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F' • 1 , ',5' ',1�• ��_ � S . �'• �.e �i 4� "1 � � � � ��yt .t�{"�k}F�Y� r wa+,� s •�.: • � . e � , i , ''t..` � ;l N,'�'. • . �' °e SNY�11'a••' �`'Jn��*i��pnl�L�x.F�ir�i�� 1Nxk�.GY.�..liiiSe�Mrk.�6 wr�'����' � 4. _—"— F'a.•VY .'.'•;;J�..r: K ..h�.�"�'It� ' ��� ....w . «.wr _ .�p 1 , � � � 1 •,e�~�•,�..:al`,,f.��, r,r'e '- , r •e4�a;� i�`'�•:'� '; .� � � , ,; 1'�ir,' ;,' �,3i�:: . C . , .ft . �.: y . . r �r`��,`�'�4�:`f}`. �:F;1�'"3.' . ' t ORDINANCI3 NO. 4738-88 � "'�. " �; `::t�4y�.;�"�M`.i��� _ i � .;3' `k":t�\,' �v'7i;'r'�'#.;' '_ . . � ^f" 'y'° Y.i::4kR;i.;t.;���. , �rF +�'� •{r� �;r.� • �..:���� � � ' AN aRDINANCB OF THx C�TY COMMISStON OF THS CITY UP ��y �`��'�'- `''`� ' ' � ` '' ' , -; _.;:.:; �. ` ; 5 .;:,.: . ;�,.. . CLgARWATBR�. FLOItIDA, AUTEiORI NG ING OF 3���j`�,`�k"5���;S:,W�.:�..i:�.�.. ZI THE gORRQW � sry;�:; ��.�;..�:�:�°�• _� 4 .� NOT EXC6�D[c�'G #38,UQO,a4� FBOM TH8 GULF BfiB��� �'fj°�..; ;=':'"`. ` y„�.#.'�.�,�' ' .`, �,5} ., > n� ...i.P; Y:., n:.. ,�'; �� FLORIDA LOCAL GOYBRNMIINT LOAN POOL PRUGRAM TO � "�'; ''�xi::.�F"* �?,�;�`°��t .�r . ' �iNANCS C�RTAIN CAF(TAL PROJECT3 OP THE C[TY; �,t:; 'P'`�:`s;;`Y'`� `�?, �':�`:_;` � , •::y't�'�� t r':ML;;.i4� � �'rt,.'. �' AUTHORIZ{NG THB ►3UBMrSSION OF A LUAN APPLICATION; .'°.��`_`�,.�tivi��v�:;:�,::f:•::��':,a �-�.� � �� AUTHORI�ING TH� SXECUTION AND DELIVBRY O� A LOAN `' -�''�;'`s�"''�`-'��'�"%�"�`:-;''�'t g , . "•':ti'`' ...�: !:3 `'• ..: �v'4>°'.ir..-;.r�,��' S � AGRBSMENT AND A S�CONDARY LOAN AGREEMENT IN -- C�NN�CTION THEREWiTH; AUTHORIZING THE ISSUANCE OF A . NOTE TO $VIDBNCB THB OBLIGATION OF THB GOYBRNMEN`i'AL ENTITY TO REPAY SUCH LOAN; AUTHORIZiNG THE PLEDGE Ok� CERTAIN REVENUES OF TH� GDVERNMENTAL BNTiTY TO SSCUSB THB itSpAYMENT OF TH� LUAN AND THB NOTE; FIXING THB TBRM AND RSPAYMENT PROVISIONS THBRSOP; APF'4iOVING THS PURPOSE AND PUNCTION Of� THP DAHS OF CL$ARWATgR, iNC.� A FLORiDA NOT-FOS-PSOFiT � CURPORATION AND APPROVING iTS FLAN OF PINANCING SUCH CAP[TAL PROJBCT3 ON BBHALF OF THB CITY AND AGREEiNG TO ACCBPT T[TL� 'TD SUCH P80PBRTY UPQN RETIRBMgNT OF iTS MORTGAGB LOAN AND TiiE CITY'� LOAN; AUTHORIZING C$RTAiN OTHEE MATTBRS IN CONNECTION THgREfNITH AND PROYiDING POR AN �PFBCTiVE DAT$. WH�RSAS, the Ctty of Clearwater, Florida (the "Borrower") is duiy authorized pursuant to the Canstltution, Chapters 166 end 163� Florida 5katutes, as amended, gnd other applicable provisions of law (eollectively� the "Aet"} to acguire and construct capital projeets far the benefit o! the citixens and reaidents of the �orrower and to borrow money to Faeilitate ftnane[ng o! the costs of sueh projects; and WHER$AS, the City of Guif 8reeze� Florida, has heretofore established a loan pool program (the "Program"} for the pucpose of finaneing certatn capital projects af pertteipattng Focal gavernmental entities situated in the State of Florida; and WHBREA3, the Horrower h�s ident[Pied certain hereine£ter defined eapital prajects (such capital prajects here[nsfker eollect{vely referred to as the "Prnjects") whlch the Horrower wishes to finence from funds borrowed from the Program; and WHEREA3, SneK borrowed funds wtll be applied to the purehase oP a GNMA Security t4 provide funds for a Mortgage Loan to be made to the Corparation hereinafter ;' mentioned, on hehelf oi the Borrower� to finanee the acquisition and rehabil[tation by The �� Oaks of Clearwater, ine., a Ftorida not-for-proflt corporation {the "Cor�aration"}, on �` behal! flt the BQrr4wer, Qf the Projects, consistin� of �dult eongregate ltving fac[ltties and reletsd nursing hame fac{l{ties lacated within the terr{torial itm[ts of the Borrower; and WH8RBA8, under the provislons of the documents pursuant to whiekt the Pragram was established, the Corporation� on behalf of the Borrower� has submttted [ts applieat[on LKL-11/30/$8-266AA-2820 Rev.�2lxa/as Rev.12/13/88 � �: -1- R .: :..-:J��..�.F'�� �.�r� �, ,r' .. . �. �"�Sr - " . . ! .... .. :�- � � . . .� �..3 i ��'. t;;;&: ; 1:;�'r - -.� s F.';�,��� �r,4,#;:;� ��:,�< ��'� '��.it �"� ' _'''��1b< �`k�1�a�ts� �4�;i.: t?s�:''�' s r S `.�%.�y;i:�itri� �!,i;�.e�,- I ;! i3 ��;�;1.i'1�j�3t��i ��� �,.•r'. •�r• ,�a, t f.q� . . r ee ,'�.h, ..4 ;l ��5��= �;'A:q t'nL<r%¢i :.5��ki'�€.:f:jN;a� �.a;:?? j°? y3�.�� �T'�✓ i"�� ::�a.' •>.��• ;�S`.t:54n�f';� `! ,�r.�;z�:%;�`�`;a` ��';��;'_ ;t,��•.t �. :� .�. { �:�,�,.'✓�.?,�• � r.�'�:.;e:t:'���:r�f; { r. �4,.� z,_���,:'k+�c? +T� ..'Y�f�'S''y��;��•�'y; . u �w .ag:si=�'�j:;:F:�;;l _�,;:��;�`�:�, -ry��:�=���� '��F;�Y �r: '.'.'" `'�, .�:,M1'w;' ;�.•6�r;"�:'�; f�;;,;.� . 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' �. . . � � ' ' ' , , � . • ., ` ' � � . . . . .�/ ,:�t t';• ���„`,�. , I.e . . . . . . � ' � � ' . ' ; . . . . . . . . . • .. ',°.t .V j ' . ; � . ',i': ��� . . , , ' , . ' . .' . ' . , t.� • ��� ' ' ' ; ' ���''."1Y: � ',, " ' . . ' ._..•...� ..............r....:�.....�....w. ' I � • •. � `:r - . .i ' I[, . • ., j y f r . � . ''S;�:i" ..�,' � : : ,• ; �, '` . . : } � ': r. � �y - �•.. : :;, ;.: � :. ' . , iti g,.,t��t� R.,�'Cqu��y '� :.�� ;�,`��s .t ,.\i R:ti� t . r'::�� ,...,,..�•� .�'•., ;;h' . ,l.�,�: y�: ,_- . ' ..;'';+.°?,.�,e�,:�s�`t..t ,+ � , , {th� "Loen Appllcation") for sueh funds to the Adminiskrstor af the Pragram far review °�.t��:•:.:.�';:. ,;� :� .�°;�`,,,:,. . ; � �►nd approval� and . ::�,:-`".�: ':�r;efl :`: � ,a': .• ..•..,;-±};. '.�:' ., �S; ..,�i�•.. t �"Y���'f' � ..�, '; i,�:',rn.F:�. .�ti .:.StL' � �-•, � � WiiBRgA�, the Borrower wishss to approve the form of appiicattan, Identify the �,�-��': -'':<;:_ �?'��< <=;!�'` �, ' speeifia capltal improvements constit�ting the Projeets end provide for the terms and ��-s�='�-���`���°���a�i�==�'.`::.'�='�' �<�=s= � '� �� seeurity !or the repayment of sueh funds to the Program; and ��. `'Y �'�°r���.'�;�-j';1�`�:. " ' _ :� �;:� , ':. -� �`' ';,';::. ����:`::g ,,,�.�;:: . �';.�i �, , .,: ; �=::~;: ,.,',•:',. :°::;.i, � �° WEiBREAB, tn evidenee tts otiligattan ta repsy the l�ar� of funds frorri the ► '""'`:,�..�--;:���=;.;=.�ry-�.•�,,;���:'.`=:a�=- '�'�y'' Program {the "Loan"}� the 8arrower will execute a�d deliver a Goan Agreement (the �'Loan ;`,L""'1'�°-:,=::;���.�:a:::;';;�`'`° -a .,::..,, '. �:.r' Y��..:. . �•� :� . �..,.. . ¢.::: ` Agreemeat") snd a mutti-�nade variable rate note (the "Goverrtmental Ur�tt Note"); and �•'"'-�{��':'�.��''�;~��"�':;,,;�`.;;:::` � u� �:e �i`.6:;:i;��° ;'::,�:��;;;� , ; . •'�.��:;�,>�;���<�'t;N-�P�,;�%4-� �. . '_ WHEBSAS, to see�re fts db2tgatEon to regay the Gavernmentsl unit Note ar�d the �����'�I`;:�=��,,:•;�''�,:i4�`-��},.•:�r:•.�s'= . : ;" ;: � t` z � ,, _,,., �,. �., a., :.. ,, :. ':.:� �, n �� P B Y '::�';,-..:; , .:.F;�'��,r=..,�..T_,,:,-.:.:e . �:; �, lo�n of iunds fram the Pro am (the I,oaa ), the Borrower wishes to led e as seeurik ��,_;.�; ��, ,;.: .�.� i,:.•, �� :>a•�=�=,. �, :����, � 4.:�- :s '�� •,� •7•� j !� .':- Poc tt�e Governmentai Unit Note the Pledged Revenues, as def#ned i� the Loan Agreement .s ';�,�i;� :��'��:�•����"��;�"��`�'- { � �!;' �';' (the "Pled ed Revenues")• and �' 4 '-`� °, '� >:"J�;,� � �� �;��� _ , � . g f . �'-��it:��'•v.,:�e .r` V.r,, .�:, �. • :fY• •At j�'��t�'{i'a:ti�_ . .. ��T'�Yh._ } � , S`. � L : ...: t ..51; } ��;�. � • �• � � �='s'��'aa;; ��... _,,: ,� � � ,� . . ui WI�SBAS, the Borrower wiahes to spprove the fnrm of Laa� Agreement and Governmentaf Unit Note, and the form oi Secondery Loan Agreement, gnd to authoriz� th� officers and employees of the Borrower to take ali acttan neceasary to obtain the proceeds oi the Loan t� apply th� same to the aequts[tion and rehabilttation� by the Corpr�ratton, of the Projeets and to complete the f[naneing o[ the ProJects !a the manner eontemplated by the Loan Agreement and the Secondary Lnan Agreement, NOW, THERS�+ORB, HE IT ENACTBD by the City Commission of the City of Cl�arwater� Florida, as fallows: Section 1. llB�IIrTITIONS. Terms deftned ir� the preambles hereof she�ll have tne meanin�s set farth therein. All capitalized terms used herein whieh are defined [n the Laan Agreement and the Secandary Loan Agreement ahal! have the meening�s assigned thereto in the Loan Agreeme�tit and the Seeondary Loan Agreement, unless the context hereoi �4firmatively requirea atherwise. 3eettan 2. FINDING3. It ia hereby found, determined and deelared that: {A) The Projects [dent[fieri in the attaehed Loan Agreement eonstitute capital prajects within the rrteaning of the Act, and the acquis�tior� �nd rehabilitation of sueh Projeets by the Carporation, on behalf af the Barrower, is neeessary and desirabte, is ia tt�e pubii� interest and w�ll serve a proger public purpose� lH} �'tte ftnane�ng of the easts af the Projects from fvnds horrovrred trom the Program is in the best tnterest of the public and will enable the Projects to meet a partion oP ttte aurrent publie need ior housing an� care of the eiderly. (C) The Frajeet� wlll not increase the demand for public facilities, utilities and services that will be neceasary for trie operation� repair, improvement and maintenance of the Projects by reason of their acquisitior� and rehabtlitation. (D) The praceeds ot the Loan wi11 he appiied to the purchase of a GNMA Secur[ty to pro�id� funds for a Mortgage Loan to be made to the CorPoration, on LKi,-12/13/88-266AA-2820 �'� .._.--�.:�:a��;;,"%t;� -_ w. .. •S��_•�L - �.'�y..� � ' " ;r: ,rJ.' Vi����i:.(Sjy f�'.��'.1'tii�.� ' i'< �1:;'.i �'s':o-;rra: cv`-t':.'?•:i:�� ;:� a^,.ia�„�,-'�•ii .. , �, �;' , ;�,: iP.'f:'.;i�+,�;�4<,e:j;, . .;i:,�:.;"��'�«�qi'!3.'.ds � ' +Y `i 1;t .cl, ti . :i' r {�!i7�-4t}I%id . ,' �' L�! ��i�y: �i3O ;t'.. F ,.�� ti��;:z` ;��;.; ;�'� . . :x. . �, ., P =:r��,;u��.w:.�i,��� �. z4�r1N�5 449�rf��;lV�..} ''i.:. :5�.i ?'�Y.�."i�'a v �; � � '� Z 5 I :��� F��F�{��A�J*f�'i��`, j•�l! 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' , •i.: � ; i`�, p F;;p � , 'e:' ' • . ' `r ' ° � ��°' Pe _ _ . i.t A �4'' . `'1. . 1 ' , yr/+�� '.�. �' . f�s . t 3 J'• .� n - �f.' ". .�� «. � 4�' . . . . . . . � , � � �: 4'..;!e' 'rf.` .�: '�ti'�': �:' , �:1 . . . . . . �i� � , �+'` . ''s . - • . . . , � �f�. i.. �y' � , .1 �.j�`_:`,'��:7i •'i�`i':'��t�. j� . ; f°.3�� , � . �. � . . .. � � . '� .'c. ' . . . . � � " � � � ' 'S.. . ' , , ' � • ' . . .;i. , i . ..�ti'• .. ' ' '.r•', � .;:� �r..; r �•, s ''y���'j;:;3°:: ; � ' ' -. . _r� 'i . - - • ' .. . . • '� �F,: ..��T,.. ..t,;,�.� ; . . . • � , , , �". 1' . , , , . , , . ' C ' 's,. � . . � .. , � ;� ':'..� . ��' .�'� .i' . � ' . . .. . . . . .. . . .. ��,., ,af,:r,-', 'i`i � . ����.�`✓If1�.J�3�.F,�eqwnrraw�.� --_. � . . • .. �.. � ;i ,.:: 'F. ; 5.}.�� ie`��t:�`. _ ••�t" f'3� ;,a;.'•'�,^u>'.; .: � > • Y��, 'r�`.-(' �J: .,��i ' � `ne.. i2�, . . • . � � � i 'i..`,fFV ^. �: � � `!: i. : ,�'. z" +;' �' � '. f ,, ` .'��F{; ; � �. �. ` O � �t�� �`t:.�'��'g9����`,:: •`�� '• ,fE�,� !J"i��ti` �1i', "r: ': `.�S';;..:i;�i.` . .�_ benalf of the �orrower, to finanee the eosts of acquisition and rehabilitation by the ��:�+:0._t:'.;"';,�,p,;;-':��,:�":�-;::�:�':� � ' Corporation, on behstf of the Horrower, of the Projeets pursuant to a 3ecandary Laan ��'':--.°,-��_��'�"�•�`s���°�=1�-�=:�.`�� '� '� , av. �t�.,:;.x., d;•;n; .� . Agreement tQ be enterered into between the �arrower� the Corporation, AmBouth Bank, �`� ��;wµ_�, �� r: '" � " ::'t�G "?:'r�:. ' a� i�:. '.5��:?.}s N A as Sueeessor Tru �'T n ;:`��:`:r���;�;-�",. `,,,`.:�",-`: � . ., stee {the rustee ) and Cltadel Mortgage Campany (the "Lender") �� � ��°:.:��:�: � ���'�' ' �i- � ,�. :,';v. ;.-, ,; �3r <;'f ;:� :, ��?,.., � , • (the "Secondar Loan A eement"}. Ade uate rovisian wtli �e made under the rovisions ��' '�- ,-.���' �:���;,:�'� �3''��" � �� �e;�� Y 8't' �! P � '�� � ::,�:�:�.',�a=.�::.,�w„�•w';.:.:;�. �. ". �:�', of the Beeondsry I,aan Agreement for the repair r�nd malntenance of the Projects at the i:� �•�,�s�l.•F,4;�,�..,:;,.,,.�_�;•,�,•`.�:•• � '° ex ense of the Cor oration and for the a ment b the Cor orntion of the rinei al of r� ����'•.�'� �� �'='`�A'����� ��: "'-` �'`���� P P ► P Y Y A . . , : . .,� ° , � ;t ,4,-'= . � an� prernium, if �ny, and lnterest on the Mort�ag� Loan and alI other payments required �-,i ���� �,:` "��� `���v`��°' J`" : ,°;,�;:�>�.. ;; :.��: � �: .;:.:>�, ''' �3:'s:';':. �:;S.�,F` �.;.°,`a?; »3:.c�: �_ • . ,, �, �;:�.� by the Secondary Laan Agr�ement erid the Lasn Agreement. The �,oan, wili be made '����%�:%�::;i;-Y�r:.y:jrf;a};s,;��_;,,,�w,,.. , �. pursuant ta the terms and conditians oP the I.oar� Agreement (as defin�d herein) between • e;; °`° =t� ��� °-�'-;'�<'� . t, wer and the Trustee. ,`;i'�•,� :i m�.� •7� •S'ft,-�Le � ��' ' 1 the Borra `e . .;,;::.� ,;,� ;;�:a;�=;�; � �i�;� �. ..,;:.:�-' �a::�'�;�-��':�.;: { ; ` '.i^,i e.�, .�:�.� �:. :: �.r�.,�: . �.�.� ; � ''�'. :.;:;.: ._ (E) The principal c�f and premlum, iP any� and interest on the Loan and �J'=�� ="FI��✓��4~r';is=��;.::4�,'� ' . :.. _ :�r ...:.,`'i�i�:!:e „...:4.�-�_.... . all other payments required to be made by Xhe Borrower under the I�aan Agreement and the Secondary Loan Agreement shall be payable solely fror� the Pledged Re�enues. The . Harcower sha11 ne�er be required to {i) levy ad valorem taxes on any property within fts � territoriai limits to pay tk�e prineipal of and premium, it any, snd intecest on the Loan or to make any other payments provided far under the Loan Agreement and the 5eaondary , Loan Agreement, or (iiy pay the same Prom any funds of the Horrower ather than Pledged � Revenues; and such Loaa shall not eonstitute a lien upon any property owned by ar situated with[n the territorial limits of the 8orrower except the Projeets. , � � , � � , .� ,, � i � ...� (F) The estimated reeeipts of Pledged Re�enues are sufficient ta pay the principal and interest and all other amounts payable wtth respeet to the Laan end the Government�l Unit Nate. (G) The Pledged Revenues are not pledged, eneumbered or hypothe- cated by any resolution, agreement, indentare, ordinanee or other instrument to which the Borrower or the Corporation is a party ar by which it is bound, except as otherwise set forth in the Loan Agreement and the Secondary Loan Agreemeni. {H} The Corporation, [ts purpase and iunetion are hareby appraved. ;1) ThQ lssuance vy the Carporatior� on behal! oi the Borrawer oF tts mortgage nate evidencing the Mortgage Loan, in en amount not exeeeding �36,0OO,OflO, in substantially the form and upon substaritielly the terms and condit[ons in the Secondary Loan Agreement, is hereby agpraved. (J) The Borrawer cansents to areept title to the Projects �pon retiremcnt oi the Mortgage Loan and the Loan, as provided for in the Secondary Loan Agreement. (K) The Horrower sha.11 ha�e th� right to prepay the Mortgage Loan incesrred by t�e Corporation on the BorrowEr's behalf, as provlded in the Secondary Loan Agreement, �ut the Barrower shall ne�er be ohligated to do so, notwithatending any defsuit by the Corporation. 3ection 3. P$�JECT FINANCING AUTHORIZED. Tt�e cost of ftnancing of the Projects, as described herein� in the manner provided in the Loan Agreement and the Secandary Loan Agreemeat is hereby euthorized and approved, ln the amouat of not exeeed[ng �38�000,000. LKL-12/13/88-266AA-2820 �� s ., _ -, j:„��:w ;= • -. . ' � . '� - �-�.:. �.. . . . . i iti. i=:.'4i:i.;3;�."'�5,�.{'�if.fi;�=,.t�; � � °. 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'.` p .r .�i• .. ::f.` � ��i1LL� . . . ., i . . ' . ' � . • ' _. � � e . �1 f V' . . .3 . . . � �S . . . 4 • [" :1�i,. `�t�.• , , t' ��. 1 ' . � . ` ; i � !3 i i � � f rw���..�.... ��j.�.� ,'/• :•4- �i,�,i il����•�.'�'i . � � � , . ,`,;.� 'i';�,+;�"�'� '�' t. ' � � 's'. 03, 'I` ". ,'. �r� .•.4 `., ; } 1, ; . �ectlon 4. AUTHORIZATION O� FILING L�AN APPLICATION. The Loan � •J � ` " � ��� � '. :;,.; `:�> �,,,, : •, � Application with respect ta the program, in substantial1y the form attached hereto as • •. ' -',�;' '''.�`:`;: � Exhtt�it "A'", w�th such chsnges, aiteratlans and carrections as may be approved by the ``:��' � ��;: :;�.Y�.=.��<�``�`:s`;;`i'� , ;7f:, s �., � 't:4;:.i4�., .;� : � '`'. M�yorCommiasioner ar City Mar�ager of the Horrower, sueh apgroval to be presumed by .;x:'��=�:�����;°�='`:'_;' �_�� �-' �; = . . : � :.. _ ,<, ,,.�„ _.�,�:;•..�z� W his exeeut�on ihereaf, is �hereby spproved by the Borrawer, and the Horrower hereby ,��>���� .•'z:; s; .';�;���. .'"'` 'i �� '��'�� •+ authorizes and diceets said Ma or-Commissioner or Cit Mana er to exeeute the i,oan ••_ .-�f���:�`�`;,::s;;�a �:�;;;>:'' �_``� Y Y S •_ ��:.., .. Application end ta de1(ver the Loan AppIication to the City Manager af the City oP Gulf '�a�i:�, _'?�=;;w�';-}�i;�=R.';':.,:' , Breeze� P2oride, as Aa�tin�strgtor, and A►nSovth Banlc N.A.� �s Svecessor Trustee under - ' '�'��` � •=���- the Progrgm. Thc provisions of the �,oan Application, when executed and delivered by the ' -'°'�'a;F�:;:"•;�-,:;;���'l��'�.F.:' Borrower as authorized herein, shall be deemed a part of th[s instrument as fully and to �;�"'` ';''"�:�°. �:_;•��:;„;,::���,';�;;'� , the same exient as if ineorpora#ed vgrbatim h�reiR. °' t'' �'';� ':'�� :•"}'�```_ �r, � : .'�' .':,.r:=_•., ,` .. •.'; � :•T•�. ,, 4': �, ; , . P�..:. �. : �,.:v:..; µrl5.;i`s:Vr ''" . ' 3ectios� 5. AUTHOR[2ATION OF E%BCUTION AND DELIVERY QF LOAN ' �� ''"4-�=;��•: �;;���::,:•�s�-;� 'f' ;?: " �`��:r..:•: AGS6EMENT AI�iD TH� SSCONDARY LQAN AGRE�MENT. The Laan Agreement, in �` ���' �:,;,,.�`§, ., -'�::,•'.�'. 4=r::�� . substan#ialZy tne form attact�eci hereto as Bxh{bit "B", ir�cluding the Governmenta! IInit '�+:" : ~f',,;,.-r;'`;��'� r-;i; ���°�.;'��F . Note attaehed ther�to, and the Secondary Loan Agreement� in suhstant[aliy the farm �'� -- -` �����. e�°'�"�'�'"� , attaehed hereto as �xhibtt "C", wlth such changes, alterations and earreet[ons as may be �• ,�t' ,•rs��',J.`- 3�'�i•,S'�wz?�=��`�;;`_ ? >,.... �:1•.� °." �i ;i';:'..:' i'.x approved by #he Mayor-Commissioner and City Manager of the 8orrower, such appcoval to `�':�° `��:'�; �{-; ;- ��`,''��;=� °.,�-.b �r: >°.,��w �' �.<�•' � be res�med b t�eir exeeution thereoF are hereb a rnved � the Borrower and the ,r'��.�::+���'•�:'"�:;�''`°�`�'`'��`�'�"9��" { � Y � Y PP Y e r:�,F.,:.. ,� �.'��t.� ;'•"�:�e=.;• - Borrower hereby authorizes and dtreets sa�d Msyo�Com�issioner and City Manager to ' `.'..A':''F:�'.'_,�",`;�'°, ::M;;.J: execute, and the City Cierk ot the Borrower to attest under the seal of the Borrower, the Los� Agreement and the Ciovernr�ent�l Unit Note and the 5econdary Loan Agreement and to deliver to the Admi�istrator snd the Trustee, the Laan Agreement aad the Govsrnmental Unit Note, and to deliver tp the ather partles thereto the Secondary Loan Agreement aI� of ti�e provisions of e�ch af which, when executed snd deii�ered by the Horrawer as authorized herein and 5y the Administrgtor and the Trustee and sveh other parties� duly authorized, shall be deemed to be a part of this insLrUment as fu11y �nd to t3�e same extent es ii [ne4rporated verba#im herein. t�eetion 6. ISSUANCE OP GOVZRNMBNTAL UNiT NOTB; SECURITY. The Loan shall be evidenned by the Governmentat Unit Note, issued in the prinefpal 3maunt oP t�e Loan. The Mayor-Cammissianer and City Manager of the City and the City C1erk of the City are hereby authar�zed ta issue and deliver, anci ta ettest, the Governmental Unit Note against receipt o[ the proeeeds of the Loen as prav[ded in the Loan Agreement. The Governr�ental Untt Note shall have such terms and pro�isions,� shail bear ir�terest at sueh rates� adjusted in such rr�enner and �ayab�e at s�eh tfines, and shall mature in such �mounts on such dates, all as are set lorth in the i�oan Agreement. Upon issuanee, the Go�eramental Unit Note shall be seeured by a lien upon and pledge of the Pledged Revennes. The Horrow�r �ere5y pledges, and grants a lien upon, the Pledged Reve�ues, irt favor of the Governmental Unit Nate, �11 in the manner set forth in the Loan Agreement and the Gor�ernmental Unit Note. 3ectton ?. AFFLICATION OF LOAN PROCE$DS. The groceeds of the Laan shal! bQ applied !or the purposes a@ this Ordinance in the manner deseribed in the Loan Agreement and the $econdary Loan Agreement. The appropriate ofilcials of the Horrower are hereby authorized and direeted to execute anci deliver, on hehalf of the �arrower, sueh c�ther lnstrumer�ts, 8g!'@@1T3�!!tS or other doeuments neeessery or desirable to eftectuate the applleation of the Lpan Proceeds for s�ch gurpose and the secur�ng of the pledged Revenues far the payment of the i,aan. � 3eetion �. NO LiABfLITY. No covenant, stipulation, abligatlon or agreement ; here�n cantained or contained in the Loan Agreement or the 5�eondary Loari Agreement •� shall be deemed #o be a covenant, st�pulation, abligatian or agreeinent im�osing any � � 1 ' � �� LKL-12/13/$8-2fiBAA-2820 -4- ` J � � ^ .. - � _f���f�r;�'„ � � '�, ''ftY `rt.i�rti ,�M,;' :,:;'; �i: '•.���•.�. 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' ' . � ' . . , . . � . . � 1..,' ' . i� �.X.i.. °N'�,�E!'bt4 � f � 0 0 . ti-r.-s . _'1't.' �t:s' ' �e+" •i5'. ". ',`,`: ;`4�• S . 1 � � i'i1•; R"sr,' �.,r,.',.� . . , ���, :i �. . pecuniary liability upon the Borrower (except irom the Pledged Revenues) or upon any �;};~�:�:�j�•'�'_`.�',:,`,. ' ..( '"F.� < '�7e_.' � rnember, egent or em�loyee of the Borrower ar !ts governing 6ady in his ar her individusl �x:;;:�. ::_ ����� °�' �' `��` r �'�.::,�.:;� s ...;; , eapacity, and neither tite members of the City Commission of t3�e Borrower nor any ;-�•�;;����:.�-: �:y,::�i � offie[el executing the Loan Agreement, the Governmental Unit Note or t3�e Seconda _. �.,: ;•�?� ���- y•'�,;';:`.'.� ` I'y : .. ��., Loan Agreement shall be liable personally thereon or be subject to any liabiitty or `.�� ••?�;,.:�; ',;:-:"a�:� �_?::;:' ' accountability by reason of the executton thereol. ''`� �i�� `'�` �<��R�:�°�'�''�`��r�r,� . : _,r" :` - , ti r..,': '` ' e'-';1:, d!�k�., : ._�. :'ej , , ;, p ;,'..,.,. 3eetion 8. NO THYRD PARTY BgN�FiC[AR[E$. Except as herein or in the °:;:.:.�_:`;;:^;t�,.���::..:,: , Loan Agreement or Secondary Loan Agreement otherwise expresa! rovided, nothing in .��.: ;"�;'z'��°µ'';>���,V" '�",- Y P ' ��� ..r_ .���E., '�.iL;.t.=�;���3''Yr:•,:��°•r;`r�;�'._'^,,<,�. ; this instrument or in the i,oan Agreement or Secundary Lo�h Agreement, expressed or ' :.�-:.��� ��'.•,;;,� :. . tmplied, [s intended or shall be construed to eonfer u on an erson firm or cor oratton � ���� '�-- �"� -�•::�' , P Y P � � :���,�:� :�; ..>�%'�; =�'`�;:, .. other than the Horrower, the Cor�oration, thc Lcnder� the Administrator the Credit �'� �-��'� ."a=��„ ��r`'��'�� � Facillty Isauer, the City o� Gult Breeze, E�lorida, and the Trustee any righ#� remedy or "����>; ��� �` ��i, w,Si� �' r�;�'��'� � ' - � • :'l�a . ; ���''�.,:,; :;:.;-�.; ., rtaim, �egal ar equitahle, nnder and by reason ai thia lnatrument or any pravision thereof �.. '`':".{ �� �"" '" � •� S.. � !. � '.l�t:l� °?�il ��- � � t or of the Loan Agreem y Lonn Agreement, this lnstrument and the Loan ��s'E'-��� <�'�� A: ����'` �'" �� ent aC SeCOI1�aI' �"�' t-'`:;y F,_,.. • Frs•��-'�?��:1 AgreQment �nd the Secondary Loan Agrecment lr�tanded to be and being for the sole and �=>,�:;,;���;1��;,-.,.:';: �.`X_�w�����,� ,; exclusiva benef{t of the Borrower, the Adminlatrator� th� Corporgtlon, the Lender, the :.:,:,,,,.-:�,�",,,.�...7��.;: T�,�f.;��-;K��;.� ; Cred{t Facility Issuer, the City o[ autf Breeze, Florida� and the Tr�gtee. r�;,;.�: ;�-�;LL,�`°,,°�`��=�;��h; { �:::;,. , � :.�,..... . ; . <��' ' '.����t:����;.;;' $ect[on 10. PRBR�QUIBiTEB PBRPOEiMBD. All eets, conditions and things _;° .:�-; '�`. .�l�-� �..,k�;, �f.: °� . i° •td.. relettng to the Passsge of this instrument� to the exeeutian o[ the Loan Applieation, to z''`�=.4i ��' :zF: 4..<i'�::{ ����:''.� � the exeeution of the I,aan Agreement and the Governmentai Unit Note and the Secondery ',..; -'����_'; :=- »;;�'; ��A�:��; � Loan Agreement required by the Canstltutlon ❑r lawa o! the State o{ Plor[da to happen, �- .i�f�� .='"�:;'`��'���F��r�� � ,_.:�' � �. ' � ::s�. � a.:? Ye_-. i ;-��''.�'�\:•:,��`:',e=�'t�; •���,.,.•}�'� exist, ar�d �e �erformed preaedent to �nd in the passage hereoi, and preeedent to the .�;,��.:�_ ;�;,����t e�;'`a-+�;�d,�.�:',;, ` execution af the Loan Applicatiun, and �reced�nt to the exeeution and deli�ery of the '�� ;;�:��=;=,',=.h�;���:��7;="t�::;..,��, � Loan Agreement and the Governmental Unit Note �nd the Secondary Loan Agreement '`>_�� '�'ht'`' •'_`="' `� r`�� `�'.�'�"` LY . `L6'"..4.�' «' / ,�wC' ::r.� h . .�L;- :.'s�'= y �'!��'. a � ; i. iC'��A. � 1 � ' h�ve haapened, exist and have been perPormed as so required. �;r�,.i, ��•l�:p� ���:�y'2=J�;�::`.`;t?Y'Y,',: : � ���,'p ' *• Y r�+4 i+ � :,�„".�. ' ".`�4�;�:��� r'� '.�� �•,`'' 3 Section 11. GBNERAL AUTHQRITY. The members oP the City Commisston of :-��'�����.'��3:::•~-=�ti`kr�-�'°�•=�°�'��� . ..,.,, :{; F•:,,,,. the Horrower and the 6orrawer's otficers� attorneys, e�glneers ar other agents or �'`�"-�'���-'=:`�°•`:����`�a�`=j;'',�:?�'.�� :,..; . �. �.� empIoyees are hereby autharized to do ail acts and things required of them by this 'f �� ;g:�;:,` '�� .:ti.:t • a Instrument, the I,oan Application, the Laan Agreement� the Gavernmental Unit Note and :�,�-, �'`:f�� ':�': ��,�. �,,�{,.,, , � the 5ecandary Loen Agreement, or desirable or cansistent with the requirements hereaf or �� ••� �.;:" ;'.:.�� °'� : s�•.�:;� the Loan App�ication, the Laan Agreement, Governmental Unit Note or the 5econdary ;�.�''�-•� �-�'--���='°-�'`''=r�-� � ��'^..�r.l:.:r'.t�.3�l�,:r-'s"}r`n'.SS��i��,'r4% � Laan Agreement, !ar the fvll, punetual and complete performance oF all the terms� covenents and agreements cont�ined in the I,n�n Ap�lieation, the Loan Agreement, the Governmentel Unit Note, and the Secondary Loan Agreement and this Instrument. � n'�`'��,t Seet[an 12. THIS INI3TRUMENT CONST[TUTS3 A CONTRACT. The Sorrower 7: : �' y'''tiz �;.'~�',="` cavenants and agrees that this {nstrument shall constltute a euntraet between the ` f�`�`c Borrower and the ownera lrom time ta time o4 the Governmental Unit Note and that all t: '.;���ti � �`� ��'�`�. eovenants and agreements set torth he:ein and In the Loan Agresment and the Govern- �z;Y�:k::+e;i . �:.��,.��M_ �_ mentel Unit Note and the Seeondary I�a�n Agreement to be performed by trie Borrower a�_.,� �;;p,r sh�fl be for the equal and ratable henefit and security of all owners af the Gavernmental •� "L"�`'"'f ' L1nit Note. ....:d'z=t. Seetion 13. INTERLQCAL AGREEM�NT. The Loan Agreement and the Governmental Unit Note incorparated by referenee therein, shall be deemed to be an Interloeal Agreement with the Clty of Gulf Hreeze, Florida, wtthin the meaning of Cha�ter 183� Part 1� �lorida Statvtes, and shall be filed o� reeard in accardance w[th the LKL-11/30/8$-268AA-282b ��� . ��--`.� =����- � ^ " „ ". . �..�'.�a�.Y��� . , . .. , ,_' 6 . . ' ' � ' ! � " - �.� . ' , . ..?�1:; _ .,, Y,•a .�e'. . tV �";�z'��.�l.r� ��` j ��'�" �'� � � :;--<.�. .. �'iCi:�'� , s�i;4�o",t}. ,t',=� '��"��;: �' '°• ;f°� i�t,'�':.., _ , S � ..•.St;i''?:�! ! ��.c;: : �_ •n�� :`" ' ;"_;, y'r �,t ; FI. � " �i�,• .,1s.�.af�a;i.�'�iYA'' a ,�,z ,'Y�. ��S .5�r}"+Y''T1"r»,��� � ' „j:: ..t �:. �'.. ,,�; -`-IF�'�'`��,� .7 �,T. .:. r�, E.k.;�;;yt,��� . , .�5; .,;? ' ^�s. � ` i SA- . -< , a:r,'' '.i°r;.���; � s�.�,-..� � ,`` •� •'��r;. .'.�u-�`� ���,' � � : r,. :•� � :`iL.'ai.' •'!. . ; ;,.�2;,.-K. .�'�`ei���'.°. . .�%' . .,,.;s �. '.}�;��Y�*��'.S,'f.�.:'.j.rr r:r�ry:+.. 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' " ' ....�__. � ...._ '. �c..�..a...............�.�-�..�,�._.� :e� s i: . ti�i.^� :.i;^�`:;1,�x�. � ' � � . �•i� ,.1"';�if�� `,'.e�� . • . "� .ii;s"jry14^�„v't,fi : l.�� =� +a y^ r• .+ . • � � pro�isions af the Florida interlocal Caoperatlon Act upori neceptanae of the Loan ;�,::��;:'�'f�,;:�;;,:�t�:-}�.��- Agreement by the Administrator. �' i a'"��=r��'''=":'�; •.{`y�,• �•.i'..�y;n.-�Y `' ' � in bc Lott P A ,�.; �,,•,;:��.-w,�:='c,,-1 ... �z. Seetion 14. VALZDATION AUTHORIZED. Livermore Kle .., Eand �'`':�'-�;�"i .��-'' r .:;�.: ::'s'. . .. �� �• � ' ; Counsel� are hereby autnorized to tile proeeedings in the Clrcutt Court, !n and for the r.�". �`� ���"�;.�;���;W�:3r County, pursuant to Chapter ?5, Florida Statutes, to validate the I.oan Ag�eement and tl�e Government Unit Nate, if such proceedings are deemed neeessary by i3ond Counsel or counsal to the Horrower. Section 15. BEVERABILITY OF INVALID PROVi810N8. i! sny one or more of � the covenants, agreements or provisions herein eontained she�ll be hcld eontrary to any � ` express provistons oi lew or contrary tu the policy of express lnw� thaugh not expressly prohi�ited, or agafnst publie policy, or shall ior eny reasan whateaever be held invalid, then suen covenants, agreements or provlsians shall be null and void �nd shnll he deemed separabis from the remaining co�enar�ts, agreemcnts or provislons and shell !n no wey aftect the validity o[ any of the other provlsions hereof or of tha Loan Applicatton� Loan Agreement, Seaondary Lo�n A�reement or Governmentel Unit Note, ,. � � :, SSectEa� 16. PbBGOTiATED SAL$ NBCES3ARY. It Is hereby lound, aseer- t�ined� determined and declared by the aorrower that a negotfated barrowing under the Prograin is in the best lnterest of the Horrower and is found to bc neeessary on the basis of the following reeaons as ta which speciftc Findings are hereby �nades (1) A competit[ve sale of the Governmental Untt Note would in all probability not produee hetter terms than a negotiated sale, partteularly in view of the ttming of such an offering and the current lnstab�lity nf the boad market. (2} The Program offers borrowing with the econamies af a large scale financing and sophisticated credit and liquid[ty structure which the Borrower could not command {n the merket in a solitary financing. 3eetion 17. AUTHORiZATION O� ALL OTHER NEC�83ARY ACTiON. The Mayor-Commissianer, Ctty Manager� City Cterk and C[ty Attorney of the Horrower� and Li�ermflre Kle[a �C Lott, P.A.� Bond Counsel, are desigriated agents of the Borrower in connection with the tssuance and delivery of the Go�ernmental Unit Note and are autharized �nd empowered, collect�vely or lndividually, to take ell ection and steps to exeeutQ and deliver any and all Instrumeats, doeuments or contraats on hehslt of ti�e Borrower whteh are necessary or desirable ia connection with the execution and delivery of the GovernmentaI Unit Note, the I�oan Agreement and the Seeondary Loan Agreement� and whieh are not tnconsistent with the terms and provtstans o{ this Ord[naaee and other actions relattng to the Go�ernmental Unit Note� the i�oan Agreemeat and the Secondary Loan Agreement heretoiore taken by the Sorrower. LKL-11/30/88-268AA-282fl -8- .: , . , e;. t ;;��''��-�;; :' �_ .. . .. � : _ �. ,.� . - . . . . 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":h.r:�:":.'3,�=N: j` :. .;� 1 ' ``;:4�;-.;��� , ~ �� ��. Y t - .J'. �.. .•:.:5 �� 3�` ..t':� ..y:'y .i'4.� ,°t`r��ir..�4''`i•y�t��x•i�`3'f�•s�'`� xo- ... :l�t31•'�4�.`: �.'i{at •'�:.3. �etian 18. EFFBCTIVE DAT& This Snstrument sha11 take effect immediately upon its enaetment. PASSED ON FIRST READjNt3 December 15 � 1988 PASSED ON 3ECOND READINa AND FINAL READENG AND ENACTED December 29 , 1988 (SEAL} CITY'OP CLEARWATER, FI.ORIDA f.� Borrower ATTEST: �Yt , � � ayar-Com[nissioner By: - ����....tl. � . Cit; Clerk ; � . . , ' SYt �Y- , City Menager , Approved as to Form and Carreetness: City Attorney . �,..,�, . , , . , . .; I' ,k i.l i , .i e . � . . . � . l . � ' ! , � 3. . 1 .'�'l�S•i . � � " t j'. '}e`, . ' �' ,, p' � . i .. 4} I,KI,-11/30/88-286AA-2820 ) _7_ L� r_+_'"�w+gr��iC�;J�?'::. � "ti: ' . ' �'+-.-. �. . � ����;-` ��*",�..t5i-Y�;'� ��-�Y.�'��� ... _" , `� t �, • '-s. . -I: �� �� L�.' ... . � : � � .. �.�_'.� � , �. • +`''�v� � �` . � + . . ' • " ,. 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YY,�.ti[, r� t' �I .� .'S�Fy.. d;°`��,. �it r :r r,:�' i ��.,''.� �.� ��.; ,ai�+;��i�{�.�Fh., y �c„'.�:. �•.. �..iv'`r � .i'� Y',"'�` � � �. P. �kk4J' W�{ c i y"�'F' t' 'F'5.,:: A,`,; Fv1'.�_ {: a:az,,.���;,,: i��:-�'i:4 '�;,.�•{ ,f"'i w�' f, s' ,'i :d:� �� � .a�1' '17.� �� r } Y✓7 ,r4;`s,�.�=-1�°s�7L�� �i {ye ;� y r �F,.ty',�r � �� �fl};:�:y=..�'r�';•t:ta. >.�- � p :F '..�o."' i °T�.':� 4��.+Y'�t�J'•' E : "ct:�''�i;i?..3 sY±�.t� ,,�c.. �.�GZ��''.rs��c �,�,'��''t� .:��r":-��5'{�.�� 'd': .. , ��.. '�1�"i.*: :��i,�} .��.Y,,:7 'a � i. y'�ro+.r;1i. "j �._. �t,=" 4g� _ .,`.<'�'�2.' °�� ¢,t: sY�1!i}:� '�T ��,; � � r,�:�Rt��=c �' �rk s a. ;�; +.� .� e�, . � aLrM �'^s:�«. _ _ ___ _ _ _ - _=�f,.'.�'.w}: ��. i , �%f� "4,.. rF�. �t . � :o�t'. �.K. - ��, - + :.���'' 'Si.`' • J:a � , �.�� • . ' . � � STATB OF FLORIDA�, °F� � . • ..,. � ' COUNTY OF PINBLLAS E -�' , • � . � . ' . . .,� . '�� '> , � I� Cynthia E. Goudeau , City Clerk of the C(ty Cammission of #� . . �`�w . the City o! Ciearwater, Florida, do �ereby certiYy thet the above and foregoing is a true � ' � aad carrect copy of an ordinance as the same was duZy enacted and passed at a Regular ? T Meet{ng af the� C[ty Commission on the 2g�h day of �ecember �, 1988, and as � i � ' � ' i� �. • ` the same appears on record [n my oftiee. , . ;y I• .' �� IN WiTNEBS WH�RBOF, I hereunta set my hand and officisl seal thte , ro� , �' � , day of , 198�'� � �' � .. � � . . . � � . - . CITY OF CL$ARWATgR, FLQEIDA � , B : �. . �.� . Y . . � . . . � City lerk . � � ., • • i . . . ,_ : � �� , . . 'r; • � ' . �� '} , • , d� . . i . . , � . ' � . .� ' � ! .. . , �• � ' � ��� '. : �� , , l : , . . . , . j� . . � . � ' . . � ' . . � � ' .. ,, � , . � , . , ' ' . . . . . r � . . . ' . 7 . . � e , ' . ' , S ' . r . '.1 � ' ' . . . e� . . . l;��'. �,` , , ,� LKL-11/30/8$-266AA-282a ' -g- . {� a :, , �. f�, , . , , . �. '. . :`t� . . . . . i . �, .. 'i. . , � �. ' . � • . 1 ' � . . .. . . - . . � � . '�� . � ., � , ... . - - r�"'��-1 ''tie= id" �`�.." .c�:� :.�.'w . „ �,;, . . . . . , . . . . . � ' "'. wr.���jr � `�$?Zirl'.• ° . . .. . . � . .=a���_i.'E:{��w� + . r • .. . . . • ' � . . . ":'L; ,1� ��".]_ ��w �t ..... . . .. . .. , . ♦ , . ' . ., , raf. ���M.:: �• .• ��, ' ' I . � . ., r�:" _ """' . . ' . •� .4. .�.... •,a� . ..�•� .. . . . � � .:.'��:.:�..'S^tw�«,..�� } , ,� � �. . _.. ;�: ' . , P� , ... ,� .. . �, �� � J J�:�. � B�QA�k�C.t�Y �c CO[Tl�t�ij/ 02e 3*r�nu�nth St�NI ' P.Q"8os S4 Omru, Gaior�ao 60xOt�CS1 j305j bIS-0000 October �7, t988 "'..���� � � �f� �rin�r'� comr�mes , ?rlr. Frank Adams Gavcrnmcnt Crcdit Corporation Z44 East Incendencia i'cnsacala, Florida 32501 RE: Loan Application The Oak af Clearwater. In�. Dcar Franf� Encloscd plcase firsd thc �ak of Cltarwater, Inc. laan applicatian Cor thc GuIC Hreeze paoi. I wiII ntec# your help in clearicsg any hurdies with CIearwater in remarkating these 50l(C)3 bonds. Lets touch base on either Friday or Manday regarding a timetable. In the maantir�te, iF yon have any quesrions, please don't hesitntc ta cail nie at (303) 628-81J5. � 5incaraiy, gOETTCHER Jc COMPAI�Y, LNC, , . . , . , � �. � � • _ Terry A. Calip < " ' Vice President r ' . , - m�� , ' f � c�: David Nowacaic �, ' � � � Richard Young � E , s , ,-...` . 3 . ;'• _ i'. � � � . ' . . ,. ,, . . � .. ;: � � �-, : . ; � _ : r �. � . . , i ' � � ' � i'�. . , �� . ' . ' �i��•._ ''�,�� . . . T, , . � . a .' . ' . . . i � . • . . f ' ' , , , � � � � 0 .� a --- "'•--."y,�3`�y��.r,wee�--r..�rya', f'tiS;� � ... . " .�� -' _•,�, «r �"..��,�-f"'=4_..,te . . - .. . ; . . ' . • "�...h'�:-stS, � .. �' - ." y�c / . . *•.s!:-. _ ''�k, � ' . + . . ' � . . �.i'r teY �r+Kr � . . .. . . .. .. . ,. �, � � Pry A j f � �r � I RY� � . , , �' • . �' , . �' �i , . ��� � ' ' ��. ��'�� .. . ����.a �� . , � . : ` . t ' � . � , ' . � �� . ,!e . . } . _ .;�_� _ `F . ' . � , t � . Sy iL 1 '.; � , . � � , t ' � , � ' . � _ ,. .s � � • . � .'�: � , i � ' ' .� � , � : f. � . � C�TY OF GilL� BREEZ�, �LQRIDA ' �.oaN APPE.lcATioN � Please forward one compleled ariginaE and one cepy oi tt�is applicSion form, along witt� oihe� reques�ed documentatian, ta: Government Cradlt Corporatlon , P.O. 948 � Pe�sacola, FlorEda 32594 Attention: Steve Garman S�bmisslan ot �his appficafion constitutes permissian ta share ihis Iniormatian as recorded here or interences and canciusfons based on tnis or other pertiner�t data among parties to this transactian iar the purposes a} this transattian. Depending on lhe �alure at the praject(s) lar which this borrowing req�est is �e(ng made, and the intended source af repayrr�ent, some of the fnfarrnation asked tar fn lhis guesiio�naire may not be appropriate ar relevant. On �he alher hand, �here rnay be additonal intormation that the credit faciEity wil! re�uire ir� order to adeguately assess the tfnancial feas':bifity af a given p�oject that is nat included in this questionnaire. �iame of Applicant: � Mail[ng Address: s P v iwo Contact Persons: � Skeve t�fuse 'ielspi�one NumE�ertsj: Si2 825-4640 ��� ,� � • " � '. � : . .,, . t • � � " . J � .. ..._. . � . Investment Banker(s) ' Boettcher � Company, In�. Terry.Calip (303) 628-SL75 Richard Young ($0!) 364-Ob07 � . � ., fi . a ��_ 7��- ���w7"� �'s r:�: ' _ . ' "a. ^ " � ' � e. -rtw";'_'�i�Yi,„�• . ( y y�...�Yy�� '���.�q�, .«:k-. . . � ' � . . rtiY � �i . . . .iF` .. ��,.,s _ . .. . -� , . •. . • . :r. �r• +,�-�.• ;,'"'�i'' ~, . ' , . .., � ' Y , ' ,y' ; . , . c .�....._. . . , . � ,- • r .. . � � . _ ".[x�... . _ . . .. . _ _..._.,._ ........ . ++}�`�:':+r.dy.M:�`a°: .r_.,r . qir{MFrA�';�'?'.^+-sr,,,,,�..,,,y cy',.+7"�, 'e� �4.�*,, 4F':'rF`.�.>.w�N;.w yy=y�cryr:."a�4t�►�' . . f .� . . �q l'L'.'-,, � , �•'..4 � � i . +i,y i a�� ._� . ' �{�,..'' ' �t. ��.k� .� , s�, . ' ` . •" ' ` ; ;i�°�p [{' � . , , �.i'. , i .. . °:� . ( E� : v.•, '. �"`� °a v` X �. .. � .'7:;. �,' '.: ' ..�C i�+.ii� ,.: ���.5" ' V� °a� a='^ � j�y �i��� (, ,�y, s • ;� �' ':ii.P �Ti � _" .. . . ". ti ,.C,.�a .��'..F'=Z�" �� ,��_ ��'3�. a� }•��__ �w'n�.r° .�: �:"t��r': ..,, .e �i. . .;c��y:.. . :`,.c�'�3�'�i:.. s.raa_,�'.�a�'� v:�s.:...rt•;�.;?.�';::=...i,'�[3 � :•2%; � < .!,�. f,: i1=..: ;,1'.;.,, . , , '� . , .+° ; ', . . � + ' • � 4a::;r :SSy: ' . � . �. .� . • � 1. REVENIJE H�STORY �,,- '� For each project lisied, give a tinancial history of She revenue source(sj pledged as the intended saurce of , , ; repayment of ihe loan. knclude amou�ts co�lected for each oi the pzst five flscal years. Attach additio�al .. sneets it necessary. ft 4his source oi revenus has been pledged to secure any bonds, notes, or other � ' . evidence ot• indebledness, attach the resclution(s} or ordinance(s) aulhorizing the issuance ar�d 5ale at such debt instrument. Atso, please ind9cale tor each praject, wi�ett�er the bonowing wilf be for a fixed rate . loa� or a variabfe rate 1oan. The principal and interest an the bands vi�� be secured � 1pOX by a GNMA sac.urity heAd by the Trustee (AmSauth). The Gt�MP. �� �--, wi7.]. ba issued by Citadel Mortgage (5an Antonio� Texas) via the �- . HiJD(Z23)F' co--insurance program. The remarketing hands �rill carry • " a "AAA" by Standard � Poors. , � ,� _ . • .. i ' ' . �� � I , ; ' � .' . 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The f c�.J.icy was cam ietad in i978 and wil1. be pu cisased through his financing. Tata! Amou�t S38,OOO,OOfl {E c.) _ - • af (i�ancing AnticipaEed Date. 12/1/88 of Proceeds . Distribuiion 5pecific Source C►�MA Securicy , af Repayment . '�erm , (na. of years) 27 years a � � Mode � � . �. {iixed or variab[ej Fixed . . � ; ' � . �' . . . 1 . � . ' r . .r } .� 1 , . . . i � � � • 7 , ,,� � . -. . . .. ,.. • * . . ' . ,. 'Provide a 1 ar 2 paragraph summary describing Ihe aspecis at each proposed project. ��t� � �`ti i`�' ' ° :�` ' i r,''�.,.;i „j .�,:. `£'.S7a�. F �� � � ,.� . --...�...�: ���-_ 3.-�.. µ.,::.:� . � . � . . ; • - �`' ""= ;;:=,���'":�,4.�=� • `. ' . . . : ; _.. . , � �_" .. . '. " i,.;�-• • µ`p: ... �. " ' ' . ' ', � � „ . . . . '_;`'.'------ ..•'�*. � . � . ._.__.�...� . ----_.. .. ._ �: v.-.2•��hy.Y.. .s..r.�,..�... � '"pr:.^x�xa.. ^ .i.--�.�.rr���.q�.,cterra..,.�, at• •.�:.' 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F'F M' .f��'r• �K�' l'. :3"7' i�G t:� - . �i� j�: 4.` ;s F �.t. ti .�� ��A�u .'sr .'r� .r ` P., =+,>',� r,� °3� ;�, r+i•i •kv' ^�° - - .i�' t: -t�: .:��:, - �-4 ,t:t.'+ "� z.t �:t�° `9 n . •ee si: •��:i..xr. �1 ��. �<.r' :�t; . 1' !3. ;u :'°'3� .�`' ...... i. ---- -......�_:�.�,::__»:`::.:._��.r'r-f --_�:,�:-e,;s�:::�:s:.l`�S::i:a..w.:rr.�"""'r�"H� ��:n.:�a.;".J.�'�e`.°. . � : ,� ' . .. :'f, . `, . . _ •� , ' � � y�± 4. ECONOM�C DATA (contin�ed) N/A � ���" ��'� �, Gross and Taxabfe Sal�s � ' ;�� (rounded to that�sancls ot dallars, for the curtent year and the 3 previous years} ;},i Past Three Years Curre�t Year ' 19,_, 9 9_ 19_ � °_ Type ot Sales Gros5 Sales Taxahle Sales SOEJRC�: F. 8uilding Activity (for the c�rrent year and the � previou� years} n Past Four Years Cu�rent Year ' 1 a,_,_, 19_„_ 7 9� 13_ I 1 c Acifvity i'otal Value (51,D00) Single Family ' Unils � Mulll-Famfly Un�s SOUF�CE; . . , . . . : �w .? S:�'i. � ' � � ����•�~ °� . . . . "��� .. ~W. 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's}ij��/��k.. :d,`i.`1i��4..1.� ..t „�i.��' .��� t i�" b..: ,Y ni°} �lii'.z .�[. �. x �.:.. .r�,.,h: "�.�. �"'- ..;:�::...�.:ry• ,y�.:�r:a�J.,M• '`� - -�u;uaa,u,�.:,f, .w,_,_�.::._ -- � j. TAX R�VENiJc DATA (COI1t��l]ad) C. i�n Eargest i a�cpaysrs in the Clty5eptember 3Q, �984 Lavis�* .. . p:,;�:,� Vaue Arrxurx P�id °o oi E�c Fa� Taylar, �ahn 5. 28,522,000 122,687 I .95 I � { Trizec �3asCern Inc. 27,58Q,Z00 �.18,678 � � ,9' . � � 3el?wether Pron. L�, Ltd. 21,6�.9,700 �°3,Q30 � .7? � � Cheezem Tnvest-nen� P�acra� 15,18].,500 � 69,629 .54 Ame�3.can Design & 13,g1D,800 57,7fl7 � .44 , Dev. Corn. � � 5and Key Assac3.ation Ltd. 13,296,7Q0 57,�16 � •4fi ' k 5ears Fioe3uck � Co. . 