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2382-81• , � ► . � b%'j �'f / � •. � . . ,w f r'��S .� f; i'f� �:,.r.t 'f!""!y/'ci�' ,� w� ..s�"'%.a�s s� "L�� '.'f:, • .,.�.;T .>r�s'tR.�'trt�` �. i�''�r"�e F"='r.,.,uri�.r �+!�ty�r r.,...•"^�. . . �s 8 � �, F^ r, ,;�- ,�` +.'!i� ,i�atis�j,,' �;. .' ' . , � ;; �. � . . . ' S4�7{�, '.,,. „z l . . , .: .���°".;�._ �. .-:;,. z� �°�*a'z'�:� �'� 4, _�, L,p . �. 1, '�` ::�,i.�tl..::.:t:.;�'. �• c:Fi"`_" yt...�ve , �• ?4�. rx`���t�A�t'�a�tyii:i�"''+�'�$�p'���xr"�" �§ ° ��� ,.�:�j � -'`j'�,�`t ���i,s": `� r..-�i�i`�r;;:'''?�' „': •' 'q y t� � 1,ts 6 ;c,.lft.r �: ,[::. p;�,.. ,,.� • 4,�` +��.•{1,J:o, a. �, s .y=rT�?v��� '•�j`FSi}�`:f•;�'�'}.;°« ��.�;,a^`f;',y�, '�:.f3,<HK1'����`v3� ���`� �rS_vr:•..w���.e:.,31;?:^I�"v_;- �` a�'_�K�i.f'.l:`i.r.4�ti�3'.'?^'b<•.,.x.J�:Yre..,;`,'.w::y,:?:.,:. •c.1:.. • _-- .i,3r" S . c°..._��.:".�-����r._ ._.,..',s.'�.'x1*?hrX+A��.a.,�ic yry.� ORDxNANG� N0. 238Z-81 �� AN ORDINANCE AFPROV�NG TH� PURPOSE AND FUNCTYON OF PACT, INC.� A�LARxDA CURPQRA- • Ti�N NOT EOR PROFIT, Al?PRQVZi3G xTS Pi,AN O� FINANC�NG TH� COST OF THE ACQOISITTCiN AND CON5TRUCTION OF A P�R�OliMING ARTS �ACiLITY IN Ai�1D FOR TfiE CI'FY OF CLEARWATER� �LQRIDAr AND AGR£EING TO ACCEPT A GRANT TO SAID CIT1 OF TI�L�' TO SI1CH PROPERTY UPON RETIREMENT OF TH$ S�NUS TO SE ISSUED PURSi1ANT TO SUCH PLANp AUTHORIZIi�G EXECUTi�N AND DELIVERX �F A GUARANTY AGREEM£N'I' AND A FACTLITY USE AGR�EMENT TN CONNECTION WIx'H 5UCH PLAN= REPEALING ORDINAi�CE .�1Q... 2047 f PROVI�3xNG AN EFFECTIVE pATE. �"� WSLREA3. PACT, Inc ., a non-pro �i t corgorati.oa arg aaiz�d and exis�ing t�nder ana by vi�tue c� the�laws a� the S�ate of Florida, was incorporated in 1978 for �he sole puzpose of acqui�ing, constructing: operating anc3 maintaininq a pe��orming arts �actl��y in �he City o� Clearwatsr, Florida, hsreinaf�ez some�imes cal.lea the "Ci ty" ; and 0 WHEA�AS, PACT, Ina. wi�l operate Che pe�farm3nq ar�s �acility r�s a pub3.ic recreational Eacility �ar the use and bene- ftt of the i.�habi�an�s og the C�ty= a�� WSEREAS, the charter of PACT, Tnc, provides o� wi3.l provi�e �ha� upon i�s d�ssozatian �1.1 af i�s asse ts shalY �e , dis�ributiea to the City �a� Che fur�herance of the purpoa�s Fc� which it was organized= and WHEREAS, the Bo�rd o� Di�cecto�s o� PACT, Ina. has under cons3de�ation a propos�d plan a� �inanc�rig a performing artis�Faeility generaliy described in the Le�ter o� CAituni�tment attz�ched as Exhibit A and the PACT Credit Agxeement attached as F.�chibi� B(suah documenCs anc3 Che re�,atec� documents described the�ein t�eing reEerr�d to herein as the "Finattcir�g Dace�aen�s" }, pursur�nt to wh3.ch PACT, Lzc. wi1.3. determine to aac;uire� construc� arid erec� a p.pr�orming r�rts ��cility in �he Ci�q o� C1.e�tswate�cr �rovided that the City Convaission sha11 appz�ve such psog�ata a�d its tinanaing= anc3 W�EREAS, aI1. right, tiitle and ia�eres� in end tv al�, the real and persoaa� properGy ccnsti�a�ing such faciJ.ftie� and aIl � . � ���, � 0 0 r : � 0 .r . . . � a�a �z3s�-s� . .. . . . ��2�lsa. . . ... l � 1��� . . �,� � i� � `�t� c.'� x < : `,' ,'�' .� 'a' � �fS,9+'y��;° � t ^`y�+` et. � "�:'r,�. �4� .S�n ��: � ; �i+',R'.w.t��'S'�'S��! ��r.. � � CLEAI��AT�R SUN i���i��ia���i n��n, 1:1r��rwnirr.l'fnrlln.l;���uil�. F7urirlu ,4"i'A7'H:(1�'�I.11t{�S}� . (:1)�11V'1'Y (!h' i"INF:LI>A5i , (Le[��rr N�r t�ar�rs+�fanrJ imi4uiriiy prr.nmdl� u>>pe•a�md 11urt Aw� 11nn•umlil. nli,� un n��il� .u�, �Giu ��u� i. Il�r �:i��.+fpr�l �ul�+ ��N71i1�1'T ii� fill' I:Irurw�iu•r tiun. u duil� nrw.�uq���r �nibll.Lrd �n �7rnrwn�rr fn 1'ihr}Tn, lrinnn� F'I��rs�h�� �lu�� �h�• uun�•i���l ����p� ��r,�d,+•rli,�•mrn1.IH•inµ u ....... . . . . . . . . . . .. . .. . . ��bi3� Not�Ce � •,••• �rQ}908AC����"31dC1..`Til@h'� •O� �OrCi�.]'10]1CG �•••••••••••• iu�l�rnuuu�r�if ....� ............................................................................ �����„� ....................X�Xxx... . ... .......... . ...............:;:..... RECEIYEfl . iinirl.++ii. puhli.hrJ in May,21, 1981 MIl}iI Il!'M��m��rr iu �li�• T..n�w u� . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . • �{iY �O ���L ...........� .................................................................... A(Pinnl tnri}�rr ��i�. t6ni Ilrr �iiiJ [ArurMnie•r tiun i. u nrw.p+�p�•r puldl+hr�l �u I�rur�io�rr, i�r �u[d Nlur�[u.l��uut}, Flti�ri�ln. u��t111m11hr*�t}d n�•w�pnprrl�u� I�rrrlu(orn la•rn rrmduuninl� puLN+lirrl in ►��fd CS ��(� ('inrlln, la�un�?. FYuri��n, rurl� J+�y euul L�u� 1w•va �•n�rrrs! ne .mund r}n+, inuil aidnrr ul tl«� �ki.i nifirr in (,'("� }•�••�— f:IrnrNUlrr. in ��dd 1'ini•Ilus fawul�. F'Inrfd�i. �ur u��rriwi n[ une� ���ur ur�1 pr�w��til{��a i1�r fir.l �iub4i�•u11u�i nf ihr tqhir6�K} ruEy nf �idr�•rU.�•rar�Nt �md nffl�uu furihrr �n►, dm� �lir I��n nrNlu�r +�ald uur;�r�n��i.�Kl ��ns yn�nh���. lirati irr rur�K�rutlun iuq d1,�•�nu��� rnh���r. ronm�i.�,Gm nr rnhmd i��r �lir �wy��r+r uf �rr�irhiK Ihi, uJrrnl,rurnl G�r {iuldi��{��lut+ {i� tl�r wai�1 t�rw�pnp��r. ' t � - . .................. ..�� . �................. ' ► yN,�rn tn nnd �ulwrrflH•�1 ire•�urr �nr �: Ihi... ,'.. � .i .... ... . rlu� uf . . . . .MB. . . . . . . . . . A.� 1. �1. 1 } ' .�L/�G�C-t. 4 : ............................ ,., . .. . .... .r. ' +SF:AL � \utnr� Publir � I�ti.:fu�l NOTARY P BLIC 57AiE OF FLORI A Ai L�RQE . 3 f,�1Y CQMM1551(7H E�P�k�S MAY b 1985 �, pohR�t I.NRU ��x� lr��, uNU�Bw��ltKs � -- -. . ., _ . ...._ . _ �.._._.. .. --...._...,... .�; ` � � �a3 �a -8� ► w � ' .� j �� . I " . , . 1.. � . ' i . . . , . ' , . . . . : � : ; . . '.\ � . i. . ' � ' ; • .- - . • . . B t ' . . � . . R . . . . . . . , . .. ' . � i , � , , . . . , � . � . � . , . � � ' '� ' . � „ , � ' . . +. . . . . � . . . . , . +�'',• � . � � � . ' . . � . . . � . ' . . s � R �' , • . � . ' � . . • � . �� , � : , t f;f� �.� "I - . . �o' . , . ` . � . . . � . Y 1 1vFlf�,���`?' �,,:ki4rd �f"� �9'?'x; :l'�"'q'r.•,hL,'...,.�r.'^'i"q•F""��."«"";' ',yrrx -rlerw`. $�?� :�'l�.�i✓.�,7Jj�.,!t- i ..y,y..g�`.-,�.i,,.gN, �. �try;rz"•!?",gt a±.�w�• rt ,� . .r. i.'��,'.'j�,.,e . .,,` . ... ' . . . . • r � �7��' � � � � � � w � l�'t ';''��s�,a`� 't' , r�� ' ' ':i't.� -s'. 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'1�. ���.;1:1��sY'ti X'f.'Y}:.:�.k,•�;�r.4,: ".a��..�i�T�"tf�.'b.;�'4'JF:i7, �_e.�is. �.:'.C-1�?:t s�j�c �1�.�:^,r<:Y�i';f.:l;.w.�..i•.b:1.,''�h�::_. .k.,�..,,... .:f�.i�y�,.•'i S�+;nl� f`:_,.IFS,fi.'31� i . , „ . •� � � }b.a���!;'Yx 1.;'� . 1'��: ^'�` _ �;5. �s' .s.Y:t !sF',�'tr:��4j 4'��r' ,�t� j� l,' s'"J�� ; � i. .i :� � e..��' �. �,, , : C s�er ;`'.u.°. !'�s,�,. .a,, `�'�{_ ,3��'y:.,'�?�^ �'s'.�:cre�l�'`y�'' .. ° .✓;v . r .. . . . . ,°� . S !i • ' Fr�tf.' �a�'s. �� � . . .. ;�e i �. .,. o�her gacili.tiea o� PACT, Ina. sha11 ves� in the Citx upan re�ixementi og the Hon�si and WHEREAS, the Ci�y Commission has, baeed upor� i.ngor- mati.on ana representa�ions �ur�ished and made by PACT, �r�c., de�ermirtac3 ancl does hereby Eind and determine �h�G such project and �he p�.an o� �inancinq tihe same ae desaribed in �h� Finanaing Documenks a�e 1n the bes� in�eres�s o� the recrsational artia cultiurttl welfare and the ecanomy a� the City o� its inhabi�ants, and �hat it is proper ari� appropr�ate £or tihe City Comm3ssion ho app�ove the sam�j and WHEREAS, �he City Coaanissian has determined ta secure for the public ti�e availab�lity of the �e�forming arts £acility Eor use arid periormance by corarnunity groups f WHEREAS, the City Commission has deterr�ined ta £urther assis� in the pzojec� by o�Eering to guarantee a par�ion a� �he debt servioe on the indeb�edness incurrea to �iaance �he �aaility (the "No�es")= ana NOW� THEREEOREi B� �T ORDAi�1ED BY THE CITY COMMISSiQN OF TfiE CITY OF CI,EARWATER, FL4RxnA, A3 FOLLbWS:. . 1. The ncn-profit corpora�ion, PACT, Iric., its pu�pose nnd its �unc�ian are hereby ap�rovecl� 2. The 3ssuance by PACTi Inc. of its Not�s, in ar� agqregata pri.r�a�.pa�l amour�t not exce�ding $7, 400, 000, in substan- �ially the �orm and maraner as provided in the Financing Documen�s is hereby approved. 3. Tize Ci�y hereby consen�s ta accep� �itle to the rea�. and persanal pro�rty constituting the gaciiities of PACT, Ina., and tize City agrees and cansentis khat, un�il payment �n full of the praposed� Notes, no properky og PACT, �no., or cash or securi-- �#�es which shal]. k�e held by ar�y �hird parGy pureuan�' tr� the Finar�cing Daae�nents shaZZ be conveyed, txans£e��ed, suzrender�d ar paic� ta �hs City, but rather �han such p�oparty, cash arid secnrities sha11 remain �he property of PACT, 7a�c., and ehat �he City sha�X have such x�gh�s to receive the proper�y ef PACT, Ord �2362-8I �2- ' 5J29/8Z , . 4.•..�,;: 4.; �.'�..5.•.;:.s � .......}�.�_.L ..? 0 , '� _ r� � ;.fd'.�"':}';�t�!!r�s'?y.t"�a_,vy..rn�ird"'x.° . ":3 �T,,.--,;,iwrctif}i „"Yv,.:f>:.i.��4t�� �5�:� '^le:.r�.�' P: `'c.+t�,...��,.,^r�rvti:�=4Y^,'!�"3"..�., = ... b�� . :t'{J , ;. ,,p��y.,.;n,rr -��:t � . . . '4 . 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S !. .+8 "�F v�.Bi S ; ♦ Y. p��.s�di. yi . ..liliJ �'Y. �" °.E�I. ,,Yi��:: C .�' �>Y,� 6'. .��({ �.W �j..�G�'S'� �� � ��i j�x 11. .���iii. .4Y,� s! ..�...'F ' t � >S'��y, ,�"'�:i�,. ..3 .�i:\ <.N;:`.:(I.. 1 .k�.��^� � .4' °,:-a..t'� yr'f"; :t� i:;,�'�„ '_'f� ..j�^ .r...... ,t•'.r.� >_ ,Ai"7'�' c.•t. �4tlp t 1- r? 1'S ..ai�� `�'r�`.`,.j. .N., '�``' .J. .�r� �s:. '�.ia ;i s' >rr-%:�•• '%"r. - e g a�7.�. `� � ° .. y.d; . ,,�''v'�. ,'(A..- ..t^ '�i�l: .....t ��6�,..t; "�i � � Z':-�; r., �.r.�1 ,r� '�y,.�y� �+�'i .f ' �r s:;; -�`t:'.�k:�, ' � `T�:,• ��i"�'s;,. .'�. '•!.<� �1.••.'.`•.l.. '�'+` "�I'if"�'.a,.;'' `1:' r' �, ,,,�' .,f�i t, �s:'h„���'^� SY"�.. 5,.�,4_ :'�. _., „ J�•�c?�.�� . .�.. `I'�r; ,_ n. ...J. ._ �' . - 6 _, ..'t , ....., .,. . . ,.. �� � rS�s .,`.��.' .a,as."'' +: _ .�.���t'�'1� ,� s s., 4 'a� ..Y i`S'i.-.i::!% i;F.s.3l �Y.:., _ .r... . �:l:7. �i-_ �t.. zF.�.'r:+:i:: � 6: � ,a r f � i � h � :� j�sy �:;'s�.<^ '��.5.i: `lr�.`'��tjf�r.._y., 1=:.`. «•,, r.��,,�, �.. � �s ��,i, r�. „a.- ,.�'tp � "'l,'' �_ �..;„'�'.�_�,,ti;3,1'�rpxf ;;"�'_. ".:.a�N :'y,.�-�.i� .i.t': �.i?. ~:�� �:�:=:i,�,'�,�;sy;u:,,;;`� ! 'J.�'•• �i''!. 'tx:l:��? .= ��: a4� . :�l ''�.' 1�� . v 1','~ (� ;. �'3. .�#e';• � :.,�e ifF, �;:'�y�:, 3�9i.;Fe . � .'i^,:'?'':�''?;�.;�..._ _. � . . . . ...t'4'`_11 L.:J �, ����f��r',SJ'r�.a�i� �i"� `.fTj�r•�'�i�''�� 'i` :i ;.kF;+,1;��`ti�i,�•i;��•� L. , �. . . ��i�i�.'.C.:'�¢ � 'r�6;Si � Ina., only upon paymen� in iu],1 0� the prcQosed Notes, a11 as is provic�ed in khe Financing Doc�unents, excep� as o�herwise pz�ovided i� the Guar. anty Aqreemen� r�nd in the �'ac il i�y ITse Agreement describec7 in Exhibits "C" and "D", �espectively, �k�ached hereta (collectively, �he "Gu�ranty ancl Use Agreemen�"), and as aGher- wise pravided #�n the Financing nocumenCs. 4. PACT, Inc. shal� not authorize additional boxrawing ar incur additio�a3 debt withou� the p�ior con�enk af �he City, except short-�term, unseaured debt. 5. Not.hinq herein contained shall be construe� ta crea�e any ob].igation oa the part og �tie City to pay a31 0� any part o� the expenses oE such Emcilities or a� such Finartair�g, or to pay the prinalp�l oi and/or is�Ee�cest on any such propoeed Notes, ar to o}�erate anc3 maf.ntain �uch per£orming arts �acility either in the event oE a�ef�ul� o� �ai.lure by PACT, �c. or at such �ime as the trana�er o� �such tacilitiies to �he City taecomes absolute, except as provideci in �he Guaranty and i]se Ag�eement3 attached here�o as �xh�bi�s "C" a�nd �"D" �respectively. . 