.~~,:.:.(. ~,);,~.\tl!;"i{~:;:/ ~ ,.;' ~'.i:h;n"l~?~J,I~ I~~ 1\'.I~};,"(~:';J ,'";. _ .' '!'..~.:ll\c,:-';t ~.:;'rFl.tft"~~,.,,:,;, , .....t.h'ff..;-.( ~.t'.1..=:t';' ''i/ '; 'r'.', J . '.~~' .l.;()...-.'.1.....l 't... ,~". t ..Lt't't~~1~...,\. ~J~~".rl t ~:,.. ' n;.. ,;. :...;{~.)~~.i-~~;~} ~~,\.~\...i' ., i;~1~~~;'~;t~lj ~p~~~~~;/<~:>;:"~;': ' ". . ....' provide con~~~~~o~.~nd pG~':::~e~e:,~tOg~g~efl~=~~r Irh~r~~~j;~t;r~hv~d~~~~d~f~ ~~;~~~~!.N9 \:(1,:.. ,,' .~,..'f....-l.l.,~ -"",,,::, !..'.' ',' ?",{., ,", ;'1 ,>~\"t ".'....,'-l "'. r}1.'~\\;l~~~:;~;' '<E.\Y',;,:,~,:;,,;:'.~?,'.:':',<' ..., " Issue. sell and deliver the Bonds as directed by the Bond Purchasers pursuant to the Bond '~~';i:'~j\~ti': f:~:, 0't.-k;:;' :~I;',;>_>'~:':;:J'Hi,';'::';, '~ Purchase Agreement and will deposit the proceeds of said Bonds with the Trustee, as ~:.:.r.~'~~,~~~ f."'!.:;~\.01t~fl :t;(ii\~.::;..~\t'~ '::':':' ',' '. provided In the Indenture. Bond proceeds shall be deposited with the Trustee and, except i'~~:1~~1).,~!~)' t:/'~2)t,;:,~" ;:t;-..:,.".I:~,,:::::~;: ':' '. ,.:,:'-, '..' for proceeds deposited In the Debt Service Reserve Fund under the Indenture, shall be ~',1?'YfJ~".Ji,~~ ~+ J,'~~~" . ~ :!~~~. ~~;: :~',,' ~.; . L ,'. :?', .' '~l...}{..,.....j~'~;~ " .'-~I',,~~~J1n, '}{f'!1:,;;:~~:-:,~':I". :', ;~" held In the Project Fund and disbursed to the Owner pursuant to the Indenture, the 1~'f.~S,,~.~:t . ' .~......; '" l~)""<'!='" I,.. ,"~. ,,~'~,"'...'(f~ 'l,' B ildi L A t d thi A t t I b th 0 f t 1'<.:A..;,!"I~ ~~~.tl ~ r~.,l. ". '~'/;'X::.f~~'~~';';';;,"..'~ ". u ng oan greemen an s greemen 0 payor re m Urse e wner or paymen i~~';'~~'''''''l" 'I, f.:~~1 ,4i'~::3k;r:,;:~..<!/r,.\'~$;t.:~ ' of costs of the Project and costs of the Issuance and sale of the Bonds. The Owner agrees~;~~:;' ~\ .~ l:;i,"'~;~hr-!t; ~~}".il':'--C':~:;~:"U: :j".. ~-'. to make all payments under the Mortgage Note when due and to abide by the provisions of .:. .,' ":'d,.''f.:,:tLi)j ,1:J',i.i:.ti:.:";'YY;:;~.'~',;,~~~l;,:,';,\ the FHA Loan Documents, the Supplemental Regulatory Agreement and this Agreement .c, '1{ti-l~~\'i>~~ ~~'}'.~~';'~;t"';':"'~~\~~:/~. t..! ~. ';', ":. :}' ../:.rt.'I"{.~".l~ ,. t-.-\" ~(1.' 'I- ~" }"_,.I" . ~. as provtded theretn ...~, .'...~}''''~ iu""~,'1':..( :.'..,: ,~../.',';., I 1 . l.i':f;.?~~~~):':4.~ .~,'l:iif.~~Tl~~\"~.~ ;t~I.,.:-:."' ;,~ l'k<~''0'J;' ~h'f:~!, ".Il"r1) \ '.' \.. .'j.l. ': ~ ;~.'.1(1~~~ ~.)L~:!l\{ f~:':~~'''~ ~:f I~~f~::.; ~~ '..J~ f,r<.>>?:'1,~"~..r. Ar~ ~,\~~",~., ,n~l"" '1'1\"',', 1 l:. (it:;'... ~ t}.~J;;' b<(:..,:;~,t:t!~~~'\ f~< ~'l '\ " l-;i 'il-riktJ~t,~ ~(~;('~~f~~...:~!i: j!1 \ ~ ..+:~,~, t::' ~ :~! t" .:.l.:,,~,\l~', "-i"~ \,' C'- ~~'".. ;["t 1 J, ~I';\ .~, /:~~'r~~~~~~ ~ ,~i;p~~~~;~~:<:~~'r..?~\~: l. '~:~ 'i~~;;'. ..:,.f:.'-.... ~ ." '- !'....,,~ Jl. '" t I, !".. .:-......':'';'~_ I'~'; ~ J . .t~~.'.~}f:I'...'\ ;: ...:~ ~r"r.;;,.~~.~.~:....'1';:. ~!<;, : $f,l";.~~~: ~~'tp:i~~( .~\~ -; :~:. :,~:.,:\<,/ ~ .....~~.. t#;.t ;t~i~:;:~'\%f~:,~~;;?;:.. ~r.1; '.,,- "~V,r ",.,,'LI; ".' , ~~~~~ '~*~~ii~~t~ ~;~~~~:\~(;~, ~~ ~ lS.;:iirii~~~~"~"'~J~;'~-::' t,il 0'. l ')t.~ '!f ;~f.I.;i: I. ~..~'..! Ir.q., .j, "r;X~~~\'i!.t).~t~1~dl l~L,"". '\--~ 5..~"..l'{,ril.'i;;,." \,,/,, '.\'.; ,., j(' }.'V~ '-. ~~~?4S~'"t~;{:~'~~+V:: :f~~';: \%t{ ~,).~l..ttl?J....~-.ijhu;-(~~.-.~~;.,.. ;'" ~.. ,;J;1:~1!t~; .~~~::': (l ~;'~/:~i ~ ;>,<..;.,~h1'~y'fli',<<; ~~'~~"'\f: . ::1. ,\-;'~;, ::...h-....ll..;e.'.~.lt~ ~~ ({"~_;;~JI...", .~'I,I\. ~.f"'~tt " "':. ";.)~/.h"~.;- ::'t..t,~ ""I.~tt'\" ..,..l;,~, ,,~;.t-;~~~~:f1 !,,~~>~,-;:!!~...:t!~..:,\"~ · . "Vt;;f~~~~,:<l_~:."~ ~t).~1;)tf~'~:~\~! r,'Di'~~~,1~;,: ,'^ri.\"~:~o.::; ;.c~ ~.;. ' ~~~'?"i)M\tk .!w'~')~'!:....\. lfr;~..;~~t,l:>: 'It>,~'"~~'Y~f{l,, '<;'~{l{i,(:Ii",-::"" " t:;~~?l ~\i.j ,~~ , . '*N~fk " ,:" Section 2.2 Investment ot Moneys. Any moneys held as part or the Project Fund or Debt Service Reserve Fund under the Indenture shall Initially be invested and reinvested by the Trustee in Qualified Investments (as defined In the Indenture) as provided In Section 409 of the Indenture. The Owner has reviewed those provisions of the Indenture relating to investment of funds held under the Indenture and the use of suah Investment earnings, and has reviewed the Trustee1s proposed Initial investment of funds deposited to the Project Fund and the Debt Service Reserve Fund, and hereby approves of the same. The Issuer, the Trustee and the Owner jointly and severally covenant (to the extent of their control over such matters) that the use of the proceeds of the Bonds, including any moneys held as part of any fund under the Indenture and any other amounts received by the Issuer in respect to property directly or indirectly financed with the proceeds of the Bonds, and proceeds from interest earned on the investment and reinvestment of such fund and proceeds, shall be Invested or otherwise used and shall be rAstricted In such manner and to suah extent, if any, as may be necessary, after taking into account reasonable expectations at the time of issuance of the Bonds, so that they will not constitute "arbitrage bondstl within the meaning or Section 103(c) of the Code. Section 2.3 Dfnbursements from the Project Fund. (a) In addition to any requirements contained In the FHA Loan Documents and the indenture, disbursements from the Project Fund shall be made upon receipt of a requisition from the Owner stating: (1) that each obligation mentioned therein has been properly incurredt as a proper charge against the Project Fund and has not been the basis of any previous disbursement, and (2) that the expenditure of such disbursement, when added to all disbursements under previous requisitions, wf11 result in at least ninety-five percent (95%) of the total of such disbursement having been used (I) tor the acqUisition, construction, reconstruction or improvement or land or property of a character SUbject to the allowance for depreciation under Section 167 of the Code, or (m for payment of amounts which are, for federal income tax. purposes, chargeable to the Project's capital account or would be so chargeable either with a proper election by the Owner (for example under Section 266 of the Code), or but for a proper election by the Owner to deduct such amounts. (b) The Owner agrees to cause the acquisition, construction and equipping of the Project with all reasonable dispatch, ond to use Its best efforts to cause the LKL-8/22/83-207 B -5- ~"~"'.'