13,06Z,400 5n,2Qe I .43 � � � �� � C:�uz�n a= 5cier��ology I2 , 7,4Q, 5Q4 5�, 86I. I .�� � � Hank af ClearS+ater Z2,S66,00� I 54,d7i .42 • � Fa.ninvest America Cor�. 12,35].,400 i 53r279 •gl G ����.? . I ' � �w`�:�,; 5oe3cce: PinelZas Coun�y Proeerty Aooraiser , :� , ��� � . . ' ' : �k� '. �. .' �� » Asnounrs shos�m are taxes levied. Data on indivicua�, callec�ions is ka?� a� '� �he c�unty level tnd is not ezsi.].y availr.hle. . / . ' t � . . �I ' 1 . . ;i . . .� . . ., . .(•,, . '� ' � 1. : .,� . � ; i , .�� _ , • G9 f ' . . . � . .:� � ;MF ... . .. , . . .... � • . . , 4 �� � t��"�', �.'�� ���' �'Y���a ,,� F�'t'.� �i°a�r= ' , . ��= �g43 ���n �, ' H��t 7 i �5�• �: �e '� � �,i+. V �� � ,. , , 1 f . ' ,, , •� � �'�'. ,r,<�t � '' 6. CiTY GOVERNMEHT LABOR DATA �. A. i otal CEty Employeas � � � � PeriGd � �rr�1'}Ye°s � — � . Z985 � 1,53H , . '_ 1984 . "� � 1,498 . . . 1483 � 1.51.9 1982 � 1,502 , . 5atrrce: Ci.y a: Cle��ater Payroll Depar:s�ent , � � Ple2se ideniiiy the rezsons tor any large incr�zses ar decreases: � � . , ,,... ,.,.,,,.,,_ _..._..., -- -r , • .. . � c � � �, . . ' ' � ;3 6 • • • M . � �� ' � I , ! � � � ��• > • � � • �' , ; . . • , ��,���' ' • . • �� � .` ' ' . � , . ; : � • � �r ��4. , >> , � _.� ,. . 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Labor Relations: In th� spac� beiaw, pfe�se provide a brief descrio#iort oi curr�nt ;� union zctivity and kabar reietians wit� ci�y employbss. • �� ' The Ci�y has three vear cant�ac�s wi�h a13. t,'�x;ee unians; taus, a;. this ��.p _ .' the=e ,is J.�t�le ac�ivi�y iz la:�oz ralations, The Ci�y and Unions ui�l bec:.-. • ° mes�inq in late So�ing of 1°87 to bar�ain for con�acts �o become e_=�c�:,:e ' . ' 10/Z/87.. . �. ; . . - � ;E , . '. •�, ,� E i °E.� v .� 5 ' ' fi. CITY GOVEaNMENT LABO� �ATA (cantinued) • � _, 5. �.ai�vr Re�alions: �t laoor �tnions r_pr�sent a�y af Ihe city etnployee r.rouFs, ple�s� comal6le it� �clfowir�c. Name of Union ''�"" fJurrk�eraf rr�loyee Mernbs � Cantraci �cp��t�on D«a Gommunicatzons J �40 � 9/�o/B7 Warkers of America � =raternal Orde_ a= PoZice 2QQ � 9/30/B7 Internarional � 150 � / �,ssociatian o£ g�3� �� r��e=ighte�s �, _ - ...._. _..... .,_.—,......._...... .�._� ..I . . ..._ • _ ,..._..._...__......_ . � � +� r• . . ,� , . . ' . 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OUTSTA��NG D�FT: �f t�e ci#y Fas currsr�tly ou►.5;�nci„� lona-:���E��. (�„�turity ol .' mare than o�e year zorm dat� o; issu�nc�} pE��,s� pravid� tt�e faliawina �r�iQrm�iion: • N� af Issve Arrrour� iva� of QetA Qate oi Date of Raiirg � R�ting �arri�g Gene�l R_wenue lau� MsW„ ' l+�c°-n-y , � . (SORJ} G��ig�io� ' ' As of 9/30/ 5 • Ganeral Qb�,igaticn l a I X' I I1971, 1°78 �l Z/QQ � A� Istandzr� & Pon_s SonCS I 3,_55,nOQ � �� Maodvs °u,�lic Service Tax I 7�155r00a) � X � 8/27/85 ,1Z/1/98 �� IS��ncawd;a Pov�s _ �ridce_Rev. Bvn�si ___.. �� Aan !:�!accvs Water b SeWa: -- — l Z3�245,��3f f � ?� S�*.�car� &?oors � Revenue Eonds � X 7.1/i5/84 � i2/3./9� � ��� I�oc2vs . ?n_king Sys�em ! ek0,00Q� � X I 1./1/83 �l/1/96 � A- �5:.an�arC � �oors Reve;►ue 3onds f I Gas SYstem Revanue j 7,030,OOOI �- X � 1/1/84 I9/1/2013I AAA �S�znd��' S Poors Bands � Caoita� impsovement� ��6,d00 � � X � Zl/�.6/64 � 11/?5/94I None �N/?, Fcevenue sonZs Iacinezator Revenue� �g0,000� j X � 2/27/53 � 2/1/B° � Nor.e .,t3/� ' eands ' i C? e��:�te= ?ts5 � 358 � og� f i X � 6/30/fi2 J 6/30/99 ! None � N/n • Ds�dce Nate I i 3arne�= Rec_etti,on � �,q0,8a❑� � X ' S/30/BO �5/3Q/90 � Nonn �N/� . Con�iex na=ne�t Capi;.al �}68, 000 � X i e/Z/E3 � 8/�/BE � Hoae ! t�/A � Ir,to�av� � �a.lgore Prooerty I 590,000 X 81z2/86 8/22/89 Norse N/n . �ccuisition Notes Ca� �uni. �v �eve�a�r, nt , 6b0 dd0 t ' • - - � � —�.._" ' i ,_.,._ . �and5 "' � � X 8/I,/88 8/1/D6 Nane �N/A . � r. f , ' � � ,' Y • . . l� . � . l . 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'•�"�:ad{, .,`'�?kr�' ','z'. yt� 1' 7;,.-,'fr:;�,c"r�.'t';",r�, � ::i � � , ��';E ` Y • .:�'.:.': ,,:, Ya�'i �t'`�'-='i:11 *�fr..{,,:1�.� .'.��yi�; :f��•� ".i"' - !af�,l�.��°~.��" t.� L� ...r�.; .: `3.h �•�„ Ie'i�:(.�,, ,, f:. .;i.� : e::;;..4�:;'.., . ::�y;°;t•t' t�s:'�`.��r. ',�T �: °•'i% .S._:�r°_.. �.. i�.L'��Ir �. •.1.�,li1 � C1TY OF GULF BR�EZE, FLORIDA LOCAL G011ERNMENT LOAN PROGRAM LOAN AGRBEMENT �� ;�":��a��;`,.�{g';;i�,: +'x � .. �`.,, - -� �:� x;, `� �: � �T ..:: °.:. �'-,f��;;�;� y5�s: �:�M��: t,"F Mf�� tj� Y{.�i'p ;�. ��;�..i;�: �, ?��..�+: � f �� u� L�°� � �rt t y�y;<���,�J�;�:�:`;'� : ''•; y��; '���(1p`. :j�!�, ,�i.qas �a.if��""�.` .Yi' ;:�:bti'. �.dy . 7�' �'�; ; �.l.j��e� :) :�:�.j'f';i�,� r� f � .?.' �.,,Fr..'�+�_''��"S{A;s 1�+? "..�y {'•�� .�!p*:N h: }' j:: ���' .•r,� �>b�F�ii ,.�_ . '�.--.-�.....� ..>iu�.«. Parties and Recitels ......................................................... 1 ARTICLE I BACHGROUND AND REPRES�NTATIONS Section f.I �aakgraund .................................................. 1 Section 1.2 Representations of Governmenkal Ur�it • • • • • • • • • ' • • ' ' ' ' ' ' ' ' ' ' ' ' ' Z Section 1.3 Sponsar Representations • � • • • � • • � " • • • " " " " " " " " " " " " ' 3 5eetton 1.4 Administrator Representations • • • • • • • � • • ' ' ' ' ' ' • ' ' ' ' ' ' ' ' ' ' ' ' " ' ' 3 Section 1.5 Tru9tee Representations • • � • • � • • � • � � • • • " " " " " " " " " " " " 4 ARTICLE Q DEPINITIONS 5ection 2.1 Definitions • . . . . . . . . . , • • . . . . . . . . • • • • . . . . . . • • • • . . . . . . • • . . . . . . . 5 Seetion 3.1 Section 3.2 Section 3.3 Seetian 3.4 Section 3.5 Section 3.B Section 3.? 5ection 3.8 Section 3.9 Section 3.1p Seetion 3.12 5ection 4,i Sectiori 4.2 Section 4.3 Section 4.4 Sectlon 4.5 ARTICLE III FINANCING THE PROJ'ECT Making of Laan; Application of Loan P'roceeds • • � • • • • • • • • " ' ' ' ' ' ' ' ' 7 Disbursement af Loan; Seeurity [nterest in UndisbursedProceeds •••••••••••"•••'•••""""""""""' 7 Repayment af Loan . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . .. . . 7 Prepayment of Loan ......... .............. ... .. .. ........... . g Conversion of Paction of Hands To Fixed Rate • ...................•......••. g Special Obligatian of Governmental Units • • • � • • • • • ` ' : ' ' ' ' ' ' ' ' ' ' ' ' � Benefit of Sondhalders and Enhancement Provider; Compliance with Trust lndenture • • • � • • • � • • • • • • • ' ' ' ' ' ' ' ` ' ' ' ' ' ' • i0 Bonds Not to Hecome Arb!#rage Bonds • � • � • • • • • • � � • • ' • ` ' • ' ' ' ' ' ' " I� Defaults; Assigrtiment of Sponsor's Rights • • � • • • • • • • • • • • • � • • ' ' ' • • • 11 Assignment and Covenant Regarding Pledged Revenves ......................................... ii Interlacal Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �1 ARTICLE IV COVENANTS OF THE GOYERNMENTAL UNIT Reports and Opinians; inspectlor�s • • � • � • • � • • • • • • • � • • • • ' ' • ' ' ' ' ' ' ' ' �2 Immunity of Sponsor . . . . . . . . . . . . . . � . . . . , . . . . . . . . . . . . . . . . . . . . . . 12 Complie,nce with I�aws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 [ssuanee of Other Obligat�or�s Payable from Pledged Revenues . . � • , . • . . . . . . • • • • . . . . . . • . • . . . . , • 12 Addttional Covenants .....•••,•.......•,•.......•••.....••,... �3 -i- m � s �, � n'��'"'^r.��' : a:=�f-- ;i,..,, . . . �,,;'r}. �.il�!='^.�..! �', - . . • �w�, t"-.- �: . ° ' , ... ..: . _ �^'/ �� ° _ _ � ' � ' ' " � : - _" '` , }t. :i+� ' ' �'� ; �� . � �. � �,jr.-;tl� ���� �� � .' .�f �• i•i�yY�...�. ::�" _ ,� •r � � �`1t��%g'"'��`ffS�,�ri� � i?k.�'�+ '�i� � 1 ,r a� 2��'�i �y:��"�� . � '� th�y. . t t ' ` .�`�`...>�'N,'F, �..�zf�� " ��i. ,�•� � , ����w�•Kv �1 �t'iY �- � T � i � Sl"`�"j, • . 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AmSOUTH BANS, N.A. - , • � � - as Successor Trustee � � . . , • � � �� ' J'ACHSON C. TUTTLE, City Man�ger � • � � � ' - act[ng as Adm[nistratar ' �s': �• � ' . , '. � and t. � -. � � ; � . r ��; , � � � � I •,- ; � o :. � THE CITY OP CLEARWATER, PLORCDA .' � a muntcipal corporat{an o! the State af Florida . - . � ,. ,r, . , , � . . �. , . r�;:. ��. , • - ' City of GuIf Hreeze� Florida " . ' � � � ' Local Government Loan Program .. , ` ° , Ser[es 1985E � , • ..t ' � . _ � , � ; : � : � � , � � , . . , The Osks of Clearwater, Ir►c. Project � .. , . _ . . . . �.. � . , . , , � �._ ' °�� � � .: . � . . y � ' . � `'>° � i � � ' � Dated es of December 1, 19$B � ;�1 .j ...� �.: " �' . . � • ' . . ' � .. , , : � �, ' , i ,;=;�y ' � , �:'" �°��� `��'�('1:il�i�' '. . ° . .. � � ' . i`i'. � � . • y�S� '; }:_`�.';•si . , . ' . ,'�' ' � �'��.� � , � ,. ` . � . ' � (t ; 'i� ' . . . ' . . � , . ','� . , . . . , .; . • ` ;��. 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'l`,���,d�L'...�f���"�.'�.'.�f.��k� . � . ,s � r a� a�r � 5ll�EMl�RY 4F SIGiVIFICAl�T ASSIEMPTi0N5 ' AND ACCQUNTING P�I,ICIES 5. {Continuad? T�e foilowing �s a descrlption oT ather ]onq-term notes and tapitaiized �ease obl�gation5 6efng assumed by the Company: Amount C1as�ifted As � �iL�l3.� �4�9-�erm 7'o�al� „ Y s E ,W � �,• � . � , .. , � . , , �. .. �, �. : � ', � 5 ; , 1r , . � . . . S .I' � ' S. ' 1 . . . � • 7 i,. .. '" 1 ' ' i ,. ; • , � . .' `�. . , _ � r � �' �', i ,. ,.`, �_��� . r' - . ' f: ♦ . � - � � .y � � S . +Y ,� , ,' • .. • � a� ' " ' . ic• ' ' ' . , �, ' ' Note payabie �o foad service vendor, � noainteres� bearing, payable Sb,255 rranthiy 'to Decem�er 1989 Notes payabie to autor�obile comparry For pvrchase of autarnot#ve equtpr�ent; 9.507. inierest;rate, payable 5625 rt►on�hly, � inciudir�g interest to Augus� �99� Capltalized lease ob]igations for Sease of telephone system, payabie 3i,6i8 per mont�, �ncluding ir�plicSt lnterest to October 1995 HUD loan described above �ote paya6le to Se�lers described in note 4 b 75,Q6Q S �8,Ib6 S 93.626 8,5Q0 14,096 Z2,596 � 1 VO� �/ ��YI i.11 �Y� �10,719 37,$89,283 38,000,000 _Z.�44.QQ0 2.3a4.000 ��0�,27� $40.353.640 $a0,�5�.96� The Company anticipa�es a�ter clos4nq to be able �o market tax-exem�� bonds of appraxtmately S3S,OOD,000. These bonds wov3d stgnificantly decrease the cost of fu�ds to the Campany. A� disclosed in note 4, the Company a�ticipatez setting aslde a 5570,000 reserve for costs of the borrd iss�e. � I J� r 7 .. ^.ti.s'Se(°w"cz.' X..�d,s Y.ia.�*Nx i '��. �� � , ; . 1 f { �-€,:i:..$ws���5 1 � � -:wr�. ��A' . _ �. ..J1F�. J�:t4yM:A"�. K��ic� .• . . . � . . . .;�.'Y+�ix?�...�.,..�3`�a�`'1'�'-'I� 'E'+. . • ' ' �, a_5; .��' � , . . � ,* T�' �.�' ,' � , ` ••i . i . • . ...�r� '�� � 0. � .. _ .. _ . . ' � -1 � � ./` . � . '.Y` . a • 4� w':/ " . . . ,� . . . . . . _ ' . . , . � , ,� . , . , .. . __. . �, � . � ' . . , . '. � '3 ' . ; f . ' ' ,(�_ ' ' . '.'i � . ��� . -1� 1 iHE OAKS Of _CL�ARY�1����,�'L SUMMARY 4F SIGNIFICANT ASSLfMFTI0H5 AP�O ACCQIlNTING AOLICiES 5, (Continued) ihe fa�towing is a description of other lor�g-term notes and capitaiized �ea5e � ohiigations being asstrmed by the Compa�y: • � Amount Ct ssified As__ Current Lon,g-ter_� _ To�ai Note payabie to food service vendorr nanir�terest bearing, payable 36,255 monthly to December 19$9 � 75,460 Notes payabie to automobite � company Far purchase of automotive equipment; 4.507. interes�;rate, payahie 5825 monthly including �nkerest $ i8,76b S g3.826 to Aug�s� 1991 � 8,500 14,a96 22,596 Capitalized lease obliqa�lons . for lease a� telephone system, . payable 51�618 per mon�h, ' lncluding implicit intere5t to Octoher 1995 8,000 87,547 95,547 HUD 3oan described above 110,719 37,$89,281 38,000,040 Note payahle to 5ellers ' described in note � - 2.344.000 Z.3a4.000 �zaz.279 �40 0 �a0.55�.969 The Company an�'icipates after closing ta be able to market tax-exempt bonds af apQrox�mateiy 538,040,OOQ. These bonds would siqnificantly de�rease tt�e cost af funds to the Company. As d4sclosed in note 4, the Cflmpany anticipates 5etting astde a 5570,Q00 reserve for cos�s af t�e band issue. . :i. . _ ' . �, ,..+� . ' ;`�➢ ' . ' ;' . � ' ' • . , i j',=, � ; �, j.{� . . � r� .�'''tf�k� �` . ; 1.0. ' ,� ,� .. -,: • ' �FF� �� • � yr. - � • � •• , i. .. � . , � , � . • . -1- ��,' s ;i;'. t �� y � ,.... �� ._�'-'i_.�.��- 71c.�`:'a'.'��- .. p.�: � 7.``,u.. ... . . . ., q � . .i ��� � ��' ��y�yo�^_'� . . , . . F y �' . Y , :ti!'.��y:.:.:x� 7�. ,-1¢ .: �. .. � _ . � ' � w . , _.. I. ° � . `[� •°4-+'��•; ..r�v. ' . ' , ......_.._ ..._ . . ..__... ._. "�t3�;�`tr•?".�.f%'r."„�°';�.a,..�e�•. .,,.5r..ww�a..�'S.°+`�rs.3S^._="'±`.�3:�{�r;•'o�-r+..._ .,n... �w..., . •i ^�„ .ayrr+Fw.,�i�,y<.-.Yr�K °�h'-+i .F�°•,M+�;-'"r"!M��*k'�a`�#7�J"a'•r'7r�'�. . . .. - � �t-: � . ' . � � . �: . e .�. � � - . " . �. �:,�k; . � - •'Z'r. , .k � .�1:: �.. ' a �' .t•'��^i,'� � ,',�" :.r,.: aF.,t�:�4.;�^rl <r�.e�: �Y.r �">:�f'>5��Pt,d ',{�.s,:;�t..i'�d'p.j,:my�ry.ro+:�f" } �1'..i.- :.i":,••°'f. �`.Sr'i•�_eii's�Tt:'•°"t.a's�'s�:1+ P':"v 'a';^s �,t� �-4ti r i.",+a ..��E.4r.a j)Y` ,•Z'!Ir 1�.., rsn 3",�.2��'.aror • �+`.ir�� �S.° Wc [:a ��' # a' �� � ,rr: � �3��� � � 4� M1 i�^, ,� i>. �`Y.� .1"x sx5 �' .•r. rd� '1 i�•�L•1: ,�7;'�xo. ..ic.'� zj'> f_ .� �,. 'a``:..s � i_tff d. '�.i.�,.e, i;. �d" 6 b` } � � - ;r.�ar,.i, ��.. Y� ��"Y'e�. �q ',.tir:: ,..:� . ,; n : .'n; {' '�j.(' :,u.4',s_E:' �' x �'"rx�;d��,l "� ', 3 � �.`" • `c. '�L:^-t�� fi.C.F ;�'�xLY�7i� .� � •ti..tYa �i �i'»;:�LY.'��is`, .s.i4c.,�.tlf ?.7f• .�;'.'";°� � t.s: � p.�;..., .7s� .'r>t;':x.:� �C...-i'e�, tl7f�'^�'�' .3is�R�� a r�r.�,.�". 'io!.i.f�r �'�'• y��_t }3"�'�'L:.ia°' 'r°t: 'J�� f •'f' 'R�}'Y P1'r� �'�. i �•'��ier: �' '�4'�` .',g,�'y Sf...7�� s..'�y~ei'�� ' �L��� y .�1-.':� ��" .�, q�,P ��' ;�.'ti.'�°% 1{: ��d; .'f;;'.�..t �t-� �Jiy,�'-0?�.:'��FS�i:ji��'°�%•;•�'�'�r ,'r.°'ay'�,'-,��;;i'q .�$e�.� �. �° nr,�s�.,. ¢d��t t ✓t�*`' ."•�q;F, .,:5.'e :n=ir.�.��- .`:+ii�,�� }.:cw .w� aPt:��.t£��',a'Sr.�r•'L,F,bl�<i'�;,1.A�;sqs_.\:h:: rt`• '!i:„°Jt. h�i y.� � l'?� �i i x r a. :�a'si ;'.s��:k`. _`f„.,_ ..... .._ "i.t�°'.��`'e� *+� . .. ... . .,�JO���� '.�.��" �liF':�,'.7!1 `.. __ �i:t;�',_ t. �,�a .�sY:'' �--u, u�'E.SrS' . �,-�..F�b`,' �i:. � ,'x., ,%�y t Y�. i��A. Ji� ".f�.S.yi't_i�:::i`:f:1_.;i"',. "`o:�.C'S�r.i �:��.�'"yv.'_ A'�> 3: ^� .,�::+F. � , 3, • y � .. _ ,. • ". I , ,, , � �- E . , , � j •i' 3 � , t 1' ' i( • . . ! � f , � . ,3 � . � • � �' "F " �'�y;1���5°�;L; ' .�` ��,�u"'fsi`��'�"�`. �a? .w1:. ' ����a9C�Ne1.Ei = 15.1��.. 3 � �d 6:�:�.� ���t;�? i §� :;.: � °.'a:i� : y',. L`�;� : •LtiJa.L� x,'�^�y �':i : �+` � Zv'� �t" `"�i;�,, `:`':s :z: i; f.' �,. •';?r..L.y r'i �'1� "a.�z ?;�e"i��-. :E,: :r-t. ;,:5, ��`;�'�;.,£,tir,�s'�e�';':r'.�•�isy: >! '.!x ' :(. ' . .. . � . :i': a . ...w. °_l. , . ,3r ,.y_-_... ri�«ia; �rt:;•t",ir.i:':�z.�{y�r` ,�'E.: ;� ;•'i�!'� '.;a,.. ..,j;�E:� -6 sy� f �� � c���,`,"val �FS�:1.�~�l. ����`n�J, ��L�'��'M1 �q�..f �.t` r"�}�'. �,�v��t'�.j.. ' i�t'y.. ' .�d, .t '� ;v.� ��,�'E.�•;'a �'�,�d� '?�$ ,;:;:�.�" `�`;^r;F`.,ti£�.t,s.'."�,'�. "."-.�i:•� `�t-0l =. � : Y_.. . .••;. . .. t 1;6.�'1.=XLVi`+�i���-j N � w SUMMaRY OF SiGF�IFICANi ASSlfMP7Y0f�5 AiVD ACCOU�TING PaLiCIC5 5as � ' ^t 4. (Conti�ued) , B.E.F. �as agreed to take an unsecured nate far 53,0�0,000, reduced by any 1 iabi 1 1 ties assumed by �he Gompany. �'i�ese 1 ia�i � i ties are pra�ected to total 565b,000. Additional reduction will be made far any otE�er debts or the ssll— ers paid ar assumed by the Campany, includlnq death refu�ds under 11fe care contrac�s Nith current te�ant5 of the projec�s. Such contratts are pxpec�ed to appraxtimate 53]5,000 at closing. . . _ . . .. . - � .., _...� ..---- --•- ' � .•.: . �t�e note is nonintere�i bea�ing �or the fl�rs� tive yea�rs'�nd"97:`per�'�n�ium� �-•��••�° tt�ereafter. Pay�nent5 on the note are limired to positive cash �lo►r from the prajects after a�l other opera�ing expenses attd debt service. At the end of �ifteen years any unpaid balance is forgtven. Current cash flow projectlans resvlt ir� r�ega�ive cumuiative cash f1aN tor the �irst �ive years, thereTOre, the entire a�r�ount after reduction for c�rrent ]iabilitles assumed has been classified as long�term. , A�50F due �o the �ncertainfiy of payment dates and final amcunt of paymenks, na reduttion 'has besn made for imputatlan of interest in the five year non— interest bearing phase. 7he Se�lers have' entered into variat�5 tife care cantracts whlch reqyire �he Sellers to furnish 1lvinq accommodattons and other services includlnq Tood and nurstng, if �eeded. �he Sellers xili retai� these contractual o611gatians. The Company xtli iease to the Seller� the minimum n�mber of apartment uni�s necessary to meet such ob�lgations. , State of Florida requlations require that B.E.F. mainta4n certain minimum liquid reserres for tt�e l�fe care contracts and re�ated guaranteed refunds. Ta �und �hese reserves the Company wl11 advance the requtred amaunt to B.E.F, As parfi of the above transact�ons, the 8aard of 7ru5tees af B.E.F. w111 reslqn at clasing and appaint �he Trustees a� The Oaks of Clearxater, Inc. to these position�. � Also, the pro�ects conta}n 116 nursing care beds. 1'hese xill be o�erated t�y B.E.F. under a separa�e ieaSe agreement.. ' The acq�isltion aqreement is also continge�t upon the Sellsrs being able to obtaln an 5850,OQQ ba�k loan secured onty by a colla�eral assignment af ti�e nate �aya�le from the Company to pay u�paid re�t due on �he retfrement centers. • �I . I � rf � ♦ Y 1 -+.� i , , , , . , . '- . � � � ` _ .--� ' _.--.._,� . � .n.+.�.�..� J � ���i{'i �l�""'�;.+"f`T- .. . , i 1 __—_ � ^ '���rl...: ��'`�: . . . , -!.R�^��: H �r+� .." . �. . , . ' �� • • , • . , i • ~ �' . ' . , . , y`il^. ' ' . 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T x- m On June 28, i9E8, the Company filed an appiicatlon for recagnition of exemo� tion af 4ncome taxes under 5ectiqn 501(c)(3) of the Internal Revenue Code. The Company exAects to rece4ve an advance ruling that it qua�lfies as a tax- exempt entity witt�lrt the next fex months. At the expiration o� the advance ruling, the Company �rauld have to submat Snformatia� to establish contl�ued quallficatian far tax exemption. Failure to quai4fy ar maintain qualification as a�ax-exempt, arganlzation could result in materia� �egative lmpact to the Company. 4, ihe Acauisition Proiect: On July 19, 1988, the Company entered lnto an acquis�tlon agreement with 9aptist �states af Florida, Inc. and Oak 81uf�5, Ltd. (cqllectiveiy known as "5e�iers") for the p�rchase of twa retirement centers located 1n C}earwaLer, Florida. T'he agreement calts for t�e Cnmpany to parchase substantlally �ll of �he reaZ and ta�gible property and equipment of the retirement centers, as oF the closing da�e. The �ciosing date has been tentatively 5et for Septemb�r 30, 1988; however, the closing date may be maved �arward up to December 1, 1988 st�ould additional t�me. be necessary �o obtain gavernmental a�provals far the sale. ihe total consideration to be paid by the Company for the purchase of the retirement center5 is 541,OOp,pOp, pTO�@Cte{� �0 COli5j5t of the foiloNing: Assumption of 5eiler5' �iabillties; 8ank debt ' S38,p00,a04 Other notes and capitalized �ease obiiqations • 211,964 Accounts payahle and accrued 1lahiii�4es 44q,p�� Ur�sectrred note payable i55U@d ti0 Sejlers �_._3�4�000 . sats000.aoo ihe,agreement is contingent o� the Sel]ers abtaining an additlonal S16,OOQ,000 bank ioan which wi11 be fu�ded immediately hefore cipstng. ihese ]oan pro- ceeds wili be available to ti�e Company to provide �ar work�ng capital, re- serves� and to pay organtzatio� and 3oa� �inancing costs for a HUO guaranteed loan which xill refinanc2 the bank de6t (this loan refi�ancing is further described in note 5). �Itfih the ;38,0OO,ODQ HUD guaranteed loan financing, the Com�any wi11 obtain a release oP �ien on tt�e retirement center properties �ror� tlie SeTlers' ba�k. � m � »4- • � :,,r.'.�,-,'"�.`�;�r.a..;s ..,°,��-� ,. - . - . . � .. . � �r y����� �"�=_ � ' �`� • � .. 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(,'. .1 i Y ,.j �`. T:i -:.l'� .F..' .F ,d�'r e'l�" .lt':+' � .�� � �.i .�i .:�': ��� ,. �� .+�:iA 'y`�= �'3�.1�1-�r`'�}Fa'Ft-:�*���:� °�"' .i� } :,r', `¢r� ;��., . -��: +R. L�• "�'^1� i' a �:i i}•�� y � ..1•Y�" ,�1'i:�,'y, ..i1 ���:. .:1� ,��;� -1 ;� el=rv `%;� F�, J� �r� .1.. ':r` ..T��r� 'r1 f �:i[° :5�. :J�:i .:tr� 't4e `: � i: i:t�. �^w-' `ti.�'�i.� 'a.LY �1 «t1. �I` :.1� 't.� `1L' i'�� `.�J, 'P: 1 3-:..� � -9{ ^,`�.' .1i. ! L1' �� � . �d . ; � ir •:f :. �' . .'j.: ,�,ss�' �` .'t°,. , ,`i� �. `4, r r•! � 't'.�� �,1 . . �~'Y; �,:''•�.'°r;... ,,j.li• � t ��i ��1� .j� .6`~ � 3: :.r �F� ':t . �..'.�•� •d<': f5 � •i. .,• k"` ����. ;�'�� • �t � r � '.ar �'S.`r;,;;'.�.�'•' �, ;1�. f � ' .i < ?.�1 ��� '!`.1' . - ':z�" 1� ; f � . F +' . S"�:' . 5��, ,;f -�'t? .�a . . a= . i t '�'� �r. •2. (: ��1 ' �'�,v S`° �it:' , . �i •'<�., � ,�.i .'s - ' S.' . `r . ' 4' " t•. f�. t' J r�. �f,^ . ,f l:U: ..7,', �}. tb '__ -WIM%iiY'�' `'�-"-`-' ' _ _ _- a .i � , i....:,...`. .. ,. • . _re, ,. �' : . . ..e.. ..i' - �rrx r , .: � L , � s N K F WAT SUMMARY OF 5iG��IFIGAHT ASSUMPTIONS At�Q ACCO�NTING Pal.ICIES i. ,N�j:ure and Limi ta�iQn of Proiec�ed Ba_1_ n�� ch �; ihe accoropanying prajettion assumes The Qaks of Clearxa�er, Inc. t"CompG�y"? acq�ires two rekirement centers curren�ly owned by Baptist Esta�es or Florida, Fnc. (e.E.F.) and Oak Bluff�, Ltd. � Thls baiance sheet presents, to the best af management's knowledg� and be- liefs, the Company's expected �fl�ancial posttion immed#ately after the pro- .pased acquisition takes Qiacs. ThB52 projec�ions may not be usefu3 for ot�er purposes. The ass�mptions disclosed herein are those that management bejieve5 are siq- nlflcant to the projected balance sheet. Even if �hese as5umptions take place as pian�ed, there will usuaily be differences between projected and act�ai res�rl�s betause events and circumstances frequen�ly do not occur as expected, and those differences may be material. This pro�ected balance sheet has been upda�ed to include an addition to the minlmum liquid reserve5 required in B.E.F. by the State ot Fiorida as a con- d�tion for approvai of the sale a�d to classify the advances bekwepn �he Campany and B.E.F. as reteiva�les/payables. � Z. � n 1 ri r� f m ihe Company.has 6een chartered in the 5tate of Florida as a nonprofit cor- poration. � ihe Company was orqanized to pravide high quallty retireme�� and nursinq care � for senior ciklzen$ and to receive and maintain a fund or f�nds of real or personal property, ar both, and to use and apply the xhoie or any part of the income therefrom and the princtple khereof for satisfying the prlmary need5 of aqed persons, namely houstnq, t�ealth care, financial security, and other charitable purposes� either directly ar by contributions to organizations that qualify as exempt organlzatians under Secttvn 501(c)(3) of the Inter�ai Re- venue Code and tts Regulations as they noN exist or as they may hereafter be amended. ihe Company has not had any significant financial transactions to date. - Activit�es have 6een limlted to those re�ated ko the start uQ of the Company and negottations for the purchase oF �he retirement centers. A�1 costs have been eapitalized as organization and laan financinq cost5, which will be amor�ized over the term of the loan. The Campany ts aFfillated ulth a graup af nflnproflt corporations incorporated fbr the same charitable pt�rpose. Addltional carporatians xill be farmed in tt�e future as requ�red to tomply N1th lending requirements for U.S. Government guaranteed loans. Al1 of the corporations have idenkical afflcers and direc- tors. � u � , �� ' � f �i�� , - � '" �ar . . ��f:/��lP�\i � �.=F • .:.::� ;'Y;`''�:.' '�S`:Yi• �.P�N l�.f1#�.Y�:�'� �`4�•���a`b.f o<i�,• '�ti;:tW,�''-?; �'.'� �e�? �t1'i«��•:i` i'�;^�'�.'� '• Y.; � �-. �'� j y r 3 i.�. �'� r'� 2,:��_ .r'; � �: �. r ��y�� ';;y; �..15� + �:°3:..r°a.r,R ,-G� .' � �t' .rF �.. �';,.' . li� •�. 3� ��" i��"°�y?`t.ri: '': =T���i:'s ,-.w ,;;<,i��:'�-��' 5:.� �a..:ata �c'l iA.Fi � ...,:�,�_„'�.t. u `:ws�r- , .� . � , • .. , .. r`t � =Tr�GfL.-j '� ~' •. .. ,- . . � � `, " , � ..� J ._�h.�^ �-`✓~'� ' . ' . . _ ` _ ..�. " . ' � i � I � „ � ,` . , r • � . . + � � •. `r , • '� . + � .. 3.' � � • . Q LIABILITIES AND F�JND BALAHCE (Nates 4 and 5) . . , . .:.., . �. . . � Current partion of long—�err� de�� ' � Accounts payable and accrued expenses � - �.��, �� '�• � 7otal.current liabiltties �. .. .. � ; . . ��. � .� � ,' • . , . . � � � � '�. _� i t — less current portion . . , � . . •� ; � _ . :�{, ' � . -� . � , .�: . . : . ,,:,: �, .•.. . �` � . ' � `' ,' •' , � �� , � F�nd� Ba_l�anc_� ', . , . ' , ,,. • .�. ,sr:: •:;. �:� . .. � 1� 't^� '�� �•k� Y • ' . 1 1 " { t` • ti; q ' � ' . `', ;` ��,� .�.,' , �";-�'`Z .,��'''1' . '� 45., �� ' 'f �,yi i . . . . ,: 6::•i: ` '� i � . �.�" ',�.1�� � i,'.. ..+ .j � . , -� ' � �� . % J . ' . . . . , .. _ i . � � -` . � , '.. ' , ' � . 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' � "'i e r""'i� .:i. .��5: J � � `�.f.. !, 5= • �;i „t; r, �... ��. ,t". �; � a :^'-t: °,� _7- ,,�i' ; tr•�: f'J:.:.t.. x. . _ ted s . �.. � : ; j .-:�� t . . 7;�7[�G,��`��F��.p',�3; �•; �1•;f�nji�i�','��? :�.:!'":ri���:�.'-�t�'Cjr:•k� �:i;;tf��::��1�: .}i.�-:?',°:�''",;`�':',4:''',l•t`�''��'�I �:�y�+'' :t;��3'� � °�'�t' `;.�`='�.�4�,�: ;�, :�: -&�n i"�o. s � >i��.. � �, ., -1;���rr� .: !,�':,� y. � , ��4:,,�, ';tRyS.' k�}- ":e�i:^>��� ii ;c,��i3., ��.;,R�r��^.:%:. � s.Y9:� •L��F`" "1 VeS�S.�f;�� '��i.' .'i,s' •Y;t.: :tF.�'t . �G �tZy- �;�a.�c :...e:::��h.,'.;r.�� :� �'.i' �_+.::..�.i.:': �'v:.'s�.N.-'r;�::::�.:::�5' ",�:�:: � � . 1 , / t ' i � . •: . ' ,�i �.: PAOG��, 5Tr1- A ��MANN & C�. .".�R^K �� R.B4C AC :.-.`1NV�AN'�} B � ���•��i- a��,y'� t ^ �»'PN'twq`1 �,�y`.5���?'....s�• e4�.. ; q.. . j. . ':i's`�°Z#.'. t' i F: ,'. :IV iG..C�i .�..` i�� � �. :'��St�C±..«j��.:,,�� ��; r: n�w----'-- `,;;,;�tl , . '�he 8aard af Directors ihe naks of Clearxater, Inc. ' San An�anio, 3'exas � We have compited the aeeompanying prajected balance sheet" of 'T�e Oaks ' of�- C1earNater, � Inc. as of Septert�ber 30, 1988 in accordance wtth stan- dards establi5hed by the American Institute af Certtfied Public Ac- � cour�tants. - �he actompanying projection and this report r�ere prepared ta fi�usrrate the firiancia� position os the Campany immediately atter �he contem- f plated acquisitian of the two retirement centers currently o+rned by Baptist �stakes or Florida, Inc. and �ak Bauff, L�d. and shauld no� be used for any other purpose. � � 3 F� A comptlatior� 15 limited to 'prese�tinq in the fvrm oF a projection information that is the representation of management and does not i�clt�de eva]ua�ion af the s�pQort for the ass�r�p�ions underiying the pro�ection. We have not sxamined the p�ojectian and, accordingly, do �{ not express an opinio� ar any other form of assurance an the accom-- : panyi�g statements or assumptlon5. Furthermore, even if the cant�m- ; plated acqutsition of the re�irement centers were to take place as planned, there will usually be d�fterences be�xeen the projected and ac�ual resUlts hecause events and Ctr'CUmStanCeS freqvently do not actur as expected, and those dlfferences may be materiai. Tne aktac�ed prajected �aiance sheet has been updated due ta changqs i��assumption5, °� as descrlbed �� nota 1, stnce our last compila�ion repart3 dated � August 29, 1988 and September 26, 1988. We have no responsibillty ta '� update this report Fpr event5 and tirc�mstances occvrring after the � date of tE�i s repvrt. , ; ,. ,, .... ., , �,- �; � '�` ? � _ � . j� • . . ' . � September 30, 1988 � � �� r f�� . Certified Pubiic Accauntant5 �tu.r.-a+.It: Btb•62�t �E7: N:. �:.:, a;Q. 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F".. � � ' - . . .. . . :' . , e .. :. . . •� ' , . . ....,:... .. .. . � , '.,. •. . . . • �. � .. . .. . . ..,, _ , . .. . . . . .. � ' ... .. ... . . : .. . . . . . _: , .. � . . . . . -- � •� .. .. . .: , . . •.�.- _,_.. -- .........�..:�s.� . �. -�..-....... ' -'.. n.r .�......� ••_ i_.,. . , ,���.�..�_ .:a1t. •.'��1.':. ��k_-' "i!7;���i�� �•.t.:,�d ;,. S .....� . .« J �'�� � ��9 � f �" ! � ' TI�IS L4AN AGREEMENT, dated as of December l, 1988, between AmSOUTEI HANB N.A., 4irmingham, Alabama� as 5uccessor Trustee for the holders of the Bonds (as defined herein), JACSSON C. TUTTLE, City Manager, neting on behalf of City of Gulf Sreeze, �'larida (the "Admtnistrator") and THE C[TY OF CLEARWATER, FLORIDA, a munieipal corporation organized and duiy existing under the laws of the State oi Florida {the "Governmental Unit"), wttnesseth as follows: � ARTICLE I HACSGROUND AND REPRESSNTAT'IONS �ECTION 1.1 HACSGROIIND. � (a) The City of Gulf Breexe, a municipal corporation of the Sta�e af Floridg, as isauer of the Bonds hereinafter referred to (the "Sponsor"), is authorized to exereise . . thase powers conferred by Chspters I66 and 163r Florida Statutes� as amended. . (b} The Sponsor has issued �100,4Q0,000 aggregate principa2 art�ourtt of fts i,ocal Gavernment LaaM Program Floating Rate Demand Revenue Bonds, Series 1985E (the 'rSeries E Bonds"j the proceeds o£ which are to be used for, the purpase of finsncing and refinanci�g the cast of tne acquisitian and installat[on by "Governmental Cinits", as hereinafter deftned, af qustifled Projects es descrfbed herein {the "Prograr�"). The Series,� F Honds are issued under and ar� seeured by the Trust Indenture dated as of December 1, 2885, as atrtet�ded end restatec# as of .luty 1, 198&, ss furttter atne�dea �nci supplemented� (the "Indenture"} between the Sponsor and AmSauth Hank N.A., Birmingham, Alabam�, as Successor Tr�stee to Sut� Hank, National Assoeiation (the r'Trt�stee"). Except as otherwise ptovided heretn, all caPitslized terms used herein whieh are defined itt the indenture shall h�ve tt�e mear�ings se4 far�h in the Indentur�. (c) P�rsu�nt to the 1�denture, the Spansor hss ca�sed the net proceeds of the Series E Sonds to be deposited with the Trvstee, to be used to make loans to Governmenta] Units for the financing or refinancing of Ua�ified Projects. The it to this Loan A�reement. The Laan will be dee of the nraeeeds af th� Loan with t1�e Trustee intc � thereb r�providing funds for a Mortg�e Loan (as defined in the Secc 7 Agreement) to be made to the Cor oration, eetin � on behalf af the Governme � ` nance_t e acc�u s t on and rehab 1 tation o adult eon egate living acil_t es nursing home facilities (the "Project"). In eonsideration far such deposit, � ,. o�I an, �`he ae- s� Clearweter, Ir�c. (the "Corporation"� acti�on be � � Gavernmental Unit, with resQect to the Praiect, will aqree [n the Sea ' i �Asrreement.to pay certaln amourits ta the Governme�tal Unit� ��� �� {dj Fn connection with the maki� oi the Loan, an a •e E � , amount oi�3�fi, , a the Ser es E Bonds w[ll be remarketed the Honds 5 �. , � � ' � .1 �.� t � k .. , . . ' 1 �a�w"^���!M LKL-11/14/$$-26BAA-2820 Rev.il/30/8$ Re�.12/10/88 � -i- pment y Loan �t, ta re- a�ted ase and at � al 0 n��-i���r'�,,.-s.r-S:--��,..4 'ti f � - � �.f � i i 'y�°y..iy'�r�� • - ; , . -. A�'��.�..i,- � �l^'� . .. " .. � n . . . � ` ,� . _' � . ~I. a .�K..•l . ,. . .. ' ..��. ... . .�t•. ...,.a _.. . . ' !t ' .. , .. ... .. > ...r,r�r��+... , y;ryS•^'�.-.�... . . . ..��.x�,.. , , . � ' . .. � s. •r t�fi��o'Y.',' � ''x � � . � ' � r ��f . ' �l° ,. . , . �..;�;'. .��; .5 . . 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' u' � •�t.� ``�� � � � � � l�{e�) URder tt�e lncfenture, the Sponsor has pledged, far the security And • repayment'�f�he Bonds� �nter alia, the amounts to be recei�ed in repeyment of the Loan j� and tne Seeonda Laan in the manner set forth in the lndenture. { To secure the paymeni of the prin�ipal of and interest nn the Bonds, the 5ponsor Is equired, pursusnt to the Indenture, to deliver to the mrust a Credit Facility {us deFined irt the Irldentnre) (#he "Credit Facility") pursuant io v�hiC}�unds wiil be made evailable_ far the timely payment of the principal and interest on the Bonds. (g) The dministrator has appcaved the Loan and the 5econdar Loan far the Apvrpose of indirect.l� flnaneing �nd refinancinf� . the or gina cost o� acqu�sttion, Ilconstruetlan nn` aTsteilet3on of the ro eet as idetttified on Exh4bit "A"' aktached hereto, throu�h the acqulsition by the Tr�sstee af the G MA Securitv. . ` ,. . . i ' . , . . `+ (h) As evidence of tha Loan msde pursuant ta this Agreement, the Govern- mental Unit wi11 execute and dcliver a nate !n the principal �mount of the Loan in suhstantially_the farm ttttached hereto as Exhibit "S" {the "Governmentai Ut�tt Note"). To further secure the payment by the Governmentel Unit oi the Gavernmental Untt Note, including the amounts due ursuant to Section 3.3 hereof, the Governmer�tal Unit will cause to be delivered to th rustee s Local Credit Enhancement in aceordence wtth the Indenture� nam-elY� -a fuil-mo ed mor�a�e-backed security ithe "GNh1A Security") aranteed ns to me a ment o rine�"a3"an`d�'ttee'e"st�' t e overnmen a€ion� ort a e ssac at on GNMA . As secur ty or the Bonds, t e ponsor s ass gn rig o the Trustee a[1 its r ght, t tle and in�erest in 'the Governmenta� Ut�it Nate and this Agreement (except for the righks reserved by the S onsor as described in Seetion 3.9 hereflf)� tagether with ths I,ocal Credit Enhancement. � ceeds"o �he Project^, Pursuant to the Secandar Laen A eement the e aan to acau re the GNMA Securitv fram the Ler�d nsnce the Mo wi A evidenced by a related deed of trust nate {the "Mort�a�e Note"). rustee will use the and the Lender will to the Cor aration, and aonstruct on o �orstion ,will ncquire n the Lender. whieh SECTION 1.2 REPRESENTATiONS OF GOVERNMENTAL UriIT. (g) The Governmental Unit is a municipal corporation of the State ai Florida, wtth iull �nwer and lega� right to enter into this Agreement and perform [ts obItgations hereunder, and to finance the Project in th� m�anner contem�lated herein. The Governmentai Untt's acttons in mak[ng and performing this Agreeme�t have �een duly authorized by 'all neeessary official action ar►d will nat violate ar confltet w{th any applicable provision of the ConstltutSon, or law of the State of Flarida or with any ordinance, governmentai rule ar regulation, or w[th sny agreement, instrument or other document by whicn the Governmental Unit ar its funds or properties are bound. LKL-12/1Q/$$-26BAA-2820 � -2- N � � � � d ., �� :���K=�s�° � ' " _ . . . . • ' 4 . , . � � .. ;� , -T�.�: 'c'�•.,.''�-`. -- .... . . , .'.S �. �� . . . ,�. . . . , . � � �i , .a ,-�. .. �.a � .� .,.M: •�r.w� �,r,,.. . ..., . ,. ��. .'�^��+inwy.r• ¢•w,�..;... . � � .. 'r, . . . ., � . . .. �,J.�#.y,��,�;�,.�rr w»!,."�'' , -. .v �e.P .�,., «a... .wl's�^'•'YRJ �;rt`!'.F.��."� .�` . . . 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H�i i• /� :��f� :.T'.` � S� d^ ,lwrr'��..:.�..ii.Li. ___ _ _ -�i�Inw..�«u..lr�� Nu. :� � , ,'',1w' . � , ���'�.�a.��.'�'�-'��.�'�*I' �. �. , . � � , � 0 i': '_'.� • E:;,y �� � � , � . i�! � (b) ite Cor oration has re resented ta the Governmente! va�t that th� amount of thc Loan, plus ant c pated �vestment earnings� oes not exaeed the "Cost" (as defined in the indenture) of the ProJect and does not exceed the cost of the Project as defined and deseribed ta the Authorizing Ordinance of the Governmental Unit. (c) he Cor oration has represented to the Governmentai Unit that no port�on of the proeeeds o the Laan will be used to � n�e any Project which is used tn the trade or husiness of a gerson who is nat an "exempt person" as defined !n Seetion 103(b}(3} �f the internal Revenue Cvde of 1954, �s amended. (d) Immediately af#er the exeeutian hereof, no Evet��c of Default shall extst - hereunder nor shail there exist any condttion which with lapse of time� the gi�ing of , natice, or both, would ennstitute an Event af Defauit hereunder. (e) The Governmental Unit is duly �uthorized and empowered under the iaws � I of the Stat� of Florids� g�rticularly Chnptnr 16B, Pnrt II, Fiorida 5tatutes, to e�ter into this Agreement, to issue the Governmentel Unit Note and to pledge the sourees heretnafter mentioned to the repayrnent thereaf, and to apply the procesds thereof to the psyment of the Costs of the Project through purehese of the GNMA Security a�d funding oi tr�e Martgage Loan to the Corporat[on. {f) On , 1988, the Governmental Unit duiy enacted Ordinance No. (the "Authorizing Ordinanee") authorizing the borrowing contemplated hereby� and the terms and provisians af the Authorizing Ordinanae are hereby incorPorated by reference. (g} Neither the Governmental Unit nar any related person to such Gavern- mental ❑nit will Qursuant to any arrangement� forrrsal ar informal, purchase any Honds in an amount related to the Loan frotn the Program to the Governmental Unit. (h) The Governmental Unit is in cornpltance with ali eovenants and �nder- takings in connection with �11 debt obligatians payable fram the Pledged Re�enues herein def{ned� or any part thereof. n � ' SECTION 1.3 3FONSOR REPRESENTATIONS. The Sponsor represents , that it {s a munleipal carporatlon of the State of Florida duly existing, and with full pawer and authority to issue the Hattds and to enter inta this Agreement. Hy proper act�on trie Spansar has duly authorized the issuance and saie of the Bords and the execution �nd del[very af this Agreement. In aeeordanee with the lndenture, the 5ponsor has appointed the Administrator to exeet�te, uaderta�te and perforrn the Sponsor's duties hereunder; and .! all actions taken by the Administrator on behalf of the Sponsor pursuant to such appointment shaU be deemed to be the aetion of the 5�ansor. � SECTION 1.4 ADMINISTHATOR REPRESENTATION5. The Adm[nistrator represents that he has duly autharized the executian and delivery of this Agreement. [n � . aceordance with the Indeature, the 5ponser has appointed the Adminstrator to execute, � undertake and perfar[n the Sponsor's duties Y�ereunder either personal�y or through the � Independent Contractar; and all act�ons taken by the Administratar or the independent Contraetor on behalf of the 5ponsor pursuant to such appointment shall he deemed to be • the act[on of the Spansor. �. � � - ' � t :., � ,� LKL-12/10/88-2fi8AA-2820 ..3 _ � � ' f;�;=�:� �-�i��.`w' ' • - • �' - ._ ".';j: - ^�� , r_,' - . ��'- , ����� . - � _ • . . , _ � � ' �...r,sY*r.reM.�w . ..trS�•?'4 . �,tr ;. �. . .,H, h. ..�.:. �ry:• , i .,.�+.. , ie.��..r .�r:���':�t.... �ia.�?,^AC`_r,�r`!h5^t+.�_,-..�a : wi::�. . . �F , � . . ' r . . , . . . , . . . . . , . _ 3 � . . , . , . . . , .. 7j., .�1.�: J,� .. . . y . '-,'.�, :•:,a„'�£+ �°4�YL�wi( .�'-i' 1t .1° £ . ' .. 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Ss;� '•ra�'.i:e�-{.•, ''o `�t'^ "E� '"`':i:`:. o'er•]• _1 ,F;�y;�` ,r, ,r'". .-.i"�i �i{" ,C',., '.$:';.F'{:', ;a' ��i•,�°,`; nt: .•!� ' ,::.: 't� '.a �i'. .31t��.��- ,rl.' •.'.F',L�S��f,P;. "I�� .*; �rt;>::.Y°,i„��', �.:�I�•'�5r1':S C::�i.r .3.`.,L�j�. :i' .3: r,r?��' . t')��� f', '„ '' �`3, °�..r.�k .�.�.�"��'"r',���'l:�y'��'it' ./`'+y;t t��', 'r3i���1 : 5, z ,i '.s'.i "je .-_�,' ��:.�' .ft,:��.:� e l�• ° { �' [' `'�:�� ��� � ir � > 5 r" :t.'..i 1.. 1'ii �Y `� %a� �'i�� i�i f. Fi:� S�� ...f' y � .::dy. • ,^�.•.l 'a• V „�;;tt '�a' �;',� ,,„:r;. ;'�'}., it�� ^,xc,,Jr` -.�a.,•;. .'f :'s ;i�' '°�.`. :i "•<��W =" �.� ' J. s. �� �,�. • 'f �t' .4. ��i �Cl. • :t �ti-7�s j'.? . . � u y'.: ' f y',.: .j- i ' ,F'� .S. r..T , �:� i�. s. .i - ��r` �:rr �c 'f: t i 4 .�#,:;°;;:4, ` ,.��:. ^ # t ��? "0.y ;'jt"ks ':'(w.'°'a'}?�.'.jJ; .:3','•�.,r� `si; ��y' � '.i� ;v ; �. r ji -';r=� i: �,l`a{, .li:, ''F,i;. a3°�. ,:s: .'��' .'�; :'y :;,5� .."�tF� .'�h. �r� , _ . . _ . ._....._ - .._._�_ .. . . . .... . 's: �. . , ..� , . . .. _ . �..� .: .. . � �� �r f` ♦ � s ARTICL� II DEFINiT10NS � � S�CTION 2.1 DBF1rTITiONS. The cagitalized terms used herein which are defined In the Indenture and in the Authorizing Ordinance and in the Secondary Loan � Agreert�ent aad not otherwlse defined herein shal! �have the meenings assigned thereto in the Indenture and in the Authnrizing �rdinence a�d in the Secondary Loan Agreement, unless the eontext hereof expressly requires otherwise. In addition, the fotiowing terms shell have the meanings deiined as follovrs: �� "Commitment" means the commitment oP the Administrator to make the • Loan. � "Cost" or "Costs" in cannectian with the acquisition and/or rehabilitat�on of the Projeet, meens any cost incurred or estimated to be incurred by the Car oratian on behalf of the Governmental Unit whieh is reasonable and necessary for carrying out a!1 wor es an undertskings in proviciing and rehabilitating or aequiring sueh Project for the Corporation on behalf of the Governmental IIriit, includ[ng the construction of ihe Pro�ect, the cost of necessary studies, surveys, plans an� specif[cstions, architectural, engineer[ng, legal ar other special serviees, including the fees and expenses of bond counsel, development, c:onstruction and reeonstruction necessary or useful in connection with the eonstruction of the Project� the reasonable cost of financing incurred by the Corpar�tion ar the Governmentai Unit or the 5pansor in connection with the executior� of the Laan Agreement or the Seaondary Laan Agreement, ar in the caurse of Lhe acqu[sitian aad/or constructian of the Project, including reimbursement ta the Administr�tor for its out-o[-pocket expenses and ineluding cap[talized interest on the Loan and the cost of such other items as may be reasonable and necessary for the acquisition and/or rehabillta�ion oi the Project. � '. "Liquidat�on Shortfall" shall mean, with respect to the liquidetion af any - investments held by the Trustee pursuant to 5ection 3.5 hereo#', the excess, if any, af the � amount necessary to purchase a sufficient amount of replacement [nvestments, of � ' suhstantially the same, c}uality, charaeter, tenor and effect as the investment so �' liquidated, matur�ng at the end of t3�e appliea6le Fixed Rate Period and beartng inkerest , payable at such ttmes and in such amounts so as to enable the Trustee to receive substantially the same cash fiow as would have been produced by sueh liquidated [�vestments, over the net graceeds, if any, real[zed by the Trustee upon liquidation of � ' � sueh investments. , .: �:� "Locel Credit Enhaneement" or "Local Letter of Credit" means the GNMA Sec_ ut� . n "�'ledged Revenues"�shall mean (i) ail payments�reeeived by t e over�mental Unit pursuant to the Secondary F�oan Agreement and (ii) the moneys received from psyments due under the GNMA Securi#y. . "Pro-Rsta Share" shall mean the percentage derived by di�idi�g thP outstand- ° ing prineipal amount oi the Governmer�tal Unit's Loan by the sum of (1) the principal amount oP ail loans outstending plus {2} the amaunts on deposit in the Project Loan Fund. � , ,� . `.,..,'� � , ~ , . LKL�12/1b/88-266AA-2$2D -5- �;`B � .