6. No leg�tl righ�s again�� the City sha13 accrue to PACT, �nc., or �he holders aE any Nates by virrne vf �his ord�anca, �: excep� pursuant �o the Gua�ran�y and Use Ac3�eementa attaahed here�o as �chibits "C" and "D", �espea�ively. 7. The City ahal], in no respec� be bound by any oi tihe provisions of �he Finanaing Docivaents exceQ� as provic3ed in Che Gunran�y and Use Agreeraen�s attache� as Exhf,bits "C" and "D", rQSpec�ively. �. The enac�n�nt o� this ordiaance shall. in � no respec� a�fsct any dutiy or authority �o act pursuan� �o ar�y s�a�ute, char�er provision, ordinanae or ather regttla�ion now ar he�eaEtez fa e��ect, exaept as p�ovided in the Guaranty anc� Use Agse�ments at�aahed as Exhibits "C" and *D", ssspec�ively. 9. PACT, Ir�c. w�,11 be requireci �o comply with the� pro» vlsione aE al]. appliaable statu�es, cha�ter provisions, ordinan- ces and rules a�na reguxr�tions naw ar hereafter made apQllcable to �� �rd �f2382-81 -3- 5/29J81 � 0 �3'�{•3�T�`\NF��ti?a�j•H�..Tty,.:. 'F'��5'1.� . . ' ' i'"-�t ' . . ' . , �. v . . . ... � �§ rf.� '•\.'. �v���. �xs',.. 'Rrnv� ,:1.•.... � . ;F� � . � . ��� . � . . , • � �"`r. . .` °� r. R, � ���q$��,��.I��Y�n1� ,:3� t: , . � �, i. ' , � � �: . ' �5�ip���Y` ,S;'j`.�:y:;;�.�t�: t�i� . .'�! f.'i` � �.j;"t'd�' 'F�'vi�.>.1 '�'',:� ^4'; �l r : {s, , i','•� i'. , 11 y . , � " � .. . .. . . I � c..Fs .�. 5�',il.� +'1�. . . . , �32%:� ..< ,� '�, k + � e ;.r ., 'r.+� i .i'� . c'L•' . Li. '> f� � i �r •:i �1., 3�� -i'I ♦ � � `�1,i . ,.�� . ... ���FY"�ii-,�K�.�y ii� . n . �i., j� Y�:�• 3.'�i.`%:�� �(,�1� .f' S fl�+•� . . �j 3 ,� ..k� ".f+.. :'3, . f� �'r,' .7.•. , i�,.i, :�£. I; "i � �i�, . • P 1'f .;� ` � L1'� . . d�i� � [ . �� ��: - `i �rn .'t jl 1� �1. , '.'L' '�4.h: � `'dr� , t'... .i � . '.�,�". .,1�' . . .,, ,y^,� .J,�... ,t�° x���• �t+� ��'�'-� . . � �. � �tF`���� "..5�` ;�F� �; ,,Er., ';.; `;• . .. � -s�� n�.�s ,.s'; - u ��°':��. :;�. . , �:j .�'� . z �" - . -�' ��`=: - t: i ;�; , �:, � :�� `��� 1 t. y. ..,i�� • .r> ':� �` , . ,_t.. �( -f. r :`L. . '.f .4' .'t.� . i � s� ,'i�� Y� ^�;;. y..1..- ir.}�� 116.V f�"; ^ 1. ;' : � ✓� � � �� i?' 4 ��I: '�:,.,�,'i.. �L' �z.: ; i,'�, 5.• Y•3 � �1.':. i ..� . .^� � fwY „r. s ` "S`` � ' x `" � t � , . •',� dR. r�rv}.yH•r tt.r •3' , .A:�j'�"'4rf,�', .i`If 'i�i� ). ,•� 1. f. k�' : �: ' f,{ r ! i . � 3 � ��.i 'j� �� .tw .� ` ' S� ' z ` C{�' a , . . ' t . ... 4 �'.'. `:r; � �% f � � e � ,�i`. . �� �� r� e3 �•r� i �� ':i=e�:'e'; 3(b a . �, , r'c ,:t, �•� . '..;.'.-. , , `; � ,. g � �,.:�? �'�' �;��' ,x.�: � :'+� �aw {+r ' •:.i �'i' . •� i.� : F ir Y. �!`�a.4�•'-: _�i � �" � `k X '� .�'1. trt .,�.��j ���• -y�.���A .a ��'c 'i «°4`.'. �: �� : ,�� ��7 • , s' '.t� '7� �s �ii �- �eP . i'� b, .�� ..i. �n+�. �'. th'S y�j` i.' ,•�, 'Ri:''.'.a'.'�' , yy -�> i tr �-�i�J'•;�� �; .,�.'� a.'`• . �r �°t< E-,. n M� 1: .'�1t '! ' i��Id�� xl'� 4: S (�" r `.r • I - ! .1�. °� 4 4�. 1 Y :�� t'�' . f h'. ��tx�? y'. �: `1. �j 'F r h' ' f, �. . , ,7� ,r �F�. '7 . '.1' S 1 _� ��'.l��' ••�i . � ,�� .. . . i� . , . , '.i� �1•� 4°� •� �3.6: �'� • e.'' �F.5 JJ ,.l" i�.� •:.r:�.�� .'f� �lir' ' �tki+l�r�,�,:.;:.�.: :"���.x .,.:: 1::;. �.:,.........s._ �'''' � � [ �-s�x1:.,. .. y s'`, s ' � � ' , , ' i� by the Ci� • .� �10. Tttiss ordf,riance aha��, not bs consGrued to in any way 1imi.� thQ a�utho�i�y and respcnaibi].ity of the Cf,�y in conneati�on wi,th the acqu�s�tfon o� any asseCs og PACT, Ir�c., by use o� the parrer o� smtaenk damain, nar sha�ll the approva2 0� this ard inaace �e .' �, any way construed as a��ecting the isaus �� �ull �ompen- satiot� in the event tht�� any assa�s o� P�CT, �.na. are acqutred by the C�ty in an �minent domain proce�eding. �l. S�,multnneou�ly with tihe dQlivery oE the Noties, the C�.ty Manager a� the City �s hereby au�horized t�o execu�e a�� de1l.ver �or and on b�hali oi the Citiy, a� Guaranty Agreement arid a Faci3.i�y �Tse Ag�ee�asnt in au6stantial.iy the form attacher� h�re�a na� Exhibits '�C" and "�", respectiv�I.y, eaah being attea�ed �,o by the Ci�y Cl�rk, aauritersigne8 k�y the Mayor-Canaa3ss3oner, and a�proved ms to �ar�e and carr�ctness by the Ci�y A�torr�ey, wi�h auch change� aa sh�31 be deBmEd adv�sablef their approvaZ to be evfdenced by theis execution therea�. �.2. The Ci.ty Attorney is �utha�tzad:ii'-�daemed':necas'sarp. to iastitute aAprogtiata. pracasdiags ia`�e Cxrcuit��Cau�t ��or' tha� S3sth Judit.ial ' ' . Ciraui.t �or va�idation o� �he Cfty� s au�ha�i.ty- �o execu��, 8elf,ver and exerciae i�s riqhts arid carr� eut its duties undex the Gu�ruity Aqreement. • Z3. Shaulc�' any Qa�ct os• provision of _ this o�dinance be decZared. by a court o� competent ju�isdiction to 1�e invalid, �he saaee sha11 c�ot affect ttie validity o�E the ord3nance aa a whaie, er� any part thereef ather �han �he gart c3eclared to be invalid. I4.. Notice of the proposed enactmen� of this orainance h�s been properly advertf�aed in a r�ewspaprr o� general cis- c�atioa in accordance witb 5ection 165.�41, �i�r�da Statu�es. i5. Ordi.cxance Na. z�a7, enacted an �ebruary 2I,, 198�, r�,�atir�q to �he same sub�ec�, ia repeaXe�d. � � � 16. �ta pravisions af �hia ordinance sha31 take e�feat i�es3ia�ely upon i�s paa�age. ';e, , . PASSEn ON FIRST READING � ' A� Amended • PASSED.ON SECOND AND FINAL READING AND ADOPTED AS AMENDED � Atteat; � '� aeputYC[ Clark� . . Ord #2382-81 -4- Ma ? 1 B1 • 0 5J29/81 � ., :�`��.�::.Yc_�s,'...: .... ..., . .. ����.y�, . ..�SS... �..`'�-, •M,±ap�.t4,'s �.t,�,C,�e,,:+�1 r saz%t �°.f.ar.� . , a. ,.. ...' ,N�"eT7t.,+`",\'4'�! a ",%� � 'k `S�kt�w:Y7>..ri'�t'*R$,�(t �,`M"7P�tep.,r.. : i.r.M.;�,'�''' ... .'as..A�J, . ;.v� F . . . : . '.{�:1,:� �)� �:,.,.'.., `" � i� •'-`f'� 'i��1 �'B�`�'� K `�P.. w:JfEi9 �ek��'.�.F': '�S�'.o} � 1da:b"�� x.�`}„ .°�"' ':f.'.'t 7° `'f��::� �y �1�•'u`%ij�" i 9�`!:�P::�+.�frlf'°..>,_.... '`aa_. ..:Fia�',.:.":.,.ert��,;�,�x'�w;;.?.j;iii �� i „ � t , �. ,�. ��._.... �......._ . ._.. . .._._..._..__. .. _._.._.�Y �} ' a � ' �xhsbte "a" j i. ' �pAC'�' ' r � CR�DIT AGRESI4ElIT t 0 . , TktI5 AGAEEMEttT daCed ae af March 31 2981, k�etaeen P�l�RM:iG ART5 CElti'ER ANri THEATER, YNC.. a Florida corpo� ratfan no� �or pxofiC, {t�erein call.ad PRC�), an� aA2aK oe CI,F..�,RWATEii a Flor�da GtAtC taank k3th ita prineipbl o£licn at 600 cxnvala�d SCreeC fn c�enzWater, Florfda {hareit► ea3.iad tl:a eank). ' Is� conaidnxation ot the matunl, cevenanta harein ean- �bi.ncd. tha paztiea hrszcta agree as �e�1oW$: I. CqtR�lI�24T OF TF'.� 8r3Y�:. 5e�ctfon 1.] laitial Cnr.snit;menC. Stibject t4 C::e Lei:t;s and con�itions of rh�s Agrecmeat, thc Batsk ag:eea ta saakr ona or r�cre lonna ta P11CT a� tha o�,El,ca of the 9r:sk spe- cif£ed.above on ar beEora thc Expirarion Dnte (uhich shn:1 be Deca�er 31� I.994. or such df�.�zer.t d�re ns may .�,a t�fxe� • f.n ac�crdeyas �ith U:e pravision� of $QCC�,QR 1,2 at thfs Aqresmantj, uhi¢h 7.oa�ns shnli nat cxcaeQ �n Lhe arq:egnte 51,900,oq0 or such xeduced o� ,�nereased emaunt �s herain- atter provi,ded. in ao evant, hoxever, ahn.� thc �aak�ba ab��i�atad ta Aaka any �.oan .o PAC; i� i.ta tota2 �.r.cleb�e�r.esa to sha BbnY. ait�r t.'�e CIGE�A¢ a: •t�att 1+an wau2d a;tcacd 9p;; o� t.�e ti�ea ur►aaid pled�es 3n Whicn Cha Sars;c has a secsr:�� intsresC urtder l�rtfcla V2T1 ot thia Aqretn�ent. T::c obii5a- tfac� Co mskc auch loan ur kaanr is hnrainafte: rafarrad �a •s tk:e Conmi�er,�. Saveral otha: be�ks ara par�:ciga:'r.� O�rd �z38Z-61 S/29181 f i i k 'r : i 1 : ; 4( 1 i i � } ?�y, .��y� f�.��.w.:tr.��"� �..{;'..i.+r�.e"riic.4'� .,px,;__y..y..ar+`�ya„s; yi•�'yt�[«�t,;� '�lj,�i;."sAi�f"}��1:^S.:t'"'K=�i"^.lY�i�`y"!��i�`Oi1�:M5?�d�f�...'?YfY.v .+hi�.,�a": 'P'yt.•"yqf?4-a+'"Et?��,,%"e%'�'G,'r,ya.r-- '1Y1 ��' , . �. .. „ . , �• �b 1:� �� � _Y `.'.'.?e'H4nN�' �5��+�� ���� : i. 1: . . . ' ' . " . � . 2,�'��^`ti; � Rti±.' ' ^ �3., � '{�.' '.4'. � �. ' . �. ,d ..l � • !!F �,.�� .. .i�•. E •,.�"p��'.�:��V4S3 �i:' �!�!''. .. . ' 1 t�; � • ��� J' .. } � ,yv::i°r ,'vtir` ` � .. ,' r� "Y q • ,.0 : } � �:,i�': � �.yy�.a. 1':.�•^di.�_�.4,iy S� .t:.. .,:t..i�:�1:' �=��i,�y�•�:�id�ti,i�, ;�:t%�''$da�?�.i�l�fi�.i�,'d . ;�.yfy1� �,,y, � Y ,,i °•�' , r ..eTl',. � �`` L.a:�;:�.:" .,:lt�-'�.. '�•''� k'•a;�es:;' i.::'.:� i i 1 �t, _,�p� LhL��? '�'E; �T ?� :�t� .M1,� `:��, k,;xf.: -�';s�.':,,x�.i�'-�>'��t7; t;• �,:. ,.i�• '�� .,:�K•�.�xy..�,�s.,�,� 'i;i,+'. ti. •, T�jf}aF -�Y,».��.- t �3'" .�. "::o i C "�� ,4. e��Sl fi�, #i.�� Z � '�3r.�.<�'i.: �:i:��c.'� ?:.�':cY ot�,F' s.�'`•'`.r°L. {",�. ��r_ �.�k%:a��.a:"�`�J;��`i�.Y.'r.."vu y�',,:4.-�,'-`•P! .�?�;.;�.�.�SYr.� ^,_.,.,�ie.. ...ii;.�., ..rSt� _�. $ aGx,'�.�.._�. .f ..t= . .,. � �.�„�.;,: x�.. �R,,.,;} '?"..,:" i.'.,P.��`.C��?,�'i �., 7F } �, ..I �5�' . .J� 1i� ;�J. .� ?��..:'t; ._ a..s. 1`l:�.'.� ..�i_. Fy # � � 0 i ;„r .. � ,�' � ' � '�� � {, , i ).. • • � � . . . 1 � � $ . i uiLh t.�sm eank fn �he Can�af�.�nent at�d at� of such hnnks are • � . heraineftar co2ieativel.y zefezred to as the Parti�fpnGir.q i . , ? �anka. , r • Saction i.2 Aeductfon increase ar Ta:minnt�ion of . � � • Com..-� tmenC an pzenavment. 1►. Cossau�rently with thc execu�ian end �e2ivesy o� thi,e AgreementA Che par�iea �til.i antnr :ata sr► Er�crou 1lgxeement in the foral awtnched heraCO aa Atin�x A caverirg all unpai:d gladqaa a,i conCZibut?on ta P�CT noa outatanding or racaived prio: tn Aaaer.syber 31„ 398�3, her�inaftez cal2ed P�.adgea. PACT ia grantinq Cha Pank a aece�rity i�tezeat i:s the PieaSas to sacwrc p�y►nen� ot' tt:e r.ota refcr_ed to :n SacLiose 2.1, 'As p�ymenta ar� raceived far t2:e e�c:o►+ ac- counti an all preaanLly outstsndinq Ple��as, t.ha 8azk's Comm3t�ent rri21, b� eutomatica111 reduced by �'�e a;ng�:::t of �uch paymant�. 9, AC t31c requast o: PACT aad wit.'� tre pr.ar uxitter� consant oF Pazticipating ganks ob�,i,gatz� £ar at leaat 66 2/3;. or thc Coa�mit.�+ent, �.Kia Aq��e:aen� raay he amt7sdad Aw any tilr.4 pzia� to AeCelnbe, 3:, x4AA to iwcrease �he aa�aan� at �t:a Cosrmit�ant, providcd nc� a: inCrcttse� dqrae:aer�Ca fa partieipate have �een nbrainnd by �:e San�c ta coves t.'�e an�aunt of tht i�cretsa i� :.lsc Ccm.�af as.^,t. f C. PRCT m�+y tzar� ti�+a to time on at leaat 30 daya prior vrittan r.eCiae ta the Rank pnr,aancntly «rduce �hr ac+ouni o� �hc Corn�ie,�nent but on�y upon pza�a{,eat a: .:�e �2• Ord fZ38Z-8I S/29/B1 � � � � 9� .. . . .r,1 �i . ..�r � . !.a '� l.rw ,�ii,�.w4" s)�,•pwd�yy n,r��..�'y!'.. .,Sihw! .x9.�..�f°'.° :�h: . „ µ . .)tr4� •+�1 e�(..M^`1`fwa^✓ ` . C„ !'��} . ��Ii ' ' - �'�'n1"l� # �T.,^!�i"e'Y t^'� . . , . . . . . � . .. , '�.. , .r,�£ �, ,n... - , . • , _ . . - ; r . �°:.;�;, ,, � �, '� •, � ; := � ,"��... , y. . � . . .�d . . 'F:� ^;'��_��, ":iti `� � , .� . . `•i;t;' 9� vr'': «� e, .,�� •� � �� ���ro:y�.. . {'y _t ., 'y; . _ � e 4 ` ::� ��;r,�.cj �i�:�'w -5. �i- 'y, �l�,i:.:t4 'pp !g.t9" s,}:.,...�.:,Fn ,��-`�°�,•,: �?�we.Ar,,,'f���t '�: � , f: ;5;,'� :`,�;: '�L. r e'). ;i�� `r` { ;;:+, , q . 85i��.�i `.i L`^: �v ' 'ia� -�t =�.5. ::����' '. �2�".r 't`..`, �r i���� .�i`�'r''� .i«:' :i�:;�''a'�� �..'L. 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'A,.e :; ,. .i �'r:i4v- - .pr; �-'�'fi F5y : .,��'s: ��•.��y����_` :{�'7.�:�,�.�,�{��:i�1'.y,;a���ry}�ii ��3"';[a..t� ..".�.' `:7.',�. :n.ci'.`('i��-::t•,;,. r :€.�' _td.^a • •a.�,'�i t�r�♦e(,:.��'�;s��,li�;t�l� � r :4b�� � . : t.�:. e �r�'�L';k,�i+,.y.`..��.i,i..:` ::f • :� - �� • .: 4�#'t,, ,,, :, -,sr� • �F`:i: :• <., '''• `�` ;F ����=, .. ._. .. r � } ; •7 �.,.'��_ . . ,:^ �;,.�. . :?ij: ...:.. er.'�'c� 5;:; - :51!'Y.x� �.. . " .�j '_.._....�a. ,;�� �o���'.d��:.`�5 „�tf"' :]�.��1. � � . ".... .r«� . . . . .. . . .. � , � ....� . .� . .� > .•. ��. aSM1DLT.t by whiah �he indeY�tedness andez �'se t,lotc exceeds tre reduced amount o� the Commitatent. ?