~:::'~,~;~~,\:+.o-lif:. '~". ~ ~~ ' "-r ....p.~ , . ~ "'Iv'''';. ..........~_......_ . ":1 ~......... ~_."'....;I~~......_.o'I'......... -- '" ..,.' .' r , ,t~' ~. '.. -"I t or r ,.. ~. : '. : ....'\. ~ .. T!;.; + ., ',',~ L~" .' ",. . ., ~,~ .. :\, ' J. :;! ~ ~I' ~., , ~ J ". i......~"""'I"'r4.f...P.~~ '~'-'\ " ,..' ~ .::'-,,,,", TI~" ....." ' l~~ Ip,-;a.,. ,~., ~'l""" .. ~ "Y..; ,.... ~~..~~~,;~~"'~.t:'~\.~~~ ,n-;~j~:;.~\'tt~r~~.~~~rr~~, }~'t'j1. ..~ '~"'" . :.~:?~j<'~7,:<.1>1""':- .,<\~ ""..1,", c .,.-cr . l'~O":<~ '. '>:.":~:,'^: "ii.:. '. .',:' ;,"'::,,, '", ~:~::':,,<"'~ t,:~,: .~',~~. ~':")"'.~~!~\t/:":'::~' /':\" ,,:' '~,' :,",'. .l >0" .' ,,~.<-'~ ." (1_1~' ...,~i.fj -I. 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"J y,,<:,c \.n.C ",..'4 n~.,. .I,<'J,.,,;,:;. . ~ 'l~l~"-/j,~t~'~ 17~l;,~~.~ ~.,~'..:;~;h\.~,~ '~<~~~~11"'""": ~1:~,.1 ~~~:"'\4:l~~ ..' ", i+~ ".,~tt'?-'';'~i i~;~'''', !f')'~;'~~:;;.J'.r":(~.~i,.},:~~ ,A:~t(lt~'~ti& 'i4~?~:jl.l.i.jh . ....' ~\ .,~(.J~:;J:i~~~t;.r.;:-~r~!-.~ (~,~y:,(fl (r:~ ).;\ c....~.frl\.(\;i~-(:t..i~,.{~?a~..,~t~~!:,.. ;'"~;~;7.~ t;~. ~ tr7._~j..~...,ti{J .'v..'i.';':}1~..~~i~~~. ..tiJt~~1~;:;l'I'. 4~(~,;t~~~.u:~:,~.:-~:..,t"..\..':~;tt.~(t.~\ ';'~~1' <::1~ .'!H'Ht:/,~ !,.~,.)lc" " /,. "':.,}I ~ '.'+ I ~'.... ..}! "".I~;""{' ~-.t.'<- I '-.C-:.-. t~~jll+i ~;I~t~~~~'t~~,): ~.;1~~{sft:l::. ~~ ..~~~r;.. ~ l;~~~.;..,.1~i{~( .:~~(~..,~:?J~~!~~~~ .~~.o;....~...i.'~~' ~.f':>r.(~'.(, ;~:p Ii-..... ~t, ~J ,-...~ ...( .'f~........,~ Sl~'''' r~'l~ "". -po. ..1~~p ,,\,'" "'j, ., N'~L!t,,1.'B. ~:~~~ ~;'E,;~ ~1~ ,~t :~~;f~ '~~:rt ..;; .~,~:~ Jo ~}p' ..1. '. ,"~::-~r... ':'t /:~:~~:ft~~:,l;~~tl..~~.:.....-!-t:(t .; ,~\tf:.(\..,,;r~,~I..I.~ .' 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'l ;,:", 1\ +-.... ~.~~.,: ~ . _: ;.~~~ "/\ -~",:.,., ,f..t ~ I,i,;'(~ ;~~ i ..:,/ I ~~ . _~'': ,/.' ~~; 'I.:;"'~":"'",! -:,~, ':f:/{"'Y "i l''-~V~ .~.\ . ":i'.'~' l~~ ;~;{,~;~!;~J~~..:t:~A~:..1~~r;'~:\::~!::~:\1L ! 7/: .}~.! :- (~1;- ! '~':V: ,? ',;.-: ;:', /l ~''':. 'I~,.~;~(~ ~ ':'. .> "~' ~~'IJ~..' ;.S~ ~'.~,i~ ..11\ ~,.1;~1.~\ ~r!':.'.~t:\~~-~,T.;,;:{, r;,~~:.f}f~ :1- .~... -q.. ,. .~,. ~""'. I. J , . ". , . , . ~- ....... ~ J ~ + ,"' F w-":.' ~./Jf'i1.".(1;>.A;;,,-:!.,",... ""I'!.,.' ,-', ,',' "', ", . ,~,....J. I",,' '''. "'.' ""',' ,~'"'''' .,~ ,I. "~'" . , ~;'~~ti!~}!;t1J1g;?:1~rr~J::.?(~'\? :.'? :'~,:~,;:,\ :~::,:.,": ':,;:;~;: ',:. ;~:-';\:\;,/:;,'.~. ~).;. > :'..:;:~ / '~y~:?,,:.~:~~,:;;}.:..~.~ 'E\;~\?~?~~~1~~~i,~r~.r:,\1 ~ ~~1.'\'~'IJ1i ,\,,,,,~.,. J" L '\:df \,t <,,-\.1, ,'. q" " '. ~ ',. { .ti"''' I" ,. ,~j. '~~~'''~r.,..i. .~..~...)) ~~'\r'-""It , ' ~t~;!..~?~:~~~;~,~tift:;]if:0~~~:j::~fit~~~/:.,';;' :,;:,;,::./ ::'~j >~'>:>: ;,': :~:,:,~.~,,:,.::; "':::':<'.,": :,; ,:' }':'::"~:'::',~:, .~ ~;',,1~/~.;~i(;:'.: :':<:,:r~:':'i::NQ;~:!i;~f:jW~~ ....l.~j/Nt~~~~,t;:.,'{',',.(;~t'.J::,.:;.~..;,\.;:.,..:':.~<,~I., ,;.e.,:",',,', .', " .,:'."'.".',: .^'.' "".' ,j,,',,'" 'J' ..:',...,. i' ,:".;. .""''':'''::"V''~I'::r.I.:)r;~5' "i~!~~l~f~\}t(l;rti:",:P': :,':j':; 1,;..,;,,:....,':;i,. 'i'":~:,,r;':}.,:'..,'~:.; ,'. ?;~~;:';., .."i, ,::' J;-:4?:~WJi;;ttitf~J. !!I.I.'.\gi~l::!ki7.:.;.').~...,.'.,V....,..,....,.,"";,,,.,..,'.' ,'.'.,.....'.,'" : ",,;. ..,' . '.1., ,::'. ,," ("",:,..".'.:.l5;:.i..l.,.!.t;~J.;;,'~,~ ~ft~~ttli~~:~~~~;'":n!':W';;':~;/'>;iL\; I.::; '..>..', ;'. ...'::~>\); ....'...; ,>~:<;~,",:' ;:,<j:S':/Dt(i:~:P,~f{{i~!. o o AR'I1CLB m MAINTBNANCB; INSURANCE: DAMAGE; DESTRUCTION AND BMINENT DOMAIN Sectlon 3.1 Maintenance. So long as any of the Bonds are outstanding , within the meaning of the Indenture, the Owner shall, as required under the FHA Loan Documents, keep and maintain the Project, including all appurtenances thereto and any personal property therein or thereon, In good repair and good operating condition. Section 3.2 Insurance. The Owner agrees to insure the Project as required by FHA and the Trustee. Section 3.3 Agreement,' the Owner shall comply, or compensation laws of the State of Florida. Worker's Compensation Coverage. Throughout the term of this cau~e compliance with, appllcable worker's Section 3.4 Damage; Destruction and Eminent Domaln. If, prior to full payment of all Bonds outstanding (or provision for payment thereof having been made in accordance with the provisions of the Indenture), the Project or any portion thereof is destroyed or damaged In whole or In part by fire or other casualty, or title to, or the temporary use of, the Project or any portion thereof shall have been taken by the exercise of the power of eminent domain, and the Issuer, the Owner or Trustee receives net proceeds from Insurance or any condemnation award in connection therewith, such ..proceeds shall be utllized as provided In the Indenture. .; 'LKL--8!22/83-20'1B ~8- ,) .' ,-' L , :, ' \'.) , - ,\ '.' . ;\, ,,:. :. ~~ ' <, ... 'i , '" " . - -. ...- ./-,' ......" ...~.,$"'...... .~-" ~._ ,....~...,. ~;&...,: ....... .... Yt.~~~h':il~~;~ ~-.h.4~.i ~.t, ..... .......~.r'..r--..t:.\,..T.',:1"..... 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'.:1: ':,y;.U~':1o ~'::(I'~ t:\~-~~~f~l;t~t"':.- -~'''' \ t"'~~j 11# ':.~..~t~"!':t,I;:~(l:.~~-ll .,,-o;,':'':';it \"< ~ ..':, . ~ " ','~ ~t' ~ .. ~ ;~. >l\ i ~ .,~ .l,.!.\:\ I~~lb:""~ .~;1~;j~~~' ~,.",~ ,. > ''''"'.;.!Jl~~~':~ ....J.~.}l"i'""~'...:',..',.,~. .~, ..' . .:1:. ~~'.~':i'.~ 1.';,'~."fl"".4"":':~'~t I'" ~f.rl' \ "'i.$'~l~~::;~'S~::,p~"l~ I~'?~i~' <~? '~~:.~':;' '.:: ,~:< . >. ~-::~:, ~':~\~~] ~~~~ !J;~~;i'~~~:..~..t~~'\~,~~;t~~ ~ :r!' . .: Wi(fS~'~i:Pi...i:~;'i~'~,?'ft'l,:.~,:'~,>.). ,.j." fun legal right, power and authorlty to own Its properties and assets, and to carryon Its )'.:':~'c'~';7;:;~ I~'}f~~}.,~,~;::,~;n~\:{~ :~sii!;~~.iy:\:~.