� '�c' - ° _._'�,'W�.7!��,=��tr " _�.. ..��hY.:v� _. a.•�„r�, •Tx �7.�y„' . . .. .r. .':f����t . - . � . . . ��-�'. w r"'w�' . . .. , : - .4.:��� �" . . -�^'' • , - - .` . ... �.�.�. ! .. r , , . • `:i��: .. Y Y 1 •.. .':a� ��r.,.^ts.. :ast!3;i�f53�`�9�,"�f�:� . _ �� ; ' :i�' . , . 1 • - t , ' • • , '1. . � • �h.. '^!+f`. x,ru�h..�: .�H� �"be��.a. 'Ir i-' .eY;. "t.�i� i'F�. 3 ^n rw wrrH . 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' •4.i w .t� ES�', r-.::�;•Sii; -s.i �..r,"� .�3��e5.�.�,i�;•L.':1° �.iP?�i+,�,�'i�r�C`�t .i''+.:� ,-«`re�..,,,t .3Pi�x, "Fir' -1'G.ttti.'x:i�,��, v �...;r),3.� :%�: 'a ,'sp::..��'+�'p.'' ,� �+ �n' }::z� :'i ` P�t~.:;�H, L' eU�` �F,a".t:���o". k'�� '#�'':,.?�,l� y "±'��A y ti<�` �Sj��q''ti.i`!- ql .� r� � ' G�1` t i �, tP'.%�i'.. �" ? s �� � �{�°' � �i,ui3 `;G1:' .jY � r 3�. �� h�a ry�'� � '�: > ;r'•""-,.'�i> i �L .�e � r � .d? 1X."`�`i r.;: �.r.'. r � �r k:f 1�``"i °� '" � � ._a.. r�-i.` 1"•„ J�S��`.rs�' „`..y.� � ��;t,:'•� s.�+ 2 Y'3F�"' �. . ��.. .��x:t�.:�'���L..-;:r.�.. �`.,,:?.°�4-4Fife.c: ��kX.::.�,'g��a'��err.`t�':.}'.aw�?��f�`t y i � .'�v:.. •.�`. .. .':.,e:'_.:v.��i..`..:•efi�� t;•a. �`. ..�P��''.�e. �. if�'�3:� ����.�:� s.A ':�:._ ;�i': �'V. .�.. �. a i t'^P M.. ..�, r,.c:L.. .t � r._y .i.�. ,� ,� t. . : . . ' ,. � . - ; �. . � . , �,, . ? !. .. . . ..:; � , � . ..s .��; �; . j , :.{ ` . f .°� , � ', , .,.1 .. •.i- ;:� ,i. ' r �'. �, ' �' . . 5 s ,'ti' , �., - :i , � � ' , � �a' ?'�!a•t4i3YlCw'L"s:t�.(; . � :��.Y' �ss`:�:��r .,.:... .. :•i.U,:' .. .... . r 4, '.1111i • �'r. " r� Ft � "Recycled Band Froceeds" shall mean proeeeds used to make I.oans fram the . Loan Rep�yment Aceount under the indenture. "Reserve Fayment" shall m�an, for any period of calculation: {a) the Gavern- menta! Unit's Pro-Rata Share of the annut�l fees aad expenses of the Trustee, the Hond Regiatrar and the Fey[ng Agent in cor�nection with the Bonds, and not atiributeble to the default oi any other Governmental Unit; (b) the Governmental Unft's Pro-Rata Share of Non-Asset Bands; and {c) fees of the itemarketing Agent incurred in connection with the remarketing of Bonds described in 5eetion 3.5 of this Loan Agreement. The amount of such fees and expenses that the Governmental Unit shall be obligated to pay sha�l, pursuant ta Sectian 4.04 of the Indenture, be reduced proport[onately by the amount of Investment earnings recetved on the Punds held ut�der the Indenture that are available ta pay such fees and �xpenses. �'Secondary Loan, Agreement" shall mean the Secondary I.aan Agreement, dated as of December l., 1988 among the Government$1 Unit, the Corporation, the Lerder and the Trustee. Following an event giving rise to the Gavernmentat Unit's obligation to pay the Reserve i'ayment, as descrlbed in t�e last paragraph of Section 3.5 hereof, the �inancial Advisar, on behalf of the Sponsar� shall determine not less often than each 3anuary 1 and July 1 the estimated Reserve Psyments, if any, and sha11 not[iy •the Trustee and the Admin[strator of such �etermination. T3�e Administrator sha11 compute the amaunt ai the Reserve Payment due wtth respect to the preceding six month peria�3 and shall notify the Trustee, the Credit Facility Issuer and the Governmental Unit of such amaunk, which shall he due and payable by the Gavernmen�ai Unit, solely from Pled�ed , Aevenue�, within th[rty {30} days of recei�t of such notice. ' LKL—I2/10/88-266AA-2820 —6— � e _ . . .. . . *+�.:�:%��".�.'"Q�'��a";=<"`"'" '"'t.`-:.�axic. . .. . • • , � .,� .�.��> � •,�-.� ° `. � �-S•`��Srui: r,i'.:�:ti� . ^. s e �.�... ^+.'��-•�• - . •� . _ ,�.f.trya��f�YW�,�;4.>>. _ ... _.;^ . . . .. .i.' • ,.. _ . , . . ., . �.i�. �tir. . . . .. .:'ii;.� � . . : _ _ ..._ . N '� . . . ..As2i,...r�q�.d�fi:.f^R�-.�' c°e`-`';>w, . . . , - ' '. 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J ii + J'£l.`• `t' . 1 �k � .k., iA' �1. �r'`�' �r.'. `� ' a�'r. � � r. '�7' � � i ,.1`. .�C. .1� 8 'it�y ��, �:. M:S '3 .?i�'. � i.`, ° . 't�. ;� ' ;,�" ..ry� ;. �'�:t:. �.l . l 'y,. "y(A;:.•.: ;'�;. `�F:� :i :i• . "z ,. �..»�, '-'y ':d`'t< ,�� ,r.` t'.. Fi;.•.� . �•.`v( .'� a•���� �.i'<• ��I, .5:�,i-;' .Y4•� 4�•�. ',:F�' S� -J�/'e ��_.�.�` �,l.i � r�i •��1'. `3'�_.:. , o!'�,i: � yY !," =L'3'. `, � �;'+' � "�f� - t;; „ iS'" �i'` �Y1.' r. IiF, . .s p.t7.; vr '3 J �• f ..I '. � `�. :�� `> i. �t; .r �.�� ."� `,}•�° '! 5 ',3 • . �, �, _�' y ' tir • � i; f.!' ' t.'. . .} � - ?.u:i =f• ��I . �=�t�.� ¢�,,�', 'J •�' 'Ii�; il:l'. . .�y'.. .r', �.�r' `y;' .'l,r 'r, f .L;.: `ia ,1: N��� ...J: N�r .i� <`� .. .. .i.�f%�' :1� ti ,`ri°: ,.t�: '�E,' .}. •�f;' , ';i ',v:° ;�r;� a _ �'r .', 'i 1 `�, e, :rt.� .Y�' 1� .i'.e . .�e: � :;: yr.z: {.. •�i' `}' Y�J�w ��;,.. l,a;. r.i ' , 1n,.. :.� ia � r � C bt.: `;- r�% ' �� I � ',r "S � .? ' .9,:. �'" ''i'..�. 4 ��•�;. . r�'�",;j� a`i�, ';r,� . ) • ° �F . `]i..V�tl' 1 r' ';Y,.��� �n • Y: � ,�i� L f,. ;'y •.. 1\;'�'i°'a:'�, .'t •.�, ,'�'', { :Yt ;r, .,; , F,' .y�.: ��;�; ..q» :'�: . ' i� � .��t .� .,i �q'y,..r.i: f c "+,. ..k�: �c' '+,4 ' S 'r'� .r�±' .'<"� F: ••G� �i'� .��•' i S• •�5�• ' <�: 1� '7' 't:.:� i:� , �r ='.i. ...�r'f:`r�;.».li'..�:���+ ,..�. ..rs..... - .).:'�;� •+`!� �s:'!f. • '�l.-_�'' ____-- � � � • 1' . ARTICLE III PINANCING THE PROJECT � � SBCTION 3.1 MASING OP LOAN; APPLICATION OF' LOAN PROCEEDS. Prom the amounts on deposit in the Project Loan T�und created u der the Indenture, the Governmental Unit hereby agrees to borrow and repay the sum of 37 825 OOD. Z'he I.oan mede hereby shall be repaid in eeeardance with the Governmental Ur�it Note and Section 3.3 hereof. Th� Coverr�mental Unit covenants that it shall use the proceeds of the Loan solely for the purposes deseribed in Section 1,1{g) hereof and that it shall Rot use the proceeds of the Loan in a manner ineonsistent with thP representations and caver�ants set forth in Sectians 1.2(e), 1.2(e) and 1.2(F) hereof. SECTION 3.2 DCSHURSEMENT OF LOAN; SLCURITY INTERE�T IN UN- DISHURSED PROCEED3. (a} Following the execution and delivery oi this Agreement a�id the Govern- mental Unit Note (the "Closing"), the Trustee shall c}isburse he roceeds aP the Laar� in aceordance with �his Seetton 3.2 and Section 4.Ug of the lndettture, to special account establist�ed snd held by the Trustee as described in paragraph (b), below. � (b} The Trustee agrees to establish.and create, and hereby does estahlish and create a separate fund to be known as the "Gulf Breeze Pooled Financing Loan Program Trustee Proeeeds pund" (the "Trustee Loan Proceeds Fund"} whieh acca t shaii be separate and distinet from all ather funds and accounts af the Trustee. The�roceeds oF the Loan shall be deposited by the Trustee, [mmediately u�on receipt thereof, into the Trustee Loan Proceeds Pund for the benefit of the Governmental Unit and applied, together with any income from investment thereaf, ta purchase the GNMA Security in aceordance with the 5ecandary Loan Agreement, or to pay deht ser�ice on th� Gnvernrneatal Unit Note. Funds shall be disbursed from the Loan Praceeds Fund pursuant ta the Secondary Laan AgreemeRt. (c) Until disbursed in accordance with the provisions af this Loan Agree- mer�t, the proceeds on dePosit in the Trustee Loan Proceeds Fund shalI be inv�sted and reinvested by the Tr�stee in Investment 5ecurities, as defined in the Indenture. Any earnings on the ir�vestment of funds an dePosit in the Trustee �,aen Proeeeds Funci shall be credited to such Pun� and shall be used to pay authorized Casts of the Project or as . provideci in the Secondary Loan Agreement. (d) To secure the prampt payment of the Loan �nd th� performance by the Governmental Unit oi its other obligatians hereunder, the Governmental Unit, to the full extent permitted by law� hereby pledges to the Sponsor and hereby grants to the Sponsor a security interest in and agrees and acknowledges that the Sponsor shall ha�e and shall eontinue to have a security Snterest in the funds on depasit in the Trustee Loan Praceeds Fund, subject to the use of such proceecis in the manner described herein. . SECTION 3.3 REPAYMENT OF LOAN. The Loan to be mac3e to the Governmental Unit far the �roject shall be rePaid in instatlrnents which sha�! correspond in time and amaunt to the payments of prineipal and interest on the Governmental Unit LKL-i2/la/sa-26�AA-2&2o _7_ • • --==�'�L.,S��r�1j' • .� - , ti = K.^w. .FM�f-� . . � . . � . �,r. .�� = '�. e . • . • . . ... ., � * , ' . �, .�..�- _ , - , i . e 1 r .�a. . '�w.a ;f> ...�»:i,'': , ' . 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's�. i I^ :�t � ��i:'.' �•i r,1: . ,l. �t ` ! '�i.. , v. ?1',- .�r�• n� . . °;'�;ti•, _i': .�� r'r.' . t : _ �:�;, , ,' t- �L'" '�:�'�, ��,: �t> � { `;i�: . �'� i.�. �3 /� :t r . �.,, • � �1 - � �' i� • '.9 i ,'1 'i . . . .•d i; .c'� ��`r 'k o .'} � S. �� F 'i'', FY'S �.u� ��t` 'd• ��, ri:' !` ��°i''` .?� �i� '!� r=' ��. `4� �{•. �" , �'tr i 'S , . �.�Y � 2 `k t_�'^ �'.� n . . . e�, y s� ' y'-, �p�" al. rvi ` °�.`x' �°I. �, 1 : � �, .'y� i `s!_ . �" i, .' ' 4 :}: f<. '�(. . ,I�r. ��'� .�.^ !: �'t' �:�"- .A t-�, `.� ' F� "'� . '.���:; .�� _ r r r.4� .k . :0.L�•� S F� >� v :3' `,t t rv�'�t� .'�1'i. ��� '.t ��.� �!'�"�� .Vj= .c :`f .i; v�' '4 :��, =�� .�r �r�Y.�. � t5 � ;i. ,_it''''':.�. �,1 �F,. ����. .�,� •')�:.;''". �[. .f .^��" �'J� . i .t ���.. j",'i.trl .��'•�'.'." . .1�•`� ,Y, i'1"� �1� ' . Y,'1•'� :tyy �.itl . . 1-"�,l` .'f�` � rl � �f: � '.�' t�:;�� 'c(?'''°��. t� �i: '"�.. . . �;'. ,.�` >ry �.li. . i'r '�ir 'P � '��. y ! 1 '�1.. . '3. � =.1 .,1.��� �f`F'c�^ �� # ✓' "„'Lr� ��. ijF:. '�.e t.�)�'� , •.;k.' tt. ' . r•�.. � . . f' �f.�. +4,; . . . • �'s;''�; j'.i Vt A y= �'.;. °�z n�.. :r�` . . '•�� .:i�. . . ;�.. �.i'•i. .. . . �_. .:;..,. ....: - e . � . ,^.- ., ,• .�. ;.r�; . � ��!!!"Yrrw+w�...�.._:,.�....a.-�..�.�:�.,.,.�.2�� M.,.:.,,.,, :'.�°' `'. �'. ' . ._ . . 'i.S.�..iw•:. , `r . • i : .,� , � _ '.�� ',. � � � � Note and shall bear (nterest at the rates, and shall be payt�ble at the times payahle on the •� Governmental Untt Note� as follows: . � (a} The interest- on the outstanding principal amount of the I.oan shali be paid in semiannual instailments on the dates� nt the rate and i� the amounts shown on ScheduZe '"i" attaehed to the form of the GflvernmentaI [Jnit Note, which is attact�ed hereto as Exhibit "H", Prineipa! on the Loan shall be payable in annual installments on the dates and in the amounts 5h4Wf1 on such Schedule "t". The final payment of the Go�ernmentai Unit Note must be made not less than three business days prior to December 1, 2pi5 with lmmed[ately avnilable funds. (b) As provided in ttte Gaverr�mental Unit Note� in addttion to Lhe above payments oi princip�l and interest on the Loan, any paytnent required to t,e made with respect to the Loan which is reneived laker han its due dater shall bear tnterest from such due date at a rate per annum equnl to the 'nterest rate on the Governmental Unit Note� plus two percentum per annum (the "Default ate . ln addition, if an acceleration of the Loan is deetared pursuant to Section 5.2 hereof foilawing the ocaurrenee of an Event of Default hereunder, the interest rate an the Loan shall be [ncreased to ttte Default Rgte.� All payments made hereunder shall be app![ed first to payment of accrued interest on lhe unpaid halance hereof st the aforesaid rate, and then to the re�uction of princip�l and . . �ayrrtent of other amounts due hereunder. (e) As set forth in trie [ndenture, earnings and other moneys in the Payment Account in the Loan Reserve Fund shall be applied for the purposes set forth in Section 5.07 of the Indenture, including, where provided therein, to ar for the benefit of the Governmentai Unit and the Corporation. {d) In the event thet a defeult of the Governmental IInit results in the liquidetion of investments made pursuant to Sectian 3.5 hereof in the Debt Serviee Reserve �und ar Loan Reserve F�nd, the Governmental Unit sh�l! pay the Liquidation ' Shartfall. , , . �. � . ,''. . �� � ....._...,_. SECT�ON 3.4 PREPAYMENT OF LOAN. (a} The Governmental Unit may, uQon any [nterest Payment Date on whieh the Honds converted to a lang iixed rate in conneetion with the Loan may be redeemed or converted to another Mode at the option of the Sponsor and, upon not less th�n 125 ciays prior written notice to the Spor�sor, the Administrator and the Trustee, prepay the outstand[ng prineipal of the Loan or purtion thereof made pursuant to this Agreement, together w[th accrued {nterest on the Loan to the date of �repaymen#� any premium payable to the holders of the aonds in connectian with such grepeyment, and aay amount attributable to the retirement of the Governmental Unit's pro-rata share of Non-Asset Honds, as described in paragraph (b) below. (b) if at the time any prepayrnent is made (as permitted by paragraoh (a) above)� such prepayment Shsll be made in an amount snd with tne effect provided in Section 4.04 of the Inder►ture� it being und�rstaod that ali prepayments must be made not less than I29 days in advance of any application thereof. Notwithstanding anything herein to the contrary, the 129 day periods mentioned in paragraphs (a) and {b) hereof may run coneurrently. The Governmental Unit shall rece[ve credit for any [neome from invest- ment of the amount of any such prepayment. ' LKL-12/10/88�266AA-2820 -8- e , � , ..._���."':'4"-�r�„''` - �` ,s :,-- - �> . ' . � : -..r���';:�rA4��ri� � , � � . ' . _ _ - =�^ � . . . .. �.. . . . ' �< <^ . "" .. . . . .E=�!;i' ^` `e+ �r� �`i� ,:��� .� i .•�,� •,� � , �o' ..{ } �::i�4 �Y� �. ;FS t'�-'�e 'I "� �"' j ��`"��. v. � si +i; �;'�.�^:,s :.�; tr °'�a ���r5,:; e,�Y e�i. �'fi°:f1 iF, 5. a' "ltib.x� I��.N i; .rY����,�1 'ri..:'.+'. '1: . 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GC.. •I`: `,� f :.��' r. �,£�; .-h. . l ' �t';1+.� }� ��1" �� �, ';z,�. ..�d. �t..° ir': : �. - :"r.i � e�j . =<` . . !'a= '��' 'r 7� , . . . . , i' ::l:i:.. .��.:9 r7i•r'� . . . a ��,��-h;. .�I. z': ' ' �'„e . '1!; �'�.. 1.t' ,.1.«� �t�, �."y �',�1`; v'w'�IYYpIM/�!�►.r...._a�_o... .�.......�'_�'_'"_' .. ' ..... .. . .."__"-�" . ' „ . . � .....''. �. ..i 1�a�°. .. � � . .r, M , . � SECTION 3.5 CONYEASION OF� PORTION O� BQNDS TO PIXED RATS. (a} Uriless otherwise provided in the Indenture, the Goverrimental Unit hereby ' egrees to and directs the Spansor to cause 8onds in an amou�t equal to the Governmenta! � Unit's Pro-rata share of the sum of the Debt Service Reserve �und Requirement and the Loan Re3erve Fund Requirement ($ )(the "Heserve Bonds"} to be con�erted to a Flxed Rate Mode on 1, 1988 and throughout the term of the Loan at the end of each such Fixed Rate Periad. �n each dnte of remarkektng of such Reserve Honds, the , Trustee shall [nvest a like amount of moneys an depostt in the Debt Service Reserve Fund � and the Loan Reserve Fund to be invested in compliance with SectioR 6.D2 of the Indenture at a yield during sueh Fixed Rate Perlod at least 1.259G �r� excess of the yield to __ be borne during sc�ch Fixec� Rate Period by the Reser�e Bonds sa converted. No such Fixad Rate Period shali exaeed fi�e years without the consent of the Bank. � (b} Unless otherwise pravided in khe Indenture, the Gavernmental [lnft hereby agrees and aeknawletiges that Sonds related to the principal amount of each Loan . Repay�tent wil� be converted to a Fixed Rate for a Shvrt Fixed Rate Period in aceordence with Section 2.a5(g) of the Indenture. Ori e�ch such date of reme.rketing of Bonds pursuar�t to said SectSan 2.05{g), tne Trus�ee shalI invest sufftcient moneys an deposit in the Payment Aceount of the Loan Reser�e Fund representtng a portion of the prSncipal of the Loan Rep$yment, so as to produce the amou�t necessary to �ay the purchase �riee af sueh Bonds on the Mandet.ory Purchase Date at the conclusion of such Short F[xed Rate Pertod. In the event that for any reasan permttted under tt�e lndenture e drew upon the .� Debt Service Reser�e Fund results in a liquidat[on of the in�estments tnade pursuant to this 5ectfon 3.5� ttte Governmental U�It egrees to pay the Reserve Paymer�t following sueh liquidation. � . , . � � . . , . ' .; _ . .� , ' SECTIQN 3.6 SPECIAL �gLIGATI4N OF GOYERNMENTAL UNITS, (a} Each Credit Issuer may share w�th any other Credit issuer any informa- tion given ta any af them by the Governmenta� Unit, including withaut limitatian financial statementsr and may also share such infarmation with any �ertiaipant of such Credit Iss�er, an� any financial 6nstitution wh3eh is being solicited to becorne a participatlt of any Credit Issuer. To the extent necessary to permit the foregaing, the Gavernmental Unit hereby vuslves any privilege or right to con�idential[ty, whether srising undec statute or otherwise it may have whieh would otherwise prohibit the foregoing sharing of �n£arma- tion. (b) The Gavernmental Unit Note shall �e sacured by a lien upan and Qledge of the Pledged Revenues, and the Pledged Revenues are hereby pledged ta seeure repay�nent o! the Governmental Unit Note, as set forth [n the Authorizing Ordinance. The Governmental Unit hereby represents and warrants thst the �ledge of the Pledged Rs�enues to secure the Governmental Onit Note is valid, binding and enforceable and that the Pledged Revenues are not otherwise subject to any pledge, lien or eneumbranee, other then as has been heretofore diselased ta and expressly apProved by the Credtt Facility Isst�er in writing. The Governmental unit covenants that it w�ll not cause or permi� to exist any pledge of or lien or encumbrgnce upoq the Pledged Revenues which is prior in right ai payment ta that securing the Governmental Unit Note exeept as expressly approved by the Credit Facility issuer. 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'fe� �a •�h � 1'e . . . . ,� . . �� �l�:b 'p9 . ,<�. _'r. , ' i`- ' � . �.`,. j �'1 ., �'i •� � . . `i � ,�.. :J :�ij. ; Y„ . . :('. lji�:. :.�i ,�L' . '•i ' �. ' 'l �' :x .- •�1;� ."f, ti F , , , €' . , 't'� .:d. '� .],Y�,:1: .1( .I . ,. .1� ��.�'!�. j 9�'P.,. P� � f .�� . . • . '.1.' ��� 7 . 3 � . �' �L , ' r ^ �A~ � iu '14'i i. ♦•i. i�� �•ir . . ' - / �iW .' � .,�, �,14,- . .T�~ :Y' •J.' :'1 . � �, � - A'.'. � . . , ^''}.;�•,"��•.�. 1.�!?.. %• �'.4. ..�.'� �f ; . . g n '`lA' �1�� `�i�� . �i� ' iw�' �.: < �f .r . . . . 1� � ��?�� '�7 ,�.'� 3t ��r' �. � , . 1: �`::'�:t•i. p' s'� :�A• {t'e� �'r.' rt '� . '�I . � . . .�. .t�. :1r�-`: ,� t{=i: :i�' i': ,�tii . . . ' . . , . ' . '��� � . ;'d+'�,t. {., �„y�4���;`�i3'- v'rl. , . � ��� . „ . •u . V.f�:'£i`,f.jar::ii.'T :.�"�A"=•. _ � ..+�..: .,O.�s ,Ya ,. , . , . . , , e. . �. . . ,�>. . . .r . . �...�'.,� � - . : � .. . .. ..... ... . . . . . . . . - < � ., . ,• • � . .•• t� _ __ '-' i -___ IYl1 - ......,»._ ... �.. ». ._-... YIIIiMI .t3:r3.:i'....�a,ii.ilwMw:� � �'" ., •,� W �;r ♦ � {"�s •'1 ,Y `� s � . � � S dr' p y . 3 � . . '• "'�e �i I ax�Y a�h . ,��r . _ �._ _ . f.f`r ;,+'. '`'..,v,,r L1`.j.el` . . . . .. !':.'.:" ' ;��"d .�'.�'+, . - 0 � . '�� . � ♦ � � Parity Honds which may be issued in the manner permitted hereunder, and except for any abligations secured by a lien upon the Pledged Revenues which is expressly j�nlor "and subordinate to the lien of the Governmentnl L3nit Note upon the Pledged Revenues. (c) 'The Losn and the Governmer�tnl Unit Note, end all payments due in respect thereto shall 6e � speciai ob�igation af the Goveenmental Unit, payable solely from the Pledged Reve�ues �s herein pravided. The Loan a�d the uovernmentai Unit Note do not constitute a general indebtedness ot the Governmental Unit, or a pledge of its faith, credit or taxing power within the meffning of any constitutional ur ststutary provision ar limitation. Neither the State of I'lorid� nor any politicul subdivis[on thereof nor the Government�l Unit shall be oblignted {1) to exercise �ts ad valorem taxing power or any ot�er taxing power �n any farm on sny real or persanal property in the GovernmentaI Unit to pay the principal o[ the Loan nnd the Governmental Unit Note, the interest therevrt or other payments or costs incident thereto, or {2) to pay the same from any other ft�nds af the Governmental Unit exeept from the Pledged Re�enues, all in the menner provided herein. The acceptance of the Governmental Unit i�ote by the holder irom time ta time thereof shall be deemed an agreement between the GovernmentaT Unit and such holder that the Governmental Unit Note and the indebtedness evidenced thereby shail not constitute a lien upon any Pro�erty of the Governmental Un[L, but shail constitute a lten anly an the Pledged Re�enues, in the manner herein prov[ded. (d} �thing herein contained shall ec uire the Governmental Uni us any legally available funds, in Addition ta the Pledged Revenues herein provided, which may come into its possess[on, for the purpose af payment of principe,I of and interest on the Loan. SECTION 3.7 BEN�FIT OP BONDHOLDERS AND ENHANCEMENT PROVIDER; COMPLIANCE WITH TRIIST INDENTURE This Agreetnent is executed in Pe.rt to induce the purchase by athers of the Bonds,�,Rd, accordi�gly, all covenants, agreements �ad representations on the part af the Governmental Unit snd the Sponsor, as set forth in this Agreement are hereby decZared to be for the benefit vf the holders fram time ta time of the Bonds�The Governmental Unit covenants and agrees to do all things within its power in order to comPly with and to eneble the Sponsor to evmply w[th all requirements and to fulfill snd to enable the 5pansor to fulfill all covenants of the Indenture. SECTT4N 3.6 BONDS NOT TO BEC�M� ARBITRAG� BONDS. The Governmental Unit hereby co�enents to the Sponsor and the itolde�s of the � Bonds that, notwithstand[ng any other pra�ision af this Agreerner�t or any ather instru� � ment, it will netther make nor cause to be made any investment or other nse of the � praceeds of the X�oan which would caUSe the Bonds to be "erbit�age bands" under Section 103 of the Internal Revenue Code af 1954, as amended, and eny regulations thereunder, ena thet it will comply with the requirements of such Section and regulations throughout � the term of the Band • however the Governmental Unit shsll be ermitted ta take ac n � .. . . . .. ._ .. . - - ' --- -_ ____----._.,___ �.. .►._ n.._.-.,.«..fs.,., r►,or �ur.t, t action wili not cause LKL-12/10/88-266AA-2$20 t -10- a ..�w+:�4 . �..1� '7�L:F��f'''v `._ � - � .. .� ' _ �'}_.r•. -� �"'=T . . � �:�^. � }r'x: . `�, ;_,;°�: :<<j��� ��-��� �".. ,w ,�� ':`�ti `'� � :� ;, ;�,�? t'`�'< � �� �;it:'�� ;: �( � ^ 6:..�.� Ar �� `� , �`�•; �' °`�Y:�:-= ''_`. `-'�'��w,:�� � S:i'i...i 4i� i 'Jty:�lf�.!ii� ig� �,j, ',7 f�s e r ,:;°• . : .. ��: :g�ti;z� a;;.., ':�i �.o.It�:a'.=i ::wi,:�� �� �i�`r.'X .., .�.�,._. .., � .naM.�4 - ' . . ww(i(f�N�'I'�". . . � ' y . . .. , r. . . .. . . .. . . . . . . �.. 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"z.. .a,t...�.',...�x�...�- - - - -- - - - ...'.a�rr%%}: �� SECTION 3.9 � DEFAULTS; ASSIGNM�NT OF SPONSOR'S RIGHTS. {a) As the source vf payment for the 8onds, the 5ponsor will assign ta the Trustee all the Sponsar's rights under the Governmental Un�t Note and this Agreement {�xcept for the rights of the Sponsor, the Trustee, the Administrator, and the Independent Cantraatnr, if applicable, to rece[ve payment of administrative expenses, reports and indemnity aga[nst claims, and tt�e 5ponsor's, Trustee's and Administrator's rights to enfo ce remedies pursuant to Section 3.5, 4.1, 4.2 and 5.� hereof). The Gavernmental Unit%r�w#li meke all payments required under Sections 3.3, 3.4� 3,5 a�d 5.3 hereof directly ta the Trustee without defense or setoff by reason of sny dispute i�etween the Governmental Unit and the Sponsar. SECTION 3.1q ASSIGNM�NT 11ND COVENANT REGARDING PLEDGED �tEYLNUES. The Governmentnl Unit hereby assigns to the Trustee all of its right, title and interest in the Pledged Revenues, and agrees that the Trustee mey take all action to enforce collection of the Ptedged Revenues far application under this Lasr� Agreement. The Governmental Unit covenants that it has full power to pledge the Pledged Re�enues �to the payment of the principal and interest on the Governmental Unit Note and other arnounts payable hereunder in the manner described herein. SECTION 3.11 ALT�ftNATE �LCURITY POR GOV,ERNMENTAL UNLT NOTE. The Go�ernmental Un�t reserves the right to secure the Go�ernmental Unit Note with a substitute i�acaF Credit Enhanaement aeceptable in form and substance to the Cred[t Faeil[ty Issuer and the Administrator, and upon furnishing such Local Credit Enhanceme�t rr other secur[ty, the pled�� of and iien upon the Pledged Revenaes in ia�ar of the Go�ernmental Unit Note shall �e released and discharged, in the manner and to the extent speeified by the Credit �acility Issuer [n wr[ting. In addition, the Governmental Unit may pravlde for the defeasanee of the lien of this Loan Agreement upo th� Pledged Revenuas at any time pravided it first provides the following to the Trustee: � (a) Evicienee thst the Governmental Unit shall have �aid� ar shall have made provision for payment of, aFl amounts payable under this Loan Agreement. For pur�oses of the preceding sentence, deposit of d[rect obligations of the United States af Ameri a whieh are nat subject to redemPtion prior to maturity at the option of Yhe abligor�n irre�ocable trust with a banking institution or trust company� for the sole 6enefit of the Sponsor, the prineipai of and interest on which will be suffinient to pay when due al! �ayments e�nder this Loan Agreement� shall be cottsidered "pro�ision for payment". (b) An apinion of nationally recognized band caunsel aeeeptable ta the Spansor�o the effect that, (i) the lien of the Loan Agreement upon the Fledged Rev�nues , �tas been defeesed, and ([i) the transaction resulting in such defeas�nce does not adversely affect the exemption from taxat{on af the interest on the Bonds. , , . .; , � ' : .. � ;�' (c) Ver�ficatton by an Independent ceriified public accountant of sufficiency o£ amounts deposited in escraw pursuant to paragr�ph (a). SBCTION 3.12 INTERLOCAL AGREEMENT. This Loan Agreement, togeti�gr with the Covernmentai Unit Note incorporated by referetice herein, shall be deemed to be sn interiocal egreement with the Sponsor within the meaning of Chapter 163, Part I, Florida Statutes� snd shalI be filed of record in accor8ance with the provisions of the Florida lnterloeal Cooperation Act. , LKL�12/i0/88-266AA-2820 -11- ...�;.� ..K;�,"�� "„' � `'w� . .. . , . . . . �,.` - �.. �=� _ . . . .. , .:: _. . , �. � ro.i.. r , . . . , . . . . . . . ' ' ' . , . , . , . . . n . .. .� . - ��rw.. , . . a . . . , . , .c. .�c. ., i..�:.�,.r,�ta i1�9"+i;�•,'�'S; * ..��y .4. �, ..w', ,fi .y .�,,.r.s . .�.���r . :��» . 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' ':51. .. •�'1 .,P'. ... �:`. .:4� '�e � i . .'� , - - - •� - ,... ��-= - -- ..._.. �cr . --- -�--- ---�_.,....i., �..�._ . . , _ . ,. _ .. .... .. . :i�'�� _..-"--'---- .., . ... � e,. . . , . .. . ._. • `� , � � . Q ARTICLE N COVLNANTS OP THE GOVERNMENTAL U1�IT 3ECTION �4.1 [Reserved] _ � S�CTION 4.2 IMMUNiTY OF SPON50R. [n the exereise of th� powers of the Sponsor gnd its members, off[cers, employees and ageats under Ehe Indenture ar this " � Agreement inclvding (without limiting the foregaing} the �pplication of maneys and the in�estment of funds, the Sponsor sh�l1 not be accountable to the Gavernmental ilnit for any action taken ar omitted with respeet ta the Pro�eet or this Agreement by it or its members, officers, employees and agents in good fa[th snd believed by it or them to be autharized or within the discretian or rights or powers conferred under this Agreement. The Sponsor and its members, officers� em�loyees and agents shall be protected in its or their aeting upon any paper or docutnents believed by it or them ta be genu[ne, and it or they may eonclusively rely upon the advice of counsel and may (but need nnt} require further evidenee of any fact ar matter before taking any act[on. No recourse shali be had by thc Governmental Un[t for any etaims based on the [ndentUre or this Agreement against any member, officer, employee or agent of the Spor�sor alleging personal liability on the�part of svch gerson unless such claims are based upon the bad faith, fraud or deceit of such person. The Governmental ❑nit shall indemnify the Sponsar and any of its memhers, afficers, employees or agents and sa�e them hacmless against any liab[lity intended ta be precluded by this Sectian resulting from acts or om�ssions of the Governmental Unit ar from acts or omissions of the Spansor or any of its mem5ers, officers, employees or agents in connection with any necessary or reasonable acts taken pursuant to this Agreement, except for fraud, deceit, or aets taken in bad falth or which are neg�igent. SECTION 4.3 COMPLIANCE WITH LAWS. With respeet to the Praject and any additions, alterations, or improvemeats thereto� the Governmental Unit will at all ttmes cause the Corparation to comply with all applicable requirements of Federai and state iaws and with all appl[cable Fawful requirements of any agency, board� or commission ereated t�nder the laws of the 5tate of Flarida or of any ather duly constituted public t�uthority; pro�ided, however, that the Carporatian shall be deemed in compliance with this Sect[on 4.3 so lang as it is contesting in good faith any such requirement by appropriate legal proeeedit►gs. SECTION 4.� ISSUANCE OF OTHER OHLIGATIONS PAYABT,E FROM � �LSDGED RBYENUES. 50 long as the Governmental Unit Note remains Outstanding and ' unpaid,. the Governmental Unit will not issue or consent to the issuance of any ott�er � obligatians payable from the F'ledged Revenues ar any portion thereof, nor voluatarlly ' crea#e or c�use to be created any debt� lien, pledge, assignment, encumhrance or other cherge, having priority to or being an a parity with the lian of the Gavernmenta! Un[t Note and the interest thereon, upon the Pledged Revenues; provided, however, thet the Governmental Unit may also grant to the pravider of a Local Credit L'nhancement for the Go�ernsnental Un[t Note a iien upan the Pledged Revenues commensurate with the lien ' granted ia respect of the GovernmentaF Unit Note. ,� .' 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'F`t„ �� t''�'^f`'`��. �?�! i���t'E.�j�{t, `jSi ".1+P7;��'!�' . � e f: r. �� 1t'�,� ��,ITn ,� `.�?� � 4 � �� � , y �.S �'. �. � � �' . �,N, F,i' 4;.' i` F f�'� .�r , S� �, .�� t.�';�'�'�,.a������ y,L�#i i� !' .n� � '�(Yws"�.i.�'];�;i.t� � a� ' • j r � k .t;. *' { �'+�'s • '� ^R' �,s..r .`;. �`a" f,�.�� �.:� t" ,..y ,�� lr,t 'i'� 1 y �` j �`; � ": �� . � t �'� �i �✓,��. ��`}. ba l!��i � �s�,4 �: y�".L �,, { :a:. L., ]- M::: 4'��.1 $,i-'U � � +si � � , i�P r!� ��k�;� ��" � ,�,�� e54 .. "��'�..'S�d ��kY' " } ��T�`�z�f�i�`:'°�'�-�f� � �r��t`''`t.':,� r" �*`-ti'�l"`�s"> �{.� �.,`��°• ' E • . �a�'... '� ,� � ..�s� , ��-�t'�.i ,�.z�.���:a?�'.��:s�a.:,�;r�+.ai�� �?'`.>.t���'�ti. ;'8�;r:y ;'�. £��;i�..�r.;: °s.;jTak� ��•';.�g,e,.� ',� ' , - � . '#1��'� .. : ardi : , � + � . 5 � r . , y ' . ' . � �J ,. �. , SECTION 4.5 ADDiTiONAL COVENAN'TS. (a) The Governmental Uriit - �. hereby agrees and covenants to com�ly with nll terms and eonditions of the Secondary - .- Loan Agreetnent. • � '� F (b} The Governmentai Unit will take all actinn legally available to it to � �� ,.� a insure the receipt of the Pledged Revenues sufficient to make all payments in eonnecttan � � with the Gavernmeatal Unit Note and the Loan� as and when the same become due, and :' ,,� .� wt21 tafce no actifln which will im�air or adversely affeet its reaeipt of the PIedged ` „ � � Y � Revenves. a . . x , � ; ,. .� :` .-'._ , � , � � . � . , , ` . - , . .. � " . _ . � �. . , � . ' � . . �. . � . , � � �.' . , . � � „ , �; . E � , . . .,' , ,ii . . . . • . . � � . � . . ' . ' . t � �_' �' . . � � . � . . , . , ; . . �, •� , � ' . ' ; ,� , . , ' , • . . � s .' . . . ' � ' � . � .. �� . � � . . . .. . . • , . . , ' ` . I' •� � � � ' � � ' .. . . . . ' . ��. .• , ' �. � , . ' ' ' . . . � � � . � • • ? . 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' � �",Y" '�`�, � . .5 . : r� • t!x . .,i": + a+.' . i�' l'j�;�,", �4�•. t . :�' 'f� i t' e '.V '%, $' '�7•i r;� t'I', ")' _ _ ';i' , � . - - 'k�. . �'L� .'S . . ir � 5..,' i,- ' �,• .� j�, I "�Se . . • !� �i: �,;t ";'� �;�a". �� 2 k��. `��i � �rF . � t� .i'4 1�� M\ . r �.��ty; � �:r�: . .il� ��C^S � 'f�.'. _ fr^ �,-�1`i .� � I`. �^`M c �i�� ' � •:t+ .l� • i' •. Yi ��..'. .,�,'�z :1�'� . " S� . .�t+ � .4 { . ia':4 �'j�z ""g:. _. . :�Bo. •.'G.`•�--c!"�•'� , i �i'�4- ;i•� •aiF-. 't' �t. . �S :..ai.�i., ?�� � i� %�F' �♦ . ;1.' y 1 :l.' �'���..t� • ��3:` �2>` f. _ .�,9� � , t v : i. �8 � �Z:'. 9�� }�:. j /� •Re � !1� ��!)� fi.,� . +.}'� `;': i .. .. �, �y' � ''1 � :,�.' :M., 'y�' �• .'S• '1'..' . '�1. � :.i`��. t� `:s° 4. x� :� .� '� ��� [ e::. � ,.. :,"= ; '.�r �.i, .';t "�;-: . ';�� .'; � `; � 1� �" ; ;; � ?�: �, �`� ' .�' e �F�� � '4 .. . ,t�. .��. �•p+ .'.y � � . , ''.ti � �I1� .�S �`r�+ ��' , : . ''�' � � �'� i . . •xi . s' .�S �1 . i. 1i � `i a7.' . 1 : i �" . . i �:. e.. . •t' � - • �',` • . . , , i•. z'," . _ . : €. . ��'" •f {^ - �t' . .°�` > :�. -�• �,�,� � :•1'.' � . . � '1 : .) . f � � '�• . •}` &:� 'tc . �4. , 1'.'� . �'.9�9 . . . t "�'. ..`f !!1 ".{ o. e _` w.� + �.4! . .3�= , �rk'•' � (�? f'�r .t.. '.'y"• �� ��4'. . � ,•i , ,`i . ,tf - -'�1L � �°: . • �I . }�,. }� ;��1. �,]. . A. �f � . . . .".47 4J +rt'�1', . . , ' , ' �{� � ��.�. ;'f,� , �'i . �.'j "." r �'I i $��' e� _.._..n...�..,.�....,..:�..::.:...r_ ':i.`...�..�x-?'�' -`'' , .` i , ti `i. .f,. ' g.i i,� �� ,: '.�`- '; .' . n.J,, _ ! f� `t. S. .�,� � °r _s; � fs ' . :!iel ... ..<< �� • � 1 ; �3 i rL � :... •.. J �p• -_ . ��:�. m � . �` � ARTICL� V EYENT5 UF DEFAULT AND REMEDIES �J SECTIUN 5.1 EYENTS OF DEFAULT. �ach of the fallowing events is hereby defined as,•and declared to be and sha�l constitute, an "Event of Default": (a) failure by the Government�i Unit to make any pnyment requir�d to b� made pursvant to Section 3.3 hereof on or before the date the same is due; or (b) with the exceptions af those covenants s�t forth in Seetian 3.3 hereof, failure by the Governmental Unit to observe and perform any other covenant, condition or agreernent on its part to be obs�rved or perforr3ned under this Agreement for a period ai 30 days after writtea notice specifying such fsilure and requesting that it be remedied is g[ven to the Governmental Unit by the Sponsor, the Credit Facility Issuer ar the Trustee; or (c} he makin of an representatior�s� warranties or cert[fications af the Go�ernmetttal Un t under Section 1.2 hereof or otherwise mede or delivered in connectioa herewith which shall prave to be €alse or misleading in any material resPect; or (d} (1} the Gavernmental [7nit shall make an assignment for the benefit of ���a creditors� {2) the Governrnental Cinit shall a�ply far or seek, the appointment of a receiver, custodian, trustee, examiner, liquldator or similar a£ficial far it or any `� substantial part of its Qroperty, {3) the Go�ernmental Unit shail fail to file an answer or ?� other pleading denying the materia! allegations of �ny proceeding filed aga�nst it described under 5ection 5.1(e)(2), {g) the Governrnental Un[t shall take any actian to authorize or effect any of the aetions set fortn in Seetion 5.1(e) or (5) fai! to contest in good faith any appointment or proceeding deseribed in Section 5.1(e}, {6) w;thout the applicatian, or approval or consent of the Go�ernmental Unit, a receiver, trustee, examiner, liquidator, ar similar offieial shall be appo[nted for any substantial part oF the Governmental ,Unit's property anci such appointment shall cont[r�ue undischarged or such : proceedings shall continue undismissed or unstayed Far a period of 30 consecutive days, or ':�s i7) the Governmenta! Unit shaI! be in a state af iinancial emergency as defined in 5ection �f4. 2k$.508, Florida Statutes, as amended, or any suecessor statute thereto; or (e} {1) the Governmental Unit shall be adjudiceted a bankrupt ar become subject tQ ar order for rel[ef under �ederal bankruptcy law, {2) the Ga�ernmental Unit shall inst{tute any proceedings seeking an order for relief vnder federa! bankruptcy law or seeking to be adjud[cated a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganizatian, arrsngement� aajustment or composition of it or its debts under any law relating to hankruptcy or insolve�cy, (3) there shall be appninted a receiver, liquidetor or similar officiai for the Governmental Unit under any law relating to banlavptep ar insolvercy, or (4} without the appiication, approva] or conseat of the Governmental Un[t, a reeetver, trustes� examiner, liquidator or similar official shall be appninted for the Go�ernmer�tal Unit, nr a proceeding described in Section 5.1(d)(2) shal! be instituteci sgainst the Governmental Unit and such appointment cantinues undischarged or such proceeding continues undismtssed ar unstayed far a period of 30 eonsecutive days; the mere declaratlon of a state af finaneia! emergency under Section 218.543, Florida LKL-12/10/88-26fiAA-282Q -I4- � _ '�.y:'"':'�,��;=:. - ' , , .:b-Lrt - ��• .. � . . .. �.j. .. .f... _ • ' ' . . 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'3 1 : i'. . �� a . 1`. 4r �� 1 't� ' i�' �Y �.^• �`i e' ',� ..p�. ;�x.' , �.,. .. . t A���= .�� ,��. '�'.;��,A ;r,' .;� S� �'5�.�.. � 3:�� , . �I t i'� ' �. . , . �.'-' � .`S . . i - �.J: 'y' ; ..�i ��. ?��': f.l t �•1' ��• .1,�.. 1' L . � y • rq-� , •�. �<( 1.' . ,t� ���7 �1 Y' ira p �� '�.1' . N� . -�.?. iYi , . . � .y.c 1 � 1' r.` i. ; . . .3" ' '� i. �'r : s.' 3 .o � � 'Sn•`'i � ,M�:•�.-....w......i,:,:�• ___ ..a�s_ ,r . , - . . ... . �V ,�1- -w .� S�i-nu.. �• IYIY�YIIiYIIY' - 1 . � � � Statutes, as amended, sha�i not, in and oi itself, constitute a default under this Section 5.1(e).� -J�� _ SECTIQN 5.2 ACCELERATION. I� an EVCRt of DefauIt as deiined in Sectian 5.1(a} or (e) hereof shall have occurred, he Lasn and ll other sums whtch t�e Governmenta.! Unit is obligated to pay u�der this Agreement shall�ecome due and payable immediately� and the Commitment shali terminate, without further notice ka the Governmental Unit. If any ather �vent of Defuult shaTl have oceurred, the Trustee (as the �Sp�nsor's sssignee, or any assignee of the Trustee or Co-Trustee, as may be the case) shali y notire In writing to the Governmental Unit, deelare the Loan and all other sums which the Go�ernmental Unit is obligated to pay hereunder to be due �nd payable immediately, and tertrtinate the Comrnttment. Upon any sucri acceleration whether automaticaily or by deelaration, anythtng in this Agreement eontained to tne contrary notwithstanding, there shall 6ecome immedietely due and payahle, tn addition to any other amounts then due from the Governmental Unit hereun�er, the sum of : ii) the outstanding prineipal of the Loan ;(ii) nccrued snd unpaid interest on the Laan; and (iii) alt amounts which would be payabi� in excess of th� sum of: (x) th� unpaid principal balance of the Governmental Unit Note plus (y) accrued and unpaid interest thereon, in the event the Governmental Unit Note had been prepaid in accordance wtth Section 3.4(b) hereof on the dute of acceleration pursuant to this Section 5.2. SECTION 5.3 PAYMENT OF I,OAN ON DEFAULT; SUIT THEREFOR. {a} The Governmental Unit co�enants that, in case default shall occur in the payment of any sum payable by the Governmental Unit under Sectidn 3.3 �f this Agreement as and when the same stiall become due and payable, whether at maturity or by acceleration or o herwise, tt�en, pon demand of the Sponsor, the Issuer o€ the Lacal Credit Enhaneement�or the Trustes,�he Go�ernmental UnlE will pay to the Trustee (nr its assignee) an amount ec}ual to the sum of: (i) the amaunt deseribed in Sectiori 5.2 hereof; (ii) any other amaunt which the Governmental Untt is obligated to pay under this Agreement; and (iii} suctt further amount as shall be sufficient to cover the costs and expenses of collection, incle�ding a reasonable compensation to the Sponsor, the Trustee, thetr agents, attorneys anci counseI, and any expenses or liabilities incurred as a result of such default by ti�e Sponsor or the Trustee other than through gross negligence or bad faith. ' {b} In case the Governmental Unit sha1F fai! forthwith to pay sueh amounts when due snd upon suc demand, the Spansar or the Trustee (or its assignee) shall be entitled and empowered�o institute any act[ons or proceedings at law or in equity for the collect[on of the sums so due and unpatd, and may prosecute any such artion or proceeding to judgment or final deeree, and may enforce any sueh judgment or f{na! deeree agaittst the Governmental Unit and aallect in the manner provided by law, but only frorn Piedged Revenues. - (c} In case a�y proeeedtngs shsil be �ending for the bankruptcy or for the � reorganization af the Gavernmental Unit under the Federal bankruptcy laws or any other applieable law, or in case a receiver ar truste� shat! ha�e been appo[ttted for the property of the Go�ernmental iintt� or in case any other similar jiidicisl proeeedings shall be • peading relating ta the Ga�ernrnental ilnit or to the creditors or property of the Governmental Un�t, tite Trustee (or tts assignee} shall be er�titled and empowered, by � ' ,; � � LKL-12/1D/$8-266AA-282U -15- � - ' _ _ � 1117���r1Fil�.i 'y%.