�ny such re�uctfcn shall ba in the amaunt a£ S� ax eri integxal mu2tipla thertof and shal� be proratcd upon th� Ptrticipatinq Banks according tc�thair resgacti�c pezcentaqes af tha CoG.aitr.ent. PACT �aay at any time on likc notice Cer:nfnare the Ccm..-�it.:.ea:: upan payment in tull oF its Note and othar �ia�iAl.t:as hereunder. ' . D. P34CT may �ram t±�a to ti:ne a;�d uithau;. �sremii:.� prepaf the Hote +n uhole o: in part provl,ded, houave_, that any paz�i�l ptapa�rzsent shall be iit r.�e anoun� ,af S or en intag�aZ u�uJ,tfplc thereof, a�d any prcpayraezt �a£ �h� fu12 uap�id araount of i:ha ltote shall inc�udn accrued 3.nCerest thexeon. 1I. r41NN�q OF BpRRCWI:IG. 5ectian 2.2 The Note. Ccr.curr�ntiy �j �� the esec�tC3o'.^. and dc�ivcry o� this Aqraement, PACT sh�ll ar.ecute ar.� deliver to t'�e 8ank a Note {h�zein cali.ed whe tPotc} ia :}:e forrs of tie p:amissn„f note attached hese�o as Ar.aex 3. :::e No�e sha].l be dated the date of th±s Agreament, ?he ps�.^.- cfpal n�ount ac�ually payabl� undar t;;e ;tatc a::ail na� ha morn than tihe amouat Actually advar.ced by t:�c 8an'r, u^�er ttsia Aqree�en� wh�ch resair.s unpatd. 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Nor is eny :oan re�uired to be ma�e , , reraunder ii any Event oI �e!'au?t, ar �ny cyer.� uhiah riq:zt � i mature into aa �vent of 17etault, has occurre� ar is cor.- . tinuir.q. • III. Y.`1�..'REST .1PrD GO�.*ZIThIE}1'l e�.ZJb S�RV'ICE :_�S, • saction 3.1 intereat. Intcrest or. t`:e u:�paid �rin- cipxl araounG of the Mote aha13. be payahic a� t"e ratc o° g�rcent par anr;usn on t'tte l.ast day ot htarch, �un�:, SepCenbe_ aad Decemtsat iri eaeh yea« co.r.n;encinq, w=t:: t:�e Eirst o� auch dntcs tollawir.g tha i�suance af t:�e Nota. Sectian 3.2 Consnit�aent �ee. FACT ag:a�s to pay a co.�nsni��;ent fee a; of 1h par a:usun aa tha dafly nvera�e oL t1:e unuscd e.�rsounr a� thc CommiMnent, sLC:t aosnnit�nen� =ae aha21 comc�ence on the dd�a upon uh.c:t t.'t;,s Aqrae;ncne bccamda cffecti�e.and shall he payable on the }.sa� day ot March. ,7ut�e, 5e�tarxber ar,d Dece:s��: l.tt eac:s yenr car.r.�eac3,ng with tha monti� of Juna, 1981 ior such peria� preceeding auch tate for whict► the camrait,�ent fc+� has not -ti- drd N2382-81 5/29/81 ' .��.lYkx .YR%^5;.. M �.r!y..wrxy : „Y'"sr.�..4„r4 -n. x ,r.,�.�,A� V"P°`'i;^� .!'§*;r �.i!^q. %�K.. �r, i�� .,x:»::.n't:"��� . ..1,:, �..,.ta . .,.�r�,� ��,, �1.� �.« . �,s`� - ,�i.,' . . �r, , .. . . �'�'�e . , , � � � iiri o 11° �"✓T�R`...!'1 . , . ° � ., • ° �' ° i; , . � ��� C1.2: e".t,�� LLt.>.�i.9` 3: . � fy' u . .{�.�':'.t�: ri;.'�.�. ."4'. . � .•�. ;f.�:��RS;;:1 `�:��,r.J, ; � •'S�"�F t"1~P` r:/�, �1� 11 ,�'. . �}! .�. _ `:E' '�". .. f<.�.�` r1�� ,�. �;t.� 3 .�, ,�1'e'i • ' � `4`o j: �.yi� ; '�. �k`.s�,. " '.�. 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IntaresL end cammitraent .'aes ahall be computed ior Che atsmber ot dayo elapse3 on the �as,ia af a 360� day yenr. � Snction 3.4 Serv�ce �we, ?r�CT tg_ees to p3y to t::e San�c a service fee o! S pes month payable on t�e lasr day ot �ach month :rhile t.`sis Rgreane.^.e is ±a ewfect and so lanq thereaftcr ds any amount rerxaina unpaid �_� �nC: undez ��tc Notc o� this Aqree:nCr:. IV. USE OF PROC£ED$, , � TY:e pracced� oi alI 3.oans uader t:�ia �lgrcc:r.e�L +:i11 be used by PACT only to pay ior the ccn�tructic:l o= t::� Per:or.ning Arts Center ia Clearuater uhich is esCi:r.a�c� Co eoat 510,270,000 ineludinq fnitfai operatirg co3ts, uor�t=r.g capftal And intcreat durir.q cons;xuctio:�. V. WdA..Ri1HTIES, To induce the Su:k ta qrnhC the Canni��enr acd to �nn�ce loans unde� tsi,s Aq.ee;�ar;., �ACT uarza:tta that: secti�ri 5.1 orctani�atioz. PACT is a du:y existi:�g cazpora�ien' not :ar p:o�it u�dar t:�e lawa of t:�e S�atc o= Florida. seetiioa 5.2 �iut:�oritv, PJ►CT ia dtsly eu�`torj _ed to cxecute and dsliver this ?,g_cc;nant,and the Nate aa� is ar.d -5- , Ord l236t-81 5/29/81 � � ., S`� t i� . ' . �' • � . � •� � . � • . �. , . . u�,1� contfnne to be duly authorfze� ta wo:roW moniss under ��is Agrea:aent, ett3 to perinr� this Ag�eemeat and .f M� obli- � qationa tu�dex t�e ttote. � ' Sectioa 5.3 No Canf;�ct As To Aareement9 ox Lar+. Tha . execu�ion and del,ive�y of tliSs Aqxaeme:st and o� tha �ota, � , the barrouinga hex�unde., and the per;or:aastce hy ?nCT oi it= obl±gatinns under thi,s Ag�neraent aad the :Sota do not and uill not conflict aft.� any provi.ion of Taa o� of '� e charte= • or by�aus a: ?ACT or vf aay agree:r.eaL bi::d?r.r upor. Pr�CT. sec�ion 5.� Finn;scial Cenditian. P�C: haa �u:rsis::ed .the eank with a copy of its applicat±on �ated t•la:c:s 18, �981, to C2cAr.�ater rederal Snviitqs & Loa:s As�oca at�an £or a , . 55,544,��0 tWCnty-ii•:a year fir�t mortgage loaZ. The f�r.ar�- ei�l �'ata and thc othar �afoz�ation contained .'.ri such .r.ort- qaga loaa appiieation aza in �ccordaace wi:h P�CT' S bco'r.a and reco�ds. 5ueh book� aad reco=ds a.c true end conp_z�e as af March 3, 1981 and such mortgaqe loan agpli.�ar:on cor.cc�ly �eElccta PaC:'S fir�ancial ccndit,�,oa as of �ha: ' date. 5ince such date, th�re }:aE been : a r�at�:.'.a: adverse chats�e '_h Che fiaanaia7. cond? tion a: P�le'.', except auc:: as :x lieted fa tha aeetien of tk:e Dfaclascre SchaCUle (1,nnex C � ' he.eCo} po:tainir.q �o this sectiicn a: in �t achedula can;.ers� pnzaaenusly tu.aished by �ACT ta t�:e aank (ia s�:f:icitn: ri�mbe_ o� si,rned copfea ao t.'�at w'�e A�enc :aay furai�h onn ta .�, eac:s ot tlse Pareieipat,�.nq 8aakaj. � �g_ � • Ord �2382•B1 . S/Z9/$1 e .. . . . • . �. . , � .. .. ....�:. ., . . . ... .. --- - . . . _ . ... , ..� ' �� _ _ . ...._ . ... . �v��"a�:i":,ik8:�.. . `.�:,C•.�'�'s.'�7`•'.t±.'.:t'�'_%Y� 4atl:Yxi`;' ,R« �.6 ;:: ' " � �j' e a'. : � y�'�p' . : . t:s?;?+'7=.`:'S'"�; �yaJr �" ,'iK,��.1"��.�•• �. �±�6!M-•��a°:ar',i�,.'*:�,'x'i`"'�xr.7'(;'L,�...�'�h5"'._Nt1W.+'+x#r�s..rt: �: s ._. w.,�° ?,L,1-C+hvreu*«^°"Tri-°,. A"' • "t?�'a'!�}" , . � ,� , ' .. . ,. � ' m e} 1, .' .: „-. �... �y 4 .. Y ' . . :. S ' �s;;', v; , 'i�i- , . . , . . 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E:�� {L''-�,d.: �q` Sy � 'r`�"l;�: t , � 'La ::t : t. :�7�'V.°�e .f;�t'. a-i :.:. :'{; .�=�i�: � . a,"��L':..�t�'�:U: �ad:'" y'i:.i .:.ti:�..�,q! f,� ,��J ,�:• .i.. L s' ,'µ'�^yr." "f:��,�t. ,�„F, 9:;`.a.: �:.�',.i.`0.j•l;�'�. '�l.o`i at ��+.-�,'3 'ti`�4�"e"�YS � 1'x,.?`:'�:...��{.' rx, ,� �'S Sw� F:C. �^F. 'y,'°'., r;,� �*'..��r✓� '.S �'�.e f ' ' .�K'..;, ��Y�t . i"�'�y \-i:,� Y�s��. ?y �t �� x � 1 ) �� F` t : �, 'r'��i'9�. .a . � ' a�[ .L [+�i � 3 s;i; � .:� :���,.y\ '� ?� . �r_ •� . , r� :�::".: :..Y,, :,��,.� r ,�_;���:�t--��,s�r.,���„m,,�P.r a��:�;�, ���*,;d�4# �.Tyi.�... .S.�S �:",i��� i ��1' ,^Y�e�C.a: ! p�� '§ ' °�iF4 YJ.. s,)��"'�1� �. E ��� "l ;`Y. , .�)'.:°��). '1'tiFl�� i.�C.r�f:.:.'�'.:�. Ll�i',`� t[�ilt ���'6:.':Jrr;��`y5"� �1 �° iiL��`�� �-� �'�'�;._�.�:�ii:;.�:"y,•,. .'.•i1"si�ta ,�:.� ..-?�f':• 'sir%h3a'�x*', .'V�i.�`�_ .��t�.',(i, �.s���.:...,,.a;,ta' i7-','.�la.'�?� }�:`a?i'��•.e?��!� �L.�"'.. � �.�'. �:a•,= :• ;''. ".:,tiy':'*kr,; 1 's,s � �r�, ?';;�� �' • ;: �t���.i:'4f{ :','�.`,'k��i'"� � � x �. t iw •. , .. �� .r � .�. . . ..., . .. ..t.� . � . � . . . . .. . � � .. . . . . . .�. . r . � " I Sectian 5.5 Litig�tion and canr,inqen: Lfabflirf��. No Zitiqat�oa ax gavnr:.mantai procae�i?ng� Ara pendSsg r.r ZhreaLened ngnirist BhCT u*�ich micl:r have a mate.ial adue;se eticct aa its fintencial conditian nr business exc�pt �I:ose �aferxad to tinclading estimates a, t:�o �olla: aroun�s f:svoZved} in the 5ec�ion of t,'�e a�scZasure sc::edule «a:r.ex C hexetn) gertAining Ca thfs Sectivr.. �Ac:' �oe� aot havc an_� taaCarial cantingeat ;iabi}.;tie� uhich a:e na� discaasa� ir. the mcrtqeqe lonn applicatinn rn:e_red ta ir. Sec«ian 5��3, o: �rs the saction a_° t.'ta Diaclosurc 5che�uZe �u=tainin� �o tl:is SeCtion, section 5.� Li.ens. Ths:� are ne liens an ax sec:�x?t� 3nte;rNSts fn a:�y ai the P�.e�gea dad °AC'L' ia rac de�?ri�utr.= fn the �aya�ent eF ar.y o� its ab?iqax:ona. . Sec'.ion 5.7 Subsidfar.tes. PRC� h�s no s;:ha:d�a.ics arsd �s not enqaS�� ia any hus�r.css cCher than tra e�na�:ee- tivn and opera�ion oE ;�.e Center. VI. AFFIR'".r1TIVE CCVE:TA1iTS. vstitil t.'�� expizati.oZ o:, tcz��:�etion a. t.`�e cc�ni �-en. a�d ��trea�tex uatil t.'�n Nata ar.d ot.'�er liabili_fes o! PaC: hereundex h�aae baca paid in Lull, urtZeas Pa, �icipati.r.g Baa�cs obligated tar 56 2/�,� or moro o: �hc Com,^�i ��ent arall ot;:��- wiat consent, P,�t'� sqraes tl:at: Seetiots 6.1 Aeeorda� and Ze�or_s. 6,a.1 Witht� 90 days eftex the claae of aach £isasi �yaaz at P,�CT. iti uill tuzaish the eaak Gopics o: fts ar^�al ��� Ord �2382-82. 5I29/81 � ,, t � _ . .. .. . � _. . . . t� , : � 0 "", ' . . - ;' � aud�,t repart uixit th� unqua2it'_ed epinion o� ir►dependcnt certified accauntants sat�sfactory .o t.'�e 8ank aad n 1.ette� ftam such .certf!'ied pul�lic necountar►ea statinq that, in ma,kis�g the e.rdmfnation nocessary for certiffcation af suc4 fi�nancit►2 statements� they ha•rc not �eco�se a:+are o= Ar,f ; canditfan nr everi�, uhfeh constftites or whfcr, a.ter r.at:ce or lapsa di ti�s�e or both, would constitute �a �reat o: betauit, which ren�ina ur.cured a� Ltsr date of such latter, or ii C'sey h�ve bccame a++are of any s;;c:� candit!a:� or evar.Cs� bpe�ifying the :�atuze aad pe,iod o: exister.ce tt:cxcof, �t being uaderstood.that 9uch accoLr.tnnts ah��1 aot �e :.±n91a directly ar ir�directly fex faflure ta abtaia k.a�+! edSG Qf any such �vent ot Dcfau7.t. p:ovided, ho�+evc�, tyat th� examfnatiars Made toz �hc annva], audtt report shall ha cn^- dueted fn accordanee uith geaarallj aecep:.e� ae:dit precz- duxe� aad p:acticas. 6.1.2 Wit,'�in GO daya aiter Che e;,� of esc:t of ty- tirst r.hzed cavnrcerly tiscal periods taad w+.t,`�i:s g� , day� nEter �he end a� :he _atiz�� suc:� quarterl� i�sca;. �ar°,od) -.. e�ch fi:cal yanr o£ PAC:, it Will f�:::ish .0 t::e �3aak, �wly cezC±:ie� 5y �':e Chais�ar. o- the �eard, ?raaiden�, M:cacLt;.':e V3,ce Pteai�enC, �xn�auzer oz Chie: Finar,cial Of�!ce: a� PAta: ;i) a aap_� of P��C��S unaudi:ad :inana±al s�ute�czc car.si�tir.q a� at least a balance shee: as at t::e cioae o: sua4 r.var�er and a pro£it and loaa atare:.�eat a:�� aaalys?a of '8- Ord N2382-$1 • 5/Z9/8i �•• . , ,�• � , i i ;� - . ,,,y...!' � ;.f{...,.n� � . . . .F ... ,., .. � , �, . .r . .. , •'_ .. ` . ,. `°''«.�s:.r , '•f" � . . . � ' . . . . . . 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[�i : if`"�' nY''��' � 4 r �: i . �:,s r �;;, ,. ..�.. . } .�;, t'i>� ,:i">t:,':� 'i A`r_� ,.r, E� c . i:.•.. ,�4'n .4 4 �� ..S`� :�l J f r', � •t �'t'. F_•ty��' :i'. '�t`: ',S �'r t. ' ��.. ��. �.�`y,�... y�� , � ` �;, , •r.. �5 4,�� .I� ��a � _r� �a. �.�,(^ i -l' �t, :s - s•� �s.', 1� Y S ' r • :..'�� � �i - �'�-` . , y�;'1 : :'�,.�. � � r -- - rs-.. .�.� --- - . _ . , ... ; �::� ,. _ .. � . . , . . . . . _ . __ 4... - -- - '°i;:=d�, t. � � � 0 0 i L + surplUS for such r.narter anc3 °or ti:e per3.ad :.e� Llte bc- gitst�lnq of �uc1t fiscaL year to tlta close of svch c,�:dr�e:, and (i�} a debt anci collateral analysis, iydicAting t:�e exACt amountis borxoued r.�td asset� speciEically pZedged as at the crtd a� atch qua�ter. 6.1.3 Eaeh finanCiaA report require3 'sy this SCCwjCR 6.1 ahal� b� prepared �n accardknce u�r.h qenern3ly aeeertsd ncaau:�:ing ptinciplas cors�s;.eptly applied. 6.i�4 P�lCT ufll �deliver to thc 8artk uit;� aac:� :ir.ar.- cia) statene:et required by Sect;ons 8.1.i ar.d 6.1.2 a:. 