~,~~}h!/{?l,;;,:f>:~;)/,;'{{:~;: ~~Splp~~~e~~a~O:egub~~~~ryCOAgd~::~de:( a~~ ~ned ;~Ac~~~~mg~ac~:e~ls,t~d A(m;e~~er~~ :~1~ L!d\~W!t~,\}~- "'''H''lrX ii'"'' ,,,../,).1,,,.,.,,., ,,\ ,....' ~.".'.'..,l~.'\;,.l~ ;'(?'f:~' ;~t[~{f~~:!~/:i.::?;,~':~:;).~;::>.':, legal right, power and authority to execute and dellver this Agreement. the Supplemental{i:(~~::~0Z!;:~r: '\~V,..., 'r4.~JJ{~t;"~",(~'A,,{.;-1i2ffJ,"i';r~tx.::,'.~:.:,::, Regulatory Agreement and the FHA Loan Documents and to perform all the undertakings :.r;<~;;_~::::>~ ;::W!~-.;,1jil~.::' '\'''''IF:?.'.'\'' .,,), ''''h,! r,. ." . ,,".. ." . of the Owner thereunder. ,..... ,,-. ..;!' "'" ")"~F' I, ~~~:~~;]iJ~t~f~it(:[,{ mental R.~~~tor~:;~:~u:~~n~~.i~:r~~e~D~~d ~~~~~?n~r h~~: ~::~~~;~u~~:r~~:t~'.~i{~~ Bf#~~; ~,: ~'1~' ' .;..~r~.:s;;~~::;;;::~':!7."?'};~:' the Owner and each of the foregOing have been duly executed and delivered by the Owner. ,;'::~:i~<~:);~:,'1 ~~f i&\' i:'~ . \-..'1 j. ~';' .<' ,~. . .~ , ~ ' 'I"{'. ~Ir..o::;';"1.","~ i"\. ~:.s.'" f:~. '\" -..".j'}~.;t?ifJ~?;~,;;,::~.:;:>. (c) The execution and delivery by the Owner of this Agreement, the ;ift~'r';'-' ~'i~'l;~i'I'~JtLt('if','I'Y.\')~~SS:l(.{.,!.: Supplemental Regulatory Agreement and the FHA Loan Documents, and the perrormance 'l~'.:1t< t}~!~~7.~t~?~~i0~~{;t~::f)M/\({ri.t~ ~~n~~~p~~~~r t~;r~~y ,o~:~a ~~~n~l~ra~~e~~~e~~O~~~io~h~f c~':~~u7:~~~e~I~ht~0~r~~;;~~~= ~ i~~~~:" 'f~f~~l~:~~~~iR~jf:;i\A~H;j~l~<\: to the Owner, or any order or decree of any court or other agency or government or 2::~~~, ;"T,r~' ~~dt-~,.~;/~>';(.~:h!,,",.>..,.~\..~":' governmental instrumentality, or any provision or any certificate or incorporation or j.-, , t}if~' 1~;:-n(<1;R{tififfl~l*;ttfi;i~~(:;,:; partnership agreement, by-laws or any resolution oC the Owner, or of any mortgage, ~7.' ~~~, i.~~f~ffti~;~;;t{(t1:/,:l: ~~~~~u[se~ ~~~~~a~: :~r:~~~~~~r~~~~~~n~ln~~~~~:~~~: g~::r ~~d~;~~k~~~ ~~ i~sh~~e~~~ f~,~.I1."~' it{;~ft~i,{*p\kt'~.~;~;..: (d) The Owner has and will. at the time or the inftlal endorsement of the l\':~ 1.':'~i(\~~;~~1@f:!i;~V;Yi,' Mortgage Note Cor Mortgage Insurance by FHA, have good and marketable title to the !1~L'\''N>~\~",..;k... land upon which the Project wfll be constructed Cree and clear or any Uens or f:~~ti4~~m.j1U;:~'>.: encumbrances (other than Permitted Encumbrances), ,jh" '~-1~ <, r"" '.'.,.. ';rl~~~i~~I} :y, .:;: :: .~[.:~ ~tl:~lPi~~~ J-~ ,.(\ :~. .~_ ;:'\~l",;~~~:(.<,\,I~'I: T. .t~J'L.t "}1Iq~'! ~.~ r ;.: I.:-.:;t -;'~t~~~~I. ~I" ~S'"t'N,W1~r\;::J: ~L\fr.J " I' ,,"' ,,\'i~ fJ'f~ >~~.I. ~J.(i~~ 'l~'t: ~n\'l/+:" c, r: , :t~f,%?:.r:,~:f ~h[~~"1'\:':~;.~'" , ~~~ -i:"...;qh:,~''': L!:f~f;:J~ I.'. ';'1"'-' ..~l~~~~;.;,..}:, .... ,. 'L~ t~~,~, ~~~ r':~i .J, ,""\<',:h.i'" .,~ ,.l.:+~t'.~r'\-<t \~ '01,';.i , l~r~'i~~'.~ $.\""~"1"Y :':"~Cl ~ . :~~.:~. (e) The Owner covenants and agrees that until payment in full oC all of the Bonds, unless the Trustee shall otherwise consent in writing, It will not: incur, create, assume or surCer to exist any mortgage, pledge, security interest, lien, charge or other encumbrance of any nature on the Project 01' the Trust Estate (as deClned in the Indenture) other than (I) any liens, taxes or other governmental charges which are not yet due and payable, (ll) any pledge relating to syndication of the Project, (Ill) any lien, including, but without limiting the generality of the foregoing, mechanics' liens, or other liens resulting from a gOOd-faith dlspute on the part of the Owner, which dispute the Owner agrees to resolve dlllgently, or whlch liens are Insured over by a title insurance company acceptable to FHA, (tv) other liens or encumbrances approved by FHA, and (v) such other pledges as may be approved In writing by the Trustee. (f) There Is no action, suit or proceeding at law or in equity, or by or before any governmental Instrumentality or other agency, now pending, or. to the best knowledge of the Owner, threatened against or affecting the Owner, or any of the properties or rights of the Owner, which, if adversely determined, would materIally impair the right or the Owner to carryon its business substantially as now being conducted by it, and as comtemplated by this Agreement, the Supplemental Regulatory Agreement and the FHA Loa.n Documents, or would materially and adversly affect the financial condition of the Owner. (g) The operation of the Project in the manner presently contemplated and as described in this Agrt!ement, the Supplemental Regulatory Agreement and the FHA Loan Documents wlll not confUct in any material respect with any existing zoning, water, LKL-B/22/83-207B -10- ',' < , ',~~~.lI~~~"--~ .........,., II-_-~~""""-.'" ........-., '"-'I~ " . 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":L.L' + .'f ,. ....................~......:.~......'......~.~_~_..:.,...._..~'.: 'I . . .~:..,~:.: I.' ~.' .~.\.)~~'~'\1~l . ',.r~;,~:~.~'""::.1.:.,,:..~\ .(.:,~;,)r--~.- ...~~ '-_____.... '. ,~--...-.._'-. -. . ~:)~~~}!~ F ,.~i'~...'; ....:,.....(:~ .....'t,~'1o-.J'r...~~ ~.r';i}~l~~':ti~.~~;;~:~;}~,:~1. ~ .., , ~S~0~;~t*i. ~\;;~...<:,'.;,~..~f-.L'l..... ".:; ;. .' ) 1 ~ ~"~futrW~. . 'r~"',./~~,\l.:.~JyL\:~l.;~~ 1 ~ '--" .t~1k~'='{Ji . .}r~"..."'.....!(..~'f..H./~,..u'~ '''''''l..io,.~{~ ~ 1i~\~;~Y~~:~;0 ~'~~::':..~.~~:\:;~..~ J;~:~'~;J.)t~f r[:: "(Y',^,," ".~",\. '.\ ,:rJ,c~~~\;,:J.. I' ,t.~n;~~t~~:;~~t~ )/'" , ~WJn;/}.~<1~:'~, " ARTICLE V ~1 ~;:~~~ij:~~; t~~{~,~\' -\>;"1< .,!,~",~",,,{ ":1:.:", \fl~.J~":!:;'~':"''';;'' .. ~~r~i~btf.II?:.~"'~f~J,,;:' \ltJj)~$t~~1:~~~ ~':~'.i ~~: ...~\7~;1~~:;~~~:<\~\l' ~: ;~~ ~]:t:::l' ~~:~~f..-;:::1;,~; ~~;il1'~V,,,,\l 'l!~- ,:\r,.. r.. ~......r';. ~..:..\Fl,~t~ ";'(,., \- .,: 8:~,%10;, .Ilt;:~.~~ .~...'~t, f"1( ~ .~. tJ.;.\c:W 1:. ,'7,t ~. ;<?f~i~~ i.'??1~ ~~ft~~~~'~~~, \, ~1~,P;,t;.11" ~ l:<i~:"l:t."'~l ~~'.r:;t~":\~r ~!) ,~r~\I~~i~:;: ~}.._<f \(.\~~\... i';~J~ " h~~i -;:..... .,:l :s:~ .-Q.~,~. . " -. !~~ 1......:.... '1-'4... '.~;:;1{.~. \~7'i 'J~.:':'Il~'~l.~II~; '~\'tl\.;~j,':' If.~\:-:!-j 1j;;~~ "";~1\~' ~ ~;~L; . f)i}~~ ~ ;:l1~ t1~.:~l~tT:~' ''%>tJP;jf.", :J:1t ~j~~}~;...7~ ~ 0;./I'~::i :~\; "ll~~':i' '.