•-• «4"'.: t: . . . . � . .."`-'s :�"�~t�2.�y� ; " . .. - , . .. � r: . - ��r� ._ , . � . � 3:+ ' `i ( ,�e i. t . 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Y�.�..'�"S.� 1 , . 1 I � O � ���, �''.,•��3�ri , ..1. ,•;"1• ' �;' 'I , • i�,r' '' .j�3�e1i?.i; ?;S! � ' `; 1 � f .�i:�'f.'.!yl`'�' 1 �'.,eJ.. . ~�J.. � :'• , .°'; `��z� � ' interventian in such praceedings ar otherwise, to file and pro�e a claim or claims for the �F:.w;°;�:,:,�t,r,,._t;,,, ;.:;,_;�...-,.3, .��: �,- . _• whole amount oF the Loan mede to the Gavernmer�tal Unit pursuant to this Agreement and `--:•',F�;;:~°:��°;`.��>.:•�� �'��>`''�`°, � ;� ` , -���,;..; • ..�� � �'�""� for [nterest owing and unpa9d in respect thereof and to file such proofs af cIa{m and ather ��`-��:`,'j.�:�= �::�'_;_:;.`":'>',`�:':�'��.���:;.' �, 'i=�•��' ,,,,.:;•��,,,:.•,-,.,:.� r='1:;, ��:;; 1 ''�`'��'� - papers or documents as may be necessary or advisable in order to prasecute the elaims of �`l � ��• �-�;s •�• ���_�: '''''%�' 4''':t:,:.�?�:,.'�:'i.l.«;s..�a d.i'�;•`;��.�;' 1 �',;; �,A.; the T�custee (or its assignee} in any s�ch judicial proeeed[ngs relating to the Go�ernmentaI -. ,•; ;;,, ;: =;w,�s",-�:.�" �```' Unit its creditors or its property artd to eflllect and receive any moneys or other ���`�•'°""`�'''"'�' �,,``"� °.,.�'`"'.�'`��� . :4'ec�a'rs: r «..., ..,.u_...s �...WL....�.e . , , -, ; iY;�'� iai ,- �� '�� - f. ��;:�s:: .. �.. �� 'rt;� y. .:.�:''..:. . G �fr' �. � :�i'=.',r`. ' - � �".��,;'° ; � :,Fa',:. �'• v.:S'4'. �� l:A:✓��)� tr� `t�i.: � . � � � r � f Qropecty Payable or deliverable on any such claims, and to distribute the same after the deduction af its charges and expenses. Any recei�er, assignee ar trustee in bankruptey or reorganizativn is here�y authorized to mnke sueh payments to the Trustee (or its assignee), and to pay to the Trustee (or [ts assigr�ee) any amount it requires for comp�nsation and ex�ensesr Including eaunsel fees it has incurred ug to the dste of such c3istributiort. SBCTION 5.4 QTHER I�EMEDIES. (s) Whenever any Event of Default hereunder shall have occurred and be cuntirtuing, whether or �at a!� sutrts which ttte Goveenmer�tal Unit is obl3g�ted to �ay ur�der thts Agreement shall heve been declared ta be icnmediately due nd payable pursuant to thls Agreement, the Sponsor or the Trustee {or its assignee� shal�alcs whatever action at law or in equity as may appear necesssry or desirabie to callect the amounts payable by the Gavernmental Unit hereuncler, then due a�� thereafter to become dUS, or Lo enforce per�formanee and observance of any obligation, agreemen� ar covenant of the Governmental Unit under- this Agreement, including the application of any undisbursed Loan �roceeds to the reductton oi the outstanding balance oF such Loan. {b) Whenev�r any E�ent of DefaUlt hereunder sha11 have occurred and be continuing, before ar after deelaring an acceleration pursuant to Sectivn 5.2 hereof, th� Sponsor or the Trustee (ar its assignee) may, but shall not be obligated to, perform for the account of the Gaverntnental Unit any coveriant or obligation in the performgnce of which the Governmental Unit is in defas�it, in which e�ent the Govern�nental Unit shall immediately retmburse the Sponsor or the Trustee {or its assigne�), as the case may be, upon demand ior all expenses incurred by the Sponsor or the Trustee (or i�s assignee), as the case may be, in the cflurse of such performance, including reasonable cou�sel fees, with interest from the date of such expenditure at the efauf Rate. � {c} No activn taken pursuant to this Sect[on 5.4 shall relieve the Goaern- mental Unit from its obligetions pursuant to Seetions 3.3 and 5.3 hereof, al�of which shall survive any such action. 'Fhe Spansor or the Trustee (or its assigneej mayf take whatever actian at law or in equity as may appear necessary and desirable to collect the amounts then due and thereafter'to beeome dt�e, or to enforce the performance snd vbservanee of atty obliga�ion, agreement or eo�enant of the Governmental Untt hereundHr� but oniy from Pledged Revenues, r "' ' (d) Except es to the Spansor's rights to indemnity sRd reports from tne Go�ernmentsl Unit hereunder, the Sponsor shall not be deemed to have an exelusive right to enforce t�e rem�dies described in thfs SecHon 5.4. SECTION 5.5 CUhfULATIYE EIG�iTS. Na reme�y conferred vpon or reserved to the Spansor�r the Trustee (or its assignee) by this Agree�nent {s intended to be ex�2usive oi sny other avait$ble rerrte�y or reme�les, but �sch and every such remedy LKL-12I1fl/88-266AA-282d �lb- � , - - - -.---- • � »: , -�. .���g': �... . , - `�,-�,�;.��;�.,;,,r.,,��:_ . , . - �:r. :s....__:.t: : . _ . . , ._ _ . , :,.,�t . : •. - .. � .�..,,.n....,.:..�...v..ew.�...�...,�...� . . . . . , .' ";µ. _ .. _ Cy, ' . : • � • ' i'. ��:. ' } . . - _ . ;�,�:. . '.ti:. tl1r�.� ' vi. � � ,' . . . .. . . . . ,.�, . . _. . �'`�i'���z•.-a, ?�°:'1.�,5r'-i�:c�.:�s�:.%< :�r{.. .Fy, . .�.. �',��-3' '.�_:4~ .e�t:•:i.7 +�� wt: ir(- 7i;C .,�'.�r.: :�3.';� ' � ;#• �,••". � �.a �+)°!'"^ 4'd 'a. . 6 'F.,';, .(' ,��' : y'. •iS`S •1: `� t�.i=e .y�. :.i. ii �i�` •�i•` .it• ° i .� �a • ��� °^y( by '("�•�'. 6...5•'� .�?. i�.�� �.L B �kr�9 `.t `.1t 1��.' � �y�� �` �• �,,Y `�,�� i' ,a.:'r. .�,'�,4- `°�.�.Y"��^z. ��. �-}°�.. t,�.:, t:k�',:�a" `�1. ry'�r,QJ :�s-. ,'iY�t �1 , 'rt , , 'i� , e;'�.r�`i'r;. �'' ii . . �a;:',- . y, ``'� �' � ;'� r i :�:r �, $ ��',.',t1..' ^V �� .. '''c� r�a . �:1 � . . �jn" `�,`�.i� o .. .. . � ^�%.,""C�vif k � �• + �. '. _ . . ". l . , �... ::. i w'",,: , a , , ' : . , u • .... �... _ � . . , .'�s,� F. _ . _� `�ii'�5�..a,�b ..: ° . •.: ..: "' •' ' � _.�. ._,... . . .. ' .. , . . . . '�. . ...o...o.,'�n.' 7s "rr—r.0.C�:<:..s.�_ .<�.d'...1.., 'HO' .`�� �°:v�~ ":�r:�`?tai°S-,..��vt. r.�aGS:��r�i:��`:4� .13:�s..t,_:.• �c��1=f�'���`#�f:.....,. ..v.1�....e,�:'.�..l..�iF=..� � • F i . ! . . -� >' , � � � ' ., . . . � i . � � ; , ,, 'r : . ' . 3 ./ ' . y . �', � . . • � �' . . i � , ` � , , , - 1rl f . . � . . ' ' ' ,I 1�: � . � , . , i�.:.'�:. ! � ' i� t `� 7 �; :;: .. • . ;.�, �t`. %�•, :.� .. :. < . � . . ' � ` � • �i 0 I ��' J . •Iftir+'�� x '��i.� r �,� shal! be cumui�tiue �nd shall be in addition to every ather remedy given under this Agreement r now or hereafter ex[sting at law or in equity or by statute. No watver by the Sponsar�r the Trustee (or Its assigneej of gny breach �y the Covernmental Unit af ar�y of its ob�igat�4ns, agreemertts nr eQVet�ants hereunder shall b� deerr�eri a wai'ver of ar►y subsequent breaoh, or a �nr�iver f any other obligattan, agreement ar covenant, and nn delay nr fallure by the 5gonsor�r the Trustee (or its assignee) ta exercise any r[ght or power shall im�air any such right or power or shail be eonstrued �p be u waiver thereof, but �ny sueh rfgt�t ena° power may be exercised by the 5ponsorj�r the Trustee (or its assignee) from time.ta time and as often as may be deemed expedient. SECTION 5.6 DISCONTINUANCL �F PROC$EDINGS. Fn ease tt�e Sponsor� ar th� Trustee (or its assignee) shall have proceeded to enioree any righ# under this Agreement and such proceedings shatl have bee� diseanti uec� ar abandaned for any reason or shall have been determined adversely to the Spansnr�r the T ustee (or its assigrteej, then and in every s�eh cese the Gavernmental Un6t, the S�onsor�and thQ Truste� (or [ts assignee) shall be restored respectively to their several pasitions and r hts hereunder, and all rights� remedies and powers of the Goverm+ental Unit, the Spansor�nd the Trustee {or Its assigneej sh�il continue as #hough na sueh proeeeding ttad beert taken. �ECTION 5.7 NOTICE OP D��AULT. The Governmental Unit shall give the Truste nd the Sponsor{a Qrompt written notice of sny condition or oecurrence w�ich . constttut�s , sn Evertt of Default u�ider Seetio� 5.3. herenf immediately upon becaming aware of the existence thereof. LKL-12/10/88-266AA-2820 � � �I -17� G n , , . - --- �� , �.�"."�' �;��.:..��.".r�•.. • - • , � . . . -f:� :r,s,'��'�,'�r..�r ;t. .t:r• :. . .� . , -.. . V��'���n�� �!; :. . . . �1`�,i�=' �•�� •b�.y .,. . �..... .. '' � -1. 'i . � . ����i�..+�r�__e sR'� � _,. " . • _ . 't , ' , ' ' . � � . .. . , � � � �� . '� ,; . . .. : : � ,,.,'; ;.� ,'� , ' . �.: � .1'' ;� � i s t� . i: ;1 . � �1. ' F. : �y; �i �`� . "+ . , , y `i: +j i_��... . , , . .. ' . � ' . � t �, it�;;�' ARTICLS Vl MISCELLANEOU5 �: I • SECTION 6.1 LIMITATiON OF LUB[L Y. In the event aF any defauit by the �Sponsor hereunder, the liability of the Sponsor�to the Governmental Unit shall be enforceable� only out of its interest under this Agreement and there shal�be no other recaurse €or demages by the Gavernmental [1n[t against the Sponsor, !ts officers, members, �gents and employees, or against any of the property now or hereafter owned by !t or them. In the eveRt of any def�ult by the Go�eramental Unit hereunder, the liab[lity of the Go�ernmental Unit shall be enforceable only out af t e Pledged Revenues, and there shail bc no ather recoUrse for damages by the Sponsor�iga�nst the Goverrimental Unit� its officers, memhers, agents and emplo��ees. SECTION 6.2 NO P�RSONAL RECOUitSE. Neither any member nor any officer, employee or agent af the Governmentai Unit nor any person executing the Loan Agreem�nt or Governmental Unit Note shall be �ersonally liable on the Loan or tY�e Honds by reason of the issuanee thereof. SECTION 6.3 NOTICES. Nottee hereunder shall be effeet[ve upon receipt end shslt be given �y certified mail, return receipt requested, to: As to the �ponsor: City Menager City of Gulf Hreeze P.O. Box 640 ' Gulf Breeze, Florida 32561 As ta the Trustee: AmSouth Bank N.A. � 16th Floor . 19QU 5th Avenuer North Hirmingham� Aiabam� 35203 Attn: Cnrporate Trust Administratton As to the Go�ernmental Unit: City of Clearwater , I12 S. 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'f�+. .f �`{:• ;.�1`�,. ��.t�^'��� � � ��� � ���?` 15: ..3. . 5 ..�^" l:� !e� . 1:� 10 . t�. �F'� � :7e� � 1. . .Y�C •�1'' ,E` 5 �r 1.� � �i" .r2:'['• �I'".... '`t`. �'� .�,,� '.�'� ���: :,r - .�.'.;; 5 e''1. ~ [ n f�.� ..L�•. .3'ri'3=.� 'E�ry:.;''`. :.5�., e�.5��� t�l..l :e; �.r � s f',. .:J. �+1. a%} �. �'i t y' ,...t�k�y, t: `,r", . . ':,�`'.�� .-.t. :'t' L. -'i:o`.�` i; 'ta�.: �" 'it:�.�.�. ,:j`. .�:_.� . ��r°c:i'; .L'.. �i•'. .l� .vi�:.:` _ .�,`. 4 . F ' r _ '�i. '., ,..� .. .,�•, ... • ., ..i i=. . _..-•--- _-': ..�....__.. .. , . :7=.,.. . w.. �. ,. . . -• -. , ... � ��o � , , SECTION 6.4 tLLEGAL OR INVALID PROYISIONS DISREGARDED. In . case sny pravision of this Agreement shail for any reasan be heid invalid, illegal or •. unenforceet�le in any respect, this Agreement shall be canstrued as if such proviaion h�d � never been contained herein. SECTiON 6.5 APPL1CAHi,� LAW. This Agreement shall be deemed to be a contract made in Florida and governed by Florida law. SBCTION 6.6 ASS[GNMLNTS. The Governmenta! Unit shall not assign this Agreement or any tnterest of the Go�ernmental Unit herein, either ia whole ar in part. The Administrator on behalf of the Sportsor hereby assigns this Agreement end the Governmental Unik Note attached hereto to the Trustee as provided in Sectian 3.9 hereof. Exeept as pravided in Section 3.9 hereof this Agreement shaIl be bittding upon and shall inure ta the beneftt of the suecessors and assigns of the parties heretn. SECTION 8.7 AMENDMENZ'S. This Agree ent may not be amended �� ' � except by an instrument in writing sigried by the parttes,�nd� if such �mendment occurs �. niter the Issuance oi the Bonds, w[th consent af the Truste� if required by Sectian 8.03 of the Indenture. SECTION B.8 T�RM OF AGRE�M�NT, This Agreement and the respect° ive abligations of the parties hereto sha11 he in full force and efiect from the date hereof nntil the principal of and all interest on the Loan shall ha�e been pa[d in full and t�e Governinentat Unit shall have complied with Seetion 4.1(b) hereof. SECT60N 6.9 HEADINGS. The eaptions or t�eadings in this Agreemeat are for convenier►ce of referertce only and shall not cantrol or affect the meaning or construction of any provtsion hereof. _ � SECTION 6.1fl NOTICE OF EXPECTATEON OF 08LIGATION TO MAgE . CERTAIN PAYM�NTS. The Administrator shall promptly notify the Gavernmental Untt by tetephone, followed by written notice, whenever earnings are reasonably expected to result in the Gavernmental Unit's obiigation to make a Reserve Payment. '. SECTt�N S.I1 3UP�RSL�DLNG CLAUSE. This Agreement is the entire final , agreement between the respect[ve parties and supersedes all oYher agreements, whether � written or oral, except that this Agreement is not intended to supersede ar displace any '` interlocal agreement previously reeorded fa the pubtia records of the 5ponsor and the �.�, � Governmental Unit except to the extent th�s Agreement is incot�sistent therewith. . - - , .; , �� • 'I . , L .+ , i 1' . ! , � � �� .. . . ; y r SECTION B.I� LIMITATION OP INVESTMENT �ARrTINGS CR�DIT. The Governmental Unit will not recei�e as a eredit against any �ayment due hereunder an amaunt in excess of actuai eernings on the Reserve Bonds canverted ta a F�xed Rate Mode pursuant to Section 3.5 h�ereof less {a) deht serv[ce on such Reserve Bonds, and {b} fees of the Remarkettng Agent, the Trustee, Registrar and Paying Agent, and other applteable expenses of the Program. LKL-12/10/88-266AA-2820 � -19- � . , ,.�'�• E�.. �+' 1 tT:e'`� �'t`� ` . � �N � ����,�,��,►�-: ��:.,� ..o � , - � ' 'Y'. �Y�!-'y l ��'�."5�7� . �__.. . .. • , ,• . , -' � `: .:;r ��':.c. _�N . _ . . � - .�_ � ' �.i~�_..,............�...._.-°---... '� .. . ,. -•- .- „ - ., .. . . .• } . ' • � �"'_fi; � t . � ' , .. . � . , i • • , .. �� � , , �^ y � �, �1 ., . . ,..: , ,.. • i ... . ...;. . : , ., ' � . ..,.�. � � � . i !;� ' (SEAL) Attest: � ����• C1TY OP CL�ARWATER, PLORIDA Governmental Un[t Meyor-Commissioner �� City Clerk � � , City Manager . Approved es to Farrr� and Carreetness: , � � ' � ; C[ty Attarney ' . � � ' .. ' ' � j . � y , . " _ . ' i � i' � . , .. . . . � . � � . '.� . � . � ' '�', . � . I. . . . , . •r •. . . � . . I. . " . - . . . ' � ' , � . ' �' 1� " _ . • � . � ��.r } . , . i; • � .,.; . . . i F^ i ' . . , i . ' i (i ' ' . ' . . ���� ''}�,��•1:~ . . � .. . . ' ' . 'n•.r ' . . ' ' . . . ' �Y , .'�`_F��, ''�1.' • . 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F � Ik�.� sa�'.r �"s` � � . � � ' � �XHIBCT A Projeet Description Acquisitton of a 5D0 unii adult eongregate care factltty and a 116 bed nursing egre Paaility trom Haptist Estates of Florida, Ine. and ��k Blufia, Ltd.� each faallity being located i� the City of Cle�rwater, Plorida, and being mare particularly deser[bed in the Seeondary Loan Agreement deted as of December 1, 1988 among the C�ty of Clearw�ter, •�' -' Florida, Oaks of Clearwater, Ina., Citadel �Mortgage Company und AmSouth Hank, N.A., .,� �.�.__ �; such f�clIttles to be benefiaielly owned by the Governrnent�l Un[t, wtthin the meaning af � � Seetion 103 �f the Internal Revenue Code af 1986, as amended, and to be owned in fee strnpie wlthout encumbrance upon retirement of the Loan made pursuant to this Laan , �_ . �,: Agreer�ent and the Martgage Laan described in the Secondary i�oan Agreement. � .. ....' �' : . . � � , . . , .. r , - . -�: .�o:�- � ' . . �� � ,,;�� i � . . 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'i1.'. . :.{." �" ;[4' �.f,'�'L�`� Y �ji" �.�'' � •�• -+�.t: ..._.�1, ��� .�t..1�-..i. y.....�..�T...c..siE•:.:'1.%i:.e:..� " • . -. ti, ; ."} .'�^'�� .t:, �,:,�. �„'� ., :�:; :•� .' ,:, ,�: � a i � 4 . �� � t � 1 ,� , � •� ; i ; r-�I � EJ�IID[T�$ PRQMISSORY NOTE „ ��J For �alue recelved, khe City of Ciearwater, Florida, a munictpal eorporation arganized nnd existing under the laws of khe State of FiorEda (the "Go�ernmental Un[t") heteby promiaes tQ pay ta the holder hereof ar to Its ar�er, solely from the Fledged Rever�ues �her�after mentioned the prineipal sum of Thirtyl�Seven Milllon Elght Hundre� Twent �{ve Thousend Doliars 37 825 OOD and to pay, solely from sueh sourees, the following: (a) The prtncipal herenf shall be paid in annual Installments in the amaunts and on the dates shown on Set►edule "I" attached hereto. .(b) Interest an the unpaid principal balance hereot' shall be paid in semi- anaual installments in the amounts, at the rates and on the dates shown o� Schedule '�l", all es described In t�e Loan Agreement af even ciste herewith between the C[ty of Gulf Breeze� Florida (the "aponsor") nnd the Governmental Unit (the "Loaa Agreement"}. s (c) Ir addition to sveh am4unts specified in Sehedule "[", the actua! amounts due in repayment of the Loan shall also include the Reserve Payment {as de£ined in the j La�n Agreement), If sueh Reserve Payment shall be due pursuant to the prnvisions of ? Section 3.5 0! the Loan Agreement. '. ; ;. . ; . ' �, ; F � . � , , �; . . ,. ; y ! '. Any payment required to be mede with respect to the Loan which [s reee[ved later than its due date shal! bear interest from such due date at s rate equal ta the higher. af the rate of interest on this Nate, plus two percentum per annum (the "Defsult Rate"). In addition, if an accel�ratton of Lhe Loan is cieciared pursuant to Section 5.2 aF the Loan Agreernent following an Event of Default pursuant to Ehe T.oar� Agremeent, the interest rate an this Note shall be inereased ta the Default Rate, and certain additional �mounts shall be peyable, Rs pro�ided in said Section 5.2. As set forth in the Loan Agre�tnent, a default af the Governmental Unit may also resuit in a requirement thet the Governmental Unit make certain additional Qaymeats with respect to a portion of the Debt Ssrvice Reserve Fund or the Loan:Reser�e Fund, as defined in the Loan Agreement. Notwithstaading anything otherwise contained in this Note, the interest rate on this Note {excluding any �rr�ounts�'which do not represent charges far the �sse or iorebearanee oi money) shall not exceed twenty-five percent (2596} per annum or such higher rate as may from time to time be permitted under appliaable law, provided, tlt$t, in the evsat #he �mposition of such Maximum Rate shall ever cause the amount payable on this Note to be less than the amaunt af interest which would otherwise he coinputed pursuant ta the Loan Agreement, this Note shall thereafter bear interest at the Maximum Rate until the earlier of {1} the final maturity of this Note or (2) sueh t[me as the total amaunt ot interest paid on this Note shell at snch rete equals the amourit of [nterest whie� would have been payable on this Note withont regard to any Maximum Rate. All payments made hereunder shall be applied first ta payment of aecrued Interest on the unpaid principal balance hereof at the aforesaid rete, and then to reduetion of �rineipal and payment af other amaunts dve here�nder. LKL-12/�0/88-266AA-2820 � _2q_ •. _�r����i nl� "'�^.�t .. . ",y���yh�'i',G,E✓y^,y , . . . " " . _ � �r"" �' ' . .1• '• . ,. - ' • � ei:9+ :.\�.rkw' : �!'°it .� , r."i.. ,_..,<.•a.. � . +� • 1 , � � '��, � .� . - . . � . , . . � � .. � � .r. .. . . . . . �. .- , � .. � . . ....er�.�.�.+.., . . ° .. , • , ' ' r Aw' .`t .., vri'"°`° ' v 1M v7r"�',"':CS "1;.' � . . . - ' , ' . . , � y'�y, .;�.. .i v� ' . .. ' , . ' . • '. �i ' � ' . , ;XY r�"1}�.:i �-,e .p 'z,�r/V':.>""�; '�f�&s;.�� • E i ' : � . . � • . •. '�!. �.re:,..,.. � . � �"�.��3. '#c' •�'�.i� "�'r"... . . . . . "�,' , :�t. +�,. . , ::{�' ''° ��ia'MYv�'�i7� '�i � '��.�4t� �t��`}?" � '�%�j�,i'' �Y •°'�'4,°'°•. ��.Y,�F�',-•��', � .l i �.i. �' .. , , :4 t...'.� •SS' . 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'}� 1� 'C, I• '•A''•r :4r.. '•ti, t;.'� , 4` , i.e�:� �' •'i'. �iE!'.• .�t�� , .. , `�F�' ,�.�.:'..::'J'e^, U9::}� a5. .. . . � ^"�. . `; {�' �i� �1 � !_' �`i'. .. � . . � . . . . .' �A Y. t" 't: � :! \�.Y••�i� �i i .��' -�4�� � . . . E` �.}� . �� �,1 • r. . :A. : i3 : , i. � .)?. ':i.l,�` v0�'�,r� ,i. � .�, . . , , , �y: ' ' E'i. ,.� � � �` �7: ' � • � i.' �' .il: ` ':i:' ,a���. �; r.�• ' 1? ,yv,"ti � :1:' p < t' , . ��.� ' . : } i,. .. F. :+i�'� � j. � ) � ) . ( � V t � 1 . � . . .� .�r . . . ��1�•� F�..'� 1k4 � f � f�.. :i 3�'� ::�� ,a'� . . �:�t . . .�t�i�"'' . �� 1., . . . �� � ' k. �,i': 'e :�:' -i� , . , . .i� ,i'y`�;p<; .5 �p : `. � ' L . .�;''.'i � s:. ,. •., � �, - i�: _ .�z5�' t,...:v.:F�: ..', ,. , .i3 •. �'� ,.�,' "�, . �� � ';; ',�' • r. . .�._,;...,�,,.: . , . , i� "•. s.. . a , + . , . . ,•5 :.r:�= � :F� i �'i . . . . ',3�•.' ��. .'r �i�,t' �,F� ,.. ... :1i� .k. .�'�r r�;t�.i . , . . >, , !i'f.`�} ,d:' •'i�• '.�r'c ~r11 . �t�- ' ' . ,. f' .' ��il".':(i•,.:�'T.�,�..�_�.. o'.=�.:. ':,^ • ',x_�i • ' . . • . ,.. -.i�; S � , ' N'v�K ''`sl;: �. ..a .r .... �.._ .�' ___ _ - ____ �. r`J . _ _ _ _ - '__.� . ._ . . _......_., r..��-''.,c''..",il�?.i�;�'a'';-1 � ' � T�Se principa� hereof and fnterest ttereon shaii be puf�} st suett place as the holders hereof may desigriate in writing, This Note evtdenc s a loan made to the Governmentul Unit pt�rsuant to the Loan Agreement dc�ted as of ecember I I988, to iRdtrectl ar reFfnance the Govern� mentAl Untt's cost of acquis t qn and instailation o tri�ect descr[bed in the Loen Agreemertt {the "Projeet"j and ihe Gavernmentel Unit hss exscuted this Note to secure all payments due under said Loan Agresment. Sueh loan is betng made by the City of Gulf Breeze, �Zor�da (the "Spansor"}, frorrz the proceeds of its Loe�l Government Losn Pragram Floating Rate Demand Revenu� Bonds, Series 1985E (tha "Bonds"). The Sonds are issued under a Trust Inde�ture dated as of December l, 1985, ss arnended and restated as of duly 1, 1986, as further nmendeci and supplemented (the "indenture") between the Sponsor and AmSouth Bank N,A., as Successor Trustee (the "Trustee"}. Tt�e Ga�ernmental Unit's obltgations hereunder are limited, special obi[gations pay�ble snlely from the Pledged Revenues in the mgnner set forth in the Loan Agreement. This Note, and aIt payments due [n this Note do riot Cot�stitute a generai indebtedneas of .he Gov�rnmental Llnit, or a pledge of its" faith, creciit or taxing power within the meaning of any canstitutional or statutory �rovision or limitation. Neither the State of Florida nar any pallticaI subdiviston tltereof nor the Governmenta! Unit shall be obligated (1) to exercise its ad valarem taxing power or any other taxing power ia any form on any real or personal proQerty ia the Governmental Unit to pay the princ{pal of ihis Note, the int�rest therean ar ather payments or costs incident thereto, or {2) to pay the same from �ny other funcis of the Gaveramental Unit except fram the F[edged Revenues. Thls Note and the indebtedn�ss evidenced thereby shal! not eonstitute a lien u�on any property of the Governmental U�Lt, but shali constitute a I;en anly on the Pledged Revenues, in the manner provided in the Laan Agreement. This Note may he paid prior to matnrity in the manner and with the p�nalties s�ecffied in Section 3.4 of the Loan Agreement. ' The Governmental Unit shalt be in default herettnder upon: {i) the nonpaymertt � on ar before the sarne is due af any gayment described in paragraphs (a) or (b} of this • � Note, ar (it) upan the oceurrence of arty attter Evertt of Defat�2t deserEbed fn the Loan Agreement which is not eorrected with[n the applicable period therein specified, if any, . aRd efter tne gi�ing oi any require� notiee. Ir� ttte event of s�eh default hereunder, the holder hereof shall ha:vs the follawing rights or remedies: (i) the entire unpaid amaunt of the princigal of this Note and all a#her amounts whieh the Governmental Unit is obaigated to pay t�nder the Loan . Agreement, incluci[ng t�ut aot limited ta, those sums payable under Seetion 5.2 of the Loen Agreement, shall beeome immediately due and payable in full without notice to or demand on the Go�ernmental Unit of any ltind and without presentation, demand or protest, all of vs�hieh ere herQby wsived; and (ii) the holder may at its option exercise from time to tima any and all rights and remedies available to [t under the i,oan Agreement. No failur� of the halder hereof to exereise any right hereunder shall be construed as a waiver of the right to exercise the same or any other r[ght at gny other time. ., , �` .� In additian to all other rights it may have, the holder hereof shsll have the follqwing rights, eaeh of which may be exercised at any time: (i} to pledge, trar�sfer or LKL-12/1Q/88-266AA-2820 -25- / ----�,. _.*:� ;,� �.. _ 1 ' : «,F. . y -i.. . . ,. . �_ . . , 'A' , ' . 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'.t' .. ._.'-:.�^��.�,.s,. , + , i �?�y ' � ' . assign th�s Note in the manner Prescrtbed hereln or in the Losn Agreement and any ' renewals, extensians and madlfieations hereaf, essigriing therewith [ts rights in the Loan Agreement in accordanee with the terms thereof and any such pledgee, transferee or assigr�ee shail have all the rights of the holder hereof with respect to this Note and any renewais, extensions and modlfleatlons hereof and af the Loan Agreement so assigned therewith, and the holder hereof making such pledge, transfer or assignmenk shall be thereafter reZleved from any and all liabllity wlth respect ta the Loan Agreement sa assigned; (i[) to notify the Gavernmentnl Untt or any other Qersans obligated under the I,oan Agreement to malce payment to the holder af this Note any amounts cine or to become due thereon; snd (i[ij to apply any amounts r�ceived under or pursuant to the Loan , Agreement against the �rincipei of snd interest on and other amounts gayable under thls Note. . � Upon the request of the holder hereof, this Note may be eonverted to a registered obligatian and the Governmental ❑nit si�ali maintain books for the registration of the transfer and exchange of this Note in aomplianae with the Flarida Registered Publ�c Obligations Act. The terms and canditions of the Loart Agreement are mad� a part of tt�is Note as fully as if set forth ta full herein. Except as atherwise provided here[ri, all capitaltzed terms used herein which are defined in the Laan Agreement shall have the meanings set farth In the Loen Agreement. � ' LKL-12/10/88-2BfiAA�2620 � 0 -26- > � . . ' .j.: '' :�w�rr.�—�"`q;,"�"�'"1 ^-'-,"�,�:.:::'_.. . � - -- .�,'"�'�.-�.,.;�,�".�t�,-� �"' :�'� w��• . . _. . ' � - ,,;� •,r,:.. ` b-�'=�:• , . `.�'j° T':':""_.-:+%.,. _... - , ' � �. . ' . ' ..; aN y.- . .4»•.-�Yy _. ... _ . -. . ___.. _. . _.. . . ' ... .....�."'![w. • . . .. ,'s ' �:.,; . ' -1'i il � . �� ;�� . , - �� � ' . � . ' .. I � � k ,*, 4 � '�+''�' � , . � EN WITNESS WHEREOF, khe City of Clearwater� Florida hss ceuaed this Note ta be executed in its name, and its corporate seal to be affixed k�ereta and attested, by lts duly at�thorized off[eers� this day of � 1988• � C[TY OF C�.BARWATBR, FLORiDA �' Goverr�mentaI Unit (SBAI,) � � Attest: . • f. . � � ` � � City Clerk 4'. .i � Mayor-Commissioner _ . � � . � • City Msnager , , „ , ,� '�, . , Approved as to Form and Correctness: . . .� .- ' � . � . . . ; . !� � City Attorney � ': � . . _ �� ' p1. s . . ' ' � .� .i � � , . . � ," . . ' i ; •' . . � _ . 1 .. : , i` � ' ,. s • . ' .�'.it, . � . ., . � . ' . } . . . . . ' ' .. � , ' � • � � . . . :.j ..,' � . . . ..'S '� . ' .. .. ' . . .,. i, e 'S ,it' ` . . ' . S�' 4t�... 'r' � . � . . � ,'^ ,. 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' • F � t���_i GENERAL C�RTIF6CATB � , � I Thls certifieate is made by the City of Clearwater, �lorid� (the "Governmental [lnit") to the Gity of Gulf Breeze, Florida (the "Sponsor")� AmSoutt� Bank N.A., as Trustee�and to their respective counsel and bond eounsel to the SPonsor, in conneetion wit� a loan from the Sponsor to tt�e Governmental Un[t in the gmount of 37 825 000 tthe '"Loan"} from the proceeds af the SQonsor's $100,[}OO,ODU aggregate prineipa.i arnount I,ocal Government Loan Program Floeting Rate Demand Revenue Sonds, Series 1985E (the "qonds"). The Loan �s evidenced by the Governmental Unit's promissory note of even date herew[th (the "Governmental Unit Nate"}. The Spansar is malcing the Loaa to the Go�ernmental Unit for the purpose of indireetlt►_financing or refinnnctng the Gavernmentsl Unit's cost of the acquisition and installation of certain qualified projects (the "�roject"), as more particularly descr[bed in Exhibit "A" att�ched to the Loan Agreement of even date herewith (the "�.oan Agreement") between the S�onsor and the Governrnental Un[t. The Governme�ntal Unit, by the undersigned officers, hereby certiftes that: 1. Th� Governmentai Unit is n municipal corporation duly organized and validly existing under the laws of the Sta4e of Florida. The Governmental Unit hes full power and legal right to er�ter in#o, and perform Its obligations under, the Loan Agreement and the Governmet�tal Unit Nate of even dete h�rew[th between the Sponsor and the Governmeatat Unit. 2. Tlte undersi ed C(t Clerk certifies that attached hereto as Exhibit "A- 1" is a true, aorrect an comp ete certi e copy o the uthor z ng Ordinance (as defined in the Loa�t Agreement) of th� governing 6ody of the Coverrimentel Unit, approving and authoriz(ng the exetutian and delivery of the Governmen#al Unit Note and the Loan Agreement. Such Authorizing �rd[nance was duly enacted in aacordanee with a!1 procedural rules as specified in Chapter 166, Florida Statutes�and the Charter of the Governmes�tal Uttit. The Authorizing Ordinanee has �ot been amended, modified or repealed and is [n full foree end efiect on the date hereof. ' 3, The undersi sd Cit Clerk certifies that the names of the members of the gavernin� body of the Governmental Unit, their respective offices and the dates of expiration of their respect��e terms of ofPice are as follows: Name Title Term Hegins Term Ends William Nunamaker Cammissoner A r�i tyu�r r� ru ��o� 4. 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"�,' f:"1.�' 4�i . . �e ' .. .,4�i�:I6Y �1111'IM1iW/rYtlO��YI -- , . , .. •. • . �.+�' � . v .�. ir u� ��:...�...�.,.,�.�...- - - - - - - _ . , . , � . . , , . . . . .. ... .. . . _._.._.. . . . . . .. . ,•9�r5. ,� ; ''f _, i'�a. .,i,; -, . i..'qr ',r ^ �f; � �Y,'s• . .. 9,� .a •}� �.' ;;.'s_;:�. >:� ,;.;y��, .r" . • . 5 i`1:.. i,il, "'f; ;-::;; ��::� .;3 ' � � � � f , 'I � ♦ , 5. EaCh of the befow named ind�viduals which have executed the Loan • Agr�ement esid the Covernmentet ilnit Note, aa� which w�ll be authorized to exe�utQ requisit{o for dlsbursement af the Loan, certifies, res eetP ivel�has been duly e ected or ap�ais�te�o tt�e offiee set forth beiaw aad s a�th�r zed to act for and on behalf of the Government� Unit in conneation with the exeeution of such doeuments, nnd the signature set a�posite the �eme of eaeh s�teh nff�cer, respectiveiy, is a genvine specimen oi such officer's signature: Name Speclmen Sian�ture Atta Garvey Ron H. Rabun Cynth[a �. Gaudeau Offiee Mayor City Mangger C[ty Clerk 6. We further certify Lhat on`� , 1988, the Go�ern� mental nit Nate was executed and attested by the rnanual signdtures of the undersigned Mayor, [ty MAnager and City Clerk of the Governmental Unit. . 7. We further eertt£y that at the d�te of the Gavernmental Unit Note, and an this dste, such• afficers were and are the duly ehosen, qualif[ed and acting officers autharized to execute the Governmental Un{t Npte. 8. The undersigned did, on , I988, duly exeeute and attest an behalf af the Governmental Unit and deliver to the ather parties theceto, t�ie Loan Agreement. 9. The Pledged Revenues described in the Loan Agreement have not beet� Pledged in whale or in part, directly or fndireetly� far the benefit of any abligations previously issued by the Governmental Unit and are not subject to ar�y other encumbrance, other than as has been disetased to and appraved �y the Credit Faeility issuer pursusnt to the Lnan Agreement, snd as described in the Logn Agreement. 10. (s) �The Coreoration has re, �r�e�s�er�ted to the Governmental Unit that the atnount of the I,oan, finarteing t�e origfnal east oi ths Governmentsl I3niY's acquisiiion and instal3ation af the Project listed tn Exhib[t A attached to the Loan Agreementt together with the est�mated ir�terest earnings on the undisbursed proceeds of the Loan, daes not exceed the actual eost of such acquisition and instaliation. {�} 'T}�e Corporation has represented to the Go�ernmental Unit that rto � �ortion of the Lo�n sv�li be used to finanae any Pro�eet wh[ch is used in the trade or � bus{ness of a persan who is not sn "exempt persan" as de€ined ii� Section 103{b)(3) of the Internal Revenue Code of 1954, as amended (as in effect on December 31, 1985). _ � , . ; . , , . . � , ,�-r,..: -_� ..:� (c) The Project ident[fied in Exhibit "A" attached to the I,oa AGrree- ment w�s not acq�ired or placed in serviae by the Governmental iinit priar to he dete hereaf. 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C: . . ar` , ' 1 ' J�� 'f ' . . �.' . f. . . , . �� .'�}� �r�,�e° `3 , . . , . . , .3� . ( ° y . a k. :S• , t� . , . . � F.: vy..i :41 ,�. .L. 1� . f 'f . ( F.' e �� . Td •i� , s � . �1�� %r, t3; :E ,�.. . . � . . �c,i� `I;.e R" ' � �:3 • :1' [':� , �. � . . . .� �• �1' , ,{.� �i � . . ��!' � � `sr.. .. . > . ��r� �s�., Zsi . � d � `ti� �,i; .. �: �'•: )o • i� !. .. y�;..:: ^ � F... �f ��; �;E' t• ��•jf A , . , . . . . , •,l , �i ''i. ti' ' c . � 7: �•` � ti E . �. -., j :. � . ` � '' '' ., i e . . iy .�R � .. �1 '1. � `7 .(' . . . 4 r}i' 1. 'f �.• • . • . . . . . . ��. . r,•}°; . .sj� :i ' ° ' , . :t . . .. ' . .� . . � [ �g.;..`.�.:��.. . f � ':1 }, = e r . . , . . . . ' • ',1 � +.S! :� s''` �'; :.1... i' . . . . .� � "1, ."t.' . i:.. `i�: . � . - . ,] . S� i� .'�J,r .. .> `i.' _ �s' , .. '�� ,i. ' 4i' � ' ' � . .- .. . .�' 1��3.,J:', •�'� ".�� .� .. � .� • .(�itC�!'�. i�Q • . .� . . ' . . • � . •��• i�,..:�1� ' L _ ... ' . .. . i�i. . .e. .. . , . •l_' ., -. .,� ., .;,.. . • :.. ,� ,� -' �' ..� . : . :. ':- .. ���r �. r,..�: � .; .��..;:s , °.'�.'���.•"�' �s r ,ti }�t �. Y., . . ��- . . .., . . , . . .; .. . ' �, . , .. . , . . .. . . .. � .� . .. � � , . . �. ' . ' , . . <.. . . .: . .'. . . � �o :.r.. _'- . . � .. _.._" `_"_" .. . . . . _____�__._ . • . - .___�..1..YIY�'_- iI�IWYIWl�1 � � � .f.i.i.r. - a.._.,,_ ._ - �....e...a. _ -_ _ 3.... ...,.....,....w...�.rr -..�.u..rw�wh4...:.:� w .' 1: f. �+:.. . � •[•' , }: �� `�! • � 1 � , ', il. The Governmentel Unit is not tn breach of or in default under sny extsting law, court or adrs�inistrative reguiation, d�sree, order, agreement, indenture, mortgage�.lease� sublease or ather instrument to whtch it is a party or by whieh it is ba�nd, and no event has oceUrred or is cantinuing which, with the passage of time or the giv[ng of notice, or both, would canstitute � default or an event af default thereunder, except for such minac breaches, defauits or gotential defaults or evet�ts of deisult, if any, ' which individua�ly ar�d in the aggreBate would have no material aciverse effect an the Governmental Unit's financial cond[tion, operAtinns ar pro�erties. 'i 12. The execution and deIivery, receipt and due perfarm�nce by the Govern- ._ mental Unit of the Laan Agreeme�t, the Governmental 'Unit Note, and the Lnan �k Docurt�ents hereafter �escribed and compliance with khe provisions thereaf, do nat arid will not canfliet wit�t or result in the breach of any of the terms, cand�tions ar pravisions oi, or constitute a default under the Chsrter of the Go�ernmental Unit, any existing ordinance or resolution of the gaverning body of the Governmental iinit, any existing law, cour� or administrative reguiation, deeree, arder ar any agreement, indenture, lease or other instrutnent to wri[ch the Governmental Unit is a party or by which it or any of its properties is bound. 13. There is no actio�� suit, proreeding, inquiry or investigatton at law or in equity before or by any court, public board or body pending or, ta the knowledge of t3�e Governmental Unit after due inquiry, threatened agait�st r sffeeting the Gavernmental Unit, which has not been disclosed in writing to the S ansar, contesting the due organization of the Gavernmental Unit, or wherein an un avorab e decisian, ruling nr f[nciing {i) wouid ha�e a materie�l adverse effect an the financisl condition af the Governmental Unit, the operation by the Carporat[on on behalf af the Governmental Unit of the Project, its facilities and its o�r propert�es, or an a verse effect on the funetioning af the Gover�mental Unit or payment by the Governmental Unit of the amounts due under the Loan Agresment [n t�e manner and tttne required thereby, or the tax-�xempt status of the Governmenta! Unit or the Governmental Unit Note, or (ii) would have ar� adverse effect on the validity or enforceability of the Governmental Unik Note, the Loan Agreement, or the Authorizing Ordinance o� the Governmental Unit authorixing the Go�ernmental Unit Note and the execution of oth�r doeuments in ,connect[an therewitt� (the "Loan Documents"). , 14. No ffnal judgment far the payment af money has been rendered against the Governmenta� Untt, unless within 60 days from the er�try thereof, (i} such jvdgment has been disch�rged or (�i) the Governmental Unit has taken and is diligently prosecuting �n appeal therefram, or from the arder, decr�e or pracess, upon which or pursuant to which sueh judgment was granted ar entered� and has caused the execut{an or levy under such j�dgment, arder, decree or process or thQ enforeement thereaf to be stayed pend[ng the determination of such appeal, or iiii) the Governmental Unit as provided for the payment or securing of sueh judgment in s manner satisfactory to th o s r � 15. The Governmental Unit has dUly performed and complied with all the � obi[gations, sgreements snd candtt[ons ot� its part to be performed or eomplied wtth at or �x` Qrior to the closing. Each of the representations, warranttes and other information conta4ned i�n the Governmental Uait's loan appliaatia� is true and carrect and does not aontain any untrue statement of a material fact or omit to state a material faet rec�uired '' to be stated therein or necessary to make the skatements in such documents, in light of LKL-12/10/88-266AA-2820 -31- � '•;;}:•, ;5;�, . ' . �;�;:e,., � .,�it ��� z��. ' :t4:FfA.%� :I�� ;P;1.;':'d:,`4w��� ,.r ' . . �:;`ti", ��;,��`�'; ' ;. `� �.' ,, 7.. �'fi;�;��. A' �r �'.t; �; :°��:=;'�: �l:4j � . r't.^.. . , ' '.l'' "G> F: �_ ; � i, ��� M `49 .{ � •,. �.�. �..`. . . �. � h: � .�e . <.' ,'.:' i.' �`ei.'. 5.h•4+ �• .iF�fs.:.\`�. � i ;.�: • '.��-d: i e,i . r�` � ..� R��� ��w � �V �i.K7�:1'a�:�'� ;�'� � °?iM �:' ir•t;� . :.�j,. •'� `1 .i'I � yi!, �� ti e3 . 3 ��^��� �yf's7' � u.� :.. A- } , : ��^�';,� •`� :;� � . �t � i . •i' n . f ¢� . f�4b„1,.ti �4 � : a;'' }-' 4"��,..°iii � S ��1`My'•{.f�� ���. ,. 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' i��i �i' '-1' �'d :t: v{�. •l�' "sC�, . �•d:; �r.' ... - � � ;;= �;; 4° ,•,:. .... :.�1 �,.; . �.;. � `. ,, , . .. _...,. . . •. . ., ..,,r. . .,. ..., , . . ., . ,,. . .,...�� . „ . ;. . � � ,...; �.- , �......,:>...i.......`.....�...-.. w 1�• _ _ _ _ _ _" • �i: = :•i:';r.4'::. �,�r: r' »i.ici.�' � 5..:�.t�r� t. � �� �� °�r +�tj � �, ;� ; ��, •. ; .. 0 . / ' � � � �. .. . � • ' , the circumstances under which they were made, not mtsleading and has nat changed sinee • the dste af the Goverr�mental Un�t's 7oan egplieation. The Governmental Ur�lt has authorized, by all neeessary actton, the execution, deItvery, recetpt and due performanee of the Go�err�rrtental tJnit Note, the Loan Daeuments and any and all such ather agreamenta and documents as may be rec}uired to be executed� delivered and reeelved by the Gover�menta� Unit to earry �ut, glve ePfeat to and consumrr�ate the transactions contemplated by the Loan Agreerr�ent relat[ng ta the Go�ernmental Unit Note, and such suthort�atfon t�as t�ot been modffied, amended or repealed. 16. The Governmental Unit Note hes been duly authorized pursuant to tk�e Loan Agreement and the Author[zing �rdinance in the focros deiivered by the Govern- - mental Unit in connection with the Issuanee of the Governmental Unit Note on the date hereof. The Autharizing Ordtnsnee was duly enacted in accordance with alt proeedural rules applicable to the Governmental Unit, and has nat been the subject of repeal or modification alnee the date of its adoptiort and is in full force and effeet as of the date hereof. i7. To the best of our knowledge, no event affeatiag the Governmental Unit has occUrred since the date of the Governmental Unit's loan a�plication which eitiner makes untrue ar [ncorrect in any mater[al respect as ot the date of Closing any statement ar information contained [n the Governmerital Unit's laan ap�licatian, and all of such infarmatian contained in the Go�ernmental IIn[t's iaan application, including a!1 ff�ar�cial information conta[ned therein, is true anQ correct as of the date hereof, f8. We further e�rtify that the seal impresseci upon thts certificats is the legaiiy adapted, p'roper and only offic[al seal of tt�e Governrnenta! ilnit; una that the seal � has been impressed or tmprinted upon the Governmentai Unit Note. I9. The representations and warrenties gertait�tng to ttte Goverrtmentai IIn�t . as cantained In t�is Loaa Document $nd any other dacuments it�cident to the transaciian � describ�d therein are true and correct as of the date itereof; no defauIt hes oeeurr�d wit� regard to eny of the ablig�tioas of the Goverr�mental Unit� and tto event has occurred as af the dste ttereof w�tictt wot�id �ring a�bout or constltute arty such default. . 