4i�icaz's cer�iiicate statir.g tha� ro tre beat o: tk:e k�cv- lcdqe Ar.d belie: a: the o«�icar execu�£ZC� sqch Ge:t:.:ira�e , such finar,c_al statcnca� is cozrcct, t:saG suc'� o-:�CCZ has :�ade ar causad to ba t�ade u^de_ his supe�•iaia:� a ze�riew o= PACT tor the puzposes o: snnc ��rt_Picate an� the� su�h rcview has no� �isclased C:�e e:c�.s��nc� o: ar.d the o:Eicer execuei�� such caztif3.cate does :�ot have Isrowledga ct a:.� condition or event uhich cen�t�tt�tes or :+hich, afte: ::ot�ce ox lapsc c� time ar both. uauld constitata n:� 8vea� o: Aetault, c� �� any auch corsd�tion o: c�er.t cxiata, sp�- ci�y�r.g �.'ta naCn.e ahd �ezfad o!' ex��.cnce C.':e:ea: and s::ar aation PACT has t�ken, 38 �al:ing or pzoposcs �c ta�:e :r; t;� zaspee� �hezcto, 6.I.5 PACT will prat�pClf furnish to t:se 3ar�k �uc;, ather in.p2:�idt�on and data with resYecz ta FACT as �ka sar.k raay ira;� tima ;,a ti7e reasonab]y rerueat� Copias a� ;Ein�a- cial s�ate�ea.� a:ci other decwrnents WiiZ he fu=n.s:e� �y �g.. ord 1Z3B2-81 • 5/�9/B� 0 � ..a. •� � r ..,:n•,�.� �s�=� . ;.,�� ��. - _ . ., % Gy!���5"4S,sP�`t,!'�x'�'=r�"'p'r�^w+M"°re+:.;�•, ,i...e��•,'"S!a+�.�y.x.Y:b�;x:.�r....,y„s.,rr.: �, ��r�*rT�7,�� ' a�.�<';w.�t^!`.:•* lry»r,r..o..ry�4.r,�..". re,.,ry��yr.{.,•r !ry.., �e .r,�wsr ..1'�"*� e.. + � �:4'� Yr's.. w�..ri �5. �.'h ` �r�' , i �,r . , . , ' . ,. . . .. �'�•'1(�. '.s�l, 'r.�' '� � ra f � � � . '�. � �l�''�'�#�.�^.r�'�,,� '>r{a�r. °'�,,j��4'F.y' " t x7ly�`a'�,`-���.._g�.;�. •� �'., :�';.�1 ,} ,;s.a ',y=1y' �c.. .y�,it :�;�d�i;.:kc!�„4��s:,�`' � •}• '�' . R.-��:14"' �L?"i. :�Y� /. E �, 5���' . r��: • �,: �r .s..`�:' " Z,_ �.�,':�_ "'n �t� .sa ,t,": ��. ':i 1�:� •�� ,�;� `T� .,}.�:+ � j �,y..�i •te ''v:k`:. :'j'° °,�! �3�. .t :.�.,��- _[,� �'�ei ���. ��, �`?d�:.. �Yi,:�., r�..L., ��i� •:9i5�'s�p;�' ,�"' 'i7', �. ..v -t ,R',�. Yi �k^S't-� .r, x��� '.i. 4.: '! �,� �� y�.`- �•S+s` ir.\e�irs{. � �' :M'i's:!�V•'.- ��S f`�+ �'���wc��;;:e. • s� TS',+A ��.�'}�� 7 it�A, �:a. :b� ,.�.>r's..e,�+�::�..e+.��4�5'?�rGy:.e•� ,�.�'i! .l�ri d... ���r'�;� '?.k'�Y:��:��i%�:� "�`r�'�;� �`}.\ V..�'4. S.>� ..jy�,:�...f �:. i" �`��iY`.:�'C'.f'1i '•�af" :,�e ;1.;�'� .�� ��f !•i.%,y�.°�rYf..+� ' r.c�.�'tS�b � f. Ie,�s.•' 4�L.. <1�'�� } .S;';. P�'�.+ .r1r1.FiY?>�'>�i, .2���l:•�w„Y ��1. ,Yjjty. "r ��.�v��:r3•.�j�:°a'�`f �:',"`l:'..�.; ���.,i,'%e�ja��l�C�-�.:�`,. �:a."�l. zt�� ;.r-:��� �:ii� ::%:,s.�:..�,i�.��F: � �� -•�ik � a.�:J'.!.'t�: et, j� 7 n . s i . :i� ll :.l1.'��..•,e.. �� � . �°�'~ � � „ '. y�. �,.� �.: � i.�;'•e � d,<f! iY, � x;, • i'• . �K.� '��rl�sa�� a'. ��:'��it � �.k c�+C.:.'l� .-:1:•.� ' � v � .r'. y' S v ..L k. "�33 h r � � .a �'R' ; '#`r�*b�C: '� `�� `� �� �.i., ���.}si.�3�.i4 �' �, ''•:,,�"� .1�, i.,1� i..�-2i��'��. ��.; � �i.- �r�n ,�.�vM :4r4::.'''? '°:?C�d,+" r �4. fr ;- o-`a.� ti r$., r; 1:;, , -'�' ir.' S <il `.7:'.^i: �e., �.v.':�� �"_� '��*�S„� ��`� ��. ., �`pa�. `i^ '�t.��t� ,t'k,F'���` "� "=`�;7r ,'.1.'•"'' :�f,,;y i'-• — �`r''..•.S.:K'>.. 5'�Y $c:.��,-'v �y .K� .� ,�^ f �°iil�' v �"� c!'�i s%k �-'K,�.� i `.) L.. Rl-.'r a....t • '.f. "�� � d �`•-''�t" i (` � � r:� �'.. .�r'" ; �,.,t,' e:�1 4i' �'.t. .;v.•�� -p `:s ,.1�;; `r } �.c` e�'�:~[ ,�t °Y�'� l; ,� ?� ty Y �'. ' 6r<�" •,��y� ��r' .,�� f ���:. ;F�,e .. ,' i�°�C�.; ,4.';4S 1�: i � �}��,r S �,35 st4 F.��°sr� . '� 12� ..�.'.�'`lf»Ttn�•'.,� :4 41' a.R: ��i:,? .S°."�.�"'ai•�41)�f.1— ii�'�7..... :.��.:',5`'•f.�: !.i.,...7l.`•� ^,'?r�:.i�.'.i. axli. '�,:r.i. �.7�[::`li`a ��l.:�it5l. i�-� �, � r.... [� i� '!�� �i.� . . i���?T>Md�1ii� Kr�, •y-'y.i 4i i�`�r`1S�':+�[ =hP.i {�,'!.v.�'� Ei:.:� ��1��"Y tTi �I�S�..1?�� C:�: _ . : d"•.. .''.i.":A".' �{ .^, 'id.°.y�..�i��. ..:' l �. � xi!' . , . 1 � r . . � k J'1L4{$ti �E J?.�;?�.':".i�sP!.":�.'Na� �:�1 i-Si�-. .`��.«.��"T �ii��T.iYzx�� a � . � .�. .�--� . , � .�.. . .. j..: PAC'i' in such quanti�y a.. the 9Aak nay havc requested au tha4 it car. dfst:ibute copies to aI� Paxticipating 8anks. Sectian 6.2 Inepeetion of Recards and P:onerties. PACT Wil]. paz:nit rapzesentatfves o� the Hank ta have accesa to t`se baaks ar:d r�cards and properties of PRCT. 5ee�ion fi.3 tr►surance, The PACT uill maiata!r. puh],�c ]i.ebi7.�.ty, praperty damage and wo.k-�en's eompensntion izs�sr- ance a:sd insurance o� all oE i�s ir.surnblc p:oper�y aga:as: fire arid o�he= hazards uith _espc:�sible fzsu_a:ce ca=riers to the extcnt ps-adently maintair.ec3 by ccrpa,nfes in :::c �a:�e poaition� Sec�ion 6.4 :'ax and OCher Giabilit.es, PAC: �+fi? paf and discharge a�i ta:tts, assessresr.ts ar.0 c,avesr_aea.a? charges ar.d a?l. othe: liabilitiea �eic.-e �'�e sane becar„c delin�ent r,td beiara penr�l.ties accrue therccn except er.d so long as cante�ted �n qood faich artd t;�cre s:tall have �eer na� aaidc on t.'�a hooks o£ PAC: zeserves (seqre5ated to t:�e e:czent zequired by eound accounttn� practices) deened b; ?�CT ta �e ade�:a�e Wfth res�act thercto. VIi. ?�G.1TIYc^, C4V.Y,.'`�?,}iTS. l3ntf� L'�e ex�f.zat,on ar tez�tna�ion o�' tl;e Ccta,�it�en� .and e2:e:eafter untfl u:e l�o:e arsd e��er liahiiitfr.s o: PACT herennder ha�e �een pa:d i:s full. unle3s 8caks o�2iga:e3 .a_ 6b 2,'�X or mo=e oi the aggr�gate ccrti�ni��acnt she11 ct::er�:se cahaen�� PACT ag:ees thatt Section 7.i Coaseruction. PACT u��,l r.nt dushar_ae o. pc�it �`te cost a: cnnsC_sc�ir.q ar.d ca^:plcti::q »*:e Car.ta: ta -10- Ord M2382-81 5/29/81 � 0 � ..T,'y''�C. . _ � . „ F � . � r ... . , , , .! .__ � . ' e °� ' . . ' ,. . � .. ''. � �� C�.� � .1� ��z e,r,�at�. °• ' { � � "` . . ^ f. . �� , � '� ��. ,'M',: }�;,,.���' •'�,�* Fy`�,..� Rr ye { �f" qI iv. '_ " '�r.:;, "iin,F. fi*y� f),: F l�st.+i y t 'i.L� � t,e. � .tu . if �i)� �`5 �'1`�;t �,� y,',3.� Rn�l {� M1� :.,...: 7 � 4�% J`.' i,i�� �. �' [�� �y`I;'y:. �'S� .ti� .��'. '°`��.t.�w .�i�� .�.}r',a�Y�'. 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'�'"" i ':-�r%'�'" ;�9:"5.+'Q j`lr9:F1• ;+',;}.2 ` ��".:c'.}`f, Y�`�� �:�:��':teL'ti,. � ��.`ti:°.o L,'Yt;. 4: !S: i ,� ;. ,'�: �.." _. �i f., y `.: rl �+i� i: , �s.;�� .. . . � ; axceed Che tatal cox�utruction cost estiraata s�soun o: prge i-2 of • tihe martgare loari appZicatica xzfe�acd tp i,� Sectio:� 5,4. 5nctioa 7.2 Indehtedne�s fox 8arrowed iRonev. PnCT , W17.1 SSGC j}���t t0 exisC any indebtedhess {or bo.roued �:o7ef r:ccept (ij borzoWinqs under this Agreerent, ji.i} tra :irsL mortq�ge laan i:� tha nmount a£ S5.50o,000 retarred to ia Section 5.4 ar, tii�.) barres�irsgs listed i� thc sectica ot the Aiacloaure 5chedula ;P.au:a;s C hezetoj pertaining to t:�is SeCt�on. Sectian 7,3 Liens, Pr�C; Will �o� erente or ge-r.i� :.. exict an,y rortgaqe, pYedge, titic �eLentfan :fea, at�e_ encumbranSe or securi�Cy Sr.te=est nn an� asscts ac�.r o��sed a: herea.`ter acr,ti�red except (i) t'�e s�cu.ft;f iaterest ;� t"e ' �ledgea givcu ..a the ean� pu_sua�it to this �r,:eeTe�t, {ii) tha 5:+�500,OC� t�rst �oxtqdga la�cn xa:crzcd ta ±a Sec- � tion 5.4, (iii) tttc firnt ncrxqag� cn Zar:d dan�t:016 to Pnr,: � given to the Danks pursua:st �o this �gxeea�er.t, (iv) cus�_a� • taxes not de7.inquent, (v} as shawn i:� whe sactlar. a: tha Discloaure schcdule partai�ir.� to ;hia sec�fon or ia a , ac;sc�u.c canta�par�acous7.y :urnis::cd by PaCT Co tht �ar.'r. ��;. tl:e nu�er ot eiy�ed capies zcquesttd hy the 9ank so :hat :t m�sy furn,ish one Co cach Part�cipat± :q �a;�k}� o: (vij suc� �iaceZlaneoua minar lieaa i��nny, as do not in ti:e aqqreqata �natarf.aily detsact froa ttie valua or fnterfere w! :h t:�e pra�er.t or aa�icipatied buair.eas use o: proper:iea sL�jec'. Chescto ar a_fected rheze5y. ' '�.=r Ord f238Z-8] 5/29f 8l ' � { � .�^ c �� — - —� s° • t ' .� � � � � ' ' � � � , , . VIII. SECVRIxY. i ' Section_9.1 Mortcaqea and Seeuritv ;nterest. Ta � secure pa}�ent of th� Note �n accordance uith fts �e�s and the perforn+ance �y P�C'T of �11 af ita ablfyations under th?s 1►qrecnent: 8.1.1 PACT hereby qra:sts Lo the Sanka a setux?t,+ interast in aIl gres�nt ni�paic! pledges a_ donatians ta P�CT end eJ.l auch future pledqes whsch may �e recntved pr±ar t� the Exp?ratfon Dn�� and the p:acenda ct the pay:nen� of a�i such pxasaax and :uture pledgea. PaC's ag�eea ;.o pran�»l;� execu�� and deliver to tlse Bahk finar.ci:�q statene:��s an� auch o�hcr docunents as the 9ank nst�y f::am ti:�e to Ciza rarLest in a_der �o fu�tt;er evidefnce a:td to perfect sLC:� s�cnrity interestf �ad 8.1.2 P�CT agzees .o deliver �o tha 5ank �?rs� rctt- gaqes e.cecutad by the oune7r of record, but uithout pewsona� lfabtlit;► �f ti;e mnrtgagor, :n farm :cr rccardi:sq anc4 sat�s- tacto,ry to t,�se Bank on aI1. Ia�nd and inp_ovemen�a urich �nC�' hts rece�.ved oz �+hick: have beer. pledr�ed as captrihutions a.� NI1�Ch a:e to be aold ta Y:a�p pay for thc Center. Tl�e F,: k arreea ta Celiver a satfsfactfon of each apcts r�a=tgage �:�cn reccipt at ��e cloaiaq o: thc ntt p:oceed8 aE aale o� �l;e � mo:�ps�ad p_apas�p for cradfC to the �scrcw Acco�:nt refo:�ad ta in r�rt�cl� IX bclau. � sectfan 8,2 Ceilection ef Pledeea, 5a lonq da iC i� noti fa defa�lt Ln�er thia �qzee:�ent PAC: aay cn3lect the ��Z.. 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On or before t:�e �Oth � ciay o: each mont,'� p�iar to tre �xpiration �ate, PAC: Will deli.v4r to the Baak (fti the number :er,ucsred 5y �,�e Sa: k so rhat it m�y fur�ish oa� to each ?artieipatfnq Bank) aiqned eogfe� of a statraaent in £or:ti simi�r�r to �`��� contained ir. � the moreqage loa:s appiicat:an :eferred to ih Sect=an 5.�, showing t;:e aacun� and ct;rrent stdtL'S of a�l P_edqea, . 5ection 8.4 Default. If C':n p�ar due ylaCGes ahc�r.t o: any 'such nnnthiy statenent excned 5% of t::e tatal ur.,�a:� pledges, auc:s eve:�t mny aC th� electfon of t:se Par.k carsti- tutc a:� Event a_* Default un�e: ��{s Aqreement. L'ra:� the eccurer.cn o!� an Lvent of D�_au�,t as speei.i.ed in t:�ia Ag.ee- ment, PAcT agrees to aseir,� Ca the Benk u�cn 'ta uritten � requcs� sll Plcd3ea .aRd to notify ::�e pledga:a o: such sssfqr.rnent a:�d tt:tst future pal-nen�s a:� tn �e ma�c ;.a tl:e eank. It PACT fails promptly to execute and delivr= auch , a�siqfuncr.t and to notify rhe pladgars as a;faresaid, the �ar.;s raay aoti�� :.�c p�c�gors o= U:c ear.k+s sccs:ity fntezes;. :n �'�eix placlqea and of PAC:�s dcfaul: a�d .cqueut chdt d?I _ � t�LUre pay�ents on suc:s plcdqes bc �aade d.�,seatl1 �o .he Sank. Sectian 6.S Re:nedic� o: the Sank. :he Aan;t ui11 l:ate ail oL tha rights ar.d reraed±cs ot a secnzcd pa:ty uz�cs ;.he l;nito� ComsaarciaJ. Code ?n et�ect ia the 5ta�e et Florida , ' -13- Qrd 12382-82 5/24J81 # f � � _.�. �,�R :Ftrv :�°'Sf:` � � i • 7 � � �r With respecL to L1:e °ledqes. dll costs and expcnses, in- cluding reasonable attorrieys' £ces, incurred by U:e 8an� ;n anCorCirig its ziqhCs wit.� reapec" ta the Pladqes sha1.1 be added to P�C�r's indebtadnesa to the Sank, ui11. be payable a� demand and �i2Z he seeuxed by this AgreemenL. 5eevion 8.6 Oeoaait of Pledce Fat�nents, n?3. pay�eats an Plcdgas shbll �e deposited by PACT in one a_° the eacrou nccou�ts to be opaaed �wi�.� t:�e eanR pursuaZ: to t;;c E�c�:,u Agreer�cn� referred to iz Se��ion 1,.2:A. Ix. CONAITIC:IS Oi L'e i'Di.IC. The obligatior.s o� t,':G 5anic ta �a�:e loar.s tt:tdc_ .:�:s �g,eeaent are subject to t'�e =alZow±;g can�itinr.a: � sectfon 4.1 Canditians uith :�esct=� :o• �±rSt LflLY'y3. Thc obl.i.gatien o� �hn 8a..0 Co �n',sc t.tie first �oan hcra4nc?c� is subjett ta ta�h o� foilo�+ir.g cen�itions: 9.1.� �hc �cpznsanttttin�a ar.d ua_�aat:es f.r.clu�ez ::� A_ticle VII Ehall 5z tn:a a^d carrect aa azd as of t::e ta;.e of m�kiaq auah laan with the sa,�e torca a3 thour,h na�e o:s auc:� da�e, �.. d no conditicn or event shall e:tist (or :+i=1 exia� as a=e:.ult of maki:�g Buc:� loan) ahit:� cannCftntea a= uhich, ai�e� nat�ce a: lapse o� Cime or bct:�, ►rou�d cans�i- tufie an �veri� o� De�ault. � . 9.x.2 P�C� aha17. :�ave delfvertd to �'se Brnk tha tta;z p,ov,Ce� �or fn Seat:an 2.1. 