~~! 'r;;~l .~.~:~~~. 't.l,~;f'L~ ~(~~ ~N;~}l ; .t~ il '1'; ADDITIONAL COVENANTS AND AGREEMENTS Section 5.1 inspections. All equipment. buUdlngs, plans, offices, appara- tus, devices, books, contracts, records, documents, and other papers relating to the Project shall at all times be maintained In reasonable condition for proper audit, and shall, upon written notice and during regular business hours, be subject to examination and inspectlon at any reasonable time by the Issuer, the Trustee or their authorized agents. Section 5.2 Reports and Information. At the request of the Issuer or the Trustee, their agents, employees or attorneys, the Owner shall furnish to the Issuer and the Trustee. concurrently with delivery to FHA or HUD, copies of any reports and information furnished to FHA or HUD pursuant to the FHA Loan Documents. Additional- ly, the Owner shall Curnlsh to the Issuer and the Trustee, if so requested, such Information as may be rcasonably requested in writing Cram time to time relative to compliance by the Owner with the provisions oC this Agreement and the Supplemental Regulatory Agreement. Sectlon 5.3 Assignment. No assignment or transfer of title to the Project shall be made unless (1) FHA consents to such assignment or transfer, as long as the Mortgage Loan Is insured or held by FHA, and (2) the transferee or assignee, as the case may be, assumes all of the duties of the Owner under this Agreement, the Supplemental RegUlatory Agreement and the FHA Loan Documents, provided that such assumption may contain an eXCUlpation of the assignee from personal lIablllty with respect to any obligation hereunder. Upon the assumption of the duties oC the Owner by an assignee as provided herein, the Owner shall be released from all executory Obligations so assumed. Sectlon 5.4 Fees Under IndentuI'e. Reference is hereby made to Sections 101 and 706 oC the Indenture which set Corth the maximum amount of annual compensa- tion and reimbursement pliyable from Cunds held under the Indenture to the Trustee and the Mortgage Servlcer. In the event that either the Trustee or the Mortgage Servicer Incurs fees and expenses In the course of performing their respective duties In excess of the funds available for the payment thereof under the lndenture, the Owner agrees to compensate and reimburse the Trustee or the Mortgage ServiceI', as the case may be, for such reasonable tees and eKpenses to the extent or such excess. LKL-8/22/83-20'l B -13- ~ ~ ,,\.", 'I "lllf 'W'......---"I"14 r~m "" WfI...'""'Y"'...... .... ~ ':. . ':, ':'"'. c':~' y ~r ..~.:~ .'. :....or. ,..~":':'~ ""~T' "." ~........ :..,~: ~ ': \.~i-i?'"';-~ ~~'~v ~~,:!-" 'l~~ 1. t(:l......,.~....~~141~"'f~~.~~ , , u__,_____.._~___ _____._._......__.u__._j'-- ,.n., ~~. -....'.'_.-....~. . , , , ,..'Ft. ............~.......~."'.,..,'+-4r,~_.~,4''''''_u~,jo':''~J...iw,,;..........., '. f~~ 'lh~~f.~~~~I~'~~1!....j.~.... .['Yo,.. ,1"'''''.+ } ." ....r .~. ~..., .. -r~.""''' ~ :..., ~....~, .', ,..,.' ~. ,~.:.~\..;.~1~~ :,.r~: ~ r,'l.Yt ,.':.:;;\:;--;y.:"'<". 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'., :..,,' ,:. ,~l' ',}, ::".;' !~t~~ ~~~!,~,~~~;;,:r:::~/n';::};':>:1'" ,,;<; ~ ~ >:;".::::: <. ./:' ,.:. /, ,,",' '" \,: ':','~: ::Co;~, '\~..'f:~f~~(~~;~':?,:~'f:fi Jl.....hif.:n~:r/~',\'~..,~" ,,:~"'\L' ',"<~ '(.~ "',! '. '. '~. .: . .~.l 'I:' 1.' J- "'(f~i. '~i''''\.~J.t':~~'ltl; ~~~.W:}:~\{:<.::,}\~.,~;.. f\//:'>~\::"::" :, ",':"; " ~ ;,;" '" 'i ,,' ' . :>;:;': 'I:,':,: ,.",:;;;:(:;;:~';:J'f.:;~~~fYij. , l~.;~fr;:~:~\,~:~ ..,:;." ~~'~r;:\; i,~~~ '< :-'/ ':.> ~ I :..: t '-~':: ~:... ~ ~. :.' :: '.' j ....;1 ,', \' J.',: ::~t~' ~~;. J\..:?\t~~~ ?1 ~~Y1"'J? :,;' ~?3/.:' ."'l\~' ;?:',~:~ ~~~. ::' :.:~) / '.'~: \,'. '.: >. " ..r ", -,): ' , . ~ p , < :': ; II' ,':.".::~ :L(:~ '~.:':/~1(;bl:~~.J~~.~~ ! ~) f! l'" '\'.fi~ .'!'l ,,;..'.- j", t ,I l i' ,~,' ,.,... ,{. .. 1 , ',' "~"l- J.J...,>' .I~'. ~"':l"~ '.' "', 5'J~~:":)~:i3.;~!1 ::,(~':~ ',t~. '.;l>o"~~;~I:;"~'/:'(~\U" '::, . ,;~'. \ :L' 'J ", 'f, I Ljl ~:~:. :',<~t~.~;/(.;f}?'t.~~:Jr~~'h ~ (.",").-":..v.~.",}....>",..., },'.L" '., ,', ,,', '.' .......'..'rl'l:f..,,-1\..,'''''";'~.~~l~ ,.J~t1.~ljt;jD:{( . "::" \ -,"':"~-" ' "~~~~;%~11w~' ,,~~,<.~~~;.: l,':,~';r:' r\ 0 ,~':.f;f;:,lt'-'1r ~ l'tt~{~{P~::7!.~:~:,<, '-J ~;~{'}}ff~~~ ,. i,'~~,'tOJ i,,\ ';,.I,(;i::':" {!'e'~,.';'':k\~. '!W.', .~tJ."_~' ~.:{,>,:.",,~".~~':},:.' 'lw','"i':1i:t'~,:,:-lh t~j~ ~J~'<;;~\, " ~"'''r'ir/':J'I~~.~.: .":~~ 11~~'~~''':~~7~~~?:; ~,~.:}~ t' ~~tr!~x. ~<~'".{I;J,.:',~~'\:' \~~:.":'" " Se^tlon 8.8 CountePrUl"ts. '""Is Agreement may be executed in several ] ;f/i,;f;, i.Yi'?"l"",;,'<;~:';,,',',,' , .. or- All ';~"~;:'''l.'r,~i. 'J~;r(f,~~~:;,~,~.): .~:",. counterparts, each of which shall be regarded as an original and all of which shall ~:~$~'!!'~;;'$ ,,.jH,},'/:;J',J:, ;: eonstitute but one and the same Agreement. '~~~-;,;b,\~, , ... > ~. ,.l} !i:"'~"(;' /, ~ '"~'j,f ...,:;Lj;:;'Q:f'l~i,~ ['~~C';';i.{;,-,";",;" :f.;~"f&,:<tAl; ,,:,'"rS'..,<'."h',."", Section 8.7 '~~k~~ ";,.:",~t,7,~;.t.;?,~,I.;(,:~,;,~:.!:,,.:":~, ~ Beveroblllty. In case any provision olf thlsl Agrei emelnti Is for'.J.:,t,',,(-,,:~:,{>7:,t,~.,.. .,:t\"t<"C'IYo''-.i'' "" any reason held to be lUegal, Invalid or Inoperable, such lIegal ty, nval d ty, or,;:,;;},,,,:,,!) r~l')jii:~!~'it~\\;~,i:';, inoperablUty shall not affect the remainder hereof, which shall at the time be construed ::'i'::}if:;'~', :;:r ;':\~;J:\';~;':,..,,; and enforced as if such megal or invalid or inoperable portion were not contained hereIn. ;t/Pj,~~' . ~:!.I""l'}. ~'1~ I jji!i..'L, }~~&~~~ ~~:~,~~~~:Yii;:~:o}ntE:;~:~~. c;r~\~o~, o:'=::I~I;~~n ~~~eAr.el:;;:~: ":r" :~; t~~li~ . ~ '\:...:I,J';.....:; J~....G-M~;n :t:~~L.......t -'{~\{JP.i.:. ,:l.!/;;"'~:I~t.( fir' . Jt",. 1'_' (..c!L~'~"'~,:~,f~; i:;', ~v.;:J~' .;;~ i'X:~ ~~j' .~. ~~ r~~.. '\,~~~~{~\{*~ :~:~~~r~f~:~ .\-1) . 1,1 ..i> ....., , "~~i~~r~~ ~\~~ t:~" i\~~~"~'J~ "/~"''''~'l..t.. -{{;,~:~it "'otrf,t '; ~;f);,{{t ,.~r -:.:.). ~ ),~r ';'1 ':{;/' t\il: "' ;g!'~v2 .%)rtll' "H'!i:,~ ;' , ,~~it<: ~ < c t '~~', , .