20. We ttave rtn kr�awleage of any legislation adopted by the 1988 8essfon of ' the Florida Legislature that restricts or otherwise adversely affects the Governmental Unit's power to issue the Governmental Unit Note ar 3ts abillty to provide for the payment of the principal thereo£ and interest thereon in the manner prov[ded in the Loan Agreemer�t or the Indenture. �,Ki,-12/1D/$8-266AA-2S20 /, -32- d � 1w�+I�sri�y�}�YlY�'le.� �� �.� \s�4.Y � � ' � ' N.. [.1. . � ^ '"'x `�:'�y�'t�'-r�,i•�t��� . . . . � . e . � :. i : r:t:. _ �.'�'^' . - , � ^'� t .. ' - �R1' _ � : . . �� ° . • . ' ��� . � `�� � � �7' �' :;•x�% ` ,�: .'' ��r�"��`; ., ,'���"�'� � ,.+, ���� �;��,;. �� ; -��;�''' � .�t�,,r�, � • �,� � • -` ' , .. . . "kr . ` t � ��. �.fi.�3� � � �..� ':1��i M �� � b �i�' � D�� .���# ;, T t � ; w �� � T A� ' , ' z � �.:��,�, ,+ �z a'�i. � � �, ' � �FS��}�,��'t �: � � ;�� ' �� ' � ` ! 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' �� >j��.rt�t3 � �+ � l�}i:;3iw.�� r `�'• v � i3y�;:.,�yj�° ..�.e r,,t :..� � �`.P:;u�;;,. `?i ,s" 7 : }s:,r°� trv s . �;�.a'<�'^F ��� �� M�� ?�`4� h �. . � ..�:� t' Y' ��.1�' T,}�'rIr' y.� a.i ti .> i - :,�' � a',� f�L9.'.i' �,Y+� ;%il f �f,s�.. � ;�" -Y.� �l �'.�s' �� � . �j yi;we'�.� <C��K . a. �._ ��i-.. :y'J' . u � ' 3�'i x R•�4:t %� :� �Y i :5', � .�t„' � �,t^ �� 'i�tx', �•- .e . � c ;f.iS9rR-;•ir.�� Y�,. -' .r'''t�'- - r i �,g�' "n� • ' . ., ~a' # .S�`,. ;.� , , ' '��, ik� � . � 6 4 � � , ,, iN WITNESS WHEREOF, the below-ngmed officers of the Governmental Unit • ` . , �} . . • � he.ve hereunto set the�r respeet{ve . stgnatures as such oificers and have afiixed the ; � � ': � corpare,te seai af the Goverrir�ental Unit this dsy of , 1988. � , � � � CiTY O� CLFARWAT�E, FLORLDA ' � � Governmental Unit ' '�:e . � , � �u,. '• ;�' (SEAL) ' , Mayor ; • •� , . Attest: ' . : , ' � , .. �, � �� ; ,. : � �• . . , ,.� City Clerk . . . � . , .�� , � ;� � Ctty Manager ' .� . � ;� �� .� � , �� � � • . t , � . . ' . � ' . ':y . ' ' �. . � • � , . 3 � ��i. � �' �3' � ' �J . . .. � . & � , . , � _ - '_ �� . ' , v . . , i . � . . . i I '.i. ' � • ' }' �• • • [ . • � � . . ' , , t � �� • . , . . j �. `i s . � .. . . � 1 '_;�,`� LKL-�,2/1�/88-26fiAA-282a I�•�'� - , ' ';. ' • ' `� '� ' ` � � ' 1 � � " ' .� , '•� e' ' ` '.� , ' -33- 0 a f3 ' •l . , �w �iiw:c.��..rV` Yr •�'i,° •t t' �L . .. '-..t ; � ..t -�i`�:•r'-: y.}. .flt". . i•' _ ' Y -"�.. i=c-� :1� ;-- _ ' . ... " ' i . s:;t`-���:i;:..-,_�,.: - .k: , _ .. ' .. . . . ' � . ' -�•r._ . "S-' .. . ... . ` . . . ' ' . . . " . . . . .. � �. .,•� ,�_=r . .. ... .. . . . _ . . - .. . 5, �, .n.vc,tkr3+R.;rr �,� �t� . *F[fl�.� '�.,i1(" ?tl"� "' e .'.�a.'- :,��, ., ,�v;�.� ` �.i -'v �•,�"5:. 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'�'' '�/i: ,r' ;�'.':..- 5�",' t' _ ''L 1'� '•Yi�`.?� '.L "y.. <71 � •'S' .+zr r2.� `�' ;a- .r�, .'i`S ..t�. ,f-�:.�a : J: •'F.� j�.z . t= d ..x. �.� �a, .� �.:�� � i� ,ro �p`�` .j:: �'j .t,.'. ,.s'i �a,' i,' •:7•� . . ,3�. =t..: ��5,}s Yr.t t'a�� .�ti 'e` t�t� .i i`'� ry,�s" . %i. �,�' . . �-;� i�,. � y;,. �" ��aiJ ;�'� `� ��.�F. ._��RR1�".t°:. .��i�'s°,J' ,�� . :�.. :S'` 3' �,i�. �'p., .'a•' •�:.'. . ... . � ) ;: P.., , iC C5 .. -5^ .7''� . ' �" : .'. :;�� � �� � .t� ;;+ . � .� I..s F.�i:. ::� • ..,a •4'r, � �; • 7K ��. 'o • .i. p�.�s .; � � •.� �.C� f . i,l� L• •-�i � �. �''�. s :1�:? �'a'� `�i�. a ° � �t' . �'•5' f' `31+. . f ' �'3 � , 7,. e.i� rv i:� �'1�,4 t�4.. '1'� ':�I �i c: 3i� r�i.';,.� .'„E�� '�, ; . Si;3:' ��b�, ,"C�•.p' a;y; ,s..`:L. :r,'€.i���, i,;�:.. .. �:a•' . . 4; I i• 1,C',�:t .�c:9 �.T';:• � ii� , . . , � . � �: . . , cfi. . .�. �,a�,' , .. . r , .. . .. . �F.: , .. , . ' . " �. . ,••._�. _••r.. , � r y..... . �.-... • � ' . , � . � � � � ' i� , Y. G �l . t , � � �, �� � . � . . � •, � . �:� . . .� . � . ��Y � . � . :} . � ,. . . � , � . . .I . .s'-I � a �. . , � �� � City of Gulf Breeze Gulf Breeze, Flarida EXHISIT'D (Letterhead of Goaernmental Untt Counsel) , 1988 � Ltvermore Klein bc Lott, P.A. �acksonville, �Iorida '_ P : . Y,l. � ' ,.'d "ti '€7..Ifj;i '.('f� � ,s, -;r <'�'d,.i; r�i;. .�{..i� _���,.��" '3 . .�A':��ti '.5.��.�.. ._ .. r_. •i . .�it� :i�:?'iz:�1'h'�'j°. '.e: ��t. .ii�,�'_l�^ .41�.�R`•31�Y .�: ���1:� ��„ . t: r.;j�t .,3„ ;P . ..�?� r 1.�, r :�f.t,; y���>� �! '.�''`: :.4.i'FT�^o �.:k� .'''1.!-r � 4 , --�:' i�•. i.x' _ ^.�',> .. . AmSouth Bank N.A. /� B[rmingtiam, Alabama � � Re: 37,825,�00 I,oaa from C[ty af Gnlf Sreeze, Fiorida, Local Government oan rogram to the City of Clearwater, Florida Lad[es and Gentlemen: As counsel for the City of Ciearwater� Plarida (the "Governmental Unit'�), I am deliver3ng tl�is opinion to yau in eonnect[on with the consummation of a loan by City of ulf Bresze, Fiorida (the "Sponsor") to the Gavernme�tal Unit in the amaunt of 37 B25 OUO the "Loan"} from the proceeds oi the Sponsor's $100,4UU�040 Locai Govern- ment Loan Program Rloating Rate Demand Revenue Bands, Series 1985E {the "Borit3s"). The I,oan ts being made pursuant to a I.oan Agreement of even date herewith (the "Loen Agreement") between the Sponsor� the Governmetttal Unit, AmSouth Bank N.A. (the '"Tr�tstee"), and 3ackson C. Tuttle, City Manager (the "Administrator'") to [ndirectly iinance the Governmer�ta! Unit's cost �of the aequisition and installation of certa � qualified projects af the Governmental Un[t (the "Project"}. The Loan i evidenced by the Governtnental Unit's promi ory �ote in the principal mm�unt of 37 825 000 (the "Governmental LTnit Nate"}. � It has been represented to me that: {i) The Honds were issued pursuant to Chapter 125� Florida Statutes, as amended, Chspter 16G, �lorida StatutPs, as amended, Chapter I63, Fiorida Statutes, as arnended, Chapter 155, Part j, �lorida Statutes, as amended, and other appl[cable provis[ons of taw far the purpose of financing aad refinancing the cost of the acquisition and instailation of qualified projects in the State of Fiorida; (ii) The Sponsor intends to lend the proceec3s of the Bon�s to eligible governmen- tai units by entering [nto a loan agreement with eseh parttcipatfng governmental unit; {iIi} It is intended that sueh agre�ments, in the aggregate, will provide for the �ayment by the governmental units of amounts sufficient to pay the principal af and interest on the Bonds and other costs ineurred in connectioa with the 5ponsor's loan pool Qcagram; and (iv) The 8ands are secured by an assignment and pledge to AmSauth Bank N.A,, Blrm[ngham, Alabama, as trustee under a Trust Indenture dated as of December 1, 1985� as amended end restated as of July l, 1986, as further amended and supplemented (the "Indenturc") ai certain of the Sponsor's rights under such loan agreemants, ineluding the Loan Agreement, and by a pledge of the notes g[ven by the governmental units evidencir�g such loans, including the Goverr�mental Unit Note. 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I -l' �7'� s . .. �"i. Y '��: ° Ka!t ��' 'r.iY: . . . . . . ��E`' �:�. `i�s jj�v��"b �t� . ., �, , �'<. ?1 i,%Et ,S.s:.t'»tt 'sf� •�� ' '/?'�� `��'�. .>' sl e ..... .� � . , . . ,: . .• - . , ;. :... . ,. . � .a E.. ' - ........ . ,. . , . , . ... . .: . . ,. . . . ,. � , �„ , ...�� ..r .l ,.,.. i . . y'. � . . .. ,... , _ _ _ . . e � . � t i .� . � . .. � . . ... ''" . .. . i: . , , e . . •� ..�.. . . . . . '... . ' ___ • l.�e. _-__ �a.�..a4�r�r.--.._ ........ . . .. ..V . � . ., • . . .. _-___ -.... _ . � . . .. � .� . . '. �.. � « � : , . . . , "'-Y .• l.si .(�. � . . , . ._.._ , ' '- -- .. , . � �� „< :-,i,s �-� ,. .n . ..._...,.�....._ ... __- _ _ . r � � 4tiy� � � � . At A closing held today, the Governmental Unit has executed and delivered to t�e 5pon�or the Loart Agreemeat and the Governmental Unit Note. As caunsc! for the GovernmentA! Unit, I have examined the originals ar certified copies ot each nf the agreements and instruments referred to ebove and Ordinnnee No. duly enneted by the governing board of the Gavernmental Unit on , 1988 (collectively, the "Ordinance"). 1 ha�e nlso examined such ather docu�e�ts nnd certificutes, made sueh inquir�es of afficers and employees of the Governmentnl Unit and others and considered sueh other matters of fact and questions of law �s I deemad necessary for the purpose af giving this opinion. 8ased on the foregotag, [ am of the opinifln that: 1. The Governmental Unit is validly existing as a municipal corporation af the Stgte of Florida aad has full pawer and authority to coaduct its o�erat[ons� to adopt the Ord[nance, to enter into, execute and deltver the Loan Agreement and the Govern- mental [Fnit Note, and to perform all acts necessary to effeetuate and consummate the transactiorts contemplated thereby. 2. The Ordinat�ce has been duly enacted, and the L�an Agreement end the Gavernmental Un�t Note have been duly suthorized, executed er�d delivered by the Gavernmental Un[t and ronstitute binding and enforceable agreements af the Go�ernmen- tal Unit in�accardance with their respeetive terms (subjNCt as to enforcement of remedies to any applicable bankruptcy, reorganjzatton, insolvency, moratarium or other laws or equitable pr[nc[ples affeeting the enforcement ar ereditors' rights geaerally from time ta time in effect.} 3. Tha Governmenta! Unit is not in bresch of ar in default under any existing law, cottrt or administrative regulation, decree, order, agreement, indenture, mortgage, lease, sublease or other instrument to whieh it is a party or by which it is bound� and no event has oecurred or is continuing which, with the passage of time or the givir�g of notice, or both, would constit�te a default or an event of defauIt thereunder, except far such minor breaches, defaults or potentiak defauits or events of default, if any, which it►dividually and in the aggregate would have no material ad�erse effect on the Governmental Unit's financial condition, operatior�s or properties. ' 4. The execution and delivery of the Loan Agreement and the Governmen- tal Unit Note and comgliance with the provisions thereaf, do not and will not coniliet with or result in the hreaeh of any af the terms, cond[ttons or provisions of, or constitute a default under, the enabling legisigt[on and Charter of the Go�ernmental Unit, any existing ordinance �r resnlutian af the govecning body of the Go�ernmental t3nit, any existing 1aw� court or administrative regulation� decree, order or any agreement, indenture, lease or other instrument to which the Governmenta! Unit is a party or by which it or any of its properttes is bound. . ' ' S. All reguirements imposed by Section 163.01, Fiorida Statutes, as . � amended, as preconditions ta the effecttveness of the Loan Agreement as an interlocal agreement under such section have been met and the Loan Agreement canstttutes a v�lid, � bindlr�g and enforceable interlocal agreemeat under the provisions of sueh Sectinn. � .. � ;, , � � � t. 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J1^"i ��}:• r:4 n'X.aI`• �1 �f:.:% l,i`.:' � iA �,i ! t�, VY�+�. :f�y '.�Q .�f', ..L'. 3.'� , •}�>..� -•t� "FP-� y� ,;7. . �; "�i:^' :'a r �tr; ',C, i:':��- 'i-:� r. .�i, ( ri="°' �:e >f r�. a l:'z. .S�v �S."-� '��Gry -i' . i � a�j`� "t`,'. - �� 'f"'!� •�di�i °�i1�'���' �.1� .�.)�S. .'3 ,�•�•S"� �Y� . l S � � � 5,�.. ,�1 > � "i s � 1 .�,.; s .,�e �r.i .i� .',t. '�#5°. sr.. ..;:.. 2' " ''al-J-�'' : �'. �p, 'r: � "'i��,'.. _.L�7 i#;; :Y.:,. ':},i;> .,i �'�2'. ,.�`w;,::�'��. ,`.l, ,l`^'S.',., `+,,�y�, �.�i : �S i,'> ^-�Y� � - ,� r s. � e1 r ,��ti-.' .�� `> � �. %;a , !,. ;;'" t •e`7•• :i j6'�:'•. .'J'. - a't��'�� . tf :e4` �i• ".i :'F , ��,' l: 4°-•� 5' " 1 i: a:;' ' ��i e 9 :7 'L ' �: : � S. .'e" :'. f- �., � . t' p.:..r ��' t 11 ,'�, .s : '; :,_a . ���'.: ;;� . 1 E ,'�,: , � � _:�...,r- "n�'. `',i, ^�:' :1. t '�a>. . 5.:..: .g":;;�'. �yL' f`' :'w � . ( ' �;' y • ir �3•, ..t i. ' 1 ..1 �F•; 5" 1: i � !.. +,ttl 'L� ' 3' r E:`.''. °�,i' 'i!.sY 'S.^. �'�5 ' ' �:1'<:, �;��;:" `1�7f,`' .i � . '!l.•..S . `!.. :V�:.�.���, .4� �S. .�t't'J .�1� °A' r'.y"'� F.(:' . ��I: • '!: w�r ,•`��• �.1..�"��.._...._'1... ..,._ _ __-_5_'"' .. . . � � ...+... . ,r.,, . _ , . .., . .Ifi' . .,.v.,... _._. "Y�`.ti'. . ' ' , � � . � � � .• 6. There ls no uction, suit, proceeding, inquiry or tnYestigntion at lnw or in equity before or by any court, public baard or body pending or, to our knowiedge� threatened agai st or affecting the Governmental Uait whieh hns not been disclased in writing ta th8 onsar norr in our opinion is there any merltnrious basis therefor, contesting the due org�nizstion ofi the Governmental Un[t� or where[a an unfavorAble deris[on, ruling or finding (i) would have a materie! adverse effeet on the ffnsneial conditian of the Governmental Un�t, the operatlan by the Governmental Unit of the . Project, its i�cilitlea and its ather groperties, or an adverse effeet on the fur�etioning of the Governmental Unit or paymsnt by the Gavernmental Unit of the amounts due under the Loen Agreement in the manner and time required thereby, ar (ii) would have an adverse effec# on the �alid[ty or en�orceAbility of the Governmerttal Unit Nate or the Loan Agreement. , . ' ; ,; � ' i . . F, . � � '� 7. No finaI judgment for the payment of money t�as been rertdered agalnst the Governmentnl Unit� unless within Bd tiays from the entry thareof, (i} such judgment has been disc�targed or {iiJ the Government Unit has iaicer� ��d is diligently prnseeuti�g an appeal therefrorn� ar from the order, deeres ar praeess, ugon which or Qursuant to which such judgment was granted ar entered, and has cat�se� the executlon or levy �nder s�eh judgment, orderr deereee or proeess or the enforcement thereot to be stayed pending the determination af sueh a��ea1, or {Ifi? the Gvvernmeatal Unit hes provSded For the payment ar securing of such judgment in a manner satisfactory to th gonsor.. 8. The Pledged Revenues descr[bed in the Laan Agreement ha�e nat been pledg�d in whole ar €t� psrt, dlrectly or inditectly, for the beneflt of any obl{gatior�s pravlously �ssued by the Governmental Un[t and are not subjeet to ar�y other encumbranee� other than �s described in the Loan AgreemenY and in the Authoriztng Ordinance. 9. We have no knawledge of any legisiation ad�opted by the 1988 Session of the Plorida Legtslature that re�` ricts ar otherwis� adversely affects the Governmental Unit's power to issue the Governmental Unit Nate or its ability to pravide far the psyment of the principal thereof and [nterest thereon in the manner provided [n the I,oan Agr�ement and the indenture. LK�-12/iD/88-268AA-2820 Very truly yours, M. A. Galbraith, Jr. C[t Attort�e -3 B- � � �� � l�� :' � e- y �*��}��•t ,'ira�l ..i �.,s:t �1�,i' `t ��: � i9 �i. °;or` rf.�.. .tee ::§ .f: ��,:, '� . ���:rh,,.°ti' � .ru� ;3�F ��; :i n. ..i`��r 3 �Fy ��.8° �r'i� C��.'i�d•, dxe 'si �' r ;r. ..3 �'r '•.z,x : I`.-• %.3: t � �' Fi i �>' ..4�. :,;,, Eidq'.: ..h• �v{ 1 i. t+ :1 7 j•�. �;ir" .•C. �i ry' „�. �e i +� i��Ce r `, s` � •.4:�`1',�'�'#� �� ;i _ , �:� r �.. �: i,.'�'� <: zj',�` f� ;4� tt�..` :�.':: .'�s?ii�&i:.� -.r::.trs-.w:.�� � � _. _ ti1. ��s��.u.',��'1.y� �.. . , . f . ,;�.�.���"r.r�-'�:_:' _ . , "" - � '�:t ^ �': ��'' . - , . �t,.�. ' . ' . ' . � ' ". .... _;i'- _ ,�-r... , . ' ' . �.i.,o.. ..- . .�r.'• Y . . . ' . . _ � � i, , ' . �i� . . P�:�srr� . �• '' pt��,�t �� �st�..�v p c vr1'�-ia`�. , �.3�,(::,o�c:c:r3 -• "� 3`1` �:.s1D��� � ;,� . . , . , , .. > � f , . . , .� �'. � . �. . -� , _. ,. ;. � � � . � � � K�&C $�,ciC}C—�? � :�x3►t �Z�iS�88 - ; ;; 1'f'";� . •�+ Y� �. ��{�� y�y��,� 4�� � Cl r3 � � d����� ` $ �t1!�P��LI. THE CITY O�' CLEA.RWATER; FLORIDA AND THE OAKS OE' CI�EARWATER, INC . �n CIT.�DEL i�SOk'i'GAGE COMPANY ?�ND AmSOC1TH BFINK , N . A . , as �rustee S�COI,fL�ARY %OAN AGREEME�1� � �.. � D.,tied as of December i, 198�3 ,� . . � r: �� ���' � . ' '1'Ixe iY.te�:es� of the City of Clea�water, r�lori.da in t1�.is ' •..',,�;�" � .� ,a�on��s�i�a�i� Loari Agreeme�at has been assigned (except Ear righ�s �..- . . t� in3emriiticata.on, ac��oui��s payab�.� under Sec�i.�n 9, � 1 h4�eo�' e �'�- �} .� ,, �ad all sigl��s to receive notice provi�Ir1 he�ezn) hereunder �. � -� . ' �ca Amaoutlz l3ank, N.A., and is su}aj�ct to thF"��cu7:it.�� .� . .. lnterESt af AmSotith �3ank, N.A. , as trust��� � - .->> . . . . � . ' . y ' r . . ' ` . . .� ' � ' � • � .. ' � •� , , ' � , • i 1 ,'�,'�;� . ' ' _ }, t,i � ' i � �; � . ; �' � .i'' ` : �, , � � � ., „ ° , y ; . • ,r , �XHYB�T C � 4 : �= -'� ��. �. �.-•::�,.:��,�;i � . :�. rr�..r .iN� . . , - . ^--������5��'7rt��',_. .s.,�%!_ ��, o ' . , • " . . �..,-.+�- , f �. c�� � �'.w'• •,; .` , � . . . � .. .. . � , ' •� _....— "�.:� .•�.. , ' _ . , ' . _ F ..—�4_...•...�.�—?:�. .. . � :• _ _.�.ti ...__. _____• , �- � . . •,. u v TASLE OF CONTEN�S � (Thi.s Table ot Contents is not a par� of the Agre�ment and is only�tor convenien�e o£ seference.) � PARTxES ...�......,....�,....,.,....�......�..�,...�.�. � RECITALS �..�.....,.�...����.,,,....�...�..���..�.,�.�. ARTiCE�E I �., , . .,�' � �..: . �. � .i , ' ' , � .� � � .. 3 , . � _ :� • . . �� � F , :; I, , '� -.; ' . ..t: ., :� .' ' `; :- . � ` � . . i ,. . .. � � .. . .l ';. � , � �� ;i•.�, � ' ' ' i: �:s i. , ;;� .. ;; , � DEFINITIONS...,.,.....���,......,.�.�,�........�..�.., ARTICLE II TNTENTIONS OF PARi'IES; CONCURRENT TRANSACTIONS; AGREEMENT FOR THE BEI�IEFIT 0�' �ARTIES AND BONDOWNERS; COMPLIANCE WITH INDENTURE Section 2.1, Intentions of the Parties .............. Section 2,2. Cancurren� Transactions ................ Section 2.3, Agreemen� fos the Benefi� af Par�ies and Sondowness .. . ................... S�ctian 2.4. Righ�s a£ Cit�y and Trus�ee pursuar�t to GNMA Security ....................... ARTiCLE IEI � REPRES�NTATIONS, COVENANTS AND WARRANTIES Seatian 3.�1. Repres�ntations, Covenants and • Warranties of City .,..,,,,,, ,,.,,.,.. Section 3,2. R�presentatians, Covenants and� Warranties of Carporation ............... Section 3,3. ' Represen�ations, Covenants and Warran�ies o� Lead�r .. ............... Sec�ion 3.�. Represen�a�ions, Covenants and Warran�ies o£ the Trustee .............. 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'��e i.�yq; �.t,'�' F, � .1 i: "` ��»2. f::� j:: '.t.:t�}'% Js•F�: ;.:�-�ft:` °'.���, i`�`;` i.r°,•„.� � �,.�.f��:.ar..�6:1i�� �'.P � wiMi1NY41�R11irN�Y`ni�li iii:n.�� "r:��r= :�4� �� Section 4.2. Disbursement o� 5econdar Loan; Deposit of Monevs; Secux ty nterest in Undisbursed Proceeds . ..,.,,,.�....,.,. Seation 4.3. Regayment of Secondaxy�Loan ......,,.... Section 4,4. Payments by Lendex ..................... Sec�ion 4.5. Assuranaes ............................. 5ec�ion 4,6. Pledge o� Rights , ... ............. Sec�ion 4,7, Delivery of the GNMA Securi�y ..,,.,,.. Sec�ion 4.8. Acqvisi.tion vt the GNi+iA Secu�ity ...,... 5ecti.on �4.9. Mortgage Laan to Corporation .......,.., Section 4.10. �b�igation of Corpazation to Make Payments .. ............................ Sec�ion 4.11. De£ault by Corporation under Mortgage Note, Martgage az �'HA Regulatory Agreement , ....:..... . .,..,,...,. 5ec�ian 4.�2, Bene£it of�Bandholders and�Enhancement Provicier; Compliance with Trust Indenture .. ..,,.... .............. Sec�ion 4.13. Assignment of�City's Rights ...,........ Sec�ion 4,1�4, �stabJ.ishmen� o£ GNMA Expense Fund .,... 5ect�on 4.15, Establishment of Ne ativ ' ra e Fund ................................... ARTICLE V ADDiTIONAL COVENANTS AND AGRE�MENTS Sec�ion 5.i. Inspec�ians „ ., ................... Sec�ion 5,2. Repor�s and Tnforma�ian ................ Sectian 5,3. Immunity of Spansor .................... Sec�i,on 5,g. Compliance With Laws ................... SectS.an 5.5. Assignment .. ......................... Section 5,6. Maztgage Loan�Doauments ................ Section 5.7. Warranty of Truth ............. �... ..�., ARTiCLE VT EVENTS OE' D�FAULT AND REMEDIES Sec�ion 6.1, Even� a£ Default ......�,,,,,,,,,,,,,,,,, Sec�ion b.2. Acceleratian .,. .. ....,,... ..... Section 6.3. Payment af Secondarv�F�aan on D�faul�; Suit There£or .......................... Sec�ion 5.q. Other Remedies ,....... , ..,,.., .�. � ..�.� 8eatiaa 6.5. CumulaCive Rights ..... . .,.,. , , ... � .�,. � Section 6.6, Discontinuance of Proceedings ...,,,.,,, Section f,,7, Notice of Default ...................... i` r. � -ii- 19 19 22 22 xz 22 22 23 24 24 24 25 25 25 25 25 2G 27 27 27 28 26 29 30 31 32 32 33 .. -~�^'s�+�.:�-��:�-:.��"--.-»--�<<;T, . ' W�::°:�<;�;�, �w'=' � . ' . . ': ^r. _ ._.�'�, '�_.,-�=�:^: �t: ": " - . .. ,,,,.,M�. . � .' F "'Y±;'.R.»e�`f�x"tiL�l7+.��t�ti�`.�lx'iiA'�✓}�1�"1.�ir14Y�n�i�v. A4rr�.: y.hyS,. _ _ I � : ..t . . ...� `� ���� . . .l'.�7;� !`n ��'SJ7'I^'f ..�.14vxy.. "t"f'_iY�`,�` � �. j,. � '• .� , iYF�.�,::'s�.)Say.R•�-�1�.."J:r� N'F. .��: :: • , .. . ' ' " ' ' � . . � � ' . {� . + �'v%s,"r2 �-ns;l4-"i�!iY�'n!';�>: �t'°':��. n».�•,r��:<�..:y�.r..e • �., �,� r.;wr.•...�.i:w ;�..s. "t.r.. ,s. . +te .. 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'� 1 � ' , � 61 "J � ARTICL� VzI AIGHT TO T�RM�NATE � Sea�ian 7.i,. Frepayment o� GNMA Security ,..,.,.,.��. Sec�ion 7.2. Optiona�. Prepaymen� .................... 6ec�ian 7.�. Manda�o�y Prepayment ................... 5ect�.on 7.4. Px�payrnents .....................�.,..,� ARTICi�E VIII CONVEYANCE OF THE PROJECT Secti.on 8.1. Conveyance a£ �he ProjecC .......:....... 5ection 8.2, Manner of Conveyan�e ..,.........••,.�,., Sectzon 8.3. Escrow2d Deed .......................�... ARTTCI,E IX MISCELLANEOUS Sec�ion 9.i, Natice .,,. .....� .......... .........: Sec�ian 9.2. ,Cancerning 5ucc2ssors and Assigns ,.,.., Sec��,on 9.3. Governing Law ................�.......,.. See�zon 9.4. Amendmen�s ..... ... ....... ......... Sec�z�n 9.5. Further Assurances and�Co�r�ctive Instrurnents ............................ Section 9.6� Captions .............................. Sectian 9.7. 5ev�sability ........................... Sectian 9,8. Counterparts ,... ............. ..., Section 9.9. E�fecti�e bate and�Term ................ Section 9.10. City's Liability ....................... 5ection 9.11. Indemna.tx ........ .......,..,..�....,.. Sea�ion 9.12. Exculpatory Pzavisian .................. Sec�ion 9,13. No Personal Recaurse ................... Secxion 9,14. Con£Iicting Provisi.or�s . , . .,..... Sec��.on 9.15. Na�a,ce of Expectatzon o£ �bligation to Make Certain Payments ...............:.. • , . TE�TFMONIUM ...................................:....... SIGNATURES AND 5EAL8 ..� ................�.....�.,...... E?�iIHIT A---DescripCion o£ PrajeCt ..................... EXHIBFT S---Secondary Loan Not� ......................•. ! -iii- Paqe 33 33 33 34 3 �4 35 35 35 36 37 37 37 37 37 37 38 38 38 40 41 41 �x 41 r 4 ]. A--1 H--1 . ' . .' . �sa-. o;w,n..«a,ss,�..,.:..,..wH.�-G«R.s�:.�,.,.,:.:tt.'°svR::s.i. , yf:-.�.� . . .. . .... ..... xs �.�...,. �..-....'_... _����.�. . _ , ' � "s . . � . e . . .. T�+-,�s""�—..�r' ]'�-.x.:uf��n;�'�-�" 5 . . ' , � ��• +Ix..Yl�s . L �Y� W ' " . 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H'4 f " � � ' . ��G* :C '':Z�:� � . .'r'� S '; t; ,` �'x': > .�i �.�f • � � F , ' i.'�' '� . �;' ,'s. . T•y = . Y'�' wK � s�• •!r, :i ` " r� .�i '`i . _1' eV��'`. .5��.�i cy.'\ �,Y ; . - i`,' . . ). Ifi. �I."::�" Y �;5�: L���� 1�` :� � � �.' .. . .., . . n . � 1 , i � . �.� ....� ,�... .� �. . .: ......� . � . . . ' .. .. �. .. . .. . , . � ., , a .„.. . ., ....�..' . . . . . �. ,'. ' . . „ . ..,.,.. . . . � ... .,�.... �.._. , . . , , . E A�IIMYIM�� ._..... ...�-"'� -� .: � s . . -. : � . � . . _ .r>r..i.... �.es. ���i ' ' ..i..+�++�.�� _ < � � � ' ♦ ' . � . . . .. . .._ ...___' +w+--.a.-..Ir�.^..x.+,vi�-...\.-__ ':.i..'.", . � '... ' . .�.�' • ��.'� *Ir� ����n���w�W��� [�.s.� .. . ' r . . . .. '_. �. .. . �" ° .L �' � � � TFiIS SECQNAARY LOAN AGREEMENT is dated as o£ Decembex 1, 1988 and is mad� by and among TiiE OAKS OF CLEARWAT�R. TNC. (the "Corpa�ation"), a Flozida nonpto�it corporation, CITADEL MORTGAG� COMPANY (the "Lender"), a Texas corpora�ion, THE CETY QF CLEARWATER, FLQRIDA (�he-"City"), a political subdi.vision duly arganized and existing under and pursuant to the laws and.Constitutien of th� Sta�e of Florzda, and AmSOUTH HANK, N,A. (the "Trustee"), a nat;ional banking association, as successor trus�ee to Sun aank, National Association, under a Trus� Inden�ure dated as of December 1, 1985, as amended and resta�ed thereafter {the "Endenture"j, between th� Trustee and the City o� Gulf Hr�eze, Florida. RECITALS l.. Th� City of Gulf Breeze, a municipa� corporatiion of the State o£ Florida, as issuer o£ th� Honds, hereinaf�er re£erred to as the "Sponsar," is autharized to exercise tihose powe�s canf�rred by Chapters 166 and 163, Florida S�a�u�es, as amended. ' 2. The 5ponsor has issued �10a,000,aoo aggregate principal amount of its Local Gavern.�ent Loan Program ,. Floating Rate Demand Revenue Bonds, Series 1985E (the � "Series � Honds") �he prace�ds o� which are to 1oe used for �he purpose o£ financing and retinancing tihe cost of the �. acquisi�ian and i.nstall.ation by "Governmental Units," as ' deEined in the indenture, ot qualified Prajects as described herein (the "Program"). The Series E_Hands are isstted under and are secured by the Inden�ure. Excep� as otherwise �- p�ovi,ded herein, a11 capitalized �erms used herein which are defined in the indenture shall have �he meanings se� far�h in the Indenture. �, 3. Pursuan� �a the Inden�u�e, the Spansar has caused the net praceeds of �he 5eries E Bonds to be deposited wa.th the Trustee, �o be used to make loans to Governmental Units �or tihe financing or re�i.nancing o£ qua�ified Projects. Th� ,. City, as a Governmental Una.t, has obtain�d a Loan in,the . amaun� of �37.825,oUO £rom the Sponsor pursuant to a Loan • Agreemen� dated as of December 1, 1988. The Loan has been � deemed made hy the deposit by the Sponsor ot �he proceeds of , �he Loan with the Trustee into a Project Loan Fund, to be �. � used to purchase the GI3MA Securi�y (as defined be�ow), .' thereb rovidin � n for a Mor� a e Loan (as defined e ow o e_made tc� the Corpora�ion, ac�anQ on ehal.f o£ the � .;� . _ ' ' . i . • nance �he �cQUis con re aCe � v n facili i s and related nursinQ hame aci ��es (th,� "Pz�ect" . In cansideration �or such aep�chase ar�d loan, the Corporation, ac�ing on behalf of the Czty with re�pe�` c- t"�o the Project, agrees in this Sec.Qndary Loan Agreement to pay certiain amoun�s to the Ci�y. _ -, - � :`� c'�� � i °.w., . , s -'-;'���"'�•�P�: .,_ ' . �.� -�: � � � � ,.. . r `�,� � ... . . .,...x•, ..,-.. ..4...�.�.. i F• . . , � ' . � ^ ' . . . r';' � . . . . . . , - , ,;vj ii.� ' ., � , . . ' . 1'• '�° �1 �;. � . .':�i' ..�.� . ,F:- . � : �k}Fk � l� s� x' :4 ' �;. �. . } - ti;l•: ,i� ti. 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In connecCion wi�h the makzng af the �aan, an aggrega�e pxincipa� amount of $37,8�5,OU0 of the Series E �artds w�.11. be xemarke�ed (�he "Sonds" ) at a f ixed interes� t�;"� ra�e . ;;; 5, Under the Indenture, th� 5ponsor has piedged, tar �he security and repayment of the Sonds; inter alia, �he !``¢� • amoun�s ta be received ia repaymerit of the Loan and the �'��' SeCOndazy Loan, in �he manner set farth in the �ndenture. ry s; 4� � : §`� , _ ,: . �: , . � � �, .,, ,. . � , �,�� � 6. �o secure �he payment af the p�incipa� oE and interest on the �onds, �he Sponsor is requ�.red, pursuant to the Indenture. �o deliver to the Trus�ee a Credi.� Facili�y (as de:Eined in the Tndenture) (the "C�cedi� Faci3.ity"} puzsuant to whzch �unds wa.1l be made available £or �he ti.me3.y payment o£ Che pzincipal and interest on �he Bonds. � ']. The Administra�ar has approved the Loan and the 5econdary Lvan evidenced by this SeCandary T�aan Agteement �or the puzpose o£ indixec�ly �znancing and refinancing the a�i.git�al aost a� aCquisition, construction and i.nstal�atzon Q� the Pxoject.,�as identx€ied an Eachibit "A" attached hereto^ thraugh the acquisiti.on by th� Trvstae a� �Y�e GNMA Security tas detined below). 8. As evid�nc� of �he Secondary Loan made pursuan� to this Agreemen�. �he CarpQratiQn wiZl execute and deliver a na�e in �iie p�incigal amounti a£ �he 8econdary Laan (�he "Note"?, �he £arm of which is at�ached here�o as �xhibi� B. To secure �he paymen� by the Cotporati.on o£ �he Note, inc�uding �he amounts due pursuant to Sec�i.on �.3 hereo£, the Corporation has cause�d a Loca7. Credit Enhancement ta be delivered to the Trustee, namely a fully-modi£i,ed . mortgage--backed security {th� "GNMA Securzty") 5uarante�d as tv timeiy paym�nt of the principal and interest by �he Government Na�ianai Mortgage Assaciatian {"GNMA"). 9. The Tzus�ee will us� the praceeds af �he Loan to acquire Che GNMA Securi�y fzom �he Lender, and the Lender will use �he pxo�eeds �o £inance �he Mor�gage I.aan (as defined below) to �he Coxpora�ion, which Mortgage Loan wi]]. be used in cann�cti.on wa.t�h tha acquzs�tion and construc�ion o£ �he Pra�eat. 10. �he Corporatior� wili. acquire and construc� the Pro�ect witih the proceeds o� a Martigage Loan from zhe Lender, which Mortgage Loan ��+ill be secured by a de�d of trusC (the "Mortgage") on the Projec� and evidenced by a rela�ed deed a£ trus� no�e {�he "Mortgage No�e"). 2132G --2r - �.:.�ry;� � -�-,.�_ :�:�� . .. ' . � . � - � � �' .� : ~� K1"�"'�'�"' �.,""�� �:� . � • • - . • .. : `�, . � ' . . 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'4��. _ ' . . . .`(� °,t'� ..-'---._--..�_... . . . .. . . . . .� ..._...._J.....,... -- .. . . ...�rs•� Q � NOW, THEREFORE, for and in considexation oE the p�em�ses and �he mu�uaX covenants hereinafter contained, �he parties hereto agree as Eol�aws: ARTICLE I DEF INi'�IONS All wards and phrases defined in Article I o� the ." Indenture shall have the same meanings in �his Secon Loan Ag�eer�ent. In addi�ian, the following words and phrases ; sha�], have �he follnwing meani.ngs in �his Secondarv Loan . AgreemQnt. � , "Affiliate" means any organization shari.ng common management and contir�l. � n . "�ond Counsei" means any at�orney at law o� firm af a���rneys ot na�iona�ly recagni'zed s�anding in ma��ers per�aining to the fedexa� tax excludabi.lity a� in�ezest on bonds a.ssued by stia�es and poiitica� subdivisions and duiy admitted to prac�ice law before �he highest c�uxt of any state ot the Uni�ed States a� Ame�ica. "Code" means the In�ernal Revenu� Cade af 1954, as amended, and as in efEecti ar►d�applicable to the Honds as o£ the da�e o� their issuance and with respect to a specific secCion thereof such reference shall be deemed to include the reguiata,ans pramulgated under such section. "Commitment" means the carnmitmen� o£ the Administzator �n make the 5ec�on�dwary. �oan. "Cos�" or "Costs" in connection with the acquisition and/or canstructzon o£ the Prajec�� means any cast incurred or estima�ed ta be incurred by �he Gavernmental Unit which is reasonable and necessary for carrying out all works and� under�akings in providing and canstructing or acquirinq such Projec� �ar the Governrnen�al Unit, i.nc�uding the cons�ruction o� �he Pzoject, the cos� a£ necessary studies, surveys, p�.ans and speaifications, architectural, engineering, lega� oz o�her special services, including the fees and expenses o� bond counsei, development, construction and reconstructian necessary or use£ul in connection with �he construction of the Project, �he reasonable cos� of �inanCing incurred by Che Governmen�al Unit or the Sponsor in connectian with the execution o£ the L,oan Agreemen�, ar in the course o£ the acquisi�ion and/or construction of the Project, including reimbursement ta tY:e �ldministrato� �ar its out-�oE-pocket expenses and inci�tdi�g capitalized interest on the Loan and ,i�, � 2132G • �; ' --3 -- ,.r `.:£..'.'�`. .I'Fy • !!� ,'j•y - r.1�'. .,i�! �,It.. r: : t i; � ; �i1i � i:'•�'„^ .t;r.i�l : .�` i r: ..S�..l` it i� �� _:, h.�}„'4' '.t:� .? � :f� ��. 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"Default" and "Event aE Default" mean, wi�h respect to any De£ault or Event o�' De£aul� under this Secondazy Laan Agreement, any occurrence o� event specified and defined by Sect�.an fi.l hereaf. `�s "FHA" means the Federal Housing Administratzon a€ HUD or any SUCCLSSQC enti.�y and any au�ho�ized representatives or agents thereo£, i.ncludi.ng �he Secretary a£ �iUD, the Federal Housing Cnmmissioner and their representatxves or agen�s. ' � "FHA Coinsurance" means the coinsurance of �he Martqag� Loan by FHA under Sectian 223(f) pursuaat to Sec�ion 244 of �he National Hausing AcC and th� applicable segulati�ns pramulgated thereunder, provided pursuant ta the FHA Cammitment, "FFiA Cammitment" means the Firm C�mma.tmenc ior FHA Coinsurance of the Mor�gaqe Loan da�ed , 3.988 issued i�y the Lender, �ogether wi�h any amendments ar supplements thereta, concerning �he insurance o� permanent financing for the Praject. "FHA Regula�ory Agreemen�" means the FHA Regula�ory • Agreement ta be entered inta between the Lender and �he Coxparation. "GNMA" means the Government National Mar�gage Associatiion, a body corporate organized and exis�ing under ,. the laws of the United S�ates within HUD or any successor entity and any au�horized repres�nta�ives ar aqents thereo�, including the Secretary a£ HUD and his or her representa�ives ' ' or agents. � . "GNMA Commi�ment" means �he Commitment to Guaran�y Mor�gag'�-Backed Securities issued to the Lender by GNMA �.n the amount af $ , which GNMA Commitment wi11 includ� GNMA's obligation ta guarantee the GNMA Securitiy. "c3NMA Expense Fund" means the fund by �ha� name estabZished pursuan� �a Section 4.16 hereo£. :. "GNMA Guaranty ngreement" means �he Guaranty Agreemen� to be entered in�o betaeen Che Lender and GNMA, proti•iding Ear � the issuance by the :.er,der of. and �he guaranty by GNMA o£ . the �imely payment o.° the principal o� and interest on, the �. 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'oi.. �'�, t• : y ':oe•�' �;l.E���;.,;� i . }: .�� :1:: ;�.,' � : i`r. . k'd' . r• : s s: • `�FF 't'. ,l{.1� � .r "., ��: . �11• .'x:; i i'• , �',�.µs - . •r ' .t ': :.t;.:= t. � ; ,i" : '�,� � �7'� ° it �'k�r :.��� ) ., ,,,. , t �`i �i' :.�is �'b., "t�, E' .i - - Y+Yrw.�w'..r�rw�w.�..........�r.r= ` __- �{ �i : �A� ___ - _ °'�t:� $�, _ �__ - _' -_ .._....,.... �.�v��� °�% �yy ___ ........:,a:. "�. •.a , `.� tc '.•, f711�Yillli� � ,`e.e.' � ::z, t oe'1 �:.���7! . �.�i..�rri+i�rr� ' 7.?:.�e.":�v`-'_i'..,"v.t .i - � � �; . r' • ' � `=J t.,=� "GNMA Guide" means the GNMA Mor�gage--Backed Secuzities Guide. "GNMA Security" means �he fully modified, pass--�hrough, type one project ioan certificate issued by the Lender, in cannec�ion wi�h tihe acquisition o� xhe Project, in accordance with the p�ovzsions of Sec�ion 30b(g) o� �he Natianal Housing Act, the principal a£ and in�erest on which is gua�anteed as to timely payment by GNMA, beating interest a� the rate, maturing and having redemption provisions as seC forth in this Secondary Loan Agreement. "FiUD" means �he Department af Housing and Urban Development or the Secre�ary oE Housing and Urban Deve].opment � of the United SCa�es or �he au�horized representative oE such Secretary. � "Last Date faC Acquisitiion" means the las� date on which �� the Trustee may purchase �he GNMA Securi.ty, which date shal]. be February , 1989. "Lender" means Cita � rt a e Com any, a Texas �f corpora ion, an any successors and ass�. ns. � "Loan Agreement" means the agreement b�tween �he Tzustee, �'acksan C. Tuttle, city manager acting as Administrator for the Sponsor, and �he City, dated Decemher i, 1988, to gran� a loan in �he amount a€ $37,825,000 trom �he Sponsor �o �he Ci�y. A "Mor�gage" means �hat cer�ain deed of tirus� an3 security agreemen� fram the Corpora�ion to the deed of �rust trustee named �herein g�anting the Lender a deed of �rus� lien on and a securi�y interest in the Project and securit�g the repaymen� Qf �he Mortgage �,oan. . �� "Martgage Laan" means the FHA Coinsured deed o£ tsust � laan to the Corporation from the Lender evidenced by the � Mor�gage Note and secured by the Mortgage, which Mortgage , '� � Loan is eligible tio back tihe GNMA Security, the proc��ds of `� which shall be'used �o pravide permanent �inancing of the '� �� � acquisition af the Projec�. . r,� . , � � , ,i �. . , "Mortgage I�oan Documents" means �he Mo�tgage, the Mar�gage Note and alI other documents executed in connection wi�h o� pertaining to the permanent financing of the Project by the Lender. 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I:t« � :'r �. . t '4 : � . .l .�i �� :¢' ,s :r.'. . <.`.: F., "`Y� .1�+ � i ..1. �,1,-• r . �\. •.I' '{'�' . %�F', 'Cr' :'.-" • � �I�,y •'} r �"i:,� !�ri� ^�1:' ..�', fr.,. .1r�.:., �.�„�': .�.�. J : : �•�� �� �,.( .F:� . �. : E .,� ' t-:��i f "i.� ':ti':�' �f',y �Y y n' �1 .: j';" `1.' � '.)�. . � ♦ i .'i}� �i' [: ;'�"° ,8��'�•� _ � .14' .,C i` �'1� HY�� `��• e� i � ¢ ,. 4 '.i.':7�t ;.•,-. '+',; e'f:: .'� �! �i• F .,k,f . i :�.' 4 ;�.,, . "3 � ' j�. , y �:_� ", 'r: � t i . J° ^ .'.. � - r �'c� ��T'. q� r : ' r r�' �: ,a� . �.� - -;� � 'I , i�. �:.�t.L' =�1. 7i! •�i• . .�sp '�,�:^ . .�i s : 'r� i. ..�•, r}� ^ .'�, s, t.i t F", - ;�'�� :t. . :a. . �r`� � . °�� �r'� . . . "c'" ��' -- ---.. _ .._� . .... ..... .. . .. . , ._.�....��,. .Y -- _., .. .�... . . .r.E,.c..a � 0 � � "National Housing Act" means �he National Housi.ng Act of 1934�, as amended. "Pledged Revenues" shall mean all payments recezved by the City pursuant �o �hi.s SPCOndary Loan Agreement securing repaymen� of the T�oan and the Gavernmental Unit �toGe from the Czty to the Trustee. A "Praject Loan Fund" means �he �und by that name " established pursuant to the Endentur�, the maneys an deposit in which wi12 be used to puzchase the GNMA Securi.ty. "Pro Rata Share" shal]. mean the percentage derived by � d�.viding the outs�anding principal amount of the City's Loan ` hy the sum of (1} �he pri.ncipal amour.� o£ all loans outstanding plus (2) the amoun�s on depasit in the Frojec� Loan Fund, �,� � . � ... ��. , '�� . . . . , .. � "Recycled Bond Proceeds" sha11 mean psoceeds used �o make Loans from �he Loan Repaymen� Accaunt under the Indenture. "Reserve Payment" shali mean, for any periad o£ ca�culation: {�) the Corpora�ion's Pro Rata 5ha�e oi the , annual fees and expenses af �he Trustee, the Bond Registrar and �he Paying Agent in connectian with the Bonds, and not a��ributable ta the de�ault o�' any other Governmental Unit; tb) the Corporation's Pro Rata Share of Non-Asset Honds; and (c) fees af the Remarke�ing Agent incurred in connection with the �emark�ting oE Bonds described in Section o� the Loan Agreement. The amount of such fees and e�enses tha� � the Corparation shall be obiiga�ed to pay shail, pursuan� �a Section of �he Indenture, be refluced proportiona�ely by the amoun� of investment earnings received an the £unds held under the Indenture that are available �a pay such :Eees and expenses �. Fallowing an eventi giving zzse to the Corparation's abliga�ion to pay the Reserve Pa�+ment, the Fiaancial Advisor, an beha�.£ o� the Sponsor, sha7.1 determi.ne not less o�ten than each January 1'and July � the estimated Reserve Payments, if any, �nd shall notify the Trustee and the Adminis�raCor of such determina�ion. The Adrninistrator shall.aompu�e the amount of �he Reserve Payment due with respec� to the preceding six-month period and shall no�i£y the mrustee and the Corporation o� such amoun�, which shall be due and payable by the Corparation within thir�y (3b) days ot receipt �of such notice, 2132G i Q� 0 . . Y", ��a.,�'f �,yR'�s � 1t � .: � _. .. �... � . r^�.Tt��'�aw+���is1 ',.1N . . .. . _ . . • . . � � . `^.�f.T�,���-� _ ; ; � . � ' . ' , r � i • _ �:�` Y "�..I,= .. . .._ • � .. � . I �.r .. •.li` . w; • - .. . . ' . � ' � . ._ ._.. •.r�. .. . . , . . � >!- +#:;�"z.".r. »-1;tr .Na.'r.".,vl;.,, � .y.:2°5�..`�s�;;.n.�.e�•a.,t,. v�"; .. . 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'i` '�4. a�~ ."�'. a; i�`'�s` .4 . ,-.`S : i�[�`�i"..s' j'. � �„ y t�' .n ".t- ,i' i.- . v. r r. �r •�� .t. `.ii>, t;Y? .'r' .i"':::`-� .r�. �rh�.� { �.! � ':i:.�:: r �b� ¢ 't • i' r r.. �i5 . � ",s� a .3 `i: S°' .f �i. .'y� r _ i,�L� ;%zi�. �d i� '.'Pw . •�i� R �tln '1: '}'•�•w *��1 l � •ri, ••�y..�. . i'� t.:". } 1'7, .'t �, i L � '.f•"'�1'.� .+} l � ,:I,t��� . t il 'S. , icr �'.� ,'�s�.� g .. J.7' d�:'.. ��4"� i s xy��:. -.,, sR ' ..';� a1• '.'r. . � t" . �1��� `i' i.S:� ...� . �.. . , . , `a a .R.d�. . . . . . . . . r �:�. ' .�o . _ . __.. . , __ .. . _ � . _. �_. . . . . ...__._. �_ - --- - .LL..�.. _ ... ._._,. ... . . �o-�:<'�...,c�.a�4s:.4�a::_.._d.,....w.. }: �.' � � � ' � ' - "Secondary Laan Agzeemen�" means this Seconda�y Loan Agreement, by and among the Czty, �he Trustee, the Lende� and the Cor�ara�i.on dated as of December I, 1988, and a�l ' a�neridments and supplements here�o. .I "Stia�e" means �he State of Florida. "�rustee" means AmSouth Bank, N.A,, and an and assi ns. ARTiCLE XI INT�NTiONS OF PARTIES; CONCURRENT TRANSACTIONS; AGREEMENT FOR THE BENEFIT OF PARTIES AND BONDOWNERS; COMFLIANC� WITH INDEN�URE Sec�zan 2.1. Inten�i�ns of the Parties. Th� parties hereto sha7.1 use their bes� e�forts to finance the acquisition af the Projec� in accordance with the terms herein. The proceeds oE �he Secandary Loan shall be applied, pursuant to the provisions of this Secondary Loan Agreement, to acquxre the GNMA Security back�d by tihe Mor�gage Loan ta pro�i.de permanen� financing o� the cos�s of �he acquisition and canstruction of �he Project and �a pay cer�ain costs incidental there�o. The Lender shaZl apply the Corporatzon's payments an �he Mo�tgage Note to paymen�s due undez the GNMA Securi�y. The principal oE and in�erest on the GNMA Security wiil be guaran�eed as to timely payment by GNMA pursuant to �he GNMA Guaranty Agreement be�ween the Lender aad GNMA, in accordance with Section 306(g) o£ the National Housing Act. .; Section 2.2, Concurren� Z'ransactions. The Corpora�ion represents that it has deliveXed to the Lender, on behal£ of � the City, the Mortgage Nr��e in the original principal amount of $37,825,000, which Mortgage Note is secured by the Mortgage, The FHA is tq pzovzde FHA Coinsurance £ar the ` Mortgage Natie, pursuan� to the FHA Commitimen�. � F 'i � , ,I . , Sec�ion 2,3, A reement Eor the Hene£it o£ Parties and Handowners, All covenants and agreemen�s on the part of the Carparat�on, the Lender, the Trus�ee and the City, as se� f�rth in this Secondary Loan Agreemen�, are hereby declared to be £or the benef it of the par�ies heseto^and of �he own.e�s fsom time to time of �he Bonds. � The Trustee, in i�s name or in the name oE the City, may, For and on behalf af the owners aE the Sonds, �r►farce � ,.a�.l righ�s a£ �he City and all obligations af the Corporation .