9.1.3 PACT aha�1 have deliverd to the Sank {ir. a�a.". n�:�s`ex o, e;cecutad capfes ns the Rnrsk :na� hofe re�:eszed: � Ord �Z382-81 ��;_ 5/29/81 � � i ; � ; i 0 i �. �� E • • • � � "�a '� � ".re� ' e1 j ' 4 '. '` r c�ro� �t, tetf p Cor '. . dar �i j s � tj,� h � A. 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' �. 1 � obligations under this r?greeme�t and �':e Note �o � t�ot conflict u?th a:�� pravisian aE law or a_ thn chazter or bylnxs of PACT or oF any agree�+en� by � r+hich i� ia bound. 1 (4j Thn Agreement and the hatn�nze t.he calid ' and bfndinr, obligatians oi ��tT in accaz�sr.ce aie:� . their ter,as, acbjtc�, howeve�� �o :}:e li:�i.tat�or.s � inpoand �y reorqani«aticn, bankr::ptcy aad other ' ls+►s affect?ng generalJ.r tha e.:arce�,e.^.: o= , 1 c�tdi:n;s xightss. 8.1.4 PACT siall have ue:.jvercd to �he 9tnf a� opinia: � oi counsal acceptrsbla to thr Saak'adsrtsse� to t.*.e Sank and dated t::e dAte af such leaa trat PACT qvalifie� ay an exe;�pe � � azgani�atio:� under �507,(C)�3} ot. t:�e T7tarnal �evenue Code � aad � k.kat p�a}r:tat� of intezcst c:s f t:;a :iotes ui.�.l not �e nubject to incoma tax un�t: the present pravisfa:�s af �h� ' Interr.al Rever.ue Cu�c. 9.]�.5 A11 inaErumc;�t� a:�d lcqal or car�o:ati p�cac�d- . inqs in ccnrtect±or. stiw': rhis Agrcer��nt aad t.�c L��: s�c=,�,er.s contemplated hez�b� she1:, ra satis�aczcry ia fox:,ti br.c sL�- ' � stazce to t+:e a�a.'t ��nd ita ccL :aal, sectfati 9.2 Coaditions uith R�saac;. �a �ach Gaan S��se- - cuent ta .4e F�r�r Loan. :;�e obl:gatfan of �he 9an�s ta na.sc � an�+ loan svbsequen: ta thn :irat 2aan hercu:der '_s �subjec� to the cer.ditions (i� that, except aa speci£icnlly ntatad by . tl:e O.ficaxra Certl�icate hescfitnfter pravi�e� :or, t.".e � � -15- , . � Ord l"2382-81 S/29/81 + � . , �. •. - ,..,, ��. . �_, .9 , ._ .. _.__. ._ � .. ... •• _. . . . .... . . � .. ._._.....,. �. 0 � representations and aarr�:�t:.es can�air.ed in Article V s:sa12 ka t�e and cor�ect an and a� o£ t:�e data ot mniti, q suck: laan w�th t.'�e same fvrc� as tttiough z►�de on such date, (�.i) that no condition or event shall exist (ar vrill ex��t aa a rtBU1t af tns►king such ].attn) which constitu�es o� :+h±th, afta: noCica ar iaps� of time ar both, uoUld cvns�itut� an £�renC of Be�ault� (�ii) t,`�at PAe: shal.l dcliver ta tl�.e Baak an Oi�ic�r+s C�rti£icate� �ate� :l:e �a.e o. sac*� loa�. to such' efiect f:t such nur.�er o� e:cficttted ca�tt;.e�az_s a9 �::e Pank nay h+�va ;er,uestad provi�ed, i:cWever, t:�aC i:t thc ever.� aay exception as provided �a C�aase (i) above a:�ali �e �tated in auch ofticer's Certificate� ?��lcT sha2? de2{re_ a�vance ccuntez�a:ts o£ such o:fier_'s Cer�i�icatc i:: ssc:� numbar of exeeuted eouzterpar:s as �he 8ank :nay have re- quested a� lenst 10 days p�iar to tl:e �ate epan �hich s�_c:� loaa �a to ba made, aad �3v) PAC^. sha11 delivc� to the 3a::k, an op3r.ion of counsel acceptr3le to the �ar.k a�dressed t� Che 3ar:k ttzd dattd t3te datz o: sttch loan Co �he sa�a er_�c� rss tyr op�nions o£ caunse3. pravided �a, ir. 5ecticns 4,1.3 and 9.]..y. Y. EVEiIT5 Or �EFA�ILT. The eccurrence ot any o: t?sc fo2lcwfnq sha�� cans�'_�_te a,n E•rent of �et'aui�: Sec�ion iQ.i PAil.u_e to Pnv rrot�, Co,:�iti�ent� Fee o: Ser+►ice Fee. �efault fn the payaer►: o: tha principa� cr ia�eresr on tiote t2:e o� anf co�,tiit-►aat tee ct � aer�^ce :ee ►+he:t due. ard �2382-8! ..lq., 5/29/81 � � �; " , :. ,. � : �,.. ,;.: , . �:.�„ "��::}<,:,;•� ' fi};: ,. :t:' , . . e " .. �. - ',.• a.3. �; .y°a iti'.5.��. < �y�:.'�li�`-'r�� '�y�,i.i '�`Y;.��. ��i',:S,ra �;1��'�.i�.y��:�s•' `�c•::..,'. ;.'•,.,1.1i.,,;•5:��. .�g i�f��:1�����-1a�dF.P,�yQ•��.. �,1. ��:�yr:;. � q+•` .yn i E�, ,�j' 4Cc' �;P'd, ��ti ��M�4�: t:�• �.3""'G. 7.... �G GY.r" 3�. � �?,•��3�5� i� 'a;..:Z��X N,��3�SR r r ' ' q �t;' .•E ,�%i "` ', i � �a� : 1 • .^t., i°. _.L"':s��,; 1':'i'.iP3^� �r'.}.; �r �.a.�'k;:�^�}'•`i� . � � �r„3a�vr.��ax�t��?;��!1:`�^�:,,,�.r.t;.t"�l.z t,��{ w..::„:�i#r e *s 14n r.���r'� h;� �c'Ai{�.4•", . . .. . ,.. ,:±•�..., ._ .. �� 3r:� �::.tin�r, , . � _ r t1����• . �. rt��3`$ s,4_ _ rk�`.. �.k. u.. � �� .. ,s::,iFiv.i!;5�... l :: w,'tr,-.._ s-���' r � . . --_.._....__��_...., . ._. . ..._,.... .. _ ....__. ... }.......r......_.r _.. 1 . Sec�ion 24.2 Feilu�e ta Pa• Indebtedne5s, r?ny In�a�ted- • , nesa :ar naney,bnrrau�c3 by PACx becames Qr is deck�red ta �e dua and payahie prior ta its expressed matur�ty by xtas�n o: any default by pACT ih thr perfarmance or cbser,ranc� of ar..� abliqa�fon ar conditien. ' � Section 10.3 Tnsolvenc•r or Bar.kxu�tcv, s�C'I' beccrt:es �naoiv�nt or admi�s fn uriting irQ +_na�s;Ii::v to pa� ira �ebts as tt:ey psatuza ofr a;.plie� tnr, consenta tia, cr ncr�uiesces ?a the a�poin�~�en� ot a tr��stee o� zeccive� :cz ?ACr or ar.y a�' its properxj ar. in t:�e a�aeace af aach a�plicat{an� cot��eht, o= trqti;ieccenae, a truafiea ar recei:•e_ �ia appoi:�:ed �or PAC+ o: -�. a substtati3l pa:� o� i�s praperty �snd is not dischdr5ed w±th=a 30 �ays; oz any aan�- ruptey, reazranization drbt e;rrar.geraent, or othar p=occe�w�g uade: dny bters;tsup;oy or i:ssolver.e;� laW, ar an� dissa_u__en or lfr,ui,datfnn prnceadis�g, is institute� 5;• a_ ag�sinst, ?isC:' and, if inatiituzed ageins� PAC:, ±s cattaeated ta h: acYuj- asaed in �y ?ACT or resxair.s undismisaed :or 30 �ays. 5ection i0.4 Deiaolt in Per�or�nnce oE Ce:txi Cavent::^.z. oefault '_:� tha perfor:aa�ca or ar.j of �AC7c'a abligatScax andcs Articlas Vi or VI1. SecCicr! 10.5 Other Defau�t Un�±er This Aarse:nrn�. �e,faul� ?n tha pe�fo�raancc of an�� aC 7�CT'a aq_ee�c:.ts herein sat tas�.'� (ar.8 no� cor�st±tu�ir�q en E�e:tc at ne:auiC un�er a:�y ot the p:ececlir.g aubsectians o: thia Ar�icla :{} and rar,:inu�nae c� atic;� dnfault Cd: 30 da•; a attci• not:c� tlsnztof to a,�CT :xa� Li:a 9a:ik. -18 - Ord �i2382-$1 . � 5/29�81 } k ,� �.:� .. � `�i�k�t!�`j`!�g.;'i"' �„��"`^`r;ye�..-. «-.h +,v. a<,^•�t:� r. '.. r°«�> K.�. r�.., • 4 ,: : y.. ; : f ; t, . ,, . . �s . .,.. �: � . � � y , . , � :°i' � ±rr .1'r .2»�..[tikw,t�e�syt'F;..Sty ;5• �"'rM�.,.�,a - ex+..t!<*,.�+; . .. • - �;sii �,. �. �. . . . . •r�+.vir.,,.n.. ,�.,.,.� .,Pc�a�o •c,�,.,,:ry,�i•x:_:n•."y ii y�'^� � �`"i;,`l�".�"':..: 'r . �, _ ; �.. '" °, �� . ' , ' . ' ;, " 't {, ���N ,r,`"i -'t'�s � :�'�..r,';�i"� " i'.:� �� *; ;`, '. - f.Y�•. � �;i,., . '.�r -� ,•�:'j 6'����AF.�i K! � 'Z+i'. h.� .3`� '.,'4,:,;1'• f ��: ���..:" �i'�,. �! :+:: i. .�s. 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T.,•�. �•+.��, :tN_�' Ir7iV a'i� �1i' � 1 3.L„`r'a'f�}r 'f;y y`.< �;•• t:�;o „rj-�, ^'�,�i4e `�1`F �7.1��"%fSif'm-'.lT'd�'i:�:e::.f:?;�[f��:?!�'i7Lt�'�r5.��4{�±��ti�::47:i��:Ts�f:�-'!C" '_r:°:'"'r.,�i.°.f�k.i:�:.��'Ii:'M F' � � � . . �.. �� . .......�.-.� . ... .....�.... . ...... . . ... . . ... � .� ._ . . � . . _. . .� ..........r. � Sectfaa �8.6 8reach of Warrantv. Atyy ►:t►�xa^ty nade �y ' PaCT :terein fs untrue .in aay ma�.ri�l respect, o� na_� ` scheCU3e, s�atement, r�pozt, rtetice, or uriting :u,�±�hed bw s PAcT ta thc �ank is tlntrve fr� any matezial. ras�rcL ��n th� data �s of s►hich� �te facts s�t �'a_L.� �re stated cr ' CC: G�±�. E4� . , Saction I0.7 Adve�se Chcr.ces. tieCict fs q:vert ta ??.C: _ bj tF:e Sank that in the reasc:table op:n�en n: t::� 3a^k cne • or nore cor.dftiinns exfs� or evenss hava accu:xcd ahtc:: fr. � . such rea6arir.Esxe opinion r�?qht result in a ma�erfa2 adrerae chaage :n the �usi:�nss, praocrty, asaecs or t?nar.c.al co;:di- tfo;� af P:.[`i and, ii �uc:s conditints or eveat is t::e i: sti?ts- tiar. o: ],itiqatio� or gaverr�c:�rel proceedingg aq�ir.ct ?AC':, � auch litfr,at?on a, p;ocac3,r.g i.a ttot dissnig3cd s+tt:�in .i3 �ays after such r.o�ice, then, (i) in the r,ase o: an �ve::t or petau?t �peci.-ied in Sec�ion 34.3, �'se Co:r�it»7e::� s::a�'_ im�oed? ataly ��r:;,nate aad �'sa ?tote si:all ir�sediatc! y becz:r,e due a�d payab3.e, azd, {±�) i.n the cnse a: any athc: ��e :;. a: . �efault, i.f any such Evcnt of �efaulC shall be con�in�a?;.g, the Benis maf (an�, Lpon rc�t�st v° ?articipatinq Ba::ts obligaCed for b6 2/3;; os nora c� tha Co;.L�ai,�.:�er.L� stta�.�; . . declere t!�e Cor.sni;..-cr,t to be tzr�i;.Ated a:,d xhs �oc4 to 5e due ar.d payts3le, kisernupon t1:e Con:ni.:.:.c :� shal: ir »eL�a:e._� ke:�i:�a.a and t�e t�o�e �hall itamediate!_► �cco;t;b d�:e a,^,d payahle, al? without norice o� any kf.r.d. Tl:e 9ai�R al:a._ • p:a,�Cly advise ��cT ef any suc:� �nclaca,tf.oa, �ut faiiure ta do ao sha11 not f;�pair t,�e cf�ec: t�f euc:� declaratioa. :; e � � .�g.. i Qrd t2.�R2•Ri 5/29/8l , ... �` �'� . ... .. .._ . . .. .. .. _ ,,, .... . . . . . . . .. ...._._. ._._M �� ; . }� `;�k � , _ � • , � foregofng noxaiti:ts�ar.di:tg, an �vczt o: nc�au2t sha_� nnC bo ! deerned ta be in exlstence :or tha u � e�:eRt =i � p x�oce ef Chfs �g�e 1£ sz�ch �vent c£ Aefaul;. is acaasioned by fai.luxe to com�ly 3 uith any of tha pzav�,siaas of �riiclas VI ar VIT and Par- � � ticipatfng Baaks ob�ignted tar 6G 2/3; oz mar� o� tk:a Ccra±t- ! nent attali ha�e t+aive� irt urit:ng such not�conp,ian�e. 1 � r XI. E;{x�li5I0ti OF E:{PI:i»TIC:1 CAxE. S � PACT sha1l l:ave t.`�c ri�hL 'sy W_itten request dal'_ve�cc! i ' , ta the 8a:�!c at least Ea days �e:ore t�se �:<pi.aticn �aLe t:�er. ' �.n effect to :oquesC the �en:c �o �dapt t new =xpira�fcn Da;,� � Which 313AiI }}G t�elvc mont:�s atter r.�te ExpiratSon �aLe t::a:� � i ia a�Icct. �Y;e Baak shall promp�ly no�i�v eac:s . Fart'ci- ? . p�;.inq �ank cf suc?s raq��ast ar.d, ii tha »equzsted exteaa?an � . ot the ��rpiratiar. Datc is ronsen.a3 to �� Partic��,a:i::g � eanks repzezentS�g at le4s� 66 2/3x o� �.he ConsmS.kss,eat and i: neu or aaaftianai particf�atiaa� can hc chtai:�cd b,r w� 3�,;;� ' ' to �ake t.':e glnce af thnse 'patt�cf�ati::q 6ar.'r.s �.+:tch do aat ' ' eansaa� to thn rer.unated axtension and u?s:t to rec�3vt � � payraent c: their pa�ti.ans af a..*�aunts �.nanod to ��CT under Chis �gzee�eaC, the 8ar.k uf},� nntify P�C= ;.hat �".e �`x7.ra- i . Gian Date h�s Se�n e:crc:.�ed ir, a�corc'anaa ui�'� ; Ca =c�sacM. it the saz�c �s uaable te obtafn r.e� o: addit?ana3 rartici- , . patiars to tska the placa a� al� rton-conacnt±:ig bn::ks uric;s ! � vfsh ta reaeiva p�y�aQnt a: their partiana o_ amour.t3 loancd .� ' . r . �' Lo °J��."T� t1�e xeques�ed e:ctension uill at�11 beco�ae a::ect:ve � , pro�ided P�CT paya to the Bank prior to �:�e olcl S:cpiraLsc;. ` ' �ate bn amonnt ttl�i�a�ant to pay o_�' w_t:�drau;,:.q bar.ks :nr -24- ,. � •1 � ord lz3a2-&1 .i^ . • � ;:`� . ' x�, . ' � _ , � !,„:;., ' � ' . ���... .. � . i. ; � � �. � 5/Z9/8I � 0 "�°`;�1.tir.;��s.:�f��,..i:'?'F",.,e'� . .,}". ..�rf•• ...�,�°.s..,. ,t,. :�� a•5,-"3.' 'w"`ei. :^1'�.Ti���A.'Z[-x. . !�t��R. . P��Ri'��.�,r:, .'}�f.:N.�:�:.'.. . � . •• •'_ .. ... _ .. ... � . . .. ... . . .. .�•'. . ,.e::3.�. . . .� .. . ' . " . . .e � �, ..,, : . .. . r, iI. , ..Y4f.Y3, i�• " .. �g�°.,������ . .�s. ....t.�' ,��i�r � �....... . . . . . + � . ._ � , � � ' , . � i 5 uhfch neu or ndditionel paxticipatfans have nc� bcen obtairs- � ed. �anks so paid ofF by PACT uill no Ionger tohstitu�e Particl.pntinq Banks. . XYI. GENE[i�L. section 12.1 waivers. No del�y on �he par� of ths: Har►k, in itis e•tercise of any pawex or right shall apernte as a uaiver,thescpi, nor sha1Z any single or partial cxercise af any pcwer or ziqht preclude o�her or £uz,her e:cetciae :hereo£, or the exeraise o� any other pawer a: xisht, section 12.2 Coliaxeral. The coiiateral Furnlshc� to aACUre t:se obliga�?or.s o� P,�Cx under this rlgren:n�nt ar.d Cyn Nate sh�il be held as:d a�'sn+_nistc_ed b� t::e Bank for the pro raCa benr.