~ Section 8.9 Governing Law. This Agreement shall be deemed to be a contract m~de under the laws of the State of Florida and for all purposes shall be governed by and construed In accordance wIth the laws of the State of Florida. Section 8.10 FHA Documents and Regulations ControL To the extent that there is any inconsistency or ambiguity between or among this Agreement and any of the FHA Loan Documents or FHA regulations, the FHA Loan Documents and FHA regulations wll1 be deemed to be controlling and any such ambiguity or inconsistency will be resolved in favor of, and pursuant to the terms of, the applicable FHA Loan Document or FHA regulations. IN WITNESS WHEREOF, the Issuer, the Owner and the Trustee have caused this Agreement to be executed In their respective names, individually or by their duly authorized officers, all as of the day and year first above written. CITY OF CLEARWATER, FLORIDA Attest: By: BANK ONE OF COLUMBUS, N.A. 85 Trustee Attest: By: Title: LKL-8/22/83-207B -17- - , -- ;Y~'.'.r~;~.~' ;:~l . ""'I _~.-:;n~-=~"'~4 "" ,,~. .r,~r.;,; ',~ft\"~~\fltol.t"......' i ,r-;"..~~W'~'m~"~',~~~~:..".,f i' ~!,l.",""fI,.~, ~'U:~<>;1IT . ~"1<F.'f'l'!""'':Y'~ll",:.-""_....,, ......~; i~';J.."~~.'.'. {:> '" .:~~:': _,:or ,. (:fj..~~:i,':c,~'. ., .~,~:,~..;.'i.-'.:.";~,_.~,~~. 'c...,":~~ , -L ':-.:' . . . . ~ to" """,'~,~/'.+."':,,,..it .~~ .-c.....-ir>-b"''-.;..j,;:>....~..~.,! ...,..~..w;Itt~. ~*tl:~~~. . ~~~~.,,),'~-r:..-............... -, ,.+', Ht;::II;~~>;......f.t'..U,~.-."'.i~.~lf:t'-l....\~*:''t.'''\ot!ff.:I~':'"f~:-,:....'.~~r..t~.~.~'J '~?~..:"'!.~.~~,'!~/. 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'., '., . ,".'..F..... -.~".".f.\;;.j..f...-"\"i1_\'<;..~!\-\ };~;~~~~..1~'/1:.~:t.y,',~:\'i.~.*\~;.~,TI~l;..: ~~':<:'l. "" :-" "o,"tJ::.~~::\L~>. .'J .'1., ','. ~..d., > '. :~. ~ . .,':\:'~ .' ..r<.~~...~:"'.';\/.l>':~~~:I~!i'~\.,~\~..:i'";,~_4Jt. :1.~~~~~1\ --... ~~IlIIII~~"---~. ~.....,-;, ~'''....< ._h ~ ';"~""''-40)~~t~'_;'' ....11. ..~'7r)-t, , I '('.J ~ ~,1 .~ ...~A , i,,~i ~'8t:~ ) '<<A ~~.'~~1~~ fi:;;!j'fif 0:,' 0 '.i":;r.',k', ' ~)l~1"~J.. .. J.c {I ~<'r,~~~ ,. tor ~ ~~. ." ~"1"; ..( ~ ~"1~.,t--::" . ,': ,.....(../..~ ;/~lJ 4~~ ~:~~~~. The undersigned Contractor agrees with the Owner and the Underwriters and the Trustee for the Bonds that it wl11 not request draws under the Construction Contract relating to the Project which would cause the Owner to draw the Construction Loan more rapidly than as set forth In the above schedule (taking into account Interest a8 well as construction cost draws). JOHN ALLEN, INC. Dated: September --J 1983 By: Title: The undersigned Trustee hereby acknowledges receipt of the above Construc- tion Loan Draw Schedule and agrees to administer disbursements of the Construction Loan in accordance with the provlslons of Section 2.5 of the attached FInancing Agreement and Section 403 of the Indenture. BANK ONE OF COLUMBUS, N.A. Dated: September --' 1983 By: Title: LKIr8/22/83-207B -20~, '-/. I, " ":"1 ."., .'. . ,- . .........P ''-''''~~<'_'I''''.'I1~MM1I>~~~'--* iF,;r....lf~'t{,~)-v'..~..~.it..... .. ';l:i'f.!r~;~{"I~' 'Vr."I~Yl51:"';;f.'}J:r. ~~~~~ J '?">T.j:'::J,:;;~, .c.~, , ;:>O~..~ ~:., ~ ~.,.f~'>~,,;~;.'<~;~ '~.:. :-, -, "/ ,i"''''I".:,,~~.;''~ -t'" Ir--:-' "':,+:-",1, ..........;"'_'..:"....:~. ,...~.. .,;-~~::.~<r~:: \ \" It.. . - to.'.. . 1- . ~"". ~ .""11 ~. ~ . 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'",-' '!,~ : : . .', \ \ ~' , . ----,~, ~-+ -~.~ ~ ~'''bMr''''__ ~ I'" -' o r') '--.I BXHmIT A LOW OR MODERATE INCOME COMPUTATION AND CERTIPICATION HE: (address of Project) I1We, the undersigned, being first duly sworn, state that I/we have read and answered fully, and truthfully each of the fOllowing questions for aU persons who are to occupy the unit in the above apartment development for which application is made, aU of whom are listed below: 1. 2. 3. 4. 5. Name of Members Relationship Social of the to Head oC Security Place of Household Household AKe Number Employment HEAD SPOUSE 6. The anticipatcd income of all the above persons during the 12-month period beginning this date, a. including all wages and salaries, over-time pay, commissions, fees, tips and bonuses before payroll deductions; net income from the operation of a business or profession or from the rental of real or personal property (without deducting expenditures for business expansion or amortization of capital indebtedness); interest and dividends; the full amount of periodic payments received from social sCl!urity, annuities, insurance policie!., retirement funds, pensions, disability or death benefits and other similar types of periodic receipts; payments in lieu of earnings, such as unemployment and disability compensation, workmen's compensation and severance pay; the maximum amount of pUblic assistanl!e available to the above persons; periodic and determinable allowances, such as alimony and child support payments lind regular contributions and gifts received from persons not residing in the dwelling; and all regular pay, special pay and allowances of a member of the Armed Forces (whether or not living in the dwelling) who is the head of the household or spouse, but " b. excluding casual, sporadic or irregular gifts; amounts which are !Jl)ecifically for or in reimbursement of medical expense; lump sum additions to family assets, such as inheritances, insurance payments (including payments under health Rnd accident insurance and workmen's compensation), capital gains and settlement for personal or property losses; amounts of educational SCholarships paid directly to the student or the educational institution, and amounts paid by the government to a veteran for use in meeting the costs of tuition, fees, books and equipment, but in either case only to the extent used for such purposes; special pay to a serviceman head of a family who is away from home and exposed to hostile fire; relocation payments under Title II of the Uniform Relocation Assistance and Real Property Acquisition Policies Act LKL8/21/83-207B 10 .' ~: ~ t...':,;r:\ t '. - , . , ,~.