„ and �he Lendez under and pursuant to �his Secondary Loan ,, Ag�eement, whether ar not the Ciry has puzsued or a��emp�ed ` ` � ,: . � 2132a ,. � , -7- ,. wr::y�;��'4:�'-. .. �� ••,c..-.-_ ' " :�.c�n „�'` ir-�''�% ' . � �. - �=�' . ., .. . . it'^ .r:°^•..��Grr,+.; r . 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T'. , �'i � i,. r .. . . ,- . .. ..��t/.. � , �.. ..,. . . ,7'^``� . .._...____... ...:�°..-iP. .� , �.,;':'`......a:.�::.i?� � . � to enforce any of such rights and obliga�ians. Tn order �o effectuate the intentions of the parties hereto, the Trustee promptly will enforce a}.1 rights and obligations o£ the Lender �o aause the issuance of �he GNMA Security under and pursuant ta the GNMA Commi�ment, the GNMA Guaxanty Agxeement and this Secandary Loan Agr�emen�, whether or not the Lender has pursued or attempted to en€a�ce any o£ such rights and obliga�ions, if such GNMA Se�urity is not i�sued �o the Trus�ee in aCCOrdance wi.th the terms o� this Secondazy Loan Agreement. Sec�ion 2,4. Ri hts of Cit and Trus�ee ursuan� �o GNMA Securi�y. The City and �he Trustee each acknowledges al� of �he fo].lowing: (a} This Secondary Loan Agreement contiemplates thaC: � '� (z} the Trus�ee will acquire from the Lender �: onzy the GNMA Security, and will have anly those �� �i.ghts and powers wzth respec� �n �he Pxoject which s� are given �o i� by th� terms of �he GNMA Security, :�; the GNMA Guide and GNMA regulations; , }• , , , .. 0 2132G (ii) �he �orcds will be co�,lateraliaed not by the Mor�gage Loan but by �he GNMA Security and �he Trus�ee's siqhts to receive the principal and in�eres� payalol� under �he GNMA Security; and (i.ii.) the Trus�ee wiil not receive any pledge o£ the,gross revenues o� the Froject or any assets a£ the Projec�. 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' �J';'G, '%: ''}�, 'y;•:�;T .7:#,Y-d '4:�, ri;. �:t,'v..ss, ,ni�. .�'I,r,'i� -',�'f.y��niP �t."T'.r s.�. 4.. ���r�.^na"!. .. _. :. .....- S . _ .-. . .__ e^i : .�....... , - , cr,, s �.;r.f�i .:lr�.l"+ij+;t.�'^���3'Sa'i �%'�ya" 1', i�� ,!i'',•1s .d��i�i��;., it .. ��:. :`I•:�' �. ` � ;`.- :�z' . �,`:��5, ; i 'rs; 'Y �.�. ts� r.ti ' : 3,. ti ~°i • :',�; r.'�'� :5� ��t' �'4.�` et' '7i t �°c3� .:7� "F� rz.•.l ����.`t,: ,t�; : S. � :�4.. g. :�.; ',,s r� p:� =t.� +'t �.�: .�. •!' i b h' x� rt� ��-� .,}< . �•; .^0 ; ,�� ':,'hd,''4,. ;'r, Ja, ;•,i`` '•+ . �?_'.1_..)�._. . . <. . _._.,,,_.f • °„i � �;`;�",T� d�te in the mont� in which t3�e corxesponding ins�al7.men� ,;;:�':�3` unde� the underXying martgaqe loan was due, ar �he "�_}`� Failuz� of such issuez ta xemit a pra.ncipal prepayment ;�:;,:. , '"`-�• �o the holder oE such GNMA S�curi�y by the mvnthly ;�.�;,,;• �;;r<�,3 payment date falZawing i.ts xeceip� o£ such pzepayment R�:+��:'�' £rom the Corporatian. '�l�� occurrence a� an event a� `''`��� defau�t under �he mortgage ioan which underlies �he GNMA Sjti��•'r. �`��'�'�` Security does not cons�iCUte an even� of de�au2� under :�r�s �:�:+ .:���..';` �he �NMA Securzty unless it xesul.ts ir� Che �ailure o� =4j��{`�; one oE the Foregoing payments ta be made. Tt�e�eFare, :T�� ��t r r,.,.,r,i �he ocaurr�nce oE a de�ault und�r tihe Max�gage Loan will '�;�L�s;:r not by itselE give ri�e to any remedies an �he par� ot ' "•�ti,: `„-�'., �he City ar the Trustee. =;�:a"t�°= (d) The Mortgage No�e and Mortgage wiZl be �,.. SF;;i;,b ::�>�:: ��,=: assi,qned by the Lender ta GNMA as par� of �he issuance - ,t�;R�:. ;°;�,:�._a,;;, oE the GNMA Securi�y and nei�her �he Ci�y nor the ��"��`�'�,= Trustee will receive any pledge or assignment o£ �he �'��':,�;tr;,�� Mo�tgage L,oan ar the Mortgage. :<<• .f. (e) Funds held by the Lender £ar ar on beha3f o� �he Corpora�ian will �►e mainCained separate and apat�t fram Eunds and accounts es�ahlishec� �nder the �ndentuxe and �his Seconda�y Laan Agreemen�. (f) �£ an insuxed loss ox a aondemnaCion accurs, early redemp�ion a� the Bonds can accu� anly af�e� the Mortgage Note is prepaid at�d the prepaid principa� i� remitted to �h� Sponsar or the `Trustee as halder vf �he GNMA Security, ARTICLE IEI REPRESENTATIONS, CQVENANTS .�iD WARRANTIES Sect�vn 3.�. Representations, Covenan�s_and_Warranti.es oE ���Y. The Cz�y represents, aavenants and warrants �haC: (a? The Ci.ty i.s a pali.tical su�division duly organized and existi.flg under �he Consti�u�ion a�d �he laws oE the State. The Ci�y has duly au�hor�zed the execution and delivery af this Secondary �oan Ag�eemen�, �: ,. ��{ (b) Except as a�herwise pcovided in the Irtdentuz�, ;.�,�:�4 the LQan Agreement� ar the Secondary i�aan Agreement, the ;`'�, Ci�y will no� c�eate any debt, lien or charge fln, or . make any pledge or assignmen� af or create any _ encwmbrance upon, the GNMA SeauriCy, ather than Che ' ;,,t� pledge and ass:g:�ment thezeoE under the Indenture, . . 1G i3S . ' i . . 14 � ;: , � ��� ��� 2132C# ,�5 , - � �����'�:k�','i�h�h+:zR.:r; w ati��.�.;�r•. � �r �s . :,,� � ��n t. t.'- � e .. ' ' . . ' � � � r "i .�t�s :� ' � � . ' ' � ✓m��'G:�:���xq'ri'ts=r.::.� " .< . .. � �,; : . . • , , ' ' ' _ �ti-:�- . ._ "��� ' ., . . '� ��'. ' . � . ' ' ,::.,.::.'�:..`�"W'..�_'.��.�__ � . , -_. .., r . � � • -- � _. -�.�� ---�""'""""'_'Y..._.-�.... ' ^"'.x'.,. .,,..z„�.co-.. . .. � • � � . . ' • . .., •'UY� ..r. . . . ,. . �a; { - . r.. 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F'�.�/ ) 2.. 4 -f!n 4. i. �1:: '�z�� , 4..�t !•ib,ii::i.` J' %2.� ,x.. + ' Y' . ,i iµ : -�.s,', s r'a4' `.i',` �l` . .f "-i1 , r, . :.1 ^�.�� �i �' �. ' a'.' .'7 -.�•` ; a'r � •�°._ y r �,zY .,i.: .:�;� „��.f tijv :�� .�y.•,,�'.," :i. ' `('� ' }��.`! � iAk.� ��• i.-;�,' ar �1. . eT�.f '!. .�1�.�. '�5�� �S'?' .ii�".(t ..f >;r�e'�'{..:' r` t ,� q' :S" . i°'�:'� .i `,, r .,_ `".5�.'.. '�, - .Y. �"Y,' JI• �t:f- - �( r�'�' - . L''. "z � i`� �t;. -: �z;. ��F ,�+e .,,� . ,. . <.,� ..i.' _ s. 5 i, �.,��: '�•,` ;.f: �...:' ';t.._. ;t, ;4� '.'� ; �.:. ;i`.�' !i � �, 'r•.i'�r �✓ . r i , ii p i' P:. :.� , . "^ � �f�. ..i. .�. '7' ' � f '.R..�.'� . Y ° '1' �� � .".-•` :r '��', ��. �;, ,}..,� .} x �'�9.•, ��Y 9,4�� 'i• f �� J ;' :+{t Y: •�;.; y`, � l. ".1 � •`5';_i • I � ..f'..� e�� , �, ��� ��, <( . . i i , j � f"� . ',1' %S.� i .f. ^i ;.2• '•Ir .�Y� 1" ai' i. .:w? •5:::: . t.: t; .ti.�r `5:' .��� �J,,s, "s° ��ll } .:r, °s .�r'. ' . 'i''' . �. . ".� :j. .t}. . ':ii"r .'s � � 'F.. 9 i � 1 . , . . .. . . � :i . - .R.I 'C .0 . , . �.. . , �, . � , 7.,: . _ ' _-____ � �� , �,...�. •� . ., � . , . . .. .., ,.. .. . .........: � _ , . ., .�! ....., '.� .. .. ... . :•;',:"'v t. . . . . ..•. . ._.'.'.'.._ __-- -__--_-__.�.<AwLi.:.SA1i � � � {C) ��� Trus�ee, in its name or in Che name af the City, may, for and on behalf of t�� owners oE the Bonds, en£orca all ri.gh�s of �he City which have been assigned ta the Tzustee pursuant to Section 4.i3 hereof and ali obligations ot the Corporation under and pursuant to this Secandaxy Loan Ag�eemen�, whe�her or not �he City has pursued oz a��empted to enforce any of such righ�s and obligations. "� {d) The City i.s duly au�horized and empowered under the laws of the S�a�e of Florida, particu�a�ly Chapter 1fi6, Part II, �'larida S�a�u�es, and Chapte� 159, Flazida Sta�utes, to enter in�o �his 5econdary Loan Agreemen� and �o pledge �he sources hereinatter ment�oned �� the r�pay�en� v£ �he Seconda an and to cause th proceeds �he�eof to _e applie_d_ to Che payment of t e Cos�s o£ the Project. , (e) On Dec�mber , 1988, the City duly enaated Ordi,nance No. (the "Autharizing Ordinanc�") authoriza.ng the barrowing contemp].ated by the Loan Agreem�nt and the 5econdary Loan A�reement. Section 3.2. Re resentations. Covenants and Warranti�s of Corporation. The Corparation represents, covenants and wa��an�s as follows: (a) The Corpo�a�ion (i) is a Florida nonpro�i� co�para�ion and is duly qualified to t�ansact business and is S,n good standing in Che State, (ii) is an organiza�ion described in Sec�ion 503.(c)(3) oE the Code and exempt from f�deral income �ax under Sec�ion 50�{a} at the Code (call�ctiveJ.y, a"5D1(c}(3) Organiza�ion"), (iii) has the power and authari�y to acquire, awn and operate the Project and (iv) has �he power to execute �his Secondazy Loan Agreement and �o p�rform alI o£ its undertakings contained herein. '� .;. (�} �he CorQora�ion agrees tha� during the te�m oE .�. -; this Secondary Loan Agreement it wi11 maintain its ;. � exas�ence�, will continue to bE quali£ied �o �ransact ��• 3�usiness and be in goad standing u�der �he laws of the �, 5tate, will not di.ssolve or otherwise dispose of all or - substantia3ly a�l af its assetis and wi.11 not consolidate �. � with or me�ge inCo another legal entity or permi� one or more othe� legal entities to c:onso�idate with or merge � ' into it, ptovided that the Corporation may, with the �•� prior written consent of HUD (i£ requir�d) and the y Lender (which consen� shall not be unreasonably , wi.thheld}, and withaut vialating the agreemenC contained in this subsection, cansolidate wi,th or merge into : ' ,� , '. : :, i�� 2132G " -10- � ...._ . �� ��� _ , --- ::C.._.«� ..�-��i�-s�__..;'�,'��� . . � . .�.�.�.•..�:'<r�`+�w7�t� it ' �.. . ` . .. r�P. . �q� ... " . � � � .. 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' _.._-_.__.___""_' __ _ —__'i.. _ ___ _ __ `i! i� � � anather legal entity, ar pezmi� ane or mo�e legal -- ` entities to consolida�e with ar merge into it, or se�.l '; ox o�herwise transfer �a another legal enti�y ail ar � - subs�antially all of its asse�s as �n en�irety, so ]�ong � as such ather legal entity is a 501(c)(3i Organization which irrevo�ably and unconditianal�y adop�s in wxi�ing � alI a� the abligatir�ns and responsfbil��ies of the Carporatian under this Secandary Laan Agreement. ' 4 '� ' � �I ;� ' . . ;Y�, . � . •, , : ., . j (c} Neithe� tt�e executi.on and delivexy of this Secandary Loan Agreement or the consummation o£ the �ran6actiions coatemplated herel�y no� the fulfill.ment a£ ar camplianc� with the terms and conditions of th�s , Secandary Laan Agreement aon£�icts with or results in a breach o� the terms, conditions or provisions of any restriction or any agreement or znstirument to which �h� , Cor�o�ation zs now a party or by which the Corporation is bound, or consti.tutes a default undex any of �he Eoregoi.ng, oz results zn the creation or imposition o£ any 1ien, charge or encumbrance wha�saever upon any o�' the psope�ty or assets of the Corporation under �he terms aE any instrument or agr�ement, excep� as provid�d herein and i.n the Indenture, (d) Ther� is no li�iga�ion ar praceeding pending, or �o �he knowledge of the Cornara�ion threatened, agains� the Corpora�ian oz any oth�r person: affecxzng in any manner whatsaever �he righ� of �he Corporat�on to execu�a �his 8ec�ndary Loan Agreemen� .�r the ability o� the Corpora�ion �o make the paymen�s zequired hereundez ar theteunde� or to othe�wise comp�y wi�h �he Corgotation's ob�a.gati.ons con�azned he�ein or therein. • (e) The intormation concerning the Pxojec� and the Corporation submitted by the Corporation to the Lender, �he Sponsor and the Remarketing Agent is txue and aorrect as at �he date of delivery af the in£orma�ion and does no� make any un�rue statement of a ma�e�ial fac� or omi� �a s�ate a material Eact necessary in arder �a make the s�atemen�s made, in the light ot the circumstances undex which tihey were made, not rriis].eading. 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(q} At �.east 95$ a� �he Pzoject {de�ermi.ned sepaYately on the basis af cost, square foatage and renta� val.ue} will be utiiized in connection with the chari�able purpose of the Corporation. ,� (h) The reasonably expected economic life of the Project determined in accoxdance with the Code i.s no� � • less �han 3o years, ` (i) The znden�ure has been submit�ed to the F Corpora�ian �o� examination, and the Co�pora�ian acknowiedges, by execu�ion of �his Secandary Loan Agreement, that it has reviewed and approv�d the � Indentiure. � ,. . Y - � • - �. .. �. � �� � . ,% �.. . � ,t ` � r �� . � • _ 1 �� ' � 1 .. . � ; - . � 'r R , F �� (j) Th� Corp4ra�ion, for �he bene�i� of the Sponsar and each Hondho�der, hereby rep�esents that (except as required by HU� in order to carry out HUD requirements or Qzohibitions pursuant to the Natianal Housing Act, E3i7D co-insurance regulations and HUD/FiiA loan documents? iti has na� �a4ten, or gezmitt�d to be �aken on its behalf, and agrees•�hat it will not take, or permi� to be taken on i�s behalt, any action which wauld adversely affect the exclusian from gross income fos purpases of tederal i.ncome taxation o£ �he interest paid on �he Bands, and that i� will make and take, ar r�quire t� be made and taken, such acts and filings as may from time to �ime be requi:red under the Code to maintaa.n the exclusion from gross income for purposes at Eederal income �axa�ian of the i.n�erest on the Bonds. The Corporati.an agrees that it will no� make any ahanges in �he Project whi.ct► will resu3.t in a violation of �he limi�a�ion o� the ma�uri�y o� the Bonds under the Code, Wi�hou� iimiting the�generality af the foregoing, the Cozpora�ian agrees tha� it wiil file ar record such docwnen�s and take any ather steps, with �he prior app�avai of HUD and the Lender, as a�e necessary,'in the opi.ni.on o£ Bond Counse7., in order to ensure �hat the requiremen�s and restri.ctians set forth �,n �his Secandary Loan Agreement wi11 be binding upon all Corporations of �he Project. Wi�h the prio�r approval of HUD and the Uender, as requi.red hereunder, the Corporation hereby covenants �a include such requirements and Ges�rictions zn any documents transferring any interest in the Pro�ect to another Caxpora�ion, to the end Chat such transferee has noti.ce of, and is baund by, such restrictions, and �o obtain the agreemen� from any tzansferee to so abide. 2132G w _.12w . � - � �.+jw�..� �i'�' '�w�"`��'; ' `^' ' - . � _ ' ,{''` j:=��"' �,-,�'�'r-. ' . . , ' . _ -:t'-i ��^', . : . . ' ' " ' .-k . ... ; .. , r�x�a�� ^.rrs,u• F��,'�� . .. , . � . � ��� 5�� v �, f 1�Mu--� "�:. I .. ' r � '.lyvi115s•'� .,wkx4., •!^w �.6;1'�.�..Wrv't ":'.^ �y.l�Nrp�. �. 3 �iC! . .l�+..v�a��teaw-, ,+' ! [f ::CFR iThr�a7'�T' ";: �T'» .� ��i:';::='..1�,�{.< E.., . . . . ::5,� °�.��` E',:.';��T'K'j. M�.r. • �.S�a e . . . , � . . . 1 . ....? r�� . . . . r . � F . ,�� �.. s•����.� k� �.•�.t�� .wJe :�u �i.: . . " � . . . . . ' ��.. 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Yii+" ,,Z'a�'.l;�f`,;i: �•"rs�'irt';-?� trt�.i���: €.:i•r .�,�': z �,,�;5r HS. _:����,i:�i�}�+y�.�t7r �) .-k'. � 1_ .�d� ':�� ,;i':�� ,�.1 ,.44,•f '•� v'i �S a�s : ;v t: 'r'i� .�'4�-i i �:. :'6��°sti�i3.:�r;i,,�,.:` .t.+: ^�;`° ~�.y;s.y^ � � �• * ^. �" s:. , . . Z .,j�f�' t •�. 1''�� .. . E.�S '.'1 `w���rN�M4ww -iww���M��� ��-"n���w � (k) If �he Corpoxation becomes aware of any si�ua�ion, even� ar cond'z�ian whi.ch would resu�t �n the interest on the Honds becoming su�jec� to federa� incame taxation, the Carporation shali promp�ly give wri.tten nottce ther�o� to the Sponsor and the Trus�ee. (1) The operatian oE the Prajec� in the manner pres�ntl,y oan�emplated and as described herein does not conflict, and Che Carparation wi].1 use �ts ef£orts to avoid any conflicts, with any zoning, wa�er or air pollution ar o�her ordinance, order, law or regula�ion applicab].e �hereto. The Project is in compli.ance with aiI fede�al, s�a�e and local laws or ordinances (includ'zng rules and regulaCions) relating to zoning, buzlding, saEe�y and environmental quality, {�} The Corporation has filed or caused ta be fi�ed al� federal, s�ate and lacal tax returns which are requa.zed tQ be filed, and has paid or caused ta be paid all taxes as shown on said re�urns ar an any assessment receiv�d by i�, �o �he extenC that such taxes have become due, (n) �he Corpora�ion is no� in defau].t in �he performance,. obse�vance flr fulfillmen� of any af �he obliga�ions, covenants or conditions contai.ned in any ma�eriai agresment or ins��umen� to which it is a pa�ty. (�} Endorsemeat o£ �he Mortgage Note far FHA Coinsurance has already occurred. (p) The Corporation shall not; (i) except pursuant to the provisions of this Secondary Loan Agreement or the Martgage Laan, grant commercial leases r�lating to �he Projec� or permit the sale, �ransfer, canveyance ar encumbrance a£ �he Project or any part thereof during the e££ec�ive term of this Secondaxy Loan Agree�nent; psovided, that this covenant shall no� apply ta leases wi�h (A) 50Z(c)(3) Organizations pursuant to whicF`a y such 501(c)(3) Organizata.an shall use a portion o£ �he Project with respect to �ts ac�iviries which do n�� canstitute an °unrela�ad trade or business" wiChin �he meaning o� Sectian 513{a) o£ the Code or (B) gavernmental . units for �overhmental purposes; {ii) �e:nolish any part af the Project ar , substan�:ally subtrac� �rom any real or pessanal praperty �F the Prajec� during the t�rm of this � Secondary �oan Agreement; or 21320 -13- . . . , t�:+�� `�'�y/i[`��" ."'�."'��, � "'4�'�r'. �I+:'e'v . . . ,`/.. .. , ' �-r �`�""..�r� � . -„i:'r:i: ��''!^4.�7�'�,�",.., .:�'.: .I: ' . .. 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'i., .. . � � � � � � . ... . . ...� . '.r� „ • ...'l'• . . ._.__ .�._ _ .. 4 , . �"�e� . , � ��e' (iii} permit �he use of �nore than 25$ oE the `'��w Project by a person oth�r than a 501.(c)(3) �., <<;� Organization or by a 501(c)(3) Organization '� (including the Corpora�ion} in an "unrelated txade ,��; or business" wi�hi.n the me�aning o� Sec�ion 513(a) :; oi the Code, zf paymen�s received in�respect of w.`;�� such uses total �ore �han 25� o� �he principal of �`�`� or i.nterest on the Bands (which shal� include "use" '� pursuant to any leases permitted unde� st�bparagraph ,���3'� ( i } above ) +a: � {q) The Corpora�ion cavenan�s and agrees tha� it wi].1 maintain i�s s�atus as a 503(c)(3) Qrganizatian. '' �;�; (r) „The Corpn�ation will no� use o� permit �he use >���' a£ the Project in such manner or �o such ex�ent as wauld ?��� zesu3.t in inclusion of i.nterest on the �onds in grass '��` income for �he purpase of federal income taxa�ion. �:=: (s) The Corpa�ation sha�i execute and furnish alJ. documents required by the Lender p�ior to �he issuance af the GNMA 5ecurity. {t) The Corporatian may cont�act for the servic�s oE a firm experienced in management to act as the managing agent for the Fr�jeat sa long as such tirm mee�s �he requi.rements o£ �he HUD r�guiations. . �a'F', � {u) The amount of �he Secondary Loan, plus :� anticzpated investmen� earnings, does not exceed Che `'�' "Cost" (as defined in the Indenture) of the Fro3ec� and �' : ,:; does not exceed the cost of the Projec� as de£ined and � .� �F;j` descrihed in the Au�horizing Orditiance of �he City, �`�` (v) No por�ion of the proceeds o� �he Secondary '� .;`y�' Loan will be used to �inance any Projec� wha.ch is used ��i} � :��' in the �rade or business of a persan who �s not an ,�.��;� "exemp� persan" as defined in Sec�ian ],o3(b)(3) ot the .;��� Internal Revenue Code o£ 1954,'as amended. .� � , . � � r .' ' ' s , • -, , .�. � ;� . � ; �' , . . . � . � 1 : � • � (w) Immediately af�er �he execution hereaf, no �ent a£ Default shall exis� hereunder nor shall �here exist any condition which wiCh lapse ot time, �he giving o£ notice, or bo�h, would Constitute an Event o�' De£ault hereunder. (x} Neither ths Carporation nar any person related to the Corporation wil�, pursuant Co any arrangement, farmal or infor:nal, purchase any Honds a.n an amaunr rela�ed to the �oan �rom the Program to the Gavernmental Uni�. � 2132G � -14- .� wn iti �� . . ' -_ _�" �� .�liii �-].��--+�'^r• ` .• ^'IwYSa.� ' ' " . � .. . � ',' . . �'^"�"'•�r ..a ���:1 �� �.� :'�!a.' . . _. " . . . - . ^i���4,;e.rt-r:�,-:'+�`•�.'''-..._ �' ' . - � ' ' �, ' � � j: � l. . ..�1 c' __ . . . . . ,,. � .. ' . . � { . . .-�::. ' - ' ..� ,. ,,,_, ti.. r.. �;. �4;. : � VN"� s ''4+ •4.i�^ .'(s�:i�e*�..� , . � :+rSe , � , r.. , .. y,µ� �irarAt'. 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'r. ��j�,iY���'�° _ ,y: .�. � L.. ;�' •�` ' n?i 1"�' �}' �.�'»',. � .`,: `° .,';, . . . ..'t� . � . �.1.: •F'� , . .. � . ... . .:f.. .r �.i:'•. . . . . _._......�. ---"I�Y�YY�J Q � `4� Section 3.3, Re resentatians Covenants and Warrantiies o£ Lender. The Lendex hereby represents, covenants and warran�s �hat: P{� � (a) �he Lender shall per£orm all ac�s in �he ;;_ manner prescribed in this 5ecandary I,oan Ag�eement far the purpose o£ assisting the Ci�y and the 5pansor in the r5 finanaing af a loan by the Lendez to the Corporatian to .�� :��.nance the acquisi�ion and construction of the Projec�. .i� '.� `' (b) During the �erm af this Secondary Loan Agreement, the Lendez shail (i) �ause the Mor�gage Not� ;�; and Che Mortgage to be held by �he custodiaii referred to in the GNMA Guaranty Agreeinen� £ram and a�ter �he >�� issuance af the GNMA Securi�y; and (ii) main�ain in full '', force and eftect the guaran�y by Gt3MA a£ the timely �_�' paytt�ent af amounts due under �he GNMA Security. No�hing r; con�ained in this Secondary Laan Agreemen� s a e cans�rued as ta aite� ar diminish Che obligatians or ��- duties oE the Lender ta GNMA under the GNMA Guaranty .� Agreement or the obligati.ons or duties of the Lender �o � FHA as mor�gagee under the Mortgage Loan. :; (c} Fn accordance with the terms o� this Secondary `= Loan Ag�eemenC, the Lender sha�l: (i) issue and deiiver the GNMA Security in compli.ance wiCh the terms he�eof ta the Trustee; {ii) pay on tihe fifteenth day of each month tihe interest and principal which is scheduled to be paid on the the GNMA Security on such da�e whether or not the I,ender receives gaymen�s fram �he Corporation on the MortgagE Note; (iii) observe and perform a7.1 covenants, agzeemen�s and obli.ga�ians to b� observed and periatmed by it pursuan� �a prudent mortgage bankinc� s�andards, the GNMA Guaranty Agreement and any,�,pplicable GNMA and FHA rules and regwlations, the GNMA Guide and any o�her documents relating to this f�.nancing and undertakings; (iv) give prompt written notice to the City, the Sponsor and �he Trustee af any default ar impending deEault by �he Lender under the GNMA . 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"_"_�:MA�trM�MV�'' '__'__. . . .. r. r 7. � � f ) � S .°y , ' �t;'���:% , ��� �.p,r�.,,r; 4# �,i�! x,; . ' �i;L"r+` �yF�. . • � °3f ���� . . •�� ��,���, ,; F,is� >_ ,j '� �f . ',%G�{.` `4�i _ .�.���!t L ; ii, � �. L_:'�S � (v) segregate all payments received by i.t under or on accnun� of the Mor�gage Loan in an escrow aacaunt in whiCh 4he entire amount on ;'�, deposi.t fzom time to time shail be fully insured by �he Fed�rai Depasit ins�rance Corporation a� the � Fed�ral Savings and Lqan Insu�ance Carporation, and not to cornmingle such payments with its own funds. (d) '�he L�nder (i) is a du3.y and Iaw£u11y organized Texas corporation, (ii) is organized and � operated for the purppses, among o�he�s, of making t�o��aaqe laans ta ptovide financing far the acquisi�ian at multzfamily developments and of issu3.ng mortgage- backed securities guaranteed by GNMA to ob�ain funds to make such martgage loans, (iii) has �uli lawful powes and authority under i�s orqanizational documen�s and applicable laws to execu�e and deliver �his Secondazy Loan Agreement, and �o issue, execu�e and delive� �he GNMA Securi�y and to per£orm its ohliga�ions hereunder and thereunder, and (iv) by pro�er action has duly authorized the execu�ion and deli.very o� this Secondaxy Loan Agreement and �he issuance, executi.an and delivesy oE �he GNMA Security. (e) This Secandary Loan Agzeement and the GNMA Secuzity constii�u�e legal, val�.d and binding obligations o£ the E,ender en£o�ceable in accordance with their tezms, excep��as 1i.ma.ted by bankruptcy, insolvency, xeorganization, moratorium and other laws for the relief o� debtors genera].�y. °s' (f) The exeaution anfl dela.very of this Secondary � Loan Agreement and the issuance, execution and delivery .��. of the GNMA Security, and the consummation of �he ��� transac�ions contemplated hereby and �hereby, do not conflict wzth or cons�i�ute a breach of or a default .. under the Lender's organizationa� dacumen�s o� undes.the 1 terms and conditions of any agreementi or cQmm�.tment to �` which �he Lender is a party or by which the Lender, to � � ��• i�s knowledge, is bound, , ,� . �l�r , k; . ,�: :� . t. . , , ,� � ' �, , , � t � a . � r , n t b � 2132G {g) There is no action, suit., p�oceeding, inquiry ox investiga�ion by or before any cou�t, governmenta� agency, public boa�d or body pending or, to the knowledge aE �he Lender, threa�ened againsti the Lender, which qu�s�ions or materially adverse�y a�fects �he pawer or au�hority ot the Lendez to carry out the transaa�ions contempia�ed by, ar to be performed under, this Secondary Loan Agreement or the GNMA Security. � -16- r�. ktt&.i •._. .:�� .. .. 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'r�7� :ta� :�n:::.F:. �.t''�`, i ° a`' ::a�s�: �.'."; >:a:.>ta! , `�� ,� :","y,s.�3��;�_a,frt; (h? '�he Lender is {i) approved by �he FHA to origi�nat� and se�vice and to Cainsur� mor�gage ioans coinsured iay the FHA under Section 223(f) pursuant to Sec�ion 249 of the National Housing Act and agplicable regu].ati.ons thereunder and (ii} meets al.l the issuer eligfbility requirements (including net wor�h requfremen�s) oE, and is appr�ved by, GNMA to issue mor�gage-backed secu�i�ies guaranteed by GNMA pursuant Co SecCian 306(g) of Ti:�le III of the National Housing Act and applica��e regul.ations �hereunder. (i) The i,ender has no reason to believe that the Mortgage an the Project will not meet �he eligibility requirements set forth in �he GNMA Guide as of the dat� of cloeing of the Mortgage Loan o� as of the date hereaf, whichever is ar will be l,ater. (j) The Lender will charge only �he Eees and expen�ses set £arth in the FHA Commitment and the GNMA ca��s in connection with �he issuance ot the GNMA � Security, and such fees are reasonable and customary for mortgage ].oans such as the Moztgage Laan. Neither the Spansor, the City nar �he Trustee shall be liable for any such fess and expenses, noz shall the ir�posi�ian or collection oE any such £ees and �xpenses have �he effec� of reducing the in�e�est, przncipal or premium payable under and by �he exp�ess terms of ths GNMA Secu�ity. {k) To �he extent permitt�d by th� Mortgage Loan docv�nents and applzcable HUD regulatians and r�lat�d adminis�ra�ive requirem�nts, the E�ender will not unreasonably withhald any consent required of it under this Secondary Laan Agreement. 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"�ik'"�A,�:���`}�, �' ! _i ( '. y�S�. �S.��r.�.�� �l'� C� b•'1. ..I�^Y "f� � �;�� n ,'3��•� ' ,1sSj.l�;e�.�����.l�i': � `., W 1 1 . . r� , � �t' �€ 5 � t �'�I,•�S 1 ty li'Jj' (!�_ �'�..4 �f :` �..� t" : : �J:� i E�Cti' � � �; � �:t: �n�r, �1r,., :'%«i �,C�r'c�5{ ���,re . ,.'.L_ _. .,.. , . :;�';..i,ys��... _ � m (ii) such merger, consol�,dation or assigntnent does not result in any default in �he performance o£ any a£ the terrns, cat•enants or conditions af this Secondary Loan Agreement or the GNMA Guaranty Agreem�nt; (iii) Che surviving or assignee carparaCion shall assume in wxiting all covenants, agreements and obli3ations on the pa�C of �he Lend�r to be performed under this Seaondary I,oan Agreementi, �he GNMA Guaranty Agreement and th� GNMA 5ecuri�y; and (�v) the surviving or assignee corpa�ata.on is duFy qualitied pursuant to the National Hous3.ng Act and has been approved in writing by HUA and GNMA to osi,gina�e Ioans �such as the Mortgage �,oan to be �inanced pursuant hereto and to issue and service the re�ared GNMA Secuxzty, such that GNMA sha�l cantinue to Fu�ly guarantee all interest and pri.ncipal due as schedu].ed an the GNMA Security. Sectian 3.4. ReQresen�ations,_Covenants and War_r_anties o£ the Trustee. The Trustee repr�sents,� cavenants, and warraats as Eallows; (a) The T�ustee zs a natianal banking associa�ian duly organized and existing under �he laws of �he Uni�ed S�a�es of Ame�ica, and with Fu�.l pawer and au�hori�y to en�er in�o thi.s Secondary Loan Agreemen� and pe�fozm its ob].i.gations hereunder and under the Indentu�e on behalf o£ the hold�rs of the Bonds. � (b) By proper action �he ��ustes has duly autharized �he execu�ion and delivery of this Secondary Loan AgreemenC and �he Indenture, (c) The Trus�ee hereby agre�s to use moneys in �he Projec� Loan Fund tp acquire the GNMA Securi�y from the Lender on or be�ore the Last Date tor Acquisi�ion, ARTICLE IV •� , PROJECT FINANCING ,Section 4.I, Makin of Loan Secon Appllcation ataPraceeds. 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'!. `,S 5. �'�1 �f: 3 ,��1• " 1 1�.. �:f^•� �,• ^,j' ' S Y�.i. ` .�..�..� f.^ �1.I. •\ •.�: ��,1•� t'{�:.i:.:' �ti �: �.i, ...,�, t Ji� ''�['. �1;�..'. > eL '•� : p �,.w, . '• } 3l. . � �1'.�' S : '�c t., : �„ '}��."1 '��' ir;; �.��� "�r �. if k.: .'�; 5'..FL•�' ~;.� '.r�" �i�4`, -a. �t*s. 'Lf ° .`'t�.� :',?, '�y !� � :1' ,. i ,", . f 'i- '�'. r'�j" i�tf� l �:•4'�e . 1:'. �.1',`- ".�.t ` •�f. ��I: ` ' 1� �. :% 1. '��i.:'' .:J` . �?., t: •,n. �,. �� ���'. ,�'L 1�0 1't j �.�, .l• .L� �.i1�'t.' �0' il�'.'..:��.��. , '��1 �i.� �31 V'� .S� �'{. .� °.Z:.'i1'. �.t�.. .4 ��V� . . . d��� �F i. . .. . .v . . .. � . . , e ..�, .. . . . . . � f ' , . .. - �- ,�`s.�� � ., � .a.o . .�.. . -. r ':.� h i r.��'. ..' .. . � �.. . . . � :�.a : :. ..�... .�, t... � .. . s . .. . _ .rii...\'� r. .. .....��.__.. _ . � . . . . � . � . . . . e . � �1 � . .. . .. . . ..._ . . ... .. . ...t . .� . . I �. � , • ,. ,; �. . . , : :, : . .� �: ; , � �; . i, . , , , . ; 1 . } � V }` � ` J aE �37,B25,OOQ to the Ci.ty. The Secondary Loan made hezeby shall be repa�.d in accordance with the Note and Section 4.3 hereaf. The Carporation covenants tha� it shall en�e� into the Moxtgage Loan, on behalf af the City, and shal� use the pzoceeds of �he Mor�gage Laan solely for the purpose o£ aaquiring and constsucting the Projec�, and that i� shal� nu� use the procpeds of the Mortgage Laan in a manner inconsis�en� witih the represen�ations and covenants set �orth in Sec�ion 3,2 hereoE, Section 4,2. Disbursement a� Laan; e o ; Securit Interes� in Undisbursed Proceeds. � (a) Upat► �he execution and deli.very of this Sec�ndary LQan Agreement and the Note {the "Closing"), �he Corpora�ion shal,l deposit, and the Trustee shali disburse, �he �ees and expens�s of bond counsel and the amoun� o£ expenses o£ the Administratoe Co and fram the Expense Account created under the Tnden�ure. The " Trus�ee shalI. create the Secondary T,oan by acquiring the GNMA Security in accordance with S�ctzan 4.i hereot. (b) Upon the Clasing, the Corporation will deposit � into the Negative Arbitrag� Fund. (c) To secure the prampC payment of the Secandary Loan and the pertormance by �he Corporation a�E its other ob�igations hereunder, �he Cdrpora�ion, to the fu�l extenti permi��ed by law, hereby pledges to the City and the Trus�ee anc� hereby gran�s �o �he City and the Trus�ee a securi�y intetest in and agrees and acknowledges that the City and the T�us�ee shal� have and sha11 continue to have a security in�eres� in the funds on depasi.t with the '�rustee, sub�ec� �o �he use o£ suah proceeds in e manner descr�. ed he�ei.n. , ., 5ection 4.3. Repavment of Secoadarv I�oaa. The Secondary Loan shall be repaid in installments which shaJ.I correspond in time and amount to the payments of principal and interest on the Note and shall bear interest at the rat�� and sha�l be payabie at the times payable on the Note, as follaws: (a} The in�eres� on �he ou�standing principal amount o£ the Secondary Loan snall be paid in semiannual_ ins�allments an the dates, a� �h�ra�es, and in the_ amounts shown on Schedule I attached Nate w kc is attac e ereto as �xhibit . PrincxpaJ. shall be gaid ann►�ally he dates and in t e sho� an Schedule I. The tina payment oE the Note must be made not less than �hree business d�ys prior to DecQmber 1, 2015 wi�h immediately available �unds. ,� 2132G -19- B i :��:n -.� ;��� : �x°1'. `.i� !i�i�' :.F. � .....�.Jayn�tr •:4'�'1. i•;Y,`sNi °s.=. S4:if(;� . �. . . `:rl: a�� ��.'�;�,� r:'.. .�,;.'. � • � H" � J �s..'�A� ��x. . � . . . , l . ' � . . ' '�... �'2:�'a.t . '. 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' �� �y. f,�';�'n,S9i���4.�.t:; :r': ."r,��t•�;cr.� ��1�`"i:.e'•- :a=,:.j��`r .:�:f�`�j''y�;� •�yt,• .f• ��t.�.•t „ ��,+�`r;e �'�'t•.i,�..G � � ,�; �„'r4:" ,•s'. ,. '.;�55�:�:, ' ' a . °r S;� .'�.'� :'�»�x. t�i `I�� :�t�, tis�tii. � s�.tt: �s'�'p �;.:�1°,�:q��:i"t,,"x`:-," :'it' ¢„. .'i?° .�:;:j, ,.i . TFx »"•.,,;' ;; . rti'v�,`�.,`C�� l' �. .,3 :3• ' ..E�� ..�,p�hi�li����-1;�. ;. . ,�•; � "' .v�:'if}'i :.°:l �� ",•�; ' �. ;;��.o. ` ; l�:,;' ;1�.. �•� '-�r::.r3°�,:�.+.qt, ��; '�'��i:.S°.:�:; t",�,., .•r:;l�z'';..L'e"+�� .`�'�S` 'i'�"i�, • �.`(' ;<,�; '..Z t F.�.:.�;�.� -.fi ; s:;:i 'y�� , r,:,1�5?;�; �1.5 _ :i'4�;i; k��^� .it. iy' .. i . ; I a� . .,' �• �!'� ' r:: .,i . ,`r��a'`.t.;;�y ,��ik' �� ��t'`'���:= s� ''r:.''�'�:;.4'. ?:t' '�s. ,• �.�'R.,�, '.� : ''��. '��:,`�° �,i � �.1. `t..A:';�/ '�t'.''f �1_rf�,' .. ,-�k�..;d.� '„��. .l.'"'°:,v3 o`.:i'� ,.:. .��.�� R;��'. . .f �. �'� "'i ,.r,��l�wSyr ;1. ' i.t���'�'�f,.1:. �i� �' ' a��:�: .Z. °:. ..y. : :. '� i S.;', ` �ry"•�'} "`�"t:�:. :.1' '.;; '.!; il�is• .{;��°' %iR'i£5.tie'�F.�Lt` :r.,,���Wf��.tS, :f�� j7y€is: �t`.i. ' 'f�i' '«'�if..;.,.`.b�� ..5. ?c` (;' ?�J'1'l�. ��.'' r�!(�.. ,4.. t` 1 }� '.H?" ",46ef,�G�t' YS✓.''' ,l�f.�e. .'s. `�1:� ' �.t`. ..f�: A'za.� ,,�', o.�'- `.-�,t '"'�AF' s�'c��'�; �...ti'``i; "(ia . _�. � .. ...... � .. f.�_.r:.���.}. ��..',.t'�1'. ... , `�r.,�,,-__...� �� � .i .'R.r e. .uf:. . ..,�; v. .,,�:5.:§•s`�f5,°•1 w,,� a. ��.: , . . .,'=i�:�? ✓'"' '. � f n�. . . ...r `!f. °.A7. .rS^�!:3:'. �,,�t.`�` i �.'�t''� °,�`-'�;� : ". :'S :'�': •�;�,��C� �,:� *�',ea;:kxa'..:`*a:. �, ,'��4EiF� 4.r:�^� � ��:i 7�. i. y�°�^�����:j.�a.�5. :iti,'s: �•.;..t .;t �'sp.Ya .P'�: '-ii �.rF.; `'r.i p',''iit� :�i`I}�" '`��-� 0:•�1$�' >';�;�a�.se :�� ` a�i•4^' �'£ �� ,'���r'''N.S..F .+5; r �, i � t � F • i. 1 :,l�t� f` :ti��� `�...�. i • (b) There sha].1 be a credit made by �he Trustee � - and �he City against payments due under the Note and the City's Promissory Nate to tihe 5ponsor for a�.� paymen�s made to the Trustee pursuant to the GNMP► Security. in addition, the Trustee hereby agrees as £ollows; ,.. � , .� . �i . r, ;� . . . , ,. ' , a 4 � '1 , : �i t , . , , 4 � ,I� t f' , . . �i ' k . } (i) Each month, upon receipti di the payment under the GNMA Securi�y, �he Tr,ustee will deposit the princigal and inter�st portions of such paymen� into their respec�ive Princi al Accoun� and � interest_Accaun� and wil� invest such moneys in Investmen� 5ecu�iti.es ot respec�ive matuzi.ties such that the maneys wi.7,1 be available tor the payments of principal and interesti required under the Bonds and the Note. , (ii) The T�ustee shall apply amounts on deposit in �he Principal Accoun� and the Interesti Account, on each Interes� Paytnen� Date (or any other da�e on which Honds are �a be redeemed} to pay the prinaipal of and interest on the Bands becoming due and payable, whethez a� maturity or by prior redempti.on, an suah Interest Payment Da�e, IE on any Interest Paymen� Date, the amoun�s on deposit in the Prinaipal Account or Intexes� Acc4unt are deficient £or such purpose, the '�rus�ee shall ttansfer suf£icient Eunds immed�.ately �rom the Negative Arbitrage Fund and shal]. give prampt wxitten notice af suah trans£er to the Co�poration. The T�ust�e shaZl give notzce to GNMA on the next Business Day af the failure of the Lender to make any payment on �he GNMA Securi�y an or hefare �he �i£teenth (15th} day ot a mon�h and shall demand payment under the �erms of �he GNMA Guaran�y Ag�eement, (iii) On each Interes� P�.ymen� Date, af�e� making the paytnent oi in�erest and any payment o� principal r�quired by �he Bonds, the Trustee shall deposi.t into the GNMA Expense �'und an amou�t �qual ta otie-halt o� the Trustee`s annual fee oE � oE the aggregate amount o� the thea Outstanding Series 1985E-1 Sonds. (j�y� Qn each Interest Payment Date, a£�er making �he payment of interest and any paymen� o£ principal requi.red by the Bonds, and�f_tQr making, r ired de osit in�o �he GNMA Ex +:he Trustee s a re�urn a unuse moneys derived £�om the �aym�nCs under the GNMA Security and income tram Che inves�ment thereof to the %` r! 2132G —24— ' :.�-.:�.��",� ;,4� �.rs-�}, `4 n,rr: .. • . ^� �r� L.-:C '_i,n'^., .;,,.. r:r -:`; - �;,; . . . • . ' .. , ,� M z r, � � .� F; t7. . .�,;, r ' r: y`!,�e, °-a^ .�� f,� ., r•��,. .�r!�r,. w.�4 r�;'"", w�.},� . tw� .�w �"T!':�.;a�r: . .'�e.f .j. .F.< (�!' +hY`7' �r�. •?1�k'.�Ta� 'd. y� ^�i. {!1N� �iCa.r tinf�3.��-v��. N�n�..y`. �'�" .ISS4i, . '! y . ��.1�{'�1� .:f . �'�� .. . .. . .�t.. ... i�..r' .. � f� ..f,•t. . .. .. -�'"[r.71e..i . • . . . �;�i� :3v.-.�: ' " �4 �F, ;1', i . i,f. . , . . . S � ' . . � .,. N}�l�.T::.�•' ��rY :t �Z�`� �d',?='�:�.' `K•>`'r� ,`,. , ' . . 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'.ti'���I° rl'�� .t •�%�`..�F 'il� ..��`� �1 •� .� � �� a:� � .+:,. �Y; 'x.�a �� �.z� ...�.�.�� .4 .k :;� ,e` '}..r :.i. :.i;.' .:d" z�le e>�'-r.ts,I',j.. c :�,. � ^^�5' �"*,� .'r, 'S.i ?�;" '> ��ti,,•� ^('S�° , w' iy�2°:. .k . ..Y.e✓�. 3�� +�%'pf''�1. I;s?..�'i �� f �. cvs:�v'\:;�; �f�; ��i:. ,3.\-'�d°�;>.a 4.: :°t;' ��i; .r a'd�.;.n::..� ..i «a�:, gw �l!��,4 S a . � `x s� s-r :i t. .� ,�t,t�.�� f {� �.�,+ .6�; �.5':4' °t., ,r�.l , :.e;, ,',��rq:Y',�Y we�< ,i"'•�ku3i�,,.., ��� .i� �iI�j' y x r'•,.:� �ht�. �� .�° '�: b. r.?, ��� .�.R.">1: :Fs�,.tl�C,�. ���>.'��,:•.,� ; .:r;::, "'�;fi�° n:?�'4��d�{,...;, r, ��,�, , .E�Pi� s��� r� � `? '� t��l.��Y�k`L:r�..s��'i��?'t.�4'�...�.. �-�`'� . 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''�i...:,*r�;'�t'Vi; �'.'t1{5�=� t�.�,�i +i�,,-;.?;iC„�::.,;;wr�".:��•.;`�^; ,�",F.��;;:�.lf:�^ �,�q:P:i'.'�'Y�i!�:^r;i:�'.:�t�o.a� ��rld`:�„�'�i.5:�7:�::��.�':<.� ���...Sjltir '"' "i,;o'. r```C ��, _.�` � :",�.{Y�4�a -.�:t.,��'yw�. �I.j;;'s1:3• , c,y�:.tii.:� •' `t:;.:1.``St,��; :r;�t"';;±;�, .n<.�'•.;y;� `��`�'-{7:�:i�.' ��''i; .,,�+�y �:['. i";¢t�Y• `TF�' . .::'. � �..«" `{;.�� .�r:•_;,i Y:�i �•�"i,x;�;,Fv :r` '�„ ;sd:s¢.R r : " ,,f;'+rt ; � ..*'<��' : i.,f'_�' ;���i�'i •��.;•:;'e..•.c: e.�••'��". ',�" ..��; �;•"i•;'t�fti�t<":,:e::. ''2,'.�,' •'xe�:leiS�r, :U��.:.C•-••}.ii„'I�`''�t�^! ...�<���.,.7;..�;':�s:�.° ;� r v .z:?±' ,. A;, ;FLt : �,1•�• y ' .: l��,t.�1:�:4�i1��'?'. i i7 tr' ���xs�'�i�qi:' "' ' �.c'r.��r, :,E; .. -:` ,s.t:l'� ;.��4.��'� .�?i i •,rd�:::�;��..'Z1����� i+., �..�,ti' }ia���.� , .;.S�iei� y f. �'lx���`� �,ar. .... �1�.f:' � 5:]�� ... .. ._ . ...lE�.. ".�'1'!"0..,..�F�::�..� ��`. �L',�'1..�_'��'� � Q Cflrporation; pravided, that if no payment af principaZ of the Bonds was required on �he par�3,cular Yn�ezest Payment Date, the Tzust�e shall not return any portion oE the principal paymen�s received except Co �he extent �he Trustee has on hand an amoun� oF inaney in excess of the amount �equired far the nex� succeeding prinaipal payment required tor the Boncis, and then onl to such exten�. (,v,,,,� Two Business Days pza.or �a each In�exes� Paymen� Date, the Trustee sha].1 compu�e {A) the interes� and principal which sha11 be requi.red on suah In�eze�t Paymen� Date far paymen�s under the Bonds and (By the am�unt of moneys an deposi.t which will be availabl.e an such Interest Paymen� Date. If there is any deficienc�, the Trus�ee shall immediately notify the Corparation, which hereby agzees to pay immediaCely an amaunt under �he Note which shali be equa� �o such de£i.ci.ency.� (c) As provided in �he Note, in addi.tion to the above paymen�s a£ principal and interest on the Secondary Loan, any paymen� �equired ta be made with respect to �he Secandary Loan which is received iater than its due date shall iaeaz interest trom such due da�e at a rate pez annum equal ta the�interest rate on �he Note, plus two gercent per annum (the "De a�Ra�e"). In ad�i�ion, if an accelerati.on oE the Secondary Loan is declared pursuant �o Secti.an 6.2 hereof Eailowing the occurrence of an Even� oE DeEault hereunder, �he interest rate on khe Secondarv Laan shall be inczeased to �he Default Ra�e. All payrnen�s made hereunder shall be app],ied firs� to payment of ac�ru�d intezest Qn the unpa�,d ba�ance hezeof at the aforesaid zate, and then �o �he zeduction p£ principa�. and payment of other amoun�s due hereunder. (d) As set forth in �he Indenture, earninqs and other �oneys in the Paymen� Aocount in the Loan Re�erve Fund shall be appZied fo� the purposes set fo��`h in 5ectian 5.07 of the Indenture, including, where provided therein, to or �or �he benefit of the City and the Cor ora�i.on. ..