�j.0 o� all banks participal•ing ia Lhe ccr,u�itnertL. s�ction 12.3 Consen�e, xhe &att�, or �r.y �a:ticipatf^g Bank, giving any canseat or r�oti,ce, c: nak?ng any res�ves: c:� Pr1CT providt� �or ltesea.^.�er. syall notf f;+ t.he �ank and ul�, ether Participn�ing 3anks thtr=of. section 12.8 Matfces. �s:_, notice :�ezcunder sltall be in uritinq and, it raailcd� sha11 he dce�cd �a be g?•�ea u;:c.^. seat by registered or cert,i�ied mail, pastaqa prc;.a,�.d �:.c' addresseC, i� to PAC�, aG �:02 Piezco P,culevazd, Cleas:rnte_, Flar?dx 33515, far tlso �st�caCion of , and, i[ to ti:e 8a:�k� a� .:�e add�ess a�pe,ari�g ast t.".e :f::st pa:agraph ot chis Aqrce:�e.t far rha atLentian a: ' , ar [o ar at such other a�dzes� d8 eithc: p�rty raay havc desiy;iatad by like r.otfce to t.`�e oL'�er. 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Fi 3:�.�: '•-''::'�`t£�.�t' „ °<<�k F'''�' °��,::';;;;:�� 'fIL�-:il^�!���� `��4�. :.:� i ',tiA{i�`;:. .,: , ;.�� rr`: i.: .'r;',,.._,� i_; "rS �'fF�l�:dc`� l: � = �w� '� '.i(7 �•�1." ..Fi�{iv. I '�!' '�t@� '''°:nf,G7 �..; '•��.i �k��'k"j. '•�� ^3); - , .:y: � ",°'�� }�^7" :i .`�i�:'"��;•. :`�„�a 1'�r�lf �1 �.�,:`•tf ��,f�{Y. •'ta��l•� `t<^<J�'.�;'rr: ":f:n�?t "����` � w;�.ri �'L- �=n » ^,.,.,.: , •i':' :•,: •R�, 3 c' ::�, i�w��' , ;:'''` �3 '�ief..� ,' : ; e-'S� �'='' :� �� �'�r ..�4?f � «�.. .... `.. . _ YS, r`,.;?• !,.,t"�� fY ,7y. i,,.,:'r?: :` �,P ,'i:"�'��}�i.��j�,�,:' •;.;"�, �''ifti`"�.��..i .:�`:' . .;��s�i�:i ... ,x�� ...':�i�-. �c�bi.� � �� � . � � � l ! . � � � F> ! I 1 Section 12.G E:�nenses, pnC'S ag_ees to pay �.�e re��o:�- � e,b1.e legal �ae� and cxpan��a o. t:�a H�nk' x consel in cen- nectian rrit3� tha preparatica and execution ot �`�r3 Agree�:ent and the elasinq of all laans hereunder. P.1C'i' also ngree3' tia zafmbursa the eank upon denand for a11 reasor�ab?c ou�-af- peckzL ex�casea (i.nc2udi:'�g reasoaablc at:or:iefss' tets a:.d lrgal e.r,�ense} istcurzed by the 8ank in conaearfan uith the cn�crce:neat af the obiiget_ons af ?ACT hereunter ar u::der �.he :tota o. arsy secc,3ty thtsetar. P�CT �uzthe: agrees to pey, for whe dneu.nentie�ry a�a�p ta;c an �:e t[ate. T::e obl�qa- tions�oi P�CT stated in this Art,cla ahall s::.rivn any term±:�at3on o= this Ag.cement. Sectian 12.6 Reaic^atfon of the nral:, Tt;s 8aak ;aa!,< raafg�:i as t.`:e Aqent of tll banks paxticfpatir.g f� t::e Caa��i�� ment ur•der �'�is Aqze�xenG upon 3o days pr:or �a=it�ez no�ice to PACT nnd to auch at,':e: banks. Ir� �ye ever.:. o: �uc.". resiq;3aCior., Participatir.q Bank9, inalud:n� tl:e -ank. oh� i- gatcd �oz at 2east 66 2/3� o� tha Cornnrit�nent raa_� appof�t a aucctssa: Nho wi7,3, have all o� �.hc duti.ca� �ir,hts a::d fmmunit:es af t,�e 8r.nk. Sect�on 1Z.7 Survi�al af Aareements �eflstsen�dis0:15 aad Warrant�es. .�11 aqteer�e:sts, repreaeatntior.a a:td usr- rantiea t�ade harein shall aur�ive t�;a dellrery eI the ;1a.o and �':e makinfl and raneual a� Zoa::s he.aundex. Secticp 12.8 Governina LaW. Thi� ,�gteene:lt nr.d C.",e ;�ote ahn].i const!tute a co�tra�c� n�ade ur,de� sr.d qaver::�d b,+ thn laua u� t,�e 5:ate of F2crf�n. Ord xZ382-B! � ,,-. . ,;,. � �Y2,. S/29/81 � � i t ; � � i � ; .� 't i � 5 i f � f S , I � i ; i i .� j � u� s , :i .y :5 � { n'�r�.n�Yr„�.y,,,�,�.wyi�"•a�}rr�t.. �^y�'Pi'"s!5y«'.'a �.�»x�.-a .eqcw��asT,•:.� ,.!tKr-nMwr.� >•!,� *. _ � . . . e. � . . . � . . � . . _ �5'Y ?;�IrAF•. t.r.e<. n.a wv:... ...-ar,.wtr� . tir;�.�.�,.•. . .i�•'k . . . � .v;• � . . . �� , . � ",i' 'i'v��:7�i,r•"- ,,< , :} 'it: �`.�'�'.4� '.�'•.:t ���: e '.I��I.s:f;.l�i��ia f .t.';°�.:.'% �- yl,: _�:i',, •a.� '�)`.y�`��'i'�;..5:+• ,`•�i. .•,, .i�:`:�4� ii° '! 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'�iii:.. _...�.:a:f:'r+.r.=?:'..,. , ":.��:4: '7�.s,� .. '.y .� ., _ .t? � E:�hibit A GLEti'ELA{VD PL,AZA OFFICfi P.O. 80X a808 • CLEAFiWA7'�f±. FLQFlIOA 33518 18131 448•O i 81 � � � . ' R�G��Y&'i� • Pe���ornsi.rxg Ax�s Center and Theater � ' 402 �ierce Haulevard MAY 7 �98� Clearwa�er, Faox3.8a 335i6 � A�tentiar►: M.x. A��red Hoff:nan CI�X �1T.T_ORNF� Pzesid�nt D�ar .Mx. Hoftsnan: I am p3.eased ta advis� yvu �ha� yaur ].aan reques� has been appr�ved. C].earwatez Fede�al wi.1Z serve as the I.ead lande� , far �his J.oan and hand�e the nego�iations and dncur�en�a�ion. Participa�3ons in the Zoan wi�l be takeii by �he fol2owing f�na,nc�a7, institutions in the iollcwing amaun�s: �. Baxne�t Ban�t of :C�,eax-+�ater $25a,a0� . Exchar�ge Bank aE P�,ne3.].as Caun�y _ �250,004 ' �'irs� Na��.ona� Bank of Clearwa�er • �25Q.000 �he Repui��ic Bank , ' , $1d0,000 Southeast sanlc a£ Pinell.as Cvunty � � $250,Q00 •Bank of C�.earNatex � $25Q,Q00 • S�. Petersburg Federal 5&L Associa�ion $350,QOQ .. Fizst Federal' S&L Assaoi.a�ion of Tarpon Spxi:�qs $500.00U F3orida �'ederal. S&L Assaci,atiotx .. ' $�.,OOI}.tl00 . .. For�une F��eral 5s� �ssacxa�ior� $1,0OO,OQQ� , � . � Cl.earwa�er �'e�eral S�L Associawion' ��..�an,oao , . . � ora .��s�a-81 5/2918�. .xs �.':t. �h 'r'7'�f;F','�;'h r;�9a�.�.: .,ya�a{.�r�_.rw.:I•j.: •r-^,!i^;�,q ;�,.ft�°!'�M�!�'•r..fi�J'".t�Z�',Txl';`.T�fr•rr,;.,,�s.,.-,y...�y,.. . ._�r< �r�.�sw.:...�,..� . , c. _ , . , . [" "i t i'. .,i� � � , •` :. ,' .. ; j. 2>� . . � ti �Y.� �;.� ":�'r�s;� ;'y:.L 'S ��a.. .il -.� iL �►;• .i� �::i?. i,� rl _t� :;�#��^� ".r:�",�.,f° .y�. ;•.r..: ;I �:q '�� i 'Y..: �t; �i<: ,�1,i¢;�� 1. z j .}„-,+ `.+l•l (:: 7i. 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S' °F �:�: it�.a•.a, �:��rSi�;''': ,�'.°`}'�ti.iri',{1g`: �'i� ..: . ,:Y•:.'..���.�%�" �.�:i '�"`•s'' e•.l4a..;; ��,� �,r,r.+�.�..:� ���v:.�, �'!..�5't'..��i:�t`- ..:� �r���{'�;: ��,: l.'� ��;yti� •.. ���� j�,>> iy��y,..:,:::'� ` :�I.i:��.4��•, :��: a ^,a,d`.•,:ii•';; .'" _ :;; � �'''�'.�s ' ��e `� '�',� . : : ,, ��� ;. . +„ 3� _ �; �i'~'s;, q:c. i:;. �' tf;.' .<� e:,• ':- y n`t;: " i f e.'-�r�i_; �: � � , � : s': q°.,.� ;� ; s �, .��, . . _ � � � � u s"� u k,l° �rF k .i;i'�{4..��.:;[ �y°!: � t'.�'e..f �.>'i.'.:'.'.:x`.S jS,'�°s":...,��,.J: p ,�t;�' ` . , ..3y� ^i�'�i�F .�:�si..:�+^; .y..r.� ."•�t��,:�j',`,,..�r .�5�2�.`.. .�5:� . . x f` .:i a ci�. r.w .-}:_ ;� � r . ]>`�'r: r �' ��4' • � 1�` 1�":f i' .xk; b� }Y.:�.,r ��y.�i, .a..•<Ji;;y'�i�'Lti'`"'�:a�:�[`l+, �:EY;�,!'��.��� '�`>)::4•:A�:.a�«.l'�f�i`.ise}G}._�+ rii!'i,�a ��. eV:,,�.s� r�: ��n�., i':i r• .'fRr_YS�'-t � � r , • ' , • � 1 : . •T / Performing Ar�s Center and Theater Page Two � This loan w3.17. be made undez the �'ol.3.ocring tarms and concii.�i.ons . � � . Z. The principaZ ainaunt of the loan wiil be $5, 50U, a�0, wh�.ch wx1J. bear in�erest a� the rate of ll�k per annum and wili be amoxtized �.n �qual manth�.y ins�a].].ments over a periad af twen�y-tive (25) years. . Tli� 3.n�eres� rate wa.].3. be ad jus�ed every five years fram the date of closing of th�.s J.aan, based upon The Sonci Buyez �ten�y-Band xndex compiled and pubZished week],y by The Daa.].y Band Buyer, avezagec3 over �he twen�y--six i 26 ) weeks immediatel.y preceed�ng the ciate a� renegoti.ata.on ox �he interes� ra�e. 5uch average rate for the twenty-s3x (25) weeks erid�ng Apzil 23, i�ai, was ��n par cent (i0�) rESUlting in a differ- ential, between that xate and the l�ote rate v� eleven per cen� {11�).a� 1.00 poin�s. Tha� d3.ffexential will be mainta�ned and the Note interest rate ad�us�ed each iiv� (5) years �� '' �zom the date a� cl.osa,ng o� this loan sa tktat �he Na�e interest rate will a� all times be Qae pex cent (1$) greatex than the Bond Buyer Twen�y-Bond index �hen existing a�reraged over �he twenty-s3.x ( 25 ? iaeeks i..m�tediate7.y pxecedi:tr the applicab�e five {5} year interval adjust- ment r�ate. �n the event that said The Ban�' Buyer Twen�y-Bond rndex is n� longer publ.ished at the ta.me of any such adjustment, the Band Buyer Thir�y-Bond Revenue Index campiled znd publ.i.shed by DaiJ.y Bond Suy�r wi].1 be used Por ' �ha� purpose. In the event that the Bond Euyer Thi.rty-Year Revenue Index i.s no longez pua3.isheci at �he �ime of such adjustr�ent, the �parties shal}. agree upan such other tax-Ere� index as nearly . comparabZe �hereta as possible. 2. mhis loan shal�. be secured by a tirst �ortgage an the 4.4 acre site cansisti,ng of Iand and �he preposed bt�ilding fo= PACT located on McMu�.3.en-Booth Road �.n Clearwa�er, �'lorida, which land is �n bs.vwned in fee simple ti.�le by PACT, together with a securi�y interest in necessary personal property, i�cludi:�g s�are� cons�ruction materi.a�.s . �rd �2382-8]. 5/29/81 ...� , 3 � 0 ., ,..� � , h»�' t'b r1.' ti..✓'.. ' �� ti Fy'. `:.. ;,�^7�..,;,� � .as'.a� ; .} 4.r,-f�ay'tir-:t.y�±.• '-�'"�•;'PS";�t�u . r"N. ,!CC�+� t�'` 'r'"^.�s7.�:���`��E"•�;�'.��»�'re��.�.K��� a:� ?f'i'?!wfjCc'SM,^`7 . .z'.�,i . r�s.^-'� .j` '�. �%�. r.� � .. y � , , . ' �'°".' r, � �" ,r' ' e ';� ' `�t.`,.�,c'�:"�' ''�Y_'r+}a F,.. ..s �:i"a�>'.S` ,x. _ :�'>� ,�:. :eM �,.je '1:�. ih 'i. �� ���,s..- :1.:-,.," (�,: :.4��`i'�"�""���'tk"��>�! �� p �s' �v ; s; e,�l ` �:sr: �'�. ,�rclt��:ap.�;.. �.-,° k, �.:. i:'t.�., .1.1•�°' .�v,,.r,, ..�.lr ?yy i:' :3y � • -""'-�•_ '��+'� �:, �s•,�'• r'f�;•;: �q°'�, ¢.'�, � � � � .-�Lci:Si" �,}� �;t'i � k. � '��'. •,.�'�1. "v . �i�''a' ��. �.,�., -.vj� r..:.,.s� .� �i �j�pp��.�a.;s ,�,.�. :cy4,k . k l�1Lyi'!z �; i.:, , i�i � ;t::J� >,3L�.a�:'c kzj^��� r� :'tirJ. e.:. '.S' �.:.r .Ed?i:.. i•i�� .} .''.�. . � :�Z^' r:t� .r'�'r.�,(��^�:q«�+'?_��4''ir.fr',�^��'��T°r'�'�,� i:i...ai. Ps t�{,L<�7,., ,L°i��'•."..� -" . x ,�, t �,a." ' �Y �� k�. ,R'`Si� S z-, r...-�'f;. ,���'�' � ,g�r..,`i t�:;;'°�:i.' xo, i, i, ���ar �. i::'i. ' `" �' ' �:x�;z� " '' '� 4:,�:' "� � s � �'.��"`r'>> .i.,a .r. 'c,.+:r ;5�trt�yr "'a�5'sfi'�'a'Cx' .a�:;t��iJ�f.i.,/� :5,..�tr �,.�'�,�.'i•'.��, t•!�stif'.�.`�',,:.:r�',. 5(.�a , �.�Y. �t�.�� ti,J.�t� �..�A��Sz �X � �� �e :'s -•i� ;��-;1=� :.� r �,�R�.4 �Sc�.3ri'• ,�.^9 . i`,ri �� �'�i":`;:� ' -.t•'•��.`:t�.:t'�;i,., i� ���-�,.,.. � �+ �t � � rP�. �, a?' }� .�'�`1 ��•�i ;t,y, {' .?e �i' � 3� 'r� : :;s}r ' r`;:.i',�': .a.� 1^::�;, * .�.. , 5': �'>s. N k° al:!�t ��"�������.c$,�e'� � �'.�.�Fr],'?�..� ,��isrJ?�:�I' 4��.�.1�?_l_''?:`�_?�:Y'iJ.a �'�ral:`%.€-��.<.'.�t%,�w.,.. �.1�:. �c''.A;4.4..�'.. . ':f�'.v.�'�' 1,�t�'t�-•�'��.,��:... . . - � - -� � - � - - -- ._ .tit air. �i t��i.:/�. . t. - - i' � , 1 �, . rc�+. 40 � �ar. ?p y0.w,iv. T�t�2Z � PerEarm3nq ��s C�n�ez and Theater Page Three �. � Li�� rt� �_, r:��� � , � c 3. C�mplet� plans and speci�icatinns �ox �his . aanstructian'projec� must be delS.verad to us at least 9even da s xiox� to the cl4sing Q� �he J.oan. � �. A f�.rm lump sura contract wi�h Entexpz3.se • Building Carpozation caverinq the comple�e const�uction, eq�ipping and �uxnishing o� �he Per�axming Arts Center pursuant to �he p�ans and specifica�ions mentioned above must be sui�m3.�ted at �east seven da s ri.ar tc �he closi.ng �f �his loan. ;xt �.� unde�- s�cod �hat the fol.lawing items have been de�.eted from tha fina]. con�rac� : Finishing inside of Grea� Raon Of�ic� �'uxnishings & �quipment� Th�ee EZevatars Addi�ional S�age Equzpnen� �nd �ighting $23Q,000 $2J.Q, 000 $10a�040 $250,000 $790,d00j 5. Evi.dence satis�ac�ory to this assaciat�.on mus� be subneitted showing that, as aE the � da�e at ciosing, PACT has su�ficient �un�s availah�.e ta pay a�l �utns due and to become due unaew sa,id contract with Enterprise Bu3.ld�.ng Co�poxati.on through �unds �hen hexd by PACT (wh3.ch �unds sha�,I. be sub3ect to ou� joint coatze3.} , the pr�ceeds o� th�.s Zaan, and bank guarantee� satzsfrac�oxy in form and suhstance �a this associa�ion af the avail-- abil.a.ty ot� al.l nesded addi�ioaa3. fu.nds. ��� . 6. Na changes, modiwi.ca�:ions, de].etions, ar _ ' ' additicns �o the cons�ntc�ion pro3ec� not , � se� Porth i.n �he plans and speai��.catzons .