~. 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(~.. r,.JtJ..~.~1H~~~;-\~~ ~ I 1.' ~. lJ..~'iA-+~{,,;...~~ :tf\', ~ ' ;?,r.:;:"'~\l~)t), ~, ,'.' ../. ~"- _).i:f~~~~1..~ ~~~~f}~~ {it. \r/~~~\ ""'=.~~\~!!"~"f:' ,,~~~j;. }"{~/~j",,{;;..+ '.,....~;~.,.: ~~~:~~~{\r:;.~:~~;_ :a..~~: ~ ~',: '~b~[~)}:~;~'Wji.:~/~~: SK ll~ ~--:.., .l~r<",'f'J"" .I Ijf:::\t~!)}.;f1: f.:......<~ :.. ..:.:;':" )~ :\ If"'-,....y.'.~{.) S~'1;..r.... (r.~:.-I.; p, 1 tI',..!tl:3~f'i. .., ''''::\~~....f'~~ t. J;~:..... -I~~ ~~ ,!~:~: }:{;, ~'J\ 'sf ,"-.'r: i~~ STATE OF FLORIDA COUNTY OF PINELLAS and The foregoing instrument was acknowledged before me by , this _ day of 198_. Notary Public My commission expires: (Affix notarial seal) OWNER'S STATEMENT: The information on this form has been verified as required by the Supplemental Regulatory Agreement among the City of Clearwater, Bank One of Columbus, N.A., and the undersigned. The above-named tenant(s) is eUgible under the provisions of the Supplemental Regulatory Agrcement to live in the captioned housing development. I declare that the foregoing statements are truc to the best of my knowledge. Signature of Owner Date STATE OF FLORIDA COUNTY OF PINELLAS and The foregoing instrument was acknowledged before me by ,this _ day of 198_" Notary Public My com mission expircs: (Affix notarial seal) LKL8/22/83-207B 15 ., \~ , ~ ~ '/' INCOMB VERIFICATION (for selt--employed persons) I hereby attach a copy of my individual federal income tax return for the immediately preceding calendar year, and declare that the information shown in such income tax return is true and complete to the best of my knowledge. ,,- Signature Date STATE OF FLORIDA COUNTY OF PINELLAS and The foregoing instrument was acknowledged before me by I this _ day of t 198_, Notary Public My commission expires: (Affix notarial seal) I) Co 'LKL8/i'2is3-207B' 1'l '.1'.< .l.:. 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' .~r>r,.t': ~1l:;.o;J~r~'};'~-:r.r~;', 'of~' ~<'I~~:::",,~-,~~ t: CITY OF CLEARWATER FLORIDA ,.; !}.:>S;'~P;i!{J; , f":",l~''''' MORTGAGE REVBNUE BONDS. SERIES 1983 .t~1ft{ (FHA Insured Mortgage Loan - Drew Gardens Project) :, "U':}~~LV;.~~ J "''l''fJ.,,'' '" t; S..~';\t~:. '~i~~~;." .... 't'?;~,\' " , I MORTGAGE SERVICING AGREEMENT ARTICLE I Servicing Advances to Mortgagor ............................,......................................................... 1 Collections.. .. .. .. .. .. .. .. .. .. . .. .. .. .. .. .. .. .. .. .. . .. . .. .. .. .. .. .. .. .. .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. .. .. . .. .. .. · .. · · ... 1 Remi t tances ................................................................................................................... 1 Holding of Funds.. .. .. . .. .. · .. .. .. .. .. .. .. " . .. .. .. .. .. .. .. .. .. .. .. .. .. " .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. .. .. . · .... 1 In.surance .........".... It . lit . . " . . . III " .. . . . -t .. . . . .. .. . . . .. . . . . . . . . . .. " . . . '" . . . . .. .. . " .. .. .. . , .. 2 Payment ot Taxes, etclIt of"........................................................."......."... 2 FHA Deb en tures . . . .. .. . of .. . . . .. . .. .. · . .. . . . . of .. . . . .. . .. . of . . .. . .. .. . . . . .. . · . . . .. . . . . . . . . .. . .. .. 2 Records ............................................. of .. .. . . . .. .. . . . . . . .. . . III . . . .. .. . . . . .. . . . .. · .. 2 Information ................................................................. of .. . . .. . " . . .. . .. . . . . .. . . . . .. . . · .. 3 Inspection of Project ......................................... of .. .. III .. . . . . . . .. . .. .. .. .. . . . . .. . . . ... 3 Repor ts . . . . .. " . . . .. .. . .. .. .. .. . . .. . " .. " , . . " . . . . .. .. . .. .. .. . . . .. .. .. .. .. . . .. . .. . . .. . . " " . .. .. .. . . " . . " · .. 3 Mortgage Modifications ill" .. .. .. . .. .. " . " . . It .. .. . . .. .. lit . . . . . I- .. . " . . . . .. . . . . . . .. .. .. . . . .. .. . . .. .. .. · .. 3 .. Compliance with Local Law, etc. . ., . .. I .. .. . . . . . . .. .. . . . . . . ,. .. .. .. . . . . " . . . . . .. . . .. " .. . . . . ., .. 3 Fidelity Insurance. . .. .. . .. " " . ,. . .. . . . .. . .. . . .. .. . .. . .. . . . . . . .. ,. .. .. . . .. .. .. " . ,. I- . . .. . . .. .. . . . . . . ... t.. 3 Notices of Default........,.................................................................. 3 Procedure on Default. . . . . .. . . .. .. .. .. .. .. .. . . .. . .. . . .. . . . .. . .. . . . .. . . .. .. .. . .. . . .. .. . . .. .. . . · . . .. . . .. 4 Prepayments .... III . .. .. .. . . .. .. . . . .. . .. .. . .. . . III . . . .. - .. . . .. . . . . . .. .. . .. III III .. . .. . . .. . .. .. . .. . .. .. . . .. .. . . ... 4 Disc-barge of Mortgage.... . . .. ... .. . " . . .. .. III . . .. .. . . .. .. . . . . . . . .. " " . . . . . .. .. .. It .. . " .. .. . . .. .. .. .. .. · · ... 4 Financial Status ................................................................................... 5 Forms ......... . . .. .. .. .. . . . " . . . . .. . .. .. .. . . . .. . . . .. . · . .. · . . .. .. .. . . . .. .. .. · . . . . . . . . . . . .. . · . " .. .. . .. .... 5 General Conduct. .. . . . . . . . . . ... .. .. . . ... . . . . . .. . . .. I- . . .. . .. . . . -t . . . ,. . .. " . .. . . . . . oil .. .. . . .. .. . . . ... 5 ARTICLE 2 CompensatIon and Reimbursement or Servicer Compensation and Reimbursement of Servlcer .................................... 5 ARTICLE 3 Term or Agreement Term of Agreement..................""................................. 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".",1" "~' , f'l" '~,'/:r.r;"j~' ";,{ ":',':~':;'~~'::; J;:'~<' AGREEMENT dated as of September 1, 1983, between Continental Securities ..' ,,\" :'. ! ,~ :s:.; ,.~I:Y:llr,.f.... 'r.r ~~ ~ h~"""'" ..., -t ~t ~ .~',' . p '1~ .~ r~~j.";~~~'~'~; r,1f,::,~\'i;'i~~:~:'t,'~;,';',~;:~ . Corp., a corporation (the nServlcerlt), and Bank One of Columbw, ..:;,):.,;,::\~;' ii',!