�.. (e) The Cor�oration agrees to make such payments under the No�e as are required of khe City under its P�omissory N��e with the Spansar and by the inden�uxe as Laan Reserve Fund paymen�s and Uebt Setvice Reserve Fund paymentis, —21— ., . � =..•^�+r ��.��;,�'�;'�...�,.�;� ;.::�,w. . , _ , - �.; . . .�., � . . ' � ��..�.� " � i �1�...—....'.l .._. - ^ � . ' _ . y i. .. . ,. _ \..'rii:ti^�RS - .. .. .. . . _ , •1' � 1: • ���. ' � f � t . .• � . . . . � „ ' . � ` ' . , . . . . � ��: • . . , . 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'r�t,xr :�.. :, j;';�:;��'7� �,��._r'!."�,� �' �.=e�v���� s�`� i ; �'����'�c ��.i zJ ���' f.���r� ' ' h"x�.•�tf14 4, ,i- , ��kt ; t �'t, i'y'1 ,S�T,'.��Y' ��i%. �6 ,�t4 ,ylyi�.. %��ia�'�ar��'`t�tr�^'�S"� �;`" 'i�i+' 1��<��i;i.�� ''t.''��•9'/ t:i�tl::��'�,�3; :.t.: ''i M,�..�!_t ,.�v.Y '. S,•,� ax. } i.,J1�E,�" H,j4> :��+fe�Ty°. •�� �. .. �1,,�, ��;o� ti�;� ;��, Sect3.on 4.4. 1?ayments b r�Lender. �he Lender agrees to make aIi paym�nts on the GNMA Security when due and to m�et all its abligations under �he GNrfA Guide and �he GNMA Guaran�y Agxeement, Section �4.5, Asauranaes. ThQ Corpora�ion, the Lender, the Issuer and �he Trustee mutually agree that no par�y hereto shal.l, enter into any contracts or agreemen�s or pertorm any acts or reques� any other par�y hereto to enter into any contzacts or agreemen�s or per�a�m any acts which shall adversely aftec� �he va].i.dity or enfo�ceability o£ the FHA Coinsurance ot �he Mortgag� Loan, the GNMA Securi�y or the GNMA Guaranty Agreement, Sec�ion,4.b. Pled e af Ri h�s, The Lender hereby pledges and assigns to Che Trustee all af its righ�, title and in�eres� in and to �he GNMA Security. 5ec�ion 4,7.� Deliver o£ the GNMA Securit , The Corpora�ian and the Lendez agree to use thei.r bes� e��orts to deliver tc� the Trust�e �he GNMA Security on o� befo�e the Las� Date £or Acquisi�ian, Neither the Corporatian nor the Lender has any reason to believe �hat the GNMA Secuz�ity will no� be del.ivered to Che Trustee an o� before the Last Date �az Acquisition, Any provision in any other document to the cont�ary notwiths�anding, the GNMA Security shall be deli.v�red tn and regzst�red in the name of the �rustee by �he Last Date Eor Acquisi.tion. Section 4.8. Ac isi�ian of the GNMA Securiti . The Trustee hereby agrees �o acqui�e the GNMA SecuriCy; provided, however, �hat th� Trus�ee`s obla.gation in such respec� sha�l. be limi�ed to the moneys available tor such pu�pose in the Projec� Laan Fund, and p�ovided fur�her that the '�rustee sha11 not have any obligation to acquixe �he GNMA Seaurity un].ess ther�3 shall have besn delivered �o the T.rustee, along with the GNMA Securi�y, an or before �he �,ast Date for'• Acquisition, �he fo�.lowing: � (a) capies, certified hy the Lender, of �he ` execu�ed Mor�gag� Note, Mortgage. FHA Regula�ary Agreement and TitZe Insurance Policy; (b) a certifica�e of the Carpora�ion dated not earli.er than the da�e o£ the Mortgage Loan, statinq that (i) the conditions precedent to the acquisi.tion of the Project have been £u�filled, (iiy all zepresentations and warranCies oE the Corporatiipn set forth in this ' Secandary L,oan Agreement remain tsue and carrec� in all ma�erial. �espects as oE �he date oE such cer�i£icatie, and (iii) the Corpora�ion is in full compliar�ce wi�h a7.� 2i32Q -22-- , . , _ _ `` • " . :� F...�.xr,����� . . _y'.r.� ` Y.'�`�.J1:" .t .. �T�1.1t�� � .` . � � c. �.. . . , ., . . ;�' -" ' . .. " . . . .,� ' ' . . . � " F r ._ �' ' 't , � � . . . �� � . , . � , r. r•5 s��a�� v.� :;ra �^+.�w c.a.v� o �;• .'�:,?�Fr4F:t� � "�r"�^e. :3i:°�,."�"av� -rci'�..�.�,w R� .A,1,i+"+.i,�«' , !'s�. �a.'� .1 �i,�$+�f!w,.`,C � ['5�,� �'�°t!.,`Cni:��.�i°�� �"`'�� =r '`�'Xr.r•i1i� r� N��'-, ��Jr ����J������M'.... 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't'tm �'e':,' .� I": :'���i' p�,,.;�",'r`y�';i���'i:�.�,� � s.rr'.•f�°4s�:;:}��'�`� "��S�e �Ir� �'• 6�`;�s'° �!�{,•�r,t�� � �?�° :�-jr:'".,�j.ri';Y.� � � s:' ���:3' i' e \''i: t..�r.� �'>'.�� ':yY�';%�°���5� .:'s�,it � i'•�iz�'��t';:•.,.^° °".r„�l: :..i:yy��..'t�,-'�...� ::r. ...�.t ..� •..i�`�..tt.r,l.�f:sc,�y',. �7 .,� �S• '.4e� .f s�' _.. ; P��Lt�ti+il�a i �il �;!{:'��.4a��.? i�i1v.r�'�. �-.4°. -'�>•J.'; . , ;`�•' ;;��_?'.' .`, ''� Sa',t: i's. 7.'•Y:, .' `�. .:��+,. .s... : i ;;�: •�.s:,.x�;.i' ;ui:�,`. ',:.:< <1 rl�'. .�s�;f , . . .Lf%P�"' . � __. 't ;%'`py'�":�.�.`i .'��3'-;! r�1�k�. `�,:�+� �;� °< `z;r .;,,°,:'�•'�; ,• ;�� C,� �°r3�1 ' ���:c� . ;.,;;, �Y� ;'.; S�'. '`•R {i ;?� ;Y , , ,!r'' . ""::.c�:�r:�, : :�;i .'f�.'. ,i�}'��"'1,�;.a"iF �j•;i. r� : •�� covenants and undertakings o£ the CorporaCion set forth in this Secondary Loan Agzeem�nt, as ot the fla�e of such certificate; (c) a ce��i�ica�e a� the Lender as to the commencement of the amortization af principal on the Mortgage Loan, with the Einal, payment of principa7, o� and inCeres� an �he Mor�gage Loan due an �, 2015; and (d} a pzospectus relating ta the GNMA 5�curi�y �o be prvvided by ti�� I,ender . iTpon deiivery of �he £oregoing to the Trustee, �he Lender shall be enti�led to zeceive, as payment Eoz �he GNMA Security, bu� sole�y from and to �he extent maneys aze availab�e for such purpose., maneys contained in �he Pzojeet L�oan Fund. Remaining baZances in ths Project Loan Ft�nd aEter aCquisition of �he GNMA Securi�y shall be applied as pz�ovided zn the Inden�ure. Sectipn 9.9, Mort a e Laan to Car oration, The Mortgage Note and �he Mortgage shall be zn the torm approved by HUD. The Mor�gage F�aan shall be subject to the tollowing terms and condi�ians: 2132C3 (a) The obligata.on to repay �he Mor�gage Laan shall be evidenced by the Mortgage No�e, which wfll: {i} be secured by the Mortgage; (ii) be in �he prinei�al amount se� for�h zn the FHA Cammi�men�; (iii) bear iateres� at an interest rate equal to a� least 8,75$ per annum; (iv) be payable in leve� monthly i.nstallmr,nts of principaJ, and interest based on a -month amor�izatinn schedule; {v) ma�uxe nat later than , 2015 (with all pxinci.pal not theretotore pa�d being due and payable at that time); and, (vi) commence amartiza�ian o£ pri.nci,pa7. na later than �, �989; and � (b) The Mortgage �oan shall be subjec� �o, mandatory prepayment in whole in the even� af �he involun�ary �.oss or substantial destruc�ipn o£ the project as a result of an untoreseen even� o� calamity (e.g�, �ixe, natural disaster or candemnat�.on), in the even� that the Lender de�ermines �ha� �he Praject.shall nc�� be recanstructed or restored, promptly upan receipti o£ i.nsurane� proceeds or o�her compensation or, if �here are to be no such payments, pzompt�y after �he even� giving rise Co �he involuntary 1�5s or subs�antial destruc�ion oE =;�e Project, in an amount equal to the then ou�s�andin:� priRCipal amount oE the Moztgage Loan; � �2�.. ,.... _ _.. _ _' ... ... _ .,TT����'.%•._.s�.� _ __.._ . . � _"^�..St�J"-� -r; ei..: �.,. � ��j „`.;.:.. , ` .l�,.�'.,a''i��" �`�`.a �T �^ ; '.i'; . . � ' - . ► �h� 4 = � �.^ . 1'- ... . . .. .. »J` :'a..;�-.�.: .. .. , '�k . - . . . r , ..�-.. - . nsK- . . �r: j,'.rrs.a rny�LF,'7 • g�g!,N:L5F.4;+ _ . n� f�i.:i%:SL�`h.�3�t�:F;�i:• � � S � ..���r t i 1 ' , . . :r � K'" a ,.M j .�rnr�M . . oi WY'JM7.:� R.. py Ss��n�'iY'S-.... i �.. �. ti�` h .:-T' ,�3�;a +.'.4'•:i�wT.�r��rCF...,b"�y :�� . . � � .t�' j•:v '.k. �.L+r!':f.ar" � . . , ^'fiw • t . ., r'�i"���Fll'.'�,:'.•' hY�i'� . i` � . 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".}rf"���•.,. � � pzovided, hawever, �hat such prepayment shall not be required in such circumstances if the Project is being reconstruc�ed or replaced �o subs�:antifally �he same condition as before th� loss or destruction and the FNA Rogulatory Ag�eemen� aontinues in Euil force and efEect. Sec�ion 4.10, Obliqation of Corporatzon to Mak� Paymen�s. Na�hing in �his Secondar.y Loan Agreement shall be consCr�ed to increase or alter the obliga�ions of the Car�ora�ion under �he Mar�gage, �he M�r�gage No�e, �he FHA Regula�ary Agreement or any Mor�gage Loan dacurnent, Sec�i.on 9.21, Default b Cor oratian under Mo�t a e Note, Mar�qaqe or FHA ftequlatarv Aareement. The Lender shall pramptly give �he Sponsor and the Trustee na�ice in writing af any defau�t by the Corporati,on under the Mortgage Nate, the Max�gage ar the FHA Regulatory Agreement ot which it has nd�ice ar knaw3edge. I£ an Event of Default as defined in Sec�ian fi.i hereo£ shal�, occur, of which the Lender has no�ice, the Lender shall forthwith give to the Issuer and the Trustee: (a) written notice ot the Lender's in�ention, i£ any, to acquire title to the Praject thraugh �orealasure or ather means and to file a claim for FHA Cainsurance benefits; and (b) wri��en no�ice �hat the Lender has, withi.n the prescribed �ime, fiied and is perfecting a claim £ar �'HA Coinsurance beneEi�s; provided, however, that the I,ender sha11 be undex na obliga�ian tio proceed to acquire titl� ta �he Project or £i1e and per�ec� a claim for FHA Coinsu�ance bene£i.ts durzng any periad ot time in which (i.) the Lender shall, at its sole op�ian, continue to pay all installments of p�xnaipal of and interes� on xhe C3NMA Security, and (ii) FHA shall have ex�ended �he �ime Eor the filing and gerf�etion o£ a claim £or FIiA , Cainsurance benefits. Sectian �,12. 8enefit ot Bandha].ders and �nhan,cement Provider�. Compliance�wi�h Trust_Indenture. This Secondary Laan AqreemenC is execu�ed in part to induce the purchase by o�hexs of �he Bondsnand, accordingly, al� covenants, agreements and representa�ions on the part of the City and �he Corparati.on, as se� faxth in Chis Secondary Loan Agreement, are hereby dec].ared �o be for �he benefi� af the holders from time to time o� the Borids,l� The Corparation covenaats and agrees to do a].1 things wi�hin�its powe� in order ta comply with and to enable the Sponsar ta comp].y with all requiremen�s and to EulEill and to enable the Spansor to fulfill all covenants aE Che Indenture. -Za-- 2132G . �'w � a ,�, ^ ,�iY.i;iA,�i�,i` ::'s��',.''�ij,, '„i• ,��,": i, �� "�:$;' IIf: `}j°j' `. r.X ��.. ��i � :i �=°�t� r }: 'i ='I t' s •�k�'`'�� ` d�� � 3�.��._�,F� �, [`,t, kw: . : }i�':.+�i3'iF1.",1F.� %.`' �:_-.�.�._=-�"•�,��,�; ;.;,.,`; ''E`M' •' �. �,�':.;. •. � . . t ' ' � `� ::":� �. , _ , _. • . •:=" .�,�:;._ �, �--_ , . . , _ . ;,s. � ' • . , . ��,Y� - _ .' 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". �l;nr{�" .i .t �.+i'l1i� �rt ��a •l £� °:+'e" '4: f��. ���i�°i F''� .lX..�. `.;'v <i.' bf,�=�'a. �i`.;'J t., .� `�. � ..G :t'`.z:;."....��.t.e, f, :i;::.��:.�:1 ry''•� ',r.' �t" �i`~`'b; 'f%• =f:•,� .�. .FL.���.�.i� •�1v F�sr f' �y,•::iY�� '�t��° , i^r �i,: ll �....'t;'. yt.i•�� •�J�> � i. �:..,..... t:. �`'� Ct�✓�� ` R� ] `��3 S'�:. (l,. �E .�l°J.'i'` �aJ . .S�Y'. :+1 .�.'�%.>.�.<.�. ,�.� ~ S ."t'. �.1�. .� :: � ..'.. �' ai. !ii' • i: ::�, ,}.. :'r: .'�:,. �'.^.` eF„a ` .4tl� r��' '']..• :q•� f�' sy:` Z>�'' .�i"<.�• �.f'r 1' '�t � .'� . '':.��' .Ii. "l �'.-i S' 4,.�:,. �r. �t' .�e�� .'rp.��.o, . s�s� ��.�' �F f•..'+ .a..�, �.f�r _f�a 'Y� r.iy �h:°��t: 's- "'L�j .i� :.� ,j.,°•y.¢-�•�i i, ..r;.Ca+;r1 ._'i° -t� '�1�.. ,;:v ':£�,'r; �k t- �i . . f. ' '%i:�'.r '�, ':1 'S:' ' ..�i�.`�} al. �.4' ''F^.-.�,•. ��a... . j � i'� �".t' •i.�, ��'- �"� !". :y'.3 � ,3i' ,s�t �C`'�i� ?'t.: '.1'� .�' .1 ��4.' .�3 !�).E1. °�!'�f,� •)�.. �='Y� ,/ .i.,'�.l.t 1�� p' •{� �'j.. �"�;.,�f ��'� 1 . �'= �-lt ;'<; .`a�%•'' s!:-:: a�., ,:g�.°! �S�Ir. `:�. %i,:. .�R'.f' � '�6,'� `"ii :�..1' ..5 : .�i� .t., :ss x"s .;, 7".:�:'' ; t`+�:a; =,�:-, .ia?9: }'.��9">�0*'.. � 4, i. .�'ia . Yu �'i � p•'t.��. � <� � l"5�* ��,"/: . .�!' �rt°. �[}� •ri'1 .{.. '�`.9.4�.' \/�.e�}.f" T : �{.'. : 3.-. . S.. .t� '. . ' q:- . S „ '�, ,.c �� . ',i:lsl:��.� � � �r i+..� _..,.II.....�.a:;:�..- - -- ' �:.; � :.�s`.:��..r.W � ��""J SeGtion 4.13. Assignment__oF City's Riqhts. As the source of paymen� for the Bonds,��the City hereby assigns �o �he Trustee al� the Ci�y's �ights under �he Note and this 5econdary Loan Agreement {except for i�s rights and �he rights o£ the 5ponsoz, the Trus�ee, �he Administrator, and the Independen� Cantrac�or, i£' appliaable, �o r�ceive payment of adma.nis�rati,ve expenses, repor�s and zndemnity agai.nst alaims, and the Sponsor's, Trus�ee's and Adminis�rator's rights ta enforce remedies pursuant to Section 5.3 hereof). The Carporation will make a11 payments required under BeCtian 4.3 hereof directly �o the Trustee wa,thou� deEense o� setoff by reason oE' an � ispute be�ween �he Corpora�ian and th� City. Section 4.14, �stablishm�n� af the GNMA Ex ense Fund, The Trustee hereby agraes to establi.sh and main�ain the Ci�y of Cl.earwa�ez, GuIE' Hreeze Loan Proqram GNMA.�xpense Fund. The �rustee shall mak� deposi.ts into the Gi�FMA Expense Fund as se� £orth 3n Sec�ion 4,3. hereo� and sha3.1 dishurse mone s annua].1 on �ach to a t e Trustee s annua fee of p t e� en u s an ina nn c. Sec�ion 4,15. Es�ablishment af the Ne ative Arbitraqe Fund. The Trus�ee hereby agrees to es�ablish and maintiain �he City o£ Clearwater, Gu3.f Breez� Loan Pzogram Negative Azhitrage Fund. mhe Trustee shall make the deposi.t in�o the Negative Arbi��age Fund as requzred by Section 4,2 hereof and shal.l t�ansFer maneys aut oE the Nega�ive Arbitrage Fund only to pay principal ot or i.nterest on the Bands in accordanc� with Section 4.3(b)(ii} herepf. �Txcz�� v ADDiTIONAi, COVENANTS AND AGREEMENTS Sec�ion 5,1. Inspections. All equipment, buildings, p�.ans, affi,ces, apparaCus, dEVices, books, cantracts, records, documents and other papers reiating ta the Project shall a� all times be maintainefl in reasonable condi�ion for proper audit, and shall be subject to examination and inspection a� any reasanable �ime by the City, the �ponsor, the Trustee, �he Lende� or �heir authorized agents.� 2132G Section 5,2. Re orts and Tnforma�i�n, (a) At �he request af the Spansor, Che City or the Trus�ee, their agen�s, empioyees or attorneys, �he Corppzation shall f��nish to �he City and the Trustee, conct�zren�ly with delivery �o the Lender ar HUD, aopies of any re�arts and informa�ian £urnished to �he Lender or HUD pursuant to the Mor�gage Loan Documents. Yn addition, the Corporatian shall Eurnish to �he'City and -25- .. . .,q„ ��+�;.ry-sc;.�..., .. - .:�.- `,:�,rr+.c•r��- -- ....... , .+. �.�-�.°.`�����['^.r:- - ' . .� . � . . . , ' � - ��.t-`"�-.�.� :�: : . - • , ,• . . -� , ,,y:_ .' r' ._, . : . 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''!�e �1.''k:t!�(� ':i.:N� .'1'� �:�:w �.�C..�:�i..s. i 4.:j,r,�" .,�; �9 •:•�'a� �iS�' :.�f ,.w'�'y'4'f, `'.fi... _A7Prl. "'�i'ji.l�f�..�'��;t.}n..�b, ,' . '. • ., .•s ..,. . ,�. � . . : . . . • r. • q ;. .!. eG.,v�� . ...,y..ti . ; �,' ��;'��.�',Y � ;::.. �.-�]�' \` '�er � ....::.::.7::.:�..�a'-..�i:.',i.:' - - '' � '•" ",i..�.�:.��:�-- - ---- --° �:t+,c..r�.Le:a: � � the Trustee, if so requested, such in�ormation as may be reasonably requested in writing from tzme ta time i.ncluding, bttt naC limited �p, aompliance by �he Cozporatifln with �he prdvisions af this Seconda�y Laan Agreement, (b? The Corporati.an shall deliver to the Ci,Cy, the Lender and the Trustee, no� la�er than the 135th bu� not earl.ier than the 128�h day £al�.awing the date oE each Laan Payment pursuant �o the tezms oE this Agreement (whether by pzepayment ar regularly schedu�ed payment), a cer�iticate a£ Che Corporation, a� othex evidence in �azm and substance satisEactory to the Trustee, ta Che e£fecti that, during the period endi.ng 128 days following such payment, no bank�up�cy, insa].vency oz simila� proceeding has been comjnenced by or against the Corporati.on and that na other event has occurr�d which wauld have oonstituted an event of default under Sec�ion 6.1 of this Agreement (except such as has been vacated, dismissed or discharged by an arder which is not subject �o further appea�). NotwiChs�anding the payment in Eull o£ �he Secandar� Loan, the Carporation shall pay any charges inc`uszed by the Ci�y or the Trus�ee in connection wi.th any paymen� under the GNMA 5eaurity by reason of the Corporatian's failure to deliver such certa,£icate or evidence on a timely basis, Secti.on 5,3. Immuni�y of Spansor. in the exezcise of the powers oi �he Sponsor and its members, afEicers, employees and agents under �he Indenture or this Loan Agresment� includzng (withaut limi�inq_�he foregoing} tTapplication of mon�ys and the a.nves�ment o� funds, the Sponsor shall not be accoun�able to the Carporation tor any actian �aken or omi��ed with respect to the Projec� or thi.s Secondaty Loan Agreement by i.t or its members, o£�icers, �3mployees and agents in goad fai�h and believed hy it or them �o be authorized or wi�hin the discretion or rights ar powers conEerred under this Secondary Loan Agre�men�. The Sponsor and its members, offi.cers, empLoyees and agen�s sha3.1 be pzo�ected in i�s or their acting upon any paper or dQcuments believed by it ar them to be genuine, and it or �h�y may conc�.usively zely upon the advice of counsel and may (bu� need not) requ�.xe �urthex evidence o� any �act or matter before �aking any actiion. No recourse shall be had by the Corpo�a�ion for any c�aims based on the Indenture �r thi,s Sec�ndary Loan AgrPement against any member, officer� employee or agent of �he Sponsor allegi.ng personal ].iability 'on the pax� oE such pe�son un].ess such claims are based upon the had fai�h, fraud o� deceit af such person. The Ca�paration sha11 indemnify the Sponsor and any o� its memkaers, o�ficers, employees or agen�s and save �hem harmless 2132(3 1 -26- : � � ' ' . w-+����`��•y,`3i-':�^�� ^ 'jsY!!; . . � ... �_ " • v1^� . ` � � �. j�1� ��^-�a+.� i e.. � � l,� � � . . ^:� A � . ,. . . . . . . .... 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' . : � �i?;., �� � � � � against any liability intended to be precluded by this Sectian �esulting from ac�s or omissions o� the Corporation oz from acts o� omissians of the Spansor o� any oE zts memlaers, cF�Eicers, emp�oyees oz aaants in Connection wi�h any necessary ox reasonabFe acts takE.. pursuan� to Chis Seaondary Loan Agreemen�_, except for fraud, decei.t ox acts Caken i.n bad Eaith or which are negligent, . Section 5,4. Com liance WiCh Laws, With �espec� ta tihe _ Project and any add'ztions, al�eratiions or improvements �hereta, the Corporation wi.11 at all times comply with aZl applicable requf.rements a�' Federal and state and lacal laws and with all applicable lawfu], requizements a£ any agency, hoard or cominission created under the �aws of the State o� Florida or of any othe� duly constituted public authori�y; prnvided, hawev�r, that the Corparat3.on shall be deemed in campZiance with this 5ection 5.4 so long as i� is contes�ing , in gQOd faith any such requirement by apprapriate legai , praceedings. :, ., , Sec�ian 5.5. Assignment. No assignm�n� ar Cransfer oE �itle to the Project, except�as provided in A��icle VIII or Sec�ion 3.2(b) hereof, shall he made un].ess (3.) the Lender, the City, �he T�ustee and HUD consent in writing to such assi.gnmen� or transFer, (2) the �ransEeree ar assignee, as the case may be,,assumes all �he du�ies of the Corpora�ian under tha.s Secondary Loan A.gree�nen� and the Mortgage i�oan Documents by means a£ dacumea�ation sa�isfactory in torm and substance to the Lendex. the City, the Trustee and Band Counsel, and (3) ther� is dei�vered �a �he Lend�r, the City, the Corpozati.on, HUD and the Ttus�ee an apinian o£ indep�ndent 1e� counse7. �a the tsansferee or assignee, as �he case may be, substantially to the e�£ec� tha� any assumption of �he duties oE the Corpozation referenced in (2? af �his Section represen�s the va�.id, binding and eri�or�eable obligaCion �f such transEeree ar assignee, Upon the assump�ian nE the du�ies aE �he Gorpotati.on by a t�ans£e�ee or assignee as pravided herein, the Carporation sha�l be released from al�. execu�ory abligatioas so assumed. Nothing conta�ned in this Sectxon sha11 be constirued ta supe�sede any provisi,nns regardi.ng assignmen� and transfer of ths•'Project conta�ned in the Martgage Laan Dacuments. 5ection 5.6. Mort4aqe Loan Documents. In �onnea�icrn with the making af the Mortgage Loan, �he Lender and the Corporation shall execute and deliver such d�cuments as are customarily uti.lized for mortgage loans �o be aai.nsured under �he pxavisians aE Section 223if) pursuan� to Section 244 a� . �he Na�ional Housing �ct and applicable �egulati.ons thezeunder, with such omissions, inserti.ons and variations as ,,,�� :� �4�� � ��� ``�� �1. ,,� �. • �: � µF�i �}� :-yK.°�f� . _.. x,i�s ;� ��'� � ��p�. � �;_. : 7� �. :��. -27- l.u„}.- ��,{ :�irt' ] .�"-� ' � i'a _.. .. . !' • . . " � .i VW'rs.n^:' � , • ' �" v�,�1" i:�.�1�v7�iF'e"'-�� _ . ... , . ' , 5, '. �'�" �'•a-.--^`� -- ' � �� ' � . ' ' �r`a. • ...:+ir-. , ..� , .. 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'Tr.. :�. ;"k;��,:. ,_; :•����", . .:;�•.:.r' .:.�. ;.St F°�� �'r �;; c'z`.' �� f' �_,: � �'M1�; "t: �.1. ��:..',; .�, :v.' � �.c' .s� .,�,. -ep• ..r� :"s'• ;•�'r'� - t . ; i'.�.� , � . :-4 `' .'.� % :;r `�'[. :' rwl.•' �'�c .�in' � 1 {' - .r� :1: ,:� .ii�;�.;�tir: s.�. ','��.:. 4�� 's:•' '.'G',, r`./' r'�J.�;SY:1' :a�� �yF:. °.i' . �;1 � �� �'�. i �Y� .�]'i, 1 . i �} r �.i�... .��.'.�t.. r_.�'i�• °•p', , ..�i.�.. .. _, c'f�'b�.:a . � ...'.��..: :�:?. � � ___��.i__.�_II I..i�:�•°.i. . � � may he permitted by such regulations and as may be cansistent with the �erms and provisians oE this Secondary Laan Agreernent. Sea�ion 5�7. Warr_antr�of Truth, 'Fhe Cnrparation covenants that no information, certiEicate, sta�emen� in writing or report required by �hi.s Secondary Loan Agreement ar o�herwise turnished by the Corporation to �he City, the Lender or the Trustee wi13. contain any un�rue s�atement of a material fact or amit a material fac� nec�ssary, in �he canCex� oF the stiatements made, to make such in�arma�ion, certificate, statiemen� or repor� not mzsleading, The Lender cavenants that no in�ormatian, ceztificate, statement fn writing or repor� required by �his Secondary Loan Agreement or otherwise furnished by �he Lendes ta the � City or the Trustee will con�ain any untrue statement of a material fact or omi� a material fact necessary, i.n the context of the statemen�s made, tio make such infozmation, certi�icate, statemen� or repor� no� misleading, ARTICLE Vx EVENT$ �F DE�'AULT ANp REMED�E$ Section 6,7.. Evet�ts a� Default. Each af �he following events i.s hereby de�ined as, and dealared to be and shall constitute, an "Event of Aefau3.t": ( a) f ai lure by the Corporation to make any payment required to be mad� pursuant to Section 4,3 hereo£ on or betore the date the same is due; or x���a (b) with �he exceptions of �hose cov�nants set for�h in Sec�ian �4.3 herea�', failure by the Carpora�ion �a observe and perform any a�her covenant, condi�ion ar agreemen� on i�s pax� �o be observed or performed under this Secanda�y Laan Agreemen� £pr a period of 30 days a£tez writterx notice speci�ying such failure and request�ng that it be �emedied is given to the, Corporatian by the Sponsor, the CityAor the Trustee; or (c? if any of the repr�ssntatians, warranties or certifications o� the Corporation under Section 3,2 hereoE or otherwise made or delivered in connection herewi�h shali prove to be Ealse or misleading in any ma�erial respect; or (d} (1) the Co�para�ian shall maite an assignment £or the bene£i� oE creditats, (2y the Catporati.an shall apply for or sae�t�the appointment o£ a receiver, �-28- � � � .�.. �.^���' .�.�s«s.'+:1it;°"±..,t��.v�9�,_.t, . . . , , _ _g� �•.F,�s�'±t.'5���..�»c- .. . �. - ° . . 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J`t ��ti.� '�1. c'.�iT .]' .tar�. �.S'� �� �.J� �1 S': ,§� i i' :>. i �y.i�. �.}�, iJ •!i� 1� :.l�. �� �F> i}�t . �' ;f�e' ,aN '.�:r °.i .�, ';�:',�:�'3w.;;. ��i, �sr- •`'�;Mf:.>2 ...... .�f' -'��='w - ----- - �'°'�•'+}:�;+i a«�'�`��-s�v�x � custodian, trustee, examinex, liquidator or similar ofEicial for it or any substantial part o� its proper�y, (3) the Corpora�ian shall Eail to tils� an answer or o�hex plead�.ng deny�ng Che material allegations of any proceeding fil�d agains� i.t described under Section 6.1(e){2) hereaf, (4) the Corpoxation shall take any action �o au'� �horize or eEEect any oE the act�ons set Eorth in Sec�ian 5,1(e) hezeo� or (5) the Corpo�ation shall fail �a contesti in good taith any appointment ar proceedinq desccibed in Sectior� 8.1(e) hereo£, (6) wi�hout the appliaation, approva]. ar consent�of �he Corpora�ion, a receiver, trustee, examiner, liquidator, or similar o�f�cial shall be appoin�ed �ar any subs�an�ial, part a� the Corpo�ation's praperty and such appoin�ment shall continue undisaharged o� such proceedings sha�l continue undi�smissed oz unstayed for a periad o£ 30 consecutiive days; ar (e) (1) the Corpora�ion shail be adjudi�ated a bankrup� ot become subject to an order for zelief under tederal bankruptcy law, (2) the Corporation shali institute any proceedings sesking an order foz relieF urider £ederal bankruptcy law or seeking to be adjuda.cated a bankrupt or insolvent, ar seeking di.ssolution, winding up, liquidation, reorganizatiion, azrangement, adjvstment ar compositiion aE it or iCs debts under any law relating �o bankrup�cy or �nsolvency, (3} �here sha�l be appoinCed a receiver, Iiquida�or or sxm9.lar official for the Corpora�ion und�r any law relating' ta bankrupCcy ox insolvency, Qr {4) withou� �he applicati.an, approval or consen� o£ the Corporation, a receiver, �rus�ee, examiner, liquidator or similaz afficial shall be appoi.nt�d £az the Ca�poration, or a proceeding descsibed ia Section 6.7.(d?(2) hereoE sha�l be instituted against the Cocparation a�^"such appointment continues undischarged or such proceeding c�n�inues undismissed or uns�ayed �az a period of 30 c�nsecutive days. Section 6.2. Acce].er.ation. I� an Even� of De£,ault as de£ined in Sectipn 5,1(a} hereot shall have ocaurred, such �s to cause payment of the GNMA 5ecurity to be accel.erated, the Secandary Loan and a�l ather sums which �he Co�poration is obligatgd to pay under this Secondary Loan Agreement shall became due and payable immedia�ely, and the Cammi�men� shall terminate, without Eurther notice ta the Corpora�ion, if any other Event oF Defaul� shall have occurred, the'T�ustee (as �he Sponsor's assignee. ar any assignee o� the Trustee oz Co-Trustee, as may be th,e cas�) shall, but only upon the directian of �h� Ler�der, by notice in wriCing to the Corporation, declare the 5ecandary Loan and al�. other sums 2132(3 � -29- . - . - ......_:r-�.-.:..�..�, --�-ti= •r.-� .�-,Y: � �..»�� : • • � . . . . . . ' ' . ' . ' • �ry..'�r=��57�1:`wC.�.,�.. ' .. ' � . , . . . , . W� - .%,t,3 ��. ,� . � Y ` � ' . • . . � . �� ~ » L�^�F' � . .� � . 1 . . ' . .... � . _ .. � r• ' ' .'. ���,.� 5 "-" • . 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'•'k s I�r. ...��,:i.� y�.� y..c �, �. ,;��� :\, e. �:i.� .,': a, .'p' b= � "�d> - . � �, X� �4� �.�. :•�: r�. :.F�i�:, '{t•r.' `�ts,•.ti1:. .ti'.>. >5:,. jl' i•�l•,� '.i.i":!'.'./�q �'° `:�s ��'�� .. .. [=''��' � � . _._�..�`c .. .. �.... .,i�i�-�. � which the Caxporation is obl'zgated �o pay hereunder to b� due and payai�le immed�.a�eZy, and terminate �he Commi,�ment. Upon any suah acceieration whe�her ae�toma�ically or by dealaration, anyxhing in this Secandary Loan Agreemen� cantained �o the con�rary aotwithstanding, �here shaJ.l become immediately due and payable, in addiCi.an to any other amounts then due f�om th� Corporatian hereunder, tihe swn af; (i) �he outs�anding principai o� the Secondary Loan; and (ii) accrued and unpaid interes� on the Secondary Laan. Sec�ian 6.3. Pa enti of Laan on DeFault; Sui� Therefor. {a} The Carporation covenants that, in case d�Eau�t shail occur in the payment of any sum payabie by �he Corporation under Section 4.3 oE this Secondasx Loan Agreement as and when the same shall become due ar�d payable, whether at maturity or.by accelexa��on os otherwise, then, upon demand of the Sponso�, the Lender, the City or �he Trustee, but only upon dire�tivn o£ th� Lender, the Corpqration will pay to th� Trustee (or its assic�nes) an amount equal. to the sum of: (i) the amount desczibed in Section 6.2 hereoE; (ii) any othes amount which the Corpocata.on is obliga�ed Ca pay under this Agreemen�; and (iii) such further amount�as shall be sufEicien� to cover the costs and expenses of coilectiion, ina�uding a reasonable compensatian �o �he Sponsor, the Trustee, tiheir agen�s, a�Corneys and counsel, and any expenses or liabiii�ies incurred as a resul� a£ such de�aulti by �he Sponsor or �he Trus�ee other than through grass negligence oz bad fai�h. (b) In case �he Coxporati.an shall, �ail £�rthwi.th to pay such amaunts when due and upan such demand, th� Sponsor Qr �he Txustee (or its assignee} shall be er�titled and empowe�red, but on].y upon directian oE the �,ender,�to institute any actions or praceedings at law or in equity �or the collection af the sums sa due and unpaid, and may prosecute any such action or proceeding to �udgment or fina}. decree, and may enEorce any such judgtnen� or final decree against the Corpora�ian and coilec� 3.n the manner provided by law, 2132� (c) Yn case any proceedings shall be pend'�ng for �he barikruptcy ar for the zeorganization of the Corpozation under �he FedetaJ. bankzuptcy laws or any oChex applicable law, or in case a�eceiver or trustee shall have been appainted far the property of �he CorporaCion, or in case any other similar judicial proceeciings shall be pending relating to �he Corpora�ipn or ro the creditors or property of the Carpo�ati.on, �tte -30- E � - --.-,:.---"-'�,,��., �..��: : - - ;s,:..=: . . . - ° .. . . _ -_,,���,�,�.��.,: ::' .. . 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'�E,:.. f.,j•i>`,j`lj;. :r�• � �, i,'-,-.::;' r.'. :�, �� - : :`y , { :,i'.` r.�� 'r'� •i ^ �3�' ,'," ' �`:'i'^; ,3" i'7. #�' �. .t� ,`.4-' ,1. _.�.i•• :•�:4 .4: '�"��� t'4'•:"-1.� •t' �'( .`1 i r,r`,(i� ' i•; .wF��.. , d. � i.�,���. '.c�"� �' n' �:3; ,°�. �;4,:�, ,,; 4 ;�. ,.�: � . �e 3 ,.r� t` 't. �j� , tr ;. #"',' ;}i' .'i' '�• ta: ;}'.�- '�,� �'� .i. �t :�rra� . .a'' . . ,:f.:,�,.�,:'�s� ':i�' :i._; ,: .: ° .' '':i. ,rii :. `;{,. . •rl.� . f;`" C.i;t�, :y `. ,`i � . b ' f; :';....;' ,`�. '.S)�y� :�P ��}!• �'yx� Y• � a �.i� .', :J .�1. y :j. .�E:j` .�I �.1' �v�.Y'1'•� .�::�:. �'l• i'��.� � 'n � , _ '.d . ':' �F� :;: e'.4. '�l' �'t:�'i�"�•° �=�•v ��F�- "i•.'" ti�: .'{ , ��`•i� �C; 'i . 'i,'.� . . - . :!-'. ,... .....�'? ��__..._.. . . _ ."'i" .....--'-.� s..�i � � Trustee (ox its assignee) sha11 b� enti�led and empowered, by interven�ion in such proceedings or o�he�wise, to £i.le and pxove a claim or cl.aims �or the whole amount af the Secondary Loan made ta Che Corporation pursuant to �his Agxeement and far intetes� owing and unpai.d in resp�ct thereof and to file such prooEs af claim and o�her papers or documents as may be necessaz� or advisab].e in o�der to prosecute the alai.m� of the Trustee (or its assignee) in, any such judicial prace�dzngs rela�ing to the Carporation, i.�s creditors, or its property, and to collec� and �eceive any moneys or other psoper�y payable or de�iverable an any such claims. and to dis�ributie �he same a£ter the deduction of zts charges and expenses. Any receiver, �ss3.gnee or trustee in bankrupticy or reorganization is heze�y autharized to make such payments to the Trustee (or its assignee), and to pay to the Truste� (or its asszqnee? any amoun� i� requires �or compensation and expenses, in.cluding counsel Eees it has incurred �p to the dat4 af such dis�ribution. � Sectian 5.4. O�her Remedies. (a) Whenever any Even� of Default hereundsr sha1Z have occurred and be canti.nuing, whether or not ali sums which the Corporatzon is obl.iga�ed �o pay under this Secondary Loan Agreement sha].1 have been declared �o be immedia�ely due and payable pussuan� �o thi,s Secondary Laan Agreement, the Sponsor or the Trustee (or i�s assignee) shall, but only if di.rec�ed by the Lender, take wha�ever action at law or in equi�y as may appear necessary or desirable, to collect the amounts payabl,e by the Carpora�ion hereunder, then due and thereafter to hecc�me due, or �o enforce performance and observanc� o� any abiigatian, agreemen� or covenant af the Carparation under this Secondary Loan Agreement, xncluding the application of any undisbursed Secondary Loan proceeds to the reduction a� the au�s�anding balance o£ �he 5econdary Laan. (h) Whenever any �vent af Default hereuncier shall have accurred and be continuing, before ar aftes declazi.ng an acceZeration pursuan� �o Section 6.2 hereo£, the Sponsor or the Trustee (or its assignee? may, but shall not be obligated ta, perform for the account of the Corporation any covenanC or obligation in the performance of which �he Corporation is in default, in which event the Corpara�ion shall i.mmediately xeimburse the Sponsa� ox the Trustee {or its assignes), as the aase may be, upon demand" for al� expenses incurred by tihe Sponsor or the Trustee (ar its 2132(3 � . �-31-- •'��'�;:�v ,�_� •Nkb . w. . . � ,...--Si; `�,,. ��v ;4r.�:y , . ° �.i�l:.:•`.w�'13��5' •s'�..,_a':� ' ' - � ' . ' . .._ .�.. f t� c.�.�'�. �."y.� • .-' � ..;. , ',� „ . . . - . �� ``T;. ��i�'65.. k i�a,� : �� , Yr�� �� ,'rry+v''i:t j ��.ra,�', .s "'i a. a �- I i .'r'"� '��i�, ,i-l• �':i��� r. ���'.`t�'. ,� °s i� rr;,. , ;j � ' .�r�r�� �j*.`. �i i.,�i1R. �1(.� i" �L."4�f1�'.t'3.:� . 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' ,y�i lN � } }i 1°j� ;e. ,C ���, ,l�' _��; .� 1,3, --- - ..:.fs;.:1,.+.+F' - ---- - ....,3..i�✓�ca.i:, d..''' a . a .v�,.cs' _ .e{. �°%`: ° _ ,t�'.,;;�2`I.s}�� 'tt� ,'�'4�•! .J•f• -,.3'.t'�.�,�. ', 3a`E's', �'��i`,' �.L ': ` .-' } . ,,! ;�i,. �.�R`j': `�"f. �¢�"�~ :'�?� IY=J�� . ii�`rl{�S �•� A �: �.• e A'F ,�i.. ;�:AS'. :.b� `��:M.z; ;i ,tY.r iS!#�^ ��. � d . � �-.�a� �•^.;`' •q'�� t i .�! .W 9.'r��,� e'*t.,. }�°.�i.S � :� ���e, -•-4r[ `�{�f�it. ��� .L.t �'d�" �:.f' 1 i;�: . r` ;.' t •{ Y�<<; ti. .:t� �J . •1 S �`ti� � �°,��;,:i. `�' �f ,;� i.y�� � ���� +)-t�i�� �(.�q. �';: -�V .�] i1.; j', •1`�.y��.'fr .,?�i' '`i,t^' i� ; ���r ��u a.i�! '�L;.E�.. �3 t�9 a.t•� �,� ,I � :;c°.�np:a p�'. ^,Y'¢�: "4 , e'•' :i` 'a�i4.11• :'�. �z' ,ea ^� �s�. ;�. , �y .;`,� : :x ir i� .} ��":-�' ' ��..'._ .z.. -i�' y i � � t>':� t;� t�{' .%. �°k•`. 1 !� _3 s `i��'�: ts:"....�, ,:'�:�....�_. assignee), as �he case may be, i.n the caurse a£ such per£armance, including zeasonable counsel fees, with ia�eres� from the date ot such"expendi.tuxe a� the Prime Ra�e�then i.n e��ec�. (�} No action taken pursuant to this Section 6.4 shall xelieve �he Corporation fram its obligatians puxsuant to Sections 6,2 and 6.3 hereof. all ot which sha].1 survive any such action, The 5ponsor or the Ttustee (or its assignes) may, and upan dizec�ian of the Lende� shall, take wha�ever actian at law o� in �quity as may appear necessary and desirable to co].].ect the amounts then due and �hezeafter �o become due, or �o en£arce the g�rformance and observance of any ob�i.gation, agreemen� or covenant of the Carparatian hereunder. � ' Secti.on 5.5, Cumu�a�ive Ri hts. No remedy conEerred upon or reserved to the Spdnso�, the Lender, the City ar �he Trustee (ax its assignee} by this 5econdary Loan Agreemen� is intended to be exclusive o£ any other available remedy ox zemedies, but each and every such rem�dy shall be cumulatxve and shall be in addi�ian to �very o�her zemedy given utzder this Secandary Loan Agteement or now o� hexeafter existzng at law or in equixy ax by s�atute. No waiver by the Sponsor, the Lender,��he City or the Trus�ee (or its assignes) of any breach by �he C4tporation o� any af its ob�a.gata�ons, agreemen�s o�'covenants hereunder shali be deemed a waiver oE any subsequent breach, or a waiver o£ any oth�r obligation, agreement or covenant, and no delay ar failure by the Sponsa�, the Lender, �he City oz the Trustee (or its assignee} to exercise any right or pawer shall impair any such r�ight or power or shall be construed to be a waiver thereof, but any such �ight and Qower may be exercised hy the Spansar, the Lendez, the City or the Trusree (ar i�s assignee) from time to time and as oEten as may be deemed expeaien�. • �� Sec�ipn 6.b, Discontinuance of Praceedinc�s. In case the Spansor, the Lender, �he Ci�y o� �he Tzustee (or,i�s assignee? shal� have proceeded �a en£oxce any right�under this SeCOndary Laan Agre�ment and such proceedings sha�l have been d�.s�ontinued or abandoned for any reason or shall have �heen determined adverse�y ta the Sponsor, the Lendex, the City or the Trus�ee (ar its assignee), then and in evezy such case the Corpoxa�ion, the 5pansor, the Lender, the City and the Trustee (or its assignee} shall be res�ored resp+�ctiv�ly to their severa], positians and righ�s hereunder, and all rights, remedies and powers of �he CQrpa,ratzon, the 5ponsor, �he Lendex,'the City and tihe Trus�ee (ar i.ts assignee) shal� conti.nue as though no such proceeding had been taken. 2132{3 a -3 2- -�-��,'.���r� �'°�`-�-`� -. , ,�,.� � G� �N: . � .. =,r: :s�-'� :-�_ _ . , _ , '.. . - - •'.: �, . ; . �:� .L.it'.';,°.d. a . ... . . ... .. . .. .. . . > ,�,�yx.q,�e�.. ..�.r�r.,,.q`�,`,., ' ,. . , . e�r..,.��. . ���,w.r... <.yg":.c�(:-� ..: a�. . ..r . , » .�...5�ew,^r*sr; •f. �'4�' ,'�:c"�it: r'� . . _ � . , . 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'�.'C"��. �f� MP.' �`k' iY. .l' �}�� s1� �lw ..� � ;,'�:`_ ���'. t' ; �' - }' _,`4;� + : I' t � . ,'f y • • __. �f,�,�.� . . w.. . ... .... .. ... ._._"'_____'_.._-"-._-..._. - ' '_' .i. . � � i;�Fx�' �r!'.�P:':�'�P: Y'�`��i.-; i;i �tz$�'i=.{'.•i•� t•� .{si i�'�;:�a a;�,.1.1{'; :�4�'�S:�i i/ -.^e.:r,.s .�'}}•�.�}:�i}�, '�"a� .S 'F' .?� r ��y 4�x� r- �iP��.�11'E�•l:f•�` :`Y1�4'�� �.'�-..:�Y' .`$` .��,.yy+;�:J3Y ;,",ti,�S�`y§'. '''rij•�:['+�+�+,Lr ��l.i� 4' s%'t:: :. e.i.r..•.Y.Y�f.� t.�'?.. Sec�ian 6.7. No�ice of Default. The Corpa�ation shall give �he Txustee, �he Lender,��he City and �he Sponsox, a prompt written notice o£ any conditian or ocCUrrence which canstitutes an Event of De£ault under Section 6.� hereof immedfately upon becoming awaxe o� the existence thereo�, ARTICLE VII RIGHT TO TERMiNATE Section 7.1. Prep�y_men� a� GNMA Securitv, The GNMA 5ecurity shall be subject �a prepaymen� prior to maturi�y, as provided in Sectians 7.2 and 7.3 hereo£. Except far prepay�nents as a result af a defaul� on the Mortgage No�e and the payment oE a claim for FHA Cainsurance, prepaymen� o� the GNMA Security �ay be made only in the ev�nt, and to �he extent, that there has been a correspanding prepaymen� o£ the Martgage Note by �he Cosposation pursuan� ta the terms the�eof, and upon �hirty (30) days' prior written na�ice by the Corporat�on tio �he Issuer and the Trus�ee, or such lessez notice as may be required or reasonably implied by the pravisians se� farth hereinafter. Except as o�herwise provided in 5ec�i�n 7.2 hereaf, ail prepayments of �he GNMA 5ecurity shall be made at a prepaymen� pri,�e of ane hundred' percen� (300�) o£ the principal amount, plus accxued int�rest �o �he prepayment date. Section 7.2. O tional Pre a ent. The GNMA Security ; shal.]. �e subj�ct to prepaymen� on or after , 1998 t: �zom optionai prepaymen�s �ay the Ca�paration under the �; Mortgag� Not�, in each case plus accrued interest through the :: date of prepaymen� of the GNMA Security, such prepayment o� w., the GNMA Securi�y to occur on the first succeeding scheduled � payrnent da�e £ollowing recei.pt of such Mortgage Loan ;f prepayrnen� . �'- Sec�ion 7,3. Mandatocy_Pr_epaymen�, '�� (a) The GNMA Security shall be subject ta `�, prepaymeat in whole or in par�, fram prepayment�s under ', the Mortgage Notie £rom such proceeds a� insurance or � condemnation as are no� applied to the sebuilding or �� restoration oF �he Pro�ect; p�ovided that thirty (30) � days' priar wri�ten notice o£ the making of suah ,� prepaymenC on the GNMA Security shall be given, in this instanc�, by the L,ender. _� (b) The GNMA Securi�y shall be subject to I� p�epayment, ir► whale ar in par� withou� notices, from � p�e�ayments undec the Mor�gage No�e £rom the Corporatian ' while under the supervisian o£ a t�ustee in bankrupCcy. �� � 2132G l -33- , _ �.�....��+ir:�,���� 3"'.. _ . -� ������ a.�i . � • � . , ��.,w� F-� .�. ' . , . � - _ �: _. . �/,� J -_ ' " r . +.. "..-_ , ' .. • ' ,� . "i•• .. .. . ...!r., 4: ;.,,s�° ;�:, w�-� . . c ev.� r.. -. ,W., t«.•.. r'�.r ..� .. . i..r,. L m:.,.,y�,�.e:a:a+..y:::�t.-s�.,,eWy`,� :c,�;�n 't.' .r��h'�:!�`• :,rK`�s+-' , . , ,. . 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S �'�P�2'�.:'f ������ ��Y�',F�r�.� . .:6'4•'•: _ fi•= d;'• •:i:,'yr '�; .. ` t��, �,�•• r�..'e_ *-�. ��S' �4y;':" "�4':a' ",ej'7.� ' .v '��� �'�.� '�''°!s yiN��:�s�, ����:��F.e '.ti�i �-�:'. �'4( •.1 � 'R ��. �x;;'�,: :,4�.z'P:�'��y•:r.;, Flk��, ?�l'a '�: .,`.t�r '° ':.i� ^`�F� t�q,�'� ryii'.;,�'���� 't�l. `i?��t'.{c „�=°a.. � . : a.,4: ��: ,. '� ; ' ��1�',S ^�.q' . .ai�. i1< <Y:{'� :�i,�ii����� •���:•. ;i`>�e _vt`. '.q' �"i.` :.`' :�.�„'; r�f .:�;i'_ a'�.: — ':l,j`:;�`��•�`` , ".f:i � � (c} The GNMA Securi�y shall be subject to • prepayment, in whole ar in part at any time witihou� notice, as a xesult of a deEault by the Co�poration under the Maztgage Loan, from �he proceeds o£ the FHA CoinsurancP and funds o£ the Lender. Se�tian 7.