• sha].l be agre�d to wi�hou� the consent of th�.s association. , , � . 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'����<�ar�;s�'< <��;����a��`w' �m#�.:.�•91.'S:'�'A'!i`•i-1 N.. �4k�-�s ro ._.. . ..... _ . ... .... i :°f� t,�i �S'� f7$i :,';%� �;`':"!5¢ �Y ,Y,�?t�iE-iy� :,?�')��t� ' " >�..: �i:a �,��'34'�'-. �•L•i� �`r%'ks:• '.f:t�.i' 3��:;i+ �' +` � «i' ;�'3ef'r" "i.s�.r"•x':,.,,.�" <'`;4;:�.�: ,x;� �,}�..• �.l�j, ,.,.i!:ii:� T .j�e .�.w `,9;}Y`.�.�e...f,'.� i�f`'.-. ya "�:.s•�:; . �;��s.4^¢"., i�. � � � i', ..i�`�• . .;. r�'j�,: iti; �5_'. �: . �, :�: . � „. ' `' .c.r�..' .!?t � ���i.�.�J�_'5�.,'>.'A"�� "{ �. �ti �''f3 ( 's yk �.: ;� r `1: ' :,', e �^��°�%> li`�4 �}S�"�i��';'� i,:,S'' !;: �5;: {�� ^��,j 4';Gi�: :'i,ir},, : '.,��a•,r�:,ti`.� ru�i {H i�i:' , c�:, r; .. :Y. ..:�� . .� L„.� Per�nrming Arts Cen�ex and Thea�ez Page Feur ' ' 7. � �w LL . �;'r � . 8. , � 9. � . p� ' �.` �;� �'� . ,. ��� . � � , ,� � .,�' -'� . � ' } ;r , � � . ' •� ' ,, . :, �.a . � h���n:s;,',� '.P,�i.'.• <.:I�f'•! �� b1 �.'S, ,a.n �6F:, f`�e..,,:ii�. � r:� . £w :i�•. ���:� }i� i"1 n'i ti "' +. ' � 1C , �,;r�;..3 , �}i'.R:�.'Y. � ^'kr'`,``L�j,�,T,..i;� � .��r,��, Si3. 1�'a'/'C+�1y.�.,!�.'�y.i ..�'�;�_} .'�g�,�� �:X.'!y'�.r"j�i )�..ti;��;Az�S;.;..:t�:.t,r. j.�, �_ '�� :.`��r^f L � 51 : r.4: r,e.:,'v.•�?'?�-.t� �.����� 'wr,.9 ":�i: 4-�r.!<;:\- "`'1 . '`�:,t.��.{; �d �:�t.,`.•`F�'.71'•"�%,i$L'�' �y�5y'}'.,`r' « 'E'":t.WsiL•.>�,y�i�tj< _k jc \ llti �?.,. ' +jt..'ifir. '�.;'�'. .�x.uyNK�E�: 1.3; 'rl' ; n�i. J! j, ; a�"b�`;1+.'�,-? .�� '-is.:r�;-'t ,:r<�i:r.°:.:�,;,.';.�.�'i.: � The 3ntere�� ta be receiv�d ari thxs 14an sha11, be £xee e� all Feder�l rncome �ax I.iabi23.�y �o th� participa�ing lending 3,nst3.tuti.ons . You sha11 furnish us with a legaZ op�nian to �ha� e.ffec� from expexi- enaed band and tax caunsel satisfactory ta u�, which opinion must be concurred 3.n by aux caunseX.' You shal�. ag�ree thzt you w3.�1 nat kncwingly take any action or positi.an that wouZd jeapaxdize �he taas-�ree s�a4us of �hi.s interest. Ir��tia7. Ioan charges will be deductad fro� the proceeds at �ixe ].aan �.n �he aMOUnt o� ' 2� ($1�a,Q00j p�,us ou�-af-pocke� expenses which sha�.3. �nclude our caunsel �eeS, �itZe a.nsurance, documen�azy stamps, recorciing fees and other docuFSZenta��.on costs . Constz�uction wi.iZ ,co�menca on �t�is projec� wi�hin thiz�y days from �h� date af closing and will c"vntinue without abandonmen� un�i�. comp2e�ed wi�h�.n �� per�.od nat ta exceed . twenty-four a�onths. �n�erest during the pexi.ad af cons�ruction an arriaunts than dis-- btlrsed wiil be bi3.].ed and pa�.d mon�h�y. �h$ ameac�ization payments in the amount of $53,907 pex month wi11 c�nmence on Apx�i� 1, 1983 and cantinue unti.l adjusted at each five year 3.nterval, conun�neing fiv� y�a�s aftez said da�e a� c1,os3.rtg. Subsequere� amortization payments wiJ.l be ca3.culated in an amoun� aecessary to compla�e amor�ization a� the ,lQan within the tezm remaining a� the interest rate as adjusted at each five year intexva].. Guarantees o� this lcaa sha3.1 be pravi.ded fran th� ��l�.owir.g �avernmen�ai bc�dies in �he amounts �ndi.ca�ed: , City ot CJ.earwa�er $� miZlion Ci�y of Larga ' $1..5 miJ.lion Coun�y ot Pi.ne�.las $z m�l�,�.on City of dunedin $�. miliian . ; . ' , � �rd �Z382-87. 5/ 29/ 81 � ai�: ..�r,�yo.,. ,si'�'Y>�•i4`S�'�.?h:'w '+`a:"t�.U�M7�.`fi3'1':s',`.t�,....�nv+r,s .h^..�,�e'r.{v`!� czx�a<_ - utsw�'�lr �!£,^°t.,s��.e^�v»:..�"rrn.�Y� T.;�'�' S . '�c�'(Y �. � .q� . ' .. + ' I � ; '� • • � �`;;t,�� � , � � . : � pertorming P►x4s Cen�er and �hea�e�� Page F�.ve � 1.0. cantinued... ,., '�.� � ;sz•,su��:� �`,�'� — ��j= .. uNwk•:� ;..� � � r . , •� 7,.1. ::: r a • . I. The CZearwa�er guarantee is callab�.e by t�h� association i.mmedia�e].y upon any dafauit pf ' any of ti�e �ern�s and canditi,ons ot this laan. �n add�.tion, th� C�earwaier gua�cantee sha�.l prav�.de an amowa� aquaZ to �nterest a� the _ rate of 11� an the bal.ance of that guarantee rema�.ning �ron� tim� �o tixae which add���.anal. ss� shal3 be avai�,aYtle �o mee� any defauZt hereuade;r and which sc�s sha11. be cumu�.a��v$ so that the amoun� �hereot na� used in ane yea� wil]. be avai3.ai�].e in subsequent years . Tha guarantees af Laxga� Pinellas County and Dunedin aze avai�.able to meet de�auZts only aiter a forecZosure or o�her acc�uisitian � a� ti.tl.e a� the pragerty isy the associatian and the r�:a3ization o� a detiCit xesultinq • Erosn the sa�.e �hereof. AI�, said guarantees shail.be accompan3,ed by a Lette� of Opinion f�om caunsel.�or the r�spactive gavernmen�a]. bad�.es s�ating that the resol.utions autha�_z- ing said gnaran�ees we�� duly and propex].y adopted by said governmenta�. bodies� that the same axe in �u].l force and effect and ar� _ �ully enfo�c�ab].e in accardance wi�h th�iz t�rms, whaLch opa.nions shaZ1, be c4ncurred in by the ass�c3.a�ion's counse�.: Such quarantees staal.]. be in torm and substance sa�isfactory io this associa��on and i�s coun�e].. =f required by our counse�„ sai.d guar�ntees sha�.� be valida�ed by agpropriat� court . proceed�.ngs at �rour expense. � An app�rai.sa7. a� �re sub�ect proper�y and • proposed bu�.Yding shall be o�tained Fron Ben�an S�Talaace, MAZ, af St. Petersburg� whi.c:� ap�zaisal shall be, in �orn, substance, and a,mount satis�ac�ary �o � this association a�r,d ��5 COIariB�:�. . ro Ord �f2382-81 5f 29/ 81 .; � �, � � . . :f. ..��,kt; :�F1'.ss� il,.`i i.f:�F.�.x'efJ,:.4� �Ry�'�di�'•:k'ti•.l:�L� a1i,t �,_.i•...y.,..�;r• s'�.tii i.'�r;�-�x'�. tw.3Yr.+;nr.r,,,�e�^ire.�w��-x.;.s;.1'.r�an.,. . .�.,v�, �r,.�d �� "-„_..�.r- .• n^°;��... •.'� � . � . .� . ; .'` • . ��..`.. �..�.�� i���bi.'ildf"i5jkt � 1.� ,.R.�' � �: .`I�'y�l^i:� :~ i..• 1. :r�. . �� " �-4: ;�`':'3 F:. 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Said bonds must.be in form and contents sa�i.s�actory to the associat�on and its counseZ and issuQc3 bv a surety cnmpanv appzaved by �ne assaciation, and must name the assaciation as cc-ablige�. �.3 . ] ���::so.� � � i�. � . A cantract and �xse agreer�ent mus� be pravided by the Ci�y o� C�earwater, in forsa and sui�- s�ance satisfactary to �he associ.a�ion an� its counse7., ta provide recor3ed access to �he martgaged site and to provide recorded avail.aba.l.i.ty o� paxking for patrans of the � mortgaged site. Standazd ALTA� nortgagee �it�.e insuxance oo].i.cy shaZl be pacovided shawing the mortgage to �his assaciatian and participating �enders as thei= irit�rest may appear to be a valid . tirst 3,ien on the fe� simple in�erest on sazd p�operty. This po3.a.cy 3.s ta be issuec3 by ti.�le insuzor acceptai�le �o th�.s associa�a.on and i�.s counse�, and it sha�.l contain no ex- ceptions other than �hose approved by �hi.s association. A certi.fzed tie--in-suxvey showi.ng the loca�ion af the foundat�.ons aF the buildi.ng on the proper�y satis�actoxy to ��hi.s association and to the �it1e corapany 3,ssuing the policy o� �i.�3.e insuxance, made by a z�eq��tered Florida sur�ayor sa�isfactary ta tha association shaZ1. 1ae .'prQVided and appraved by the assaciation and the �i�Ze campany priar ta the firs� di.skaurseraen� an this loan. 15. Fire and extended ao�erage insurance �olicy ��,:�.,-� �. shall be provided, issued by an acceptable � insurance company of your cnoice in an � amount no� less than the amount o� this ].aa.�, - �o be �uxnished pri�r to c�.asing. 0 . , e Ord #2382-81 S/29/81 d �'Y"S';y�,•;,�y,:'i`.y....�,.r.�r�a.��.r..�.e�µ,•�r�G*�^�,,:�aiT�.rS�..:t�r:.• ;•3��. .�f:•'.^;�'�I�:...��•,.ts,�jstr*�r+n,,��<�:rw..i„�.,,ye,�.r ,. . ��';r„" , ^"'r.'' . •'':trL��' '�'��. .. . 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'E . �. . �: •s 'i 'w � �; i� ,�.ft C.°"•,`4'.v= . .'� '' " 4�}'r. �4� tn,a,•.'i � • , '� ����'�'�� y��� ;- t�i`y _ �1,Y.�F+� 4'.-,,Fw r ��'�.;�i ti :��':x-�r�:.' ;,,,<'•' trr��� � ty� r� ���4: l:'giE,r"st+.'c . r." �` �"'.i1;. � �'• 1.�{w� •H{`titi'sr=�,�:� ��{,sanr.�5,(`E .�.Ys'�':�J�.. .r �AIa �,��s '�:�',�.��.�,�s,�<���=��?J"si'x.,,,�t.�,a�g�rt�:*i�'�;,LV«siZ,.f'+, �y�l'y I� .� � �' . �4 � R �l1'1, k '�l "','��i�`'��i�;'.�..d�7s.'sxY:,d�'o ;`�d'ii'4r'�r�i�r .�k���,'��-,��?E.� L i?.�;; � , i � . . '�'G1�, .+ • � 0 , F . Performing Ar�s Cen�er and �hea��r' Page Seven ; ., y���y.r,,, � � ti.��. �y. -•.�.; �•�;• y`;.;��li':Ssi;..j��°t,` : : :��: :i .�t',�, .�;`?�C: ,';�..,�.`�. . �''s:' ;.;..:�.'{J,� ��i. !i:' ;�C�.2:.rL.�t�.:i y ' �' � 'tis' ..:�.S:J i�s!`xii ';:` �J',ir'4F��4',`+.-•i�,' z'E��I�"�!-�„°�.�': •�a.:,r:e;,��.E!.`�;.:, �i y '�1�`; i.'� °:1 '�.4�. �.�:'�:�t �°. ..���;', 'x�`����r� ';�'',C ''1'{=: �=*'` � '`%�}r _i'i;i,. . , ��:': ,.>�: ,�,�y.i.� ..i�. a'S.'r;.`s.t ,f,..�7i' ��P:'1."a5.'�e"7'.�r`.�'1�'� 'f ,'j. ?'� t''.{{'1�5• ' ei��i';��'4: s oLk,`Yj�i�t.a:..Fr�.ii '7" .�„ :� u9 F�, :`y;-ti;•Ti+; �•�.` ,�µ'• �s4s' ��'���J� ;�.�'��l".. ;��y« ,•.F - •!. �{".f. � € i���'��'; �•: •.,'r1};� ^`i �,y ��s � SqY ry' ; ', i �": ':i� �f�4`' � s't'��r�],v N: "_: s�'K: �,F ,�,i,� , q ,; ; i<r� •y��. �i�"j.i .'nt�::,+;:�� '�.'� �t ; lt x� t yr r5 , T r�?,-, 2 r �, 1 y. F ✓ l�'k' L t9F�x. �..,W:����k ~��K f'• �Ify, �;�'i��+'�,�i`�l'���`, ''G�.:' � �t`t? � �+��.e `J..t�, ,' R :S Gir �a. 5: i.. 'i�� i'c; t J�•yYi§, j.' AY � a�:L . i 1•,�' �.° 1`y :1� �2.,; `� ,i.i�'.. ��tk.7�', .1 :��'i .:i!�,<tjr',s'�j:'.',,?�ul �!£4.'; � .....�.5���;.•�°`v:::•d;vJ+.'�• F4 ,.v.:: ' .:r,,;l, ^�- •,::.�J r F -•Li �: ,.5. :ll'• �:�.t, "sr �`��-- � :; 'µ°i':;:'w�fr�,�;**siY;[...:.,,;(1,.�' �', �`� �i�;�;�iqyt�,*J i:i���Ra"+.�Y:, �' .v. b f�'k:i{''-y.�r .�,,. .�3: R� � .Y� J��'f���: .�i'; �-t,�'v,�:x� � 'z•%'"'� -'�.'°•:''`ii�::,°;s#i.a �Ytot �•�},' ���.�j�,i:.i',+��t `•�`�3 �'^.�'xy�ti��{`r`c° ...cs��.fT:M:'�4:; �.5. The cl.osing of this Ioan is suiaject to the obtaining a� a bui�.ding permit in �o�a accept- able to this association and of a�.l othex � necessary pern�,i�s and approvals from a3.1. agencies � or bodies having jur�.sda.ction avex the propertx ox a,�s development. � 17. Promissaxy Nater mor�gage, constrnction I.oan • agreeinent�, assignment o� xen'�s, leases and other income, no�ice of comrs�encenent, tJCC financing statements, and such o�her docu:�nents as may be requi.red by �he associat�on or its counsel shall. be executed and provided in �orm and substanca acc�pta.}�Ze to _he associa- ' �ion and it� counsel. ].8. A].1 disbursemen�s will be made pursuan� to �, and in accordance wi.th �he construction loa:� agreemen� prepazed by the assac�.ation's ' counsel, and on�y after full disburse:�en� o� all available funds hel.d �y PACT. Raquest � �ar draws wi�.]. be made on a trade paymen� sahedul.e subtnitted ta this assacia�ion not moze �zequent�.y titen once a month with each . requ�s� certified by the cantrac�or, appraved by the architect, and au�hoxized by PACT. ' Said trade payment schedule must be approved by this associa��.on at least �our days pri.or to the closing of this loaa. The association will also �requa.re an executed waiver o� 1.ien prior to each draW. 19. 'An inspector far the•associa�ion sha�l have access to the praperty and xecozds at any r�asonabZe time. xn the �v�nt of disagzee- ment as to the atnot:n� of wark cam�leted, da.sburseraen�s will be ma�e �.n accordance with �he associati�n's esta.ma�e. A hol�ack of 1Q$ wi].]. be made on aJ.�. reques�s far draws , and will be �eleased upan comg].etion of t,l:e ' buil.ding along with the �inal reques� for disbursemPnt a�ter approval by the association. � .ora �z�sz-si 5/29/81 � r � � f � Ker ;'.�r'.; . wa'�!�3+ .Ya t��•^ '.� . ,o"g�,'4pj'..,.;":. ^ „�r,w�,,�.,�.x�r.,,..s �r^^M,Kx. ...�;,.,, e�rx�tt'b'<:y�,mY�•�,•r!