~I,,,j!:iit)'k~~ \'J',~.l.;;~~,H;\/~\, ';", v' Ohio, as trustee (the "Trusteell) acting on behalf of City of Clearwater, Florida (the .'!'::' ,y,~;'~" (.:..~f.I'~~~~k{~l:~t;?;~l~~V;{;<:'.~'~'- "Issuer") under a Trust Indenture dated as of September I, 1983 (the 'lndenturelt) between .:'./:;;~:'t(1';, ; 'It;;\I''....;;t~...~.,;..'\.,',Jt-..~ (IlL.....;. th I dth T t '. ';:~.J./(,\.1 . , '. "~~.,~~I>;;',/(1h:'~:',l;;: ,;V,f!: e ssuer an e rus ae. ":';".';,.J~ 'if C ._ \jJ)~...-;...f..t'"',~. ,"'. ~)~'Jt~,.,. "'""'h'~'...h.~. ~ ;,' !I;!.;)I~~~'L.-:;t: :rj,;i}:t/". !~,. . ~~..~~;',~; {~'tt":" 1 ~f./J'~Vi";'ltr'f.;k0-t.>"; . . The Servieer is engaged as an independent contractor In the business of :;"~,,Y;"J7'~1 ' V~fi,~9;~~~V,JiJf,C::Y~' originating, selllng and handling of the local servicing of bonds or notes secured by ~:,;~1..),{if.~. ;f!," ....:>,. \ 0 .':Q!,"....1;.r,:;. .'."\" . tl!i:-> .',- .~.' 1~~~~~t..;#&~1t~'};,~.f~t, ~; mortgages, deed of trust or other security deeds, Including those insured under the r~~:.~~:.~~\~t1 :\}~ .,..t~.l,.!.;:.\'f'.\:'~:."l:..:','\.',,:.)-':.. provisions of the National Housing Act of 1934, as amended (the "National Housing Act"). ,\;'F,.;;.~:,,,,.), \".....I'-::t,\h:d~1~{.~'.,.~'i<':'I:. The Trustee is the Mortgagee of Record under the Mortgage Note (the ItMortgage Note'1) :'::i!;:;\l~ h 1},~!<<\~i~1.~~:~~VtK and the related Mortgage (the "Mortgage") (COllectively, the "Mortgagel1) executed by ,~H~t~}~t! t!, 9o:\~;~~~;~>Y:l!~:'..-:l;' i i d h. (h "M ") f tit' , ;:f'l';;~'.!;'{,.\i'/,;"Y:,' Drew Gardens Associates, Ltd., a New York 1 m te partners IP t e ortgagor or 'i'; tt~li;~f;~,t~::.;:'I{ FHA Project No. 067-35376-PM (the "Project"), and It is contemplated that the Mortgage \~, ,",;,~'.,~..,r..lt,\t.,' will be services under the provisions hereof. "l'-~'P,.:t":~."~(;'i:\; , ~~. t~~:':'~j~;~'7 ~J:::': :~~:{.1rj.').~~~;' ~:~ ;.:, \\::;f;~:t.f~;i~~. ,J:.}J:1 Jc"-' , '~f- ;:"I'..~~. ;:-:;i;~i, ~.?~~1~'~1J :.:~~(.~ '~((f.,':' ~;;'\-i"~l;. ~~\"V'~T':::;> , t~~~5,1::,~~t :I';'t'~~' 1:::(',', f~'q."!,!' C c;>' ..' ~t;U1 ~fff1r ;i~~f.~'.~;\' l(~\fp'f.'j, /f.{..S,<r, ;;.n;"--:.".,,,,: -..j.~"j~, "':i" i'i\Xf,k~\ 111' "d')~';::' ';,4'.'!:t,l,J""\'" -:lfi"'"l:'''l' '.. r: lr~\""(~ ~~ :;:;, ~~H~t'r;J..) t {\1J..;hTi~ :".~' . o:.i}d?.t~~~ ~f~ ~~.\ ~';~1~W J(,,~ v '. :;;1:;,- '~)J~~"~~ '.J.., j!i . ''/' :tl "8 ARTICLE 1 Servicing The Servicer, for the comperulation hereinafter specftled, shall service the Mortgage while It Is covered and governed hereby and perform all duties and acts incident to the servicing of the Mortgage under and in compliance with the terms of the National Housing Act and all applicable rules and regulations thereunder, as well as those duties and acts which a reasonably prudent owner of the Mortgage would perform with respect to Its own mortgage, all SUbject to and In accordance with the provisions of this Agreement. Without limiting the generality of the foregoing, the duties and obligations to be per!ormed by the Servlcer shall include the following: (a) Advances to Mortgagor. The Servlcer shall administer and approve construction advances to the Mortgagor and otherwise service the construction financing in accordance with the Building Loan Agrement, Mortgage and all applicable rules and regulations of the Pederal Housing Administration (IIFHAll) and shall assist the Mortgagor in processing the Mortgage for final endorsement by FHA. (b) Collections The Servlcer shall use Its best efforts to collect ell pay- ments due under the Mortgage as and when due, maintaining adequate fac11ltles for the collection thereof. (c) Remittances: The Servicer shall remit to or in accordance with the Instruction of the Trustee within five (5) business days following receipt by the Servicer all principal, premIum or penalty, if any, and Interest payments collected on the Mortgage and shall furnish statements covering the remittances on forms prescribed or approved by the Trustee. (d) Holding of Funds: All funds collected under the Mortgage shall be held in trust by the ServiceI' for the benefit of the Trustee and (to the extent required by the Mortgage) tor the benefit of the Mortgagor, until remitted to the Trustee or applied or LKL-S/23/S3-#207 A -1- ,I " c\ .,' :11 rt'" ~~~.~r..., -r.rt"',~ ..,....."*- ~iL~~,....;.. 'l-< ....,~~ ---_.~ ,....--, --- ------. ,. 'ct~~~~~\~"'~~--:-..(~~~.."""""",~\.~,~,,~,,~,, ,. '. ,'..... .' .":.' ,,_',' "!'{',' ....'1. 41 ....... ~...~~ '! J'~ f-:"',..~,,,','l.o,u..._c ~'.,:"~'d"t~~~ }. ~ t'":;"7V~~,~, :..t.!"? ~-. .' ',' ~~. ' ',~." ~ ,.;, I .,. l ~/. r " ._c . ;';\ .~ \?\{:~\~ ~~.'/'~~~~(':" :;"., ; ~~..'.:.. 'I ;.: ,..,', ' , . ~.~ , , .' '. 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'I, "~'I' "{J~,ll,t:: r," , "'ft~"'l ... ~~, ,""'-\U'f t'1.~ ""\ 't..lt1J'\,)'~ ;::f'y"-r,;\,, ~~~Vt~~rii1t" :'.\:l:l/"'~"~' ':"l;:~~~u'/:l,I~~~~y.t/. {:.':l.: ~~ ~'\:.~~Y1~,!~i1:,:{{:~!, ~ . A~' il' 'I,~.....," ~ :.~'l~,7-.f"."i.~;.. ,~~,~. l:~'" lj~l' {"'..,:. :. ~ ~T;"~1~:"';'I...~.,1"i~ ~1':' ...,:oft\f .. .rlJ..... ir'J1;i'~<~' ~,,~~ )" ~'iJ.: ;f!'rr,,::io!f.:? ~.~~~ tl;~~~...'i~' ~7 ~7", ~:~t'" r;..).~'];fi, ~i1' '~Q'~, '!'j!: ;~~, if,L 't,y" :~,ti; ..::!.~" l)l:lt~, i~f!1, ~~.~~, ".... '. .' -; l- , , . ,~ '.",: ), :-, ..... t'l _':il "'.". ' ., , . ~ \' \ . ,\ \, __~~""""":_____~_..~,..\:L.......