�, Prepavm�nts, i� is hereby mu�ua].ly agreed tha� p�epaymen�s (including premium, if any) made on �he Martgage No�e by the Carporation shall be paid to the Lender in £ederal funds on tihe da�e such prepaymen� is permitted undec the Mortgage Note and that these moneys received by the Lender, or o�hez moneys �o be used fnr such prepayment, will be i,mm�dia�ely passed thr�ugh to the Tzustee, on �he datie such prepaymwnt is received fram the CorporatiQn, as prepayments an the GNMA Security, for the redemption of Che Bands in a like principal amount on any date set for �he redemption o£ the Bonds, In the event that the�e xs a default by �he Cflrporatian under �he Mortgag� Loan which ' results, at �he election a� the Lender, in a c].ai.m by �he Lendez for Fi-iA Coinsurance bene�i�s £rom F'HA, the Lender shall pay to the Trus�ee the proceeds of the FHA Cainsurance on the date such proceeds are received aad also on such date shaJ.J, pay �o th� Trus�ee from i�s own, funds such additional amounts as may be necessary to redeem the GNMA Security i.n �uil. The GNMA Security shall be credited by the Trustee with the amount oF any prepaymen� on the 15th day of th� month in which such p�epaymen� is made on �he Mortgage Note, unless the C�rporation o�he�wise advises �he LendEr, �he Issuer and the Trustee in wri�ing, a1Z principal payments received by the Lender an �he Martgage No�e shall be deemed Co be scheduled ar required repayments (not prepayments) of princapal on �he Mortgage Note, and the Lender shall pay such amounts to �he Trustee on the GNMA Se�uri�y as scheduled repayments �he�eon. As mare fu].�y provided in th� Mor�gage Note and �he Mortgage, any prepaymenCs o£ principal by the Corporation thereuader whi.ch r�sul� in prepayments an the GNMA Secuzity shail be applied proportionately as a ctedit agains� al� subsequent sequired paymen�s of principa]. on the Mortgage Note and Mostgage. � , �tTic�E v� z z CONVEYANCE OF TH� PROJECT ' Sectiion 8,1, Conveyance af__the Proiect. The Corpora�ian shall transfer and convey �he Psoject �o the City in the mannez provided �or in Sectian 8,2 of this Secondary Loan Agreement; provided, hawever, �hat prior to such �ransfer and canveyance, the Corporatian shall have entirely pai.d the Secondary Loan. 2132G -34- M���� �r��,Y�y� °�'.': . •;�'a: Y'.:�;�„, � ' "•j�i: ':�r:���'a:G` �, ^, j; ; .; . �:�.` 1 n Y�1Ny h���'�:�LS• . —_—,v—'��•� ^�l . � TM'i' M • • � • ' ., .. ��:�;ii'��'::'�.- — - ;' , � - . , . � . . .._ ,,r' - ----;r., _„ . • ., ";. . . , - , o. . _. . . : '�r' . . . ._ . . - '..���.r"_. .. . . . ' � � - .. . .r . � - . . , . . ' � . .., t . S: x..,..:t..'r.•.. . . . r . . t-.:-a"�,y� y��•si�4^.t. . . _ rY� . . �T'�_•••_ ..s� f"J..'� -.'%' . . . , . .. . . "�.�.: 1. ' . . t. �'�;Kq ' • . • T . . „�' t,'... , Tnk.y..:,: .,w+�,�y11r!.�t.�. , a ` � . ..'�. 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Y � °'t''� `� t�c . }:. <4 'v .?�s 1 i. s ��::'; ..'•�,� �^' s, •t'' l.r°�r :'r. r i �" ;i'C�l: .c. 3� t�; a. i fip '.�%"�,:�•.' .'4''��ry .tr�.3�'. �f,; ,; :r r: :54,'� e'i� �S ^e �1, 1 °� . 2: �.le' ^ i ' • 11• `�3 p ` ? ?A� } 1Y 'L, � . .��!. i t ,V � . •'!" .i]." �:,f. }R ���It,.f`° 1''�'.� .�9,t°�• �. �'e.-� �'; 'a.. �k�^ t, '"g ,h �'a;i�:, .S'' .� �.5��r: ��i.' �.�u,;:. r.. :�y� �'.Z�' .,�`. .��y' ..r.:: `1iU+°=�_ �t'v.'�- p:n ;s:� f�s' .t.. �'�' '�t '.d'' ''��` ' x 4 .`�:` "i;•"�' :i= � f'+". ��P,'r�_ ;3: iH'' a'"� Fi:.'. •.�;,.'h,i:°" .ts:... .f' 4 r,�.i.. .'Y ,.� 'y,'w Sl•,.t .ii . � Y�y.., .d.. �t�J�:�i� i�+S �.1.:` .�.d:S'"+. �: 3, .y� o.f r�.?.� �ii: �t d '�1 ��f;���• �J: :1� i.+ .`,1 ; .i C's . + h $ , :`{'� •>`5 '�. 'i� xr�:. � :�� "( ��ii '4d , . . , . ,� ��-'�';:w _ ='?�: ; ` ':_. � :;�h ..._ . � .._ � � �'� .. _, . .. _ .. _. _ _ , . . . , _ .._ . ckt �_ , .�._*�.r^.�t-�C.�=:�c,::� � � Section 8.2. Manner of ConveYance, AC the closing o£ any purchase or othez conveyance of the Projec� pursuant to 5ection 8.1 0£ this 5econdaxy Laan Agreement, the Corporatian and the Trustee shail execute and delivez to the City all necessary docujnents assigning, trans£erring and conveying goad and marke�able title to the Project, as th� Project then Rxis�s, subject to the foi�awing: (i) Pezmiti�ed Encumbzances, other than �his Secondary Loan Agxeemen� and the Indenture and any Financi.ng Statements, indica�ing the Ci�y or the Corporation as the debtor and the Corpo�ation or �he T�ustee as secured party, fi3.ed Co perfect any security antexests granted under the Secondary Loan Agreement or �he Indentuze; {ii.) all liens, encumbrances and restrictions created os suffered �o exzst by the Corpora�ion or the Trus�ee as required or permitted by �his Secondary Loan Agreement or the Inden�ute or arising as a resuit of any actian taken ar omiti�ed to be taken by �he Co�porat�on ar �he Trustee as required or pesmitted by �his 8econdary Loan Agreement az the Ind�nture; (iii) any lien or encumbrance crea�ed by action of the City; and (iv) those liens and en.cumbzances (it any) to which �i�le to the Si�e was subject when �onveyed to �he Corparation. Section 8.3. Escrowed Deed. In o�der to £aci.Iitate the en�orcement by �he City ot �he obligation of the Corporation to convey the Praject to the City under th� circumstances provided.in Secti.on 8.I of �his Secandary Loan Agreemen�, �he Corporation shall deposit in escrow with the Trustee, concurren�ly with the delivery o£ this Seconda reement a deed to the Praject satis actory to the Ci�y. The Txustee shalZ, upon payment of all o�' �he Secondary Loan as provided in Sec�ion 8.1 of this Lease, date and rel�ase �he deed ta the Ci�y foz zecarding. ARTICLE IX MISCELLANEQUS 5ec�i.on 9,7.. Notice. All no�ices, certiticates or �, athQr aommunications hereundex shall be sufFicien�ly, given and shal� be d'eemed given when delxvered or mailed tiy registexed mail, postage p�epai.d, addressed as follows: 2132G iE to the CiCy: City a£ Clearwater, F�orida 112 5outh Osceola Avenue Clearwater, Florid� 335�8 A��ention: City Manager _3$_ � --= .�•`":�':�,:�LZ..� , . ,; u . w.u,;.;;:._ ::. . � _ . �r;..k =„_����;_ _ � . . .:. ' .� - �"r''- .:� �;=� .:. - � ",., � , • .,. .. _ . - - . . . . � � ..' � .i .. r! <:�:"��o,+r+};e �p `:"" -�•ry'S:•'��ett'=rt' .. . . •, . .,r;. .r� . . ?'�. _!"t::: �. _�?fi"i:" •':7';�r�.,�Yn'Kria.4fv,�'°yklFr�w".�r "'s'-�s3^.t�w.��'.���,��yy4A,�.' �•snwawn.�..,:(.h! #i.r.�•+.._ . 4 ,�"'v'S:� i;:°�s . . . . 3 �� . . �.»e,.,,. .. �" T�";`. ° . - . . . � ..- � . �.Y `�e . .. . ,' .. . .. r. �,, .Y,� ;,:� ' !.°,:i.s^i;�", sc6':r1�?� ;'r;=5.f:: ' [�a:: �' � ' 1.::-.t:. ' '� �," , �',' ^r,�,,'. ,�� 'c�. �,'2 �, {-� ° ..��•i=w•..i. . 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' �.'��� �`j Ft .t� ,�, v� � ' e��te����T � `��` .1 ���. �a . � � `;�{� ' s:.;�' �!`L. `��}^'� '1�;^,. ,, �ry •����t7 :�:- � � -� n � 14;5jS6�;4�'�if!xi,�.P9 �4�}� �„� }t°�� .���y?rr`,s� , ' �*; Y�� `� . 3•, .��"3�?3 �� 'i �, +��:�Y4} i�, . '�1�- � ���. ��Sk.�y{t�� �'y f . ,�.' �Cx�°�a.��'� . � it'' ��: :7,ri���'i�;:�` t ni��;���+.7`4,"da •,3;$� ,�;�s2. ,� ". e 1Sri��• yn . `sa =, i � t `.i f� - Y , f ,E� i. '� � .� r.� . . r� �i _ F.� ri . s�„� �ny'���3; � F] . �,�l�i}�ly�`f"�.��g''��.F` ���i�F.i ,�-,�-,:;F}'y�� �° ���;�°�: �.;?.� ' ,��?��a. yt. .`i��� �•EY��%� �','C-n}���t'� �.,"�YT'Y'y.�1�,L�lb..?: �a ��� ��� "13�� '°."' `�; � + ' ' '�"e;'��`Z.�.�r!*r�Ia^x�<:��r��� Ar t}5��� _t,°�::�'����� ={'�`�''#T; :S i, ;.,,i+. . . �'tq���uL. :i���n"�t �w, :�,��• j • t�..�:f'gs'�" ��vv?��;.:73'+ir'f��`g'. �rI'J..a:� ,`,A�'�'i t p_,IyS;.Y..,,w=� � �� r � i �• ' , . �� i �� . . 1 i- � � �� t � ; � , , �� . � ��, ' � . 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'�; �rj:yy i � ,F?�r "•�?�,��' �' :}���, teT''J`,;�.3,`, '.t .'��y.l. 4"`� 1 7:j�F �si`'�4rl�1�'!:� �§ !'} -' s ? �"�: �'u :4�!;, , • 5�-; '�--�, .�^.:°n � .�"'i'�e ;i, .r "Sf'�`�'t���- . ��,�`n�-�:• S;:` `�. ,� :t,��. ;v.,.. >; .'., r;;; :�� �' :i,;:;� <<; :'-s :�:�° � '�s :;> . . �•.,, ' f �:; f .� - �'t=.v ,�,. `��. �`.4a:� ,x .s e , a,. • .:;,; , ,� ; !� r f� ) c.,• :�'Ln•,��La• i3: y..,. 1`i'�"�.�j�"SY>i'{."��N?`�.t^. . `if•1�i1�.;'i �.JY:{.1' �.{i ',4ia, "I:.,';.'�.' Rs<t,M,,.�. „`r��;�1�'�s"1f€ %'i�� • � �.�.1`}t":,' �' `�.:5�•,:a ,k' °;' ,'9y.r µ,.....;�r'�s;, }s. `iP:w��..,.A� ���5•��xa;�;; �'�•,'��ip�: ��,+'=.tr:.iH�:^Y'�1„'�. r,"•`}t5�%Y''.�'��.��^$�15,� `C;'•=� f�"�k�?':i�;j` �'�'::r.;c•�:���''i�',-.�:r�•y51�.<<f:t!-� •� �f�'ii.�., '3=�ri -; °'3 . "�:�� .,str; ':�'.�'�F4, y � ' �� � �zi9�{.: ii'. ''t:�. a :i�{,{�':.i�ys�.��i'���y''fi.. ?.�L j,`�""i.;.t�,�t'�%••,',,' �', �.. � t'�.i.�,: , �,•S ��'�; gy��':v�qr �`.c T.�:�e: �''a; ��i.i?T :,ti�-3',T'i"+sl•�t,.�i e,�Z��:siF''�js:��,,,�y:���i.�9•�;s.,.'i ..r. ,: :,,� a�'� ..:.'� ° ",FH zt,'�., .}� r':a;�ki', �"•;-`� :t.# 'F�:���:%"r,.}i`..:.Fr����rj`,'.Fj�' . ..'p° ,���'' ; :�; tt'. �.. t ": R. • ^ z'�'i N . � . ;. e:zi k„, i �. . �rs'. q : . J ���'++='.-�ie5�^ec,'^i? '' ,j§'+:k. d .d��r��:' ,;6�?,�.i�� .:� �.i{: �i�'yt?'r�sd}'.i�" ; : �•e .' [`_�"s:;., :. - �r ��iF.itn.y�:�',�, �.� �:.`}�,; �r:Ea�t:Yt .1-ti a ��+t.�i.'2 t':.I+.1 �,�i'�:i�� t`` ��s .i�.:cT �;_�;; , if ta �he Trustee: AmSou�h Bank, N.A. I6�h Floo� 1.9U0 5th Avenue, Narth Birmingham, Alabama 35203 A�tention: Corporate Trust Administzation if �o the Corpora�ionc The Oa4cs of C�earwater, Inc. Z100 Nar�heast I�oap 4i0 � ^ Suite 801 San Antonio, Texas 78209 Attention; Steven Muse if to Che I,ender : Ci�adel Mortgage Campany ' Suite lioo IDO NE Laop 41Q � One Tnterna�ional Centez San Antonio, Texas '18216 Attsntion: l�zesiden� if to Sponsor: Ci�y Manager Ci�y o£ GuIE Breeze Past Office Box 640 Gul.£ Bre�ze, Fl�rida 32561 ^ , �, duplica�e copy of each natice, certi�iaate ar o�hez cammunication given he�eunder by �he Issuer or Che Corpora�ion shall also be given ta the Trustee. The City, the Corparation, �he Lender and �he Trustee may, by notice given hereunder, desi.gnate any £u�ther or different addresses to which subsequent notices, certi.ficates ar ather communicatians shall be sen�. . � Section 9.2. Concernin_�uccessors and RssiQns. All aovenants, agreements, rep�esentations and warran�ies made herein and in the certificates delivered pursuan� hereta shall survive the �ransactions herein contempla�ed and�the execution and delivery o£ the Mortgage Note. The Corperatian shall nat assign this AqreemenC or any interes� of the 'Corpora�ion herein, �ither in whole or in par�y withaut_thQ_ rior consent o£ the Tru and the Len er. The City hereby assigns �h�s Secondary Loan AgreemenC atxd the Nate attiached hereto �o the Trus�ee as ,. —36-- 2132G m . __�_-..�-�,�y �•-•y'`:. y�� -'-`n • , ..�*��. . � . - » �;:� ' . ,,..._',�;�'—�� ��: ' : ' , . � . .�. ,i.�`.Y'A�`" ,..,,, �.� �. ^ � . . WA}^; . . � • � , :; �... . . . . ' . � . . �. ° > . , _ .. . � 4.� . 4 tuh'Y;T': ' ' ' . , � . . .. . . . _ . ° a, .-*+.:Y' . , ...;��.« . `''w' . . �..sa ; t . � r .«r.w .� . . , ... .1 `,. � . ' F. ' ?.t5�{�: i'a Y � '� 1 �,i'_ 1' �. ,e`e' . ' ' � ' ' . , ' .•2j1�f5� �L�I.r�Ce,3l;'l:a�_..�Fl•�i��ai"'Y'y,y�.;��*�'" i 1ti"�� , ,g �t �, . �` .. . ':,� P ��4:• � , r . �°'Y Y,e h .�.'.3 :'r �.r� :,5�'' ,i:-���' •ie'."::r., tY,' `'S.. ,.. rvl .a�, f- .�...': '�f°� '�e' °t. 7 �:i`.•` �`t; 04 �S. 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SL� �.. - __-- __ _ ..✓ .. �..`_S.�i...:` .,`,; �, � ' Q prov�ded in Sectian 4.I3 hereof. Ail covenants, promises and agxe�men�s by oz on behalf a� �he Corpora�ian which are contained a.n this Secondary Loan Agreem�nt shall bind its successors and assigns and inure to the benefi.t o£ the successors and assigns aE the Ci�y. 5ection 9,3. Governinq Law. This Secondary Loan Agreement and any ext-,ibits attached hereto shall be cons��ued a.n accordance wi�h and governed by �h� laws o� �he S�ate and where applicabie �he laws oE �he United States oE America�. S�ction 9,4. Amendments, This Secondary Laan Agzeement is �he entire fina� agreement betw�en the respective par�ies and supersedes all other agreements, whether written or oral. Modi£ication or th� waiver o£ any pro�risians of �his Secondary Loan Agreement, or cansen� to any departure by �he Corpora�ion there£rom, shall in no event be e£�ectiv� uniess the same shall be in wri.tinq approved by �he pa�ti.�s thereta, and �hen such waiver or aons�nt sha3.1 be ef£ective only in the specific instance and for the purpQSe faz which given and sa lang as the interests af any Bondholders are not adversely affec�ed and the Trustee assents there�a, No no�ice ta or deri►and on the Corparati.an zn any case sha7.3. enti�le it ta any qther or turther nota.c� or demand in the same ci�cumstances. SectiiQn 9.5. Fur�her Assurances and Correc�ive Instrucnents. The Ci�y and the Corparation agree that they will, fro�n time to �ime, execu�e, acknowledge and deliver, o� aause �o be executed, acknawledged and delivered, with the prinr wrztten consent af th� Lender, such supplements here�o and such fur'ther instrumentis as may reasonably be required for car�ecting any inadeq�a�e oz incorrec� description contained in �his Secondary Loan Agreemen�. The City shal]. have na obliga�ion to prepare any such supp�ements or fu�rther instruments. 3ec�ion 9.b. Ca �ions. The sec�ian headings contained herein are £or reEerence purposes on�y and shall not in any way affect the meaning o� interpreta�ion of this Seaondary Laan Agreement. .� Section 9,7. 5ev�rabili�y. In the even� any provisian o£ this Secondary Loan Agreement shalZ be held invalid or • unen�orceable by any cour� of competent jurisdiction, such halding shall not invalida�e or render unen�orceable any other pravision hereoE. Section 9,8, Caunter arts, This Secondary Loan Agreemen� may be signed in�any number of counterparts with the same e£fect as if the signa�ures thereto and hereto wexe - � .�'�., ` 2i32G ' f- , �. . . 0 -37- � . , � ...�.--�..�,� ;;., �=1:� ` ,--,-.._�; •,:1:�,. . � �f� �,~3��� ,--�'. , . . . . �.� . � :,: , . . . . '7"1�+�" ..� � � . . ,... �i.,; y: IiP .. . ^a ; . _ , r .j - -r�t�. .,Y�*+, , � .. . , . .`�I:°' . _ , . . , '"" ', . . ",,,«...., . ` _,,S ,' ..5.«.r..:-0s... »r.,y�. �. . ;r.; e. =t.,.. ' � ' . • . a... . . 'S.� . ..... . .k.. s �. . . . . . _ . ' . . • . :t%r,'.-. ..(,� �` t S., `� ,t.y' ' , . . 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'Y,iL3.�:4i,'•6� ',,. i4t� �/'fY� .t' �'Y%':Ya�,•�.e'(f's',"'.��' ' ' � �ti: • 'Y e . a �.,' '. �.^ ,�y..7.�. � �.��,. ��s,P� �' .� ' ,�;^ �r3�',r�r�� `YJ...:^L�fj,.'r'r'�1 i'yy - ' - `y F� , � •} �.,�i;,ti � ;i',- '� :. :'� . .'i , .:�' ..,,�.: '�r� i ;i�., .',i+r��';,;::�',,.�,> n:;•j.. :a�. . s. : ��::'.� � �i��`j���:,,^�,.'����`.;���;, �;j��.�y�}i;�' ;i'' �':�,:}„'"-;!'a�c.., i' °f;,-�.`:n: ::'i.:'£;•�•!�:;il: •,, i . ,�^�... .�, .i. r' •..: :'`✓' .i�.., .. .:s.. ,;:.�,_:.- ,t•�). , i.��n.l. , a.a<. ^q„x:`fi� j!.�,:�.�� �.�:�.i:'�i;a:. �� ��� iY.�`"�� _��.i�r :+' :.��� nwts:�"i ;:'f,d�;c:•r.� '' ''ir� ;f:: 't..,ti.�rs*.:�"� '�?:i.. :si '��'`r.a?� :tr..' :F=.::'� '-•�"':�(�''.s ;`i'�r����� ?«.d;ta�,� l6�" e'd�sP.F•�'�'.' 4T=�� � 'if��rl� ,}r' .. ,.�y7+. . v�i.•;,•�.�.,�i{°�•.� .r.i.V. �'l;�s�.. d�� ',tN i�:,-�- � .:;�y.�<.' ..::i'='' y��sY `Sa: .".'J.��,^*.j��••' } tY• -�I'w' Y �i. ������°�'y`�:: } _ q .I4° 'Y.. .^��.' rZ.e .iY°po. �.,��.ri '�1 ['� J�.�.�:� ' Aa 'Mr:! .iF?� .l�' •�1:+ ¢ `�`^' e4' ,�T.,.i.lr�7 ; j`.� v`�1 :�'�'`'.?'`�s:�'�,{t ,'7: ''.j..' ��f. yy,A`S,{'.��,. �9�;�:,:=,+ -5.'..P�,'- �t: .:� a,�., ..�.,... �.r."��.��.:�n. 'ql`'[.."t, �'� :=4.�: 'P� ';�,: '>}: .,'ECi.f s�' _.u�..r•r `�<it '3 •: ,�?;; ;t a�_ .�{..' �'. :iC: �;ti1'.. , �,i'.: a ir���� �i.� '. .j:i:;. `'��'� �— � :.� �..����...��._.. - ...._���,;:�:�:`_ :<,,...:G:.�.t•�.:--=��'--•�:�_i�+r.�:.::::.:; ;;: � � upon the same instrument, eaGh a£ which shall be deemed an ariginal, bu� all af which shall be deemed one and th� same instzurnent . Section 9,9. Ef£ective Date and Term, Thxs Secandary Loan Agreement shal� become e£fE-ctive upon its execu�ion and delivery by the parties hexeto, shall remain in full force from �he date thereof and, subjec� to the provisions hereflf, shall expire on suah date as the Trus�ee receives full payment pursuant ta the terms a� the GNMA Securi.ty and the 3ecQndary Loan. Section 9.10. Cit 's Liabili� , No ag�eements or provisi.ans con�ained in this Secondazy Loan Ag�eement iiar any agreement, covenant or undertaking hy the Ci.ty coi�tained in any do�wment executed by �he City in connecta.on with the Projec� shall give rise tio any pecuniazy liabi�ity of the City or a charge against i�s general �redit or sha].1 obliga�e the Ci�y EinancialZy in any way except wi.th respect to this Secondazy Loan Agzeemen� and the application of revenues there�xom and a ents on the GNMA Secuti.t both o� �uhi�h_ have baen pledged ta t e pa�ment a t e H��y�,,.,�No Failure of the Ci.ty ta camply with any term, condition, covenant or agreement herein shall subject the C�ty to liabi.lity for any claim for damages, cos�s or other �inancial or pecuniazy charge excep� to the axtent tha� tha same can be paid or recavered from this Secondary Loan AgreemenC or revenues therefrom and Fram �he paymen� o� the GNMA 5ecuri�y. Nothing herein shal prec ude a proper pasty in in�eres� from seeking and obtaini.ng to �he extent pe�mitted by law speci£i.c perfoxmance agains� the City faz any failure to comply with any term, candi�ion, covenant ar agreemen� hesein, pravided tha� no casts, expenses ar ather mone�ary xel�ef shall be reaoverable from the Ci�y excapt as may be payab3e from �his Seaandary Laan Agreemen� oz reveaues �here£xom and from �he payments of �he GNMA 5ecurzty. 213 �(3 Section 9.11. Indemnity. {a) The Carporati.on sha11 pay and shall pFotect, indemnify and save the Ci�y, its Commissionersj the of£i�ers, a��orneys, accountants, financial advisars and s�afi ot the City, harmless fro� and agai.nst all Xiabilities, loss�s, damages, costs, expenses (including attarneys' £ees}, cau�es of action, suits, claims, demands and judgmenCs of any na�ure (COlZec�ive�.y referred Co herein as the "Liabili�ies") arising from or re�ated to: -38- ' ..�:�� '.�t�"`r� �•w� Yw��"�• ^ " �'1���"�� i.ti= � , � ' • . y� 4��T �� �� Y . . . ' 3 t;� . �� . • � " � � _ - _ .. ___--- ��w.�.w..�.��..�._..—._____' �,: . � i� . C a , . �. . � •N�':• • „ 1 • . ;��r..J"� .K ..�.e - . . .. ..y. �:. .s � t xr « � . ,yi .r` �L�;' : f.` wart��Itir... xi .;-rc..;��M;�'�n1»a.�?�: � , , •cr. sc,r._ .cy.,,rt:� �., . . -�`ar = .� . v,rai,', .: �e.�:�t�t, � . , l s . . :;.�. , ;'s�'.:, ,c� .� ,`,'�." ,-ti••�r -:R-":::x, w�,.;' r''�`s•• � . . -r . ' �.1� . . . . 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F:i'� }ry�.,..� (i? any injury to ar death of any pezson or damage �o prop�rty in or upon the Project or growing out o��or connected with Che us�, nonuse, a�ndition or occupancy of the Projec� or any part thereot; {ii) vio�ation af any agreemen� or condition of this S�condary Laan Agzeement, excep� by the Issuer, Lender or Trustee (it being acicnawledged and agreed by �he part3.es that no,acts or amissions of the City will be imputed ta �he Corparation or the Trustee or vic� versa}; (iii) vi�lati.on by �he Corpoza�ion oE any contract, agreement or restziction rela�ing to the P�oject; , ( iv) vialation of any ].a4�, ordinance o� zegulation affecting the Praject o� a par� thereof ot the awnership, occupancy or use the�eoi; and (v) any statemenG oz infarmation contained in the Inden�ure, this Secandaxy Loan Agreement, any ot�icial statementi or placement Sr_rsmark�tina memarandum relating to the offer and sa3.e oE �he Bonds, any certificate o� any oth�r documen�s or agreements r�laring ta the eonds and the proceedings re�a�ing to their issuance and sale furc�ished by the Co�poration which is misleadi.ng, untzue or incorrect in any material respec�. (b) The Corporatzon also agrees tio indernni,£y and hold harmless �he City,�its Commissioners, the officers, attorneys, accoun�ants, financial advisvrs and staf� oE the City from and against the E�iabil3�ies {i) arising �zom or rela�ed to any �rrors or omissions by the Corporation o£ any nature whatsoever aontained in any legal proceedings or other a£ficial represen�tatiion ar, inducement made by the City per�aining to the eonds, (ii) arising from ar related �a any £zaud or misrep�eseatations or omissibns k�y the Corporation con�ai,ned in the proceedings o£ the issuer rel.ating to �he issuance of the Bonds or pertaining to the financiai cond�tion ot �he Co�parat�on which, iF knawn to a puxchaser or tihe Bondholders, mighr be considered a material fac�or in its decisioa whether or not to buy the Bonds, and (iii) in any way rela�ir_g to the execution or perEormance ot �his Secandary Loan Agreemen�� the issuance ar sale of �he �ands, actions taken under the Ind�nture ar any other.cause whatsoever per�a3.ning to the tinancing a£ �he acquisi�i.an of the -39- ' . - - —`"` ='�'�a�.y�","- �`':-�-:'�" • .� .:�s . . , . ., ; . �=C��.v?�. 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" f.' �,''1 � :.k � ;.�' �'i.' .��; �°k �_ji •�•� ';.::...A,_� �7.,-.'•� �" t,ri':'� .:)e''�' '3.. �r�;x'� �i�� AiF.' :5� ..�� "°' 'S' � "�` J'5.�. 'f �r/' 1 �.tA� � ' [��.1i'.,. '�k.,y� .`„`r..i. , �,�; +�'.; �,. 'y;:' J� :,,a•': : :i' �.��:�, . (� �:::'�.:' +i' .. 1 `.y , . i.., 1 il. �G':s rY.• ,I,�•` (f`�•�i S. ,�R` `C: ;•^ta. .i.i'��'� �.;'.{,y, i%;`. :�� 7��' i € t''.'.� `ti e�`�, ,'� F i. ' r �' .°i: : ;if� .�. �� �=�'� � i"t� ,t� 'l. .'1� . �.3`,,,. .k .��7i� ':S".'?;� �t'. .":.'3;>. ! ,"�� e i: �-e'• �l .:R.. � y'. �3 r k' �a.. "�� ,7a•' ,.�., �0..' .J� . '��+�� ..;'�:�� st�.`..; :•�fi ^:}.. <.r''.'@'' :t . . . / >i.�'c`-•' T�"T tl "f. ',)!. 4��j', ,,y ••!IE.i ';�•+.'�����i... t: ' .l u ",� . �"{�i •`y... � 1. , �i� � ,�,�5•',,�,.e:"�•°.• `i :'F. ''i-. .;.i��,�, , ,s.+,y,..i<2� °'4. 4.'�. :13.� ���i��ja! �`. �f 'i •d7� � �,� : 1i; ^ � 4 tF � ieY,` . t .�'� � f; � r�N ,�� :;:,:�. .�i. ,.�'r' x 4 �4� ,�1�� a'�.�r: 4�.�.' n�1 �Y � ;�S'.'� .i'�+ 'f � ,1a,t..�it'3��' �e !G' '�'. ,,�;:,;°, :�S'°'rI.', ,'' `...4� ..r:. �ri`�:r '.r, ;kk� , . ' .)• �.f' - ,'�^,' :t .l,^,,,�..T cF' :u. '..��t' t �;:� t • � ��::%� �; a °.�. �; �ar�'?:;�:>S'��.,.....''?;..•r[.`: .. _. _ `',:,�.•.�,.�_,-. � .. , . _..� e . . ., . � . ... . .. ......__ - - - �-�---- - '�-�-�-•�..:+ � `J Projeat with �he proaeeds o� th� Honds and the �ssuer's appzoval under the Act. Promptly after receip� by an indemniEied pax�y unde� Chis Section ot notiCe o£ ttte existence of a ciaim in respect of which indemni�y hereunder may be sought o� of tihe c;ommenc�ment oi any ac�ion against the ind�mniEied paxty in respec� af which indemni,�y hereunder may be sought, the indemnified party shall notiiy �he Cozpor�tion �.n writing of the existence of such cla%m ar cammencemen� af such ac�i.on. Fn case any such action shal,l be braught against an indemniEied party under this Section, the �.ndemni�ied pa�ty sha11 notify the Carporation oE the commencement the�eo� and the Corparatio� shal� be entitled to participatie i.n and, to the ex�ent that it may wi.sh, to assume the deEense thereaf, wi�,h caunsel satis£actary ta the indemniEied party; p�ovzded, however, that i.f the indemnified party sha].7, have b�en advised by counsel. fot the CorpoeaCion that there may be legal defenses available to it which are adv�rse to or in conflict with thase avaiJ.able �o t�ie Corpv�ation or othet � indemnified parties which, in �he opinzon o£ counseZ, should be handled by separa�e aounsel, the Carporation shall r..ot hav� the righ� to assume the defense of such ac�ion on beha].f of �he indemnified party, hut sha11 be responsible for the reasonable tees and e�cpenses o£ �he indemnified par�y in condua�ing i�s own deEense; and provided, furthe�, that if the C�rporation shall have �ailed �o assume the defense of such ac�ion and sha1� have failed �o emplay counsel. �herefor satis£ac�o�cy ta the i.ndemnified par�y wi�hin a reasanable time af�e� notice a� comrnencement of such action, such Feasonabl.e £ees and exp�nses incurred by �he indemni£�ed par�y in cot�ducting its own defense shall be borne by the Corparation. The duty of tihe Cnrpocation tc► de£end with respect to each agreemen� to indemnity under �his Sec�ion shall cornmenc� '. from �he �ime the claim 3.s known of, and such duty shali :, exis� and continue regardless of the merits of the claim. In additi,on, �he Carpara�ion agrees that �f it initiaCes � aay act�an, suft or o�her ptoceeding with respec� to any . claim, dem�nd ox request for relief, whether �udi.cia�. o� . administra�3.ve, in which the Snons�c is named or joined as a •, par�y, tihe Corparati.on will pay �o and rei.mburse to the ` 3 onsor the full amount o:E a�l reasonable fees and expenses �ncurred �iy the 5 onsor with respeC� to �he S_�po�ns�or's defense '�. of or participatzan in such act�on, sui� or a e-pzoceeding. _ . _ �, . �.. , '. -;:. ., Section 9,Z2, Exculpa�ory Provision. 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' :f;.>� " �, ;:: :� �:..°. ; � .a�'Jr 'S,r tiL �E lk a{��' x;'r. �.sr c" ) F�i'�' ,',�•.'..;�%.:.,' •j'•� ••9 t . 1�. : C7' , � .=,t�' i� r, � w,� °� �, :;;,. , :f `a� �. :f i Il 'i,'.� .�%+ •'+.��: -k t..i. �5(a 5.7. .t .ti i�. ..4' � .1��1' r��i •� • !`i't �e SsJ Y• y. i � �;,. {i :.i' �"• t t.l'� ; I � ". .F' . s' ,A�, � ��l��: 5S 1�' � �� wtf�ry . {. �k ��A': � ..Y� e:k 1l :, ;l�lr^�� f^�i��� ..s..Y . P a 4d_ 1 f' .� � 5 '*V "1' Aw ' ��_ 4i,�H ':1' �r � ��� .. !: .S` .�:C.i' • h�." :l-. ..i s � (" . f<« i 2 . fr ti." �.3� �«. F � � ���.. : ��, r �I� �' i.�� ' ..'1 . � i..a. 7 ..1k t. .rr' '.Y'` !f '.tk'...�,. "h,� �ia ''.s'-`: _ t L+ � •�e ' , T., 1 . +�'�.. ' f i� r'� , '� i •.sy .:�%. .�C' '3 •° (; ��... "�` 'i':: t.A>�.".�.:' -.l � f.'` `��" � '.�I. �"Y. '�}n..: � � h'. _ t .. � . .i• � ..� .� .:.�. .�..r...� - ��..... -t:..! �:����f :.,y ...;�. .�.�o..' .'.' •". ."... , . .. ��' �� .i .� ..., r. . .. , �. .. .,. i . . ,i .r . .. . „ �. � . ., z; . �i...�.r �:' .. - � . .t i. ..i .. , �� ..: �., . ._ . . . . .i' h Ya:u�Si:�:.wJia::.:n:.,..�.a..1',�?.'�i:w.�...i�+�i�.�...:�.,...w.=.a _. ` i- -�.. -- - s't"��ilstrli�.J�.:�i.�.;as.:iJ. :iacaII.�.,.t"''i?',,,,._.. ..: ba..t. • •, � � (without limi,�ing the foregoi.ng}, the application of moneys, ., the City shall not be accauntable to the Corpoxation or the �ender Eor any action �aken or omi�t�d by it or its o£fzcers in good fai�h and beli.eved by it or them to be authprxzed or wzthin �heir discretion or r3gh�s o� powexs con£err�d on them. mhe City and i�s of£ic�rs shall be protectied 3n its or their acting upon any paper or document believed by �t or them �o be genuine, and it and they may cr,nclusively rely upon the advice o.E caunsel and may (but need not) requi.ze £urther evi.dence of any fact or mat�er k�e€ore taking any action. Sec�ion 9.Z3. No Fersonal Recaurse. Nezthes any member nor any of�icer, employee or agent o£ the Corporation nor any persan executing this 5ecandary Loan Agreement ar the Note sha�7. be persanal.Zy liable on �he Secondary �,oan ar the Honds by �eason of �i�e i.ssuance therea� . Section 9.1#. Con�lictin Pravisi.ons. To the ex�en� that any proviszon in this Secondary �,oan Agreement sha11 be in contlic� with the pravi.sions o£ the �'HA Regulatary � Agreemen�, the Mortgage Note, �he Martgage, the National Housing Act oc FHA or GNMA rules oz regulations, the provisions o£ such agreemen�s and documents, the Na�ional Housing Ac� and FHA �z GNMA rules or regula�ions sha1� govern. ��:� 8ection 9.15. Notice_o� �xne_etation of Obliqation ta ��. Make Certain Payments, The Administrator���sha1�1 pzomptly � 7-� noCify the Corporation by �elephone. Eoilowed by w�itten '� `� na�ice, wheneve� earnings a�e reasonably expeated to resul� '. ,��.,�; in the Corpora��on's obligation to make a Rese�ve Paymenti, �� IN WITNESS Wi-iEREOF, the parties hezeto have execu�ed .�,• �s?�� � this Secandary Loan Agreement as o� �he lst day oE Decembe� `1 1988. � �� [SEAL} CiTY 0�' CLEARWATER, FLORIDA , .�. ;l :�. � ,� Y '� � . "` A��est; Ti.tJ.e: ,� � � :�� � � ;_ � � . . . . � , .• � ; � ;` . I,' , . •; . r . ��. � : :� � , � ' . ,: . . � f :..� By T�tle: 2132G ...g 2 � .._�S�l. ,�...,..,��_.-._-��_._. , �_-�'��-��T _=��' `:e; 3`.. �', . , ' ;r- �N� . '.. • , ,.. 't .. . . '.t .`. �. --^� � •3' . . .. ' � �_�_... _�__.��__ • . . f ' , . �; - • 't� ;, , . : � � °�'�".- F${1�'i5[� X �.' '�� 4�St=F,+�R� �.rn�� t�^4! :id.�si�` �o,: ':� r"- y.� rr��:' .�e4, ¢S L�-•�. �,� . x � r .a. :.�„ +j- ;`_�' =t' `; ,:t, � . nx' .' c � c �'Et .�"� •��, LS •ii'..i'.9 : 5�..�`,�' S73 +�� �>,' , . � ' � - , , �� . �g,�, . � ' �" , . ; : . . .� .. � " • ' �.� �� .� [S�LJ THE OAKS OF CLEARWAxER, FLQRxDA . � � , . ,' . ' � 'u � AttPS�: Title� �� . � — ---, � � , � .. „ ,. � By - � � � �'i�3e � . . . . _ .. `.. . �, � , . . � �, ' �,.�v� [ SEAL ] CITADEL MOi�TdAGE CQMPANY � . -.� , � - , , , .. . . � � �� •� : . _ At�es� ; By . ;_, : . ° . . � � �, r Pres�,den� � ' , gy . . . ' TZt�e� . • �� , . �� � � � �. � � - . '�. � � LSEALj � AmS�U'�K �ANK. N.A. . . ' � � � , ` � �� . .. Attest: Ti.tle: � j � � � �. _ � aY � � � . . ',: Title: . , .�"�� ' . � . < , � .' . .. • . '��', .,� .- , _ � � .. � . �, t . � � . ." ,.. . . . . r . ,�; ' � ` . ' : . . ;� . Y ';t': t ° e ' � , ' . ` . ' , ' ' ' , �': " _ , , , , .. ' , . . . . n . , , t ' .. .r s ._'i� � . . . .. ;'� .1 �',� "°'� � ,`. , , � �;— , t • �� � +� ., .`,� ' r.� ' -4'2- ;,� , , .;� ;� . . . ;�° � , �`i 2132G . . ; . • .,. . . ' 4 ,� ' 4 + � . , lY��' .I �'r�Y • �� 'r�ti�y:•i"� i�q ' , . • _ � . .. . . . . . . . ' , " . ' . +;�,ri7+" �, ' ' xJ i ` -f5 E ' 6 .. � , ' , • ' . . . ' . . • � , , . f � . "'. „y'w.-�•Lkr�.rr—;��T��'^�' � . ., 't' I: �'� . . ' . . , ' � . . - . � � , ' . :� � ~T.:� � ` �r.-..-.!.� ' . . . e . � � � . .. .,i . . . ' e • . . , : : .. . . , . : ' . �. , . , „ . , . ,. e � •. ' .� �+s,w. ,t..-?�:. r`s�r• �., .' . .. . - . - . . ' .. •�;. •�-- - l� ' , . ' . ' ' . � . �, . 'i _ F• X R ' sY�r 1e�3� � � � EXHYBIT A - !�` � Projec� f�x whi.ch the original cost of acquisition and � •.�,� ins�alla�ipn i.s to be indirec�lv �inanced by the Secondary _, � �,. Loan,� . ��,� ,. � xhe acquisitian of a 500wunit adult congregate caxe .' � fa�i].i.ty and a�.16-bed nursing care facility to be awn�d by '� '":'`�:�4u xhe Oaks oF Clearwater, Inc,,.until the �ul.l �ayment of the . ' , Secandary Loan, and thereupon to be owned by the City o£ � � ,' � r , , Clearwat�r , F].or ida . . � ,` � `� '� � " [Legal Descrzgtion �a be provided.] . ,; . ,t , . � � . � „ . , ' .� � . � ' • � , „ . . . ' e . � . �. , ' r. , Y ' . . . . , " ' , .'' � . � . . � �. ' ' , . � ' . ��. ' � � ' � . • " � , , . I . I ' � . � � � . . , . . . _ , '. , . ' , ,� . <j� ., 'ri: . ! - . . , ' . r, I .. , . � � � � � � . � . I: ' • � - ' i' , ' � . ' � ;,. °e. -.�� ,.i . � . ' , . �. . - .� ?'' ,� '.'', . . . , ' , . . . �.t'� � • , ,;i , . . � �, ' ' � � . . .. . . •.Y".� • . . . . � � . �' ��' ' . . � . . � f � ,t . ��•�, ',_i,-1.;+�;;; ' ` , � ' . . . I � � `.! .i� 1 � ' � r. E.y� ' • 1 � � ' . 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'-Fi `.t" .f. �>a: •�i;�;i,-,� ��3.,�r� ;Z,.irtz°., ire 5i'. .�1:., ';�.,�` ,'�•,' ',t y .1' � i;t �.�, �.�;, . ��' f.'?� ".t r a�i' .7: ;;',''. � "�1«�,�k �' +;F''.t .t: ; t`;` _°y r! , v�. . •�':= � ;tiY'::-`�•°•�' , , . ,e�," y..1: e���:: �i' .ebi it,` _ .�hl. � 1"`'�Y. ai�:F;. r:.:..L:,-`4. .:i:i_i,:rte..��..��.d`.:.vic.....::h.v....'."<'r:v?a.,..<..,ri`�.v�•r <:k.t»'`la � EXHIBTT B SECONDARY LOAN NOTE For value reCezved, The Oaks of Ciearwa�pr, Inc. (the "Corporatian"), a Flori.da nonpro£it corporation, he�eby promises tia pay ta the C�.ty a� Clearwatier, F�orida. a municipal corporati.pn arganized and exis�ing und�r the laws of �he State of �'�orida {the "City")�or ta its order, the princi.pal sum ai Thirty-seven Million, Eiqh� Hundred Twenty-Five �'housand Dollars ($37,825,000?, anci in�erest thereon,�as fal�ows: (a) The principal hereo£ shall be paid i:� annual instaZlmen�s in the amaunts and on the da�es shown on Schedule I attached he�eto. ��k jj:f;t�'r ;��.� ` r� � a!�: F:� �, t�'f . `�.r- � :i.�.. (b) Interes� on �he unpaid �alance herea� shall he paid in semiannuai installmen�s in the amoun�s, at the rates and �n the da�es shown an Schedule I, all as described in the 5econdary Loan•Agreement o� ev�n da�e herewith among the City, the Caxpo�ation, AmSauth Bank, N.A, {�he "Trustee") and Ci�adel Mortgage Company (�he "Leader") (the "5ec�ndary Loan Agreement"), (c) In addition ta �he amounts specified in Schedule �, the actual amoun�s due in repaymen� a£ the Seaondary Loan shal� also inalude the Reserve Payment (as de£zned in the Secvndary Laan Agreernenti}, i£ such Re�erve Payment shall be due pursuant �o the pt�ovisions o£ 5ection 4.3 of the Secandary Loan Agreement. Any paymen� required �o be made wi�h respect to the Secondary Loan which is received later �han its due date shall bear in�ezest from such due date a� a xate equal �o the ra�e of interest an this Secondary Loan No�e p].us two percent per annum (�he "Detaul� Rate"), In addition, i.F an acceZeration o£ the 5ecandary Loan is declared pursuan� to Section 6.2 o£,the Secandary Loan Agreement following an Event of De£ault pursuant to �he 5econdary Loan Agresment, the interest rate on �his Secondary Loan Note shall be increased to the Default Rate, and certain addi�ianal amounts shall be payable, as provided in said Section 6.2. As set to��h in the 5econdary Loan Agreement, an Even� oE De�ault may result in a requirement �ha� the Corpora�ion �,mak� certain addi.tional payments with respeat to a por�ian of �he Debt 5ervice Reserve �'und or �he Loan Reserve Fund, as defined in �he Secon�acy Loan Agreement. 8-1 2132G � •, � , �-..;-�,�,.��.- �.,: :�-- _... , • - , �; :��.�;,, i� ; • • :: °� �. . � . - •°�`: ':�=.: . . • . , . . ... . �. . . . - . '. ' . . . ; . . . � `' isa `fL�+,""-tn. ' r _ .-t� !! - � . . .. � a . e -. ' .� Y" . . , . � . � . . . ` .' ' f:' � ..o p��. 9 , v . � . . ,I , .. . . , . . ..X.�F . . rk+l`s°f1N"..:. . .v�� 7a .. . . , 5A�4'y".4",4. w.54•-, eY•�Soi��s�a5'i.�i��t�•��t�'� '.-i'�'�S � ,. � . .. � . •• , ' � i�_.3 e�::A'•.�C3:�1.: �3i'( ' .. . ' - lY.� ♦t •�!i:a� . _ ._,C.t.l"-�il��,�ia i � � �, . ; e ; � , .,E... ."i� , ' � ..1 .. 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[�y �� ��G �/-'. ..,.} :�d _l'i . .1. .l:• '.ti,.'a. :e4"' ..i •'1 •4• �fF' �$ ��e�1 �4:. ,e. �, � r�, i.'; i •.v. f f-P. +l i 9"1�_ 4 $ V't ! S.. �'IS. "{ .� �.i < i � � i'i, f "4`; . ��.. '' rj' ' E'' y:4� -t��c .'1r. �7 �aT�, r4•':'��•' � j;' � k`' '+•!.. 'r' t .�.t t';.. 3r ,.i( / \. . �F�. "i ��•�,. :�r " . i--' .F ' . ' ..s..:� �'t. ' .` � . '.�'t : L':` =S� . �. '.4'. t te t� �;F'' .4.��e i .1r i'• •���' P � r'9 �C ''� .i �f•= 3 ;i'i t" :t'�� ,`s� '1`�' ',e . '•i`:�. � �'�.' ..t. 'I. V,' wi�. °,`��,�e':•' ,t ilf-'.. � 'f', `i i' ,�7. --1'!a(}�, '.� _�s� `rv(.^ .,4'. i'Y.{.A. '.7. .i� ��•' ,�:' ;'1 f� 3�: �`� .:� � �:t.. i�1`: .iiSr .fs '1"'� �1; '�i'A.s�' '�'1',�i- -S ..lte' '.�s ..�'i :.1 ,'i� 'S' .��.:r" ! „F "�f, �i'.� '.1,� }. : ,�'� ` •.!'. Y. `ir !� : 1, � f ,�i? ''1t�" . r'- � t'.' l. ..�" � l ''�...: .'J'... •�. �'+'::s � l.r ` 4a� !i. � ,xl°E:.. .;' ,z . ` f . 'y�.' �;n;?�> �,K '4:� `t.�.. ,. ti'c a".':: F . i:� "� .� . i• • : �t ,a' .'!'� ': , �•' :i � .: r m • ia,� 'ti�' �i� �Y` ,'it�. u: '�� '1' ��� . .3� �4 jr - C i�' s. <:; e°ti. ';`, ,r�- `i�..- �r. •� i'i�. Rc S. v:g,': tv' ,i.,;a, ' t'. 1 ' `�e � �i V ��1�`. r`�_ '�'i�s • °f ' f � �!''.�, .'�' 5 it. � �2,:.. s . ��i �"' .. n•.� ' ^ r�', .'i�� ^�i�` �'i' �'� [ � "��:,.[yt_:, „� : "�?: . _ ,,, .° Y • .t', i i , ��f- ris L• � '3:v `. :` '`�' `:'�' "�a :,'i.� �, � ,'� r :s. �>�' , r' �,° . '� .:s. , : _,;,,`; ..,..,.»..... �.��_;a.,:..:.:.: _'�: .... ..:.���: "''„��,,.w;.`.;::. � r • �.J � AZ1 paymen�s made hereunc�er shall be applied Eirs� to payment o� accrued interes� on the upaid pzincipai ba�anCe hereo� at tihe aforeseid rate, and then to reducti.on af prineipal and payment oE other amounts due he�eunder. All capitalized t�erms used herei.n and not otherwise defined shall. have �he respectirr� meanings se� forth in �he Secondary Lqan Agreemen� or in the T�ust Indenture etwe �he C9.ty of GuIF �reeze, Florida and eth Trustee {Che In en This Note evi.dences a 7.oan (th� "Secondary Loan") made to �he Corporat�.on by the Ci.ty gursuanti �o the Secondary Loan Agreement,Ato £inanae indirectil the Corparatian's cos� oE the a�qui,siti.on and insta at on oE �he Project described in the Secoadaty Loan Agreement lthe "Project") and �he Corporat�.on has executed this Secandary Loan No�e tio secu�e a1Z paymen�s due uncier said Secondary Loan Agreemen�. Su�� Seco�dary Loan is beinq made through the City by the City o� Gu].t Breeze, Flozida,�from the groceeds o� its Loaal . Government Loan Pxogram Floating Rate Demand Revet�ue Honds, Series ]985E {�he "Honds"7. The Bonds � issued under �he indenture, � All paym�nts received by the Lender �rom the Carpo�ation under the Mortg�ge LQan shall be credi�ed Co ar deem�d to be payments made ta the City under �his Ser,andary Laan Note, The terms and qondi�ians of the Seconda�y Loan Agreement are made a part of �his Se�andarx Loan No�e as £ully as iF set forth in full herein. This No�e may be paid ptior to maturity in the manner and wi�h the penaities speci�ied in Sectian 7,4 of the Secandazy Loaa Agzeement. ,�x The Corpa�ation shall be in defauit hereunder upon: (i) �t the nonpayrnent on or befare the same is due of any payment F;; described in this Secnndary Loan Na�e, or (ii) upon the := accurrence of .any a�her Even� o� Defaul� described in the �'1 Secondary Loan Agreementi which is na� aorrected withia the ;� applicable periar3 therein speci:�ied, ii any� and atter the '� giving of any zequired notice. f' in �he ev�n� az such default he�eunder, the holder ' hereaf sha11 h�ve the EoZiowing rights or remedies; {i) the •,, � en�ire unpaid amount of th� principal af this S�condary Loan • � Note and all other amounts which the Corparation i.s obligated ,''f� ��o pay under the Seronda�y Loan Agre�ment, including, but nat "� �imited to, thqse sums payable under Sectian 6.2 of �h� � Secondary Laan Agreement, shall became imc�►ediately due and � :r �. : � . 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'�4"! e .�, c,,.. :fn3�,�: �, ��.�.,.6;'��Ni' {°�r��,t1}h'�v�i'A�tim��.: .d';:ti��zs �i ��.'.:�r;�"'a� t?'.,,^e- '•y': `S' �. ,t .: "rr. a •`•,•s':^: �s `L' � i^ T .�•��. f ��; � • ; �x- •.,> 3..r.`, !;��� �f-v._.x. � "F. .;; x„I;�?:.i.+,)i°;�.r�, �Sf g Y�. �,f . •,a:. , �.Is .vf���''�,° ��'i�'�;��i1f�t:��'„C,;y'���}' 4�.iF.;;;p.,. �• .s�'� �.'C��� �. {;e.fq qlr�;.,;. !�,., •<f �4...3. 5�y f.j �t.l.�f�':l:' '1z.��.�s �r:1..tF�.4�`%gi.�.s', 1'�=•�5L r �' • ��� .�. ; '� ��: t ��'j� I & '�f.;{,.� L��t:b '�f'�r.�.'�..'���s`i.i} ';B {� �.?, ti:�::5�-:'t `, � Yr'.`,rt..c.k�:':: ;Y.<. ,�;�-E,.���t�j;;;' ,,� ' �C��Ytt�i,,=: � � 1 ' �t' '' ti� `�.p'+'� � _ �„�i} ,`.�..e ,�;y� F,.,�,:: ,,d: ��•��� . •�.. .;,��.. rSAd4' �!'SH�,C'"; .���`'" � � . s.t...�.61.... �'.t�.i�rv, i . Fbil � � payable in ful� w3.thout no�ice to or demand an the Corpoxation o£ any kind and without presentation, demand or pro�est, ali a£: which are hereby waived, iau�_on_l�with th� ri w i��en consent of the Lender; and (ii) the holder may a� its apC an exeraise rom ime to time any and a].1 rights and remedzes available �o it under the Secondary Loan Agreement. No Eailure o£ the holde� hereo£ ta exercise any righ� her�under shall be constzue� as a waiver af the righ� to exe[cise the same or any Qther right at any ather time. In addition to all o�her rightis i� may have, �he holder hereo£ shall have the £ollowing rights, each af which may be exercised ar any time: {i.) to p�edge, transfe� vr assign this Secandary Loan Note �.n the mannet grescr�bed herein ar , in �he Secondazy Loan Agreement and any ren�wals, extensians � and modi.fica�i�n� hereot, assigning therewi.th its rights in the Secondary Loan Agreement in a�cordance with the terms therea£ and any such pledges, trans£ezee ar assignee sha11 have a11 the r�.ghts o� �he holder hereo£ wzth �espect �a this 3econdary Loan Note and any renewals, extensions and modificatians hereoE and o� the S�condary Loan Agreemen� so ' assigned therewith, and the holder h�.reof making such pledge, trans£er or assi.gnmen� shall �e therea�ter reli�ved fram any' and all liability wi�h sespect �a the Secondary Loan Agxeement sa assigned; (ii) �o notify the Corpor.ation or any other persans obliga�ed under the Seaondary Loan Agreement to maite payment ta the holder af this S�condary Loan Note any amounts due or to become due thereon; and {iii) �o apply any amounts xec�ived under or puxsuant to the Secondary Loan Agre�ment agains� the principaF af and in�eres� an and other amoun�s payable under this Secondary Lnan No�e. 2132G B�J �s'�=`hf�~^= ��e,`3r�.iF"_. . .. ---y�; 1��'� _��:l�w-e.�w�l.7+'',:x'v+: ' , � -° .... ' . � . , � ..�,'�'.+Y:^ - �'4. F +, .i� _ ' . ' ' • • .r., �_^e(i. V'�r,�.r..._ .-. ... � . ' A �R - � 1.'y�.i � Y � . . ' . ' , . ' � - ♦S�' _ :C. "' � ' . . . . ez . �;. r- ,, ._�. . . .. . . .. .. . , g - ' . � F' �� ' .. . " i. �. , . , * , f • ?::;+i � IN WITNESS WHEREO�', The Oaks of Clearwa�er, Inc. has aaused tih�s Seaondary Loan Note �o be executed in its na�e, and its corporate seal ta be affixed hexeto and attested, by i�s duly authorized o££i.cers, �his day of � , 19$8. .'; [SEAL] THE OAKS OF CLEARWATER, INC. � ,., .'_ i By , � . . . Attes�; Ti�Ie: . , ' �. . ...,..� ' . ' , ' gY . .. � � 5ecre�ary • 1 . " ' �' 4 . . � ' !• � . . .. . •' . . . , ' ' �� ` 7 • �k .�. • .�t, � ' . , � ^ 't .Y .5• ..'� , I � � �: f � ��' ' . . .�,�� e � ' � , . , 4; ._ , . ! j ` � ' ..,�(�� ' , . ' . . �� �'�j��.� f..'� . . . s j � . ' `{'•�"i� 3 .,� � � .� , 1' � i . i � -• . . . . �,k` • . ��' � � • � �, : ,�;; 2132G ;. �' � , - - '; , � . � �� , _ , :, ` '{ � 4 � . . ' ' � ' - � , � � . . . � ' ' I . ' . . . ,'� �. . f ' ' B-4 6i . ". I ' ` ' "�'�- 3"�;'"'�•"' :` :�i+o*"�,:;� .;�. ' � ' • .. ''��`��� ,` �- , �v� �ir.:. .:�1;..';1 i « � . . � .. . " �'.Yw-���:i. r�'-i�. M..���.t ."IS" • , ' t ' . . . � ' ���`A�•�= Y�� " , - . . . ' �le. ' , �.i�. 'S�� 'i-�:.. ' . .. "' . , � . .a .w,... +.. . � . . .. . , .,' _ .. ' ', . 'f..�.:- erz.:-� nrTl n: �<K w . . . �i��•= '�.-1 e ' ?5�.�;:.i:,i ,.. � 1 'bY�%��'� � ; 4•' 1 ��1�� M`�`r 1�..... ..... a.