►'nf��}��r�r���t,��,t�p;r►, ��;K;3�" x�' �;,r w. �S"iE � .. • ' ' � ' � , :, �...i�'�.��,. „�'F X�;� . r> • . . • , ' �: , • - `�:. °i '�.-�r. I, ` '' , t4' .• .R. f, s�.. ..:;�.r,.�-,�tyli`r':�.m:,'re'ys�jh ✓f; F� � �f ;�'ce �f�� . �iG �r., � :.l• ' `�V�.s.�- ?�. ��f'� • ;pj'�' . '� .t'$, .� �. . i2��_, ,,,r;..r�;r, .!��„t�r'sn„� '�Y, 1i�rtii�• Y� i�.i� • : , '� :; ,qs• ".5,• �•' �`. �;s •}Y.. �l. Sh. . T ''�5::^i'.c� _ � u' :�iea'.'1',�'L�• s ete�'-�R;;£.!:'i`I,.. `/�°'-�. S r'�;� x� x7. r,� �y.�,..-X'y •�.•.t�. �'a," �.j'4�..> �`Ja„� Ni�1:.; ti�','..,,'�"` '� <6.M"� ;'.s ie. ".f;t�.1� .fy.kcYJ; ��� " d .4'� �' J.Xyf"i ti'� ; ..�. � �;ot'. . �", «•' ti�i�. q�,.;+ +� �' y:.�2�;r+'.,.�r I�'� '�#.•P'L�r`�=�� .:�_'.it. '`si �r: :s:. ".ik, ^e°r`i.�t'��.` ±'r'w. ' '.•s;�_�•ti�' .�y..� t�� axil� ��i..�rk9S 'C;* r�(� .�"1, .,�rF', y ;.�.,� LJ� �" �ya�+�� . y�.C�t �,( �3.,tik. �".:�• , . i.;- a 1' r }�� � �, . '_.`F `�� w'y,. ys,":;� ,.'k�..�'��' ''y.! "�' ::e,,...:s?,°}2e.�s 4,. i •,�.�a'�:.+�+.r.,. ,-�e A��:+Ci'�'? i rgiT' 4�,� S .f�.: Yv. ,ys',t �7�•:.'•1^,{yLq' ,�f:i%�:�y1��„W' � A^ `{:�' t •[1}�%.,.: y 4.t;.' k 4 ,#AF��2� ,.�! ..S,t ta��`r..� �° ..A;..�ai �;3�.� '^�.t::; ,.�^�...i: 'r:•..�: ���j' :"" b 3'� s € � ,<� ,J'�°3! : , . a• : ; . �`t• �� �:"t a 5 £� i'S nz.,� ���.�..;. r..:�a . ..a..... � �,. _ . ...e .. _,.....'.:�.`.�.. .. < < . ...���w..r,S .. � .��:+�';..... .t.��,....�.: :. �.. :'�i`:•-, [+. a ,•,�. 4�<t.e..;�,..�,'5.��..,� .� �� a:' Perfornting A�ts Center and Th�a��r pags Eight ' �v �x ,�... 2Q. it is�ahsel.utaly essen�ia3. �hat no no�ice of commence�cen� he recorded prior to xecording the mor�gage- a£ the aas4a�.a�i,oa. At �ha t3.ma of ciasirig, a no�i.ce of commencement will be � executed and the associa�ioa wiI]. record it. Tn the ev�nt a ao�ice of comm�ncement shouid be xecaacded pr3a� to the recording oE the associ.ation's mortg2�ge, the assacia�ion wi1Z not be able �o make youa� �.oan. 2�.. The axt�.cles of incorpozats.on snd byl.aws of PACT, all l�ases, masaag�nent c�ntxa�ts, aQera�inq ag�eemeats and a�her 3.ega]. docunen�s must be approved, a.n forin and suhstanae, by the asspciation and its lega�. counse3. a,.t�d mu,st be submi.��eci far appz�ov�l at least seuen days prior to the clo�ing of this ioan. 22. , Th�.s, co�aitmen� xs subjec� �o fu�.l co�npl.izncs wiith �h� F�aod A�.sas�er Pra�ec�ion Act o� 1973. Evidence a� adequate covexage is to %� submi.tted t�o us pr3.or to �he closing o� this loa.t�. 23. In the event �ha�, pri.or ta the closing of th�.s l.oan, evidence �s reca�ved lay us ind,ica� �ing that z�presentati.ons, financ�aZ ox o�herw�.se, taade by .yau are na� correc� ox , , �hat mate�ia� facts have not b�en d�.sc�.osed. the assaca.at�.on �ay deci.are �hi.s co�mi.t.�nent nu3.l and void and no liahility shall be attached to th�,s association by r�asoa �hereaf. 24. AIJ. o� �he ter�ns o� this commi�:nent and a� �he canstructian Zoan agzeement sha�.I be incorpoxated into the mortrage by re�erer.ae. 2S. Th�s ccmmi.t�nent siialZ na� be assigr.ed or � otherwise t�ansfex�ed and any attempted assigr�men�, encumbzance or trans�er sha3.l � rend�z� tt�is ocmm3.tinent vaid. � � , � -, . Ord �#2382-81 �/90/R'I 0 � i �� .' ' � � . �.`��'� •'"�"� y1���S"'�, . u r�.,:.,.!ty6?�''Yf'��`g,�;�w;����'�i,�.��r.«r.a�t�?!`':;��t���`'3�ka:��riy:�ic"°,.�;'3!c,i�r"p�Y'�m..4w ry;,k^^ti.;�`.' .�w'e°;,,�;,,''� !;*n}-s�!"'�,,�,c,: w. . , . � ,. � � . � .1'` ' -i' ' .. ' ','z° �f� ?�4" `:,y�"�e����:;.i�-�$.l�'�i�}•�in.. �.e..r:,: '.i;�:: ',rt':i:r+".Ca'�.;K';�•''.i,^:±'�r,"3'c�f f�� '2t�^s`:n::•�ia" r)� `'i', '.�'F;;;p»�}�� �:r•:�•�„ +x�� 3' ��r`w�by?`,'•�,.� r::;�e` ;i �.•�� i,a�:q} �. .�s•'; � :i: jt e.4�,r..�r�_�•�`"YYr' . {.`..�3,.-A.:;:�e�a..a�. =-?.;t���a., .4t.lv�,;.:.��.�r,,,�-rai?'.;.st�:..e�'i:s:.?,'.4��«;P�� ��,. .k ♦.y;�f�d��.,.� t�..• ��. .�i��'iyS•R: �r,r°" ,l.�iC'�, .i: +,t.; 9 ht�;,.'ti'••.. . ' ' .,:s�� ��Je�±���:�t`.�, '�.f 8i:` �.c>>'+>_�.�a�,l�:�i.`?:�ck,.Y.,.e,.tt:.. -.}',tt�:_.__"�'^_ �.i��y,i..'.�� .@u:`�e:�`i'�.�wlt,�fLl,i�%i±!�].;:i:��... w. �.tTVY?.�.%�.. 5'�4.����: .,�'ti i`"'�.� i . . �: _��3�; ..'Fi'�. i ,� : � / � C`�.3, Perfarming A�ts Center and Theat�n • Paga Na.ne 26. Yon will have'ten days from the date hereof • with�.n which to accept thxs commitment as . provided, after which ta.sne this i�tter wi).1, ' at our option, be af no•fur�her force or. ; �ffec�. This.commitment'is fur�her subject to• the Clos�.ng of this loan within 120 .: • ' � days from the date of accap�ance o�,th.is ' cammitment. . . . � If the foxegoxng is sat3.sfactory, p�ease indicate youx acceptance by signing and ret�rn3.ng to us the encZosed copy of �his letter. . - Very truly yours, � � • . Gttn,: � � . . Wi�Iiam E. N�c3ine � • �, . /mch . • _ . .' . �. .. .' . :, : . ' . ' , . ;r� . . , � , ' ,� , � . . s. - � ' , .;.. '�` � ' ' �- � ' " . �f ` !F, , ' ' ,' . ' . ',lC'�:ri':��7;�3����� �/� _ . .� . , The t�rms and conditions af the �. ' above and foregoing are hereb ' accep� d proved this � daY � . 198Z. �. � c w .� . . ' : •I Sw.+yFe.sy'y�n•,", z ,.�fl. .i...�n.. uy.. ..vz: .�«...^{Zi.� .rti+-�',toK+.:..,�,;,r�F`oert;t�;•,!�.y.�.� . . 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(� . ���`S,�',k{i.:�;J":'5�.: 5�'h 4��i '�i�^!: .'s� . .. �:�.;�.rT':: : t A : Y, �{. ,r:, ::F:, Yl.���:j+.:`i�r1�.�,.�e�_a�v�.,�....r_ro`:.iy + n ' c,!�<„r'';i;_`r�,:. ;�va'� . F'%. ..:�;.e? 'a�� .. :.f,.?,.-•�i+. � PACT CAEDIT AGR£EMEriT �'�r..t.a:;.� C`�4tY::,'8>.�fY.4��i'�r��.':��.'e �+i..i•�:cT:iF�;y, xt:� Yer;l�,y� �,:�;�.�w:. :.�:_; -;y; ,,�a�� ,ti._r i:Hj,:,,;i:;: :.�:• t.`:�,!; k",•i;r' � t'•:r^ ""4:�.s: � ;�. �� �.4' �'r= <'r; � ' :+1 = F:rR ,ij�:y �, c_ . `; ��.i y£,:'t ��'� .S? i�: r :' : �;yy,'t�;t�;1•[�;�,�s � �c( k.i �..�. fws: 4 �i..� Exhibie "B" THiS AGREEMENT dated as of March 31 1982, between FERF�Ttt�IG ARTS CE�txER AND TI�A�R, �I3C,, a F3.oxi.da coxpo- xata,on not £a� p�o£�.t, (h�rein c�1led P�CT) , and BP.NK OF CLEARWATER a�'Zarida sta�e bank With i.ts pxincinal a£f�.c� at 600 C1eve�.and,Street in Cleazwa�er, Flori�a (he�ei.n ca].led �h� Sank•) . . 3n considera�ion a:E the mu�ual CQV@i1ZTlt5 here� n con- �aa.ned, the parties hereto ag�ee as £o�.lows: • I. COMMITMENT OF T�E BANK. Section 1.1 Ini�xa� eomm�.trn�nt. Sublect to t:�e tezm,s and can�i�ions of this Agreement� the Bank ��rees �o make flne ax more laans ta PACT at the a�fice ar the Hank soe- cified.abave an o� before th� Expiration Date (wha.cn shal� be December 31, �.9��t or such diffez�nt date as may be fi�:ed �• in acc�rd«nce with the p�ova.sa.ons o#' section I.2 of �his Agreement), wiu.ch Iaans �hall no� exceed in �he agg�ega�� $1,900,Op0 nz such reau��a az� inc�e�sed asnaunt as he-eia- aft�r provided. In no event, heweve�, shall tne �znl:_be ob].' i,�cated to make anX Zoan to �ACT i£ its Co�al indebtsdness �a the �an): after the closing oE such �oan wculd e:�c�eed 8Q% of the then un��id p7.edge� in which the Bank has a securit;� interesi undez Article VIXI of this Agze�ment. �'he ob�isa�- tiion to make such laan Qr �oans a.s hPreinaiter raferzed 40 as the Commitment, . Sever�Z other banks are par :�.cipa�;ag „ • ' r Ord 1#2382-81 Slzsls�. 'bl'"�!�'�f'�',f�F ;.a..Yy�.r; �,�s-�w.,+,«}.�.t�,��a..�.,�Fo��i(�y�w» sr;.el'Y°."'Y;; �. "z'na'y'�»�y.? `'?i.�y'` +� �iet�E!r',�,w 'ma�¢rx:�»s!!F';l�S�n,, Sv;y .. '�<ry�;, ..w;'�';R�,%"' ,,:.r���, .. � � . .. . ! •����,� � i, ,.p'''�'�'��,°.`�,.:, f . . , ,•i.' g'" ' � n Y}, . . .^4 : ' . ..a'a. t.�1.vC Y],.;•••�,c,di,�;`.��: rk,n,°" •1� ;ii�! �)r • ", � , �i ��v.i �, � ..«�q'i �.'- ,��e � 'r • ., .y�. :'a�'^ 13'"'' . 1�' 7 •:M� �� a :k;a.' ' -iE.-;;.�."'t 1t:E' ,t:. :r.�f'..`t : �}t5��":s.�;�ar .'��r r��. �:n ';r,�' 4 .�r.114 :���' � �+[ �r�.;�'"�,: ..*w:'>a'`.°4.,p "i�.:�":,a�`'rt'•:�: .}'� [rtq. ii,�{; t.�. ya.'y�...,, �'i.� r. '."�: ,}.��.'�7 l` .,{i-':�.�'�f��.5� �l�C{3. *ri� w'.;..F'.�f•iJ�'. �"1 <S.t}'.,.f It:l�Fa .��ttFw7� 'rs.3: f�iY'h�.. A'� v'L��r�L�i=' w:S �S� lti,,:�,bai�: k.. � �4.�w}, i�r 1"0;� L��` ��dii3�� ,*,�-�"� �.i •:r3.; �;� :s 5� s�.�, ; b ti ;�y�:tia:i`4; ar,,..i;, � t. � �'J '• :i' i. . .,i..:., ,+, i 5 q't., ^ � f:' . 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Ar ,,ry #.i �a, � •�' ;,,' � °Ci:tv..t,i ,�5;�� '!=� ..�t.�-,� r "r,,.v° 6� ��.....;. j, ��,i� s a!- F �.#. .}z ...�, � '�°G...h<� � �, r�i�+ �t£s .�"C'� a+� Y. �,.': '��'�:.. y�lr t� � - ° �'1<�Ir'3.,�Iy�•,�.t:.:'.�r`s.tY:"�.:���a„vfri'• G2 ��� �i 'r"• '} �<"'.: I.'�''1,4 •7�' ���if' ,5�.` t `Y •:s k:;2�'t.9r? .E, ,i. '4•..' `�.l,� +i''�. Y•.. M `i.:: `} e' �� Sii �� s3�� 5"' ,v � +L�..,�;sb`�,4 Y S t 1s'; �,. ,.ti �! � s;, rz i t' a1 �7 ;� s�.::.t 6 t�«, � q� •+ w,,.... � .��__ .�X��• .>.},�a,:. .:�..Fs.,, :h..rr`2�'i.,t�i��_ 5��.�..s'r"+'.T.:�'.��,�., ...sT€�_..��.. xJ t��'<».r�..�r, .�h .,-�.�,r��?...., .�r._�3t.Y�`�%"�t�eC�ta.��'? � . .. � , . �.' . � , . �� � �. � � :. . I �. �. : ■ •; `� . . �c.�' .Y wa.�h the Bank in the Commi'tmenti and a3.1 0£ such banks are here�.na€ter co3.lectively referred to as �he Participa�a.nq Banks. Section }.. 2 Reduction,i increase, _ or _ xermina�ion of Commitment and 1're�aaym�ent. , A. Concur�ent].y with the execution and de].a.ve_y of this Agreement, the parties wi�2 enter �.nta an Escrow Agreement i.n�the form attached he�e�o as Annex A cover�ng all unpaid pledges of contribution to PACx now outstand�.ng or received prior to Deceiaber 31, 1984, hereina£te� caJ,led P�edges. PACT �.s granting the Bank a'secu�ity intarest in the Pledges tn secure payment of the nate referred �o in Section 2.1. 'As payments are receivad £or �he escrow ac- count on all present].y autstanding Pledges, '�he Bank's Cammitment wilJ. be automaticaily reduced by the amau:�t of sach paymen�s. B. A� the zeguest of PACT and with tl-.e priar written cansent o£ Participating Banks obligatad �or at least 66 2/3% af the Commitment, this Agree:�en� nay be amended at any time priar to Dece:nbe� 31, i984 �o xncre�se the amaunt o£ the Cammitment, provided new or xncreased agreemeats t� par.ticipa�e have been obtaxned by �:�e Bank to covex the amaunt o� tte increase in the Coramit�nent. C.• PACT may fram time to time an at ].eas� 1Q days priar written no�ice �o the Bank permanently z�duee �he amount of tite Commit�nerit but anJ,y• upon prepayrnent o� tne _2.. � �rd �2382-81 , S/29/81 ..._..- . .... . �,- . .r• v.... s:i rr. e.r� s_.•s . . . . . . ... i`lT.�.�a . ii � I , � _�.... . •"' ,#yiE� . .. . . .. . _. � _ . . .. .• ag �. }�,a: ..e� . -' �:... r,; �.`;-,;J..�,'� , <<i.�.�,j`tl2 e�,tr�:":'";E s;;h:i.j:,`,FVi.. '.'�`. ';.A,�,'�:;��I�i.-.L`i?•' '�'aC. � ;;" {3. : ii�1 ,:j�'; .. '`;S !i `VY. '. �tif.§.'� e� 3 1',.Cr� �" ".�Y.:=P� `(..il? L �.:C��rS� 4 �^F: e�it, � :�•.�.dAfei��'.i'�t�i.. � .�t. �it�:l..w;�•'�`��??� oz . . . . . _� ;Q Yr ...... . _.._ . . . �. amaunt k�y which ths indebtedness uncier tYie Na�e exc�:ecis the reduced amoun� a� �he Commi.tmen�. Any such reciuctxcn shall b� in the araount o� $ or an integzal multi.p3.e thexeoE and shall. be prora��d upon �he Par��.cipati,nq Banks accarding '�a their respective perce�tages of the Commit�nent. PAC� may at any �a.me on J.ike no�i.ce texmi.nate the Cor�mit�ent upan paytnent 3.n �u�.�. of a.ts Nor� and o�hew ZiabiZ�ties hereunder. � • � D. PACT may from tine t� time and wi�hout premium prenay the Note :n whale or in part pzovi.ded, howev�r, that any partial prega;l;nent sha13, be zn tY:e amaunt �o� $ or an a.ntegra.I multiple �hereof, and anx prepayt�ent :a£ the £u�3. unpaid araoun� oi �he �[ote sha11 incl.u�e accrued interest thereon. II. MaNNER aF' BoR�awiNG. sect�an 2.� The Note. Concuxxently with the execu��.oi� ' and c1e