____- r~': r- "-. disposed of by the Servlcer In accordance with the terms of the Mortgage and FHA rules and regulations. All such funds may be Initially deposited as received In a clearing account maintained by the Servicer solely for the purpose of depositing payments received on all mortgages being serviced by the Servicer, provided that withIn forty-eight hours after receipt, all such funds shall be deposited in a special trust bank account or Bcaounts in which are deposited only funds relating to the Mortgage. Except to the extent that payments on mortgages being serviced by the Servlcer for Its own account may be deposited in the aforesaid clearIng acaount, no funds relating to the Mortgage shall be commingled with the funds of the ServiceI'. All such bank accounts shall be maintained in a bank or banks whose deposits are insured by the Federal Deposit Insurance Corporation. Such bank accounts shall be so designated as to show the custodial nature thereoC, and the books and records relative thereto shall be so kept as to show and Indentify the respective interests, if any, of the Trustee and each mortgagor In the Cunds to be deposited therein. The regulations of the Federal Deposit Insurance Corporation shall be complied with In !3uch manner lIS will give maximum Federal Deposit Insurance protection for each person whose funds - are deposited In any such account. The Servlcer shall Curnish statements showing the status of each such bank account and the status of any account for the Mortgage with respect to principal and interest and aecruals or deposits made under the Mortgage at any time on special request of the Trustee or periodically as the Trustee shall require. (e) Insurance: The Servicer shall see to it that all Insurance policies required to be maintained pursuant to the Mortgage and FHA rules and regulations are maintained by the Mortgagor or the ServiceI'. At least once a year, the Servlcer shall confirm to the Trustee In writing the continued effectiveness of such insurance or specify action being' taken by the Servlcer or the Mortgagor to meet insurance requirements. (f) Payment of Tues, etc.: From the Mortgagor's accruals or deposits under the Mortgage, the Servicer shall make payment for ground rents, taKes, special assessments, hazard Insuranee premiums and FHA mortgage Insurance premiums, as well as payment for other items Which are required to be paid out of such accruols or deposits under the terms of the Mortgage, promptly as each thereof becomes due and payable and shall certify the payment thereof annually to the Trustee. Should there be insufficient Cunds for payment of such Items and if the payment for such times Is secured by the llen of the Mortgage, then the Servlcer, on behel! of the Trustee, shall, to the extent necessary to protect the Interests of the Trustee, advance moneys Cor the payment thereot for Which advance moneys for the payment thereof for which advances the Servicer shall be entitled to reimbursement, as hereinafter provided. The Servlcer shall make reasonable efforts to secure repayment of such advances from the Mortgagor. (g) FHA Debentures: The Servlcer is authorized by the Trustee to redeem for its own account FHA debentures In connection with the payment of FHA mortgage Insurance premiums, and the ServiceI' shall be the sole beneficiary of such transactions. (h) Records: The ServiceI' shall maintain In Its office adequate books and records to show the status of principal and interest and all deposit or Bccrualitems and all other transactions relating to the Mortgage. All such books Bnd records shall be kept in accordanee with generally accepted accounting principles and to meet all FHA require- ments. All books and records and all papers pertaining to the Mortgage shall be made l:l.VtU~l1iJi.'-l ~o the Trustee or Its representative at the oUlce of the Servicer at all reasonable times for the purpose of Inspection. examination or audit. LKL-B/23/83-#207 A -2- ,I~.~-.. -. ,.... ~i_""". "...... :. <.. . '." c,'. . :,-" '~t'."/. '''.',:-'' .: ,'" ',,:'.:,:"t.\/,' ';";1~)''':' ",'7."':: ''1~,,:~/;'':J''~: ,,~,~~~,,:,":',-:../ ,.';\".~,..,~t.'" ..f' "': -."':" f' .., . .;,_ '. r"-..;"'," '/1.1. , ..,,!I:-'1,\"r>; ".; or ~ ......,.f. ".~',.. ''';- .'.. ..~'.. r: '. ....' ..... ~ '. :.,'\;'.~..rl~}'" ~~~~~,,,,,,m.'r:':' t;~ ~"i''i'"f'''''l~~;':~~~~'.-ll'ff/<''''' ,"tt"r>'!..jl~i~~'~~~"~rl~""'i*"~~~lc"'r~'2~~~~~~, ~i'-'~yf ~~~W'f.~i: ":-~t.""~~::~f' r~.::~'~:'\,"':, ~'. ?~" :',: :",':.:':,,~~ :f..'~~."'.":':'''~~":.<:',)~, .~}.~. :><'.,.,L',.'" 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'-ll"">~"Il"'1"..'~,rrJ~~'~" r~~~}r::\I';~(;I:~tj;::rI1.~~~"~~!"~,,:;.',..;'>", :.. .1 :.,",-" f ~ I 'I". il. w " J ::\~ .);'<.; ': ,tu;':.(.::,,~!;~~,~~ ."",~,J:~~~"""'Jl-,-,).t...oI'" . j ..f ',c, _ , . ..~ ~,," ,'" ~~~ ,.,. \.+,,~ ..:/.,l,r~~" \;~'~;,~/\,I'~l"\I" .-..-...:-;;....,.,.--:.-.._~.-::...~..: . '., . . ' ." ..\ :l.{{) ~ .l;' ,~.,I~~ ~ ll"; 41~ll"(~ ':,~ .It...~ ~'h~1r{ :g~o;~~~ 1 ~ .~1!M~if': }!: ' ::r ~..."" ti,I.I~ ~\ ....i.. {~~0!J.\~f..! ~(~,:.';: ~lt;1r "~~.";1~~')~ ~<'t ~..r , !:;it!~}t2t:~'\~.:~~tt:J . f.!-~~"'#?"~'r""l;t:i~~:~ ;":!,: r.~.(t!'....t'"'",~,", ' ; i\:;fPr~;.fr \~:~~,:.~.! A' -.,,,',j ..!l .1; 1\; "1<:\'( ~' ~f.f;rh-"~l". I' " .). lt~~ti :f'lt[. "~I;.'l ~~~..:-> ~+j'1'.: -I.i"",~.'f' , """~'t'^ !'.!1'~ t"c '~"'fo J"~.; ,.:. ~~~~ ~:-;r. ~ '..,.:'ir" ":!;' " Ii; o o ARTlCLB 8 Relationship ot Parties Nothing herein contained shell be deemed or construed to create a cO"- partnership or joint venture between the parties hereto. The duties and responsiblllties of the ServiceI' shall be rendered as an Independent contractor and not as employee of the Trustee and the Servicer shall have full control of all Its acts, doings and proceedings relating to or requisite In connection with the discharge of Its duties and responslblllties under this Agreement. The Trustee has entered Into this Agreement with the Servfcer In reliance upon the Independent status of the ServiceI' and Its integrity, reputation and financial standing and, as a further Inducement for the Trustee to enter Into this Agreement, the ServiceI' covenants that it wfll not assign this Agreement except with the prior wrItten approval of the Trustee. Article 9 Captions The captions of the Articles of this Agreement are inserted only &.9 a matter of convenience and for reference only and they In no way define, Ilmlt or describe the scope of any Article or of this Agreement or the intent of any provisions hereof. Article 10 Law AppUcabIe Florida. This Agreement shall be construed In accordance with the laws of the State of Article 11 Notice Any notice required to be given hereunder by the Servicer shall be sent to: Attention: Corporate Trust Department LKL-S/23/83-f 207 A "8- I." .' :',~ ". " .~ 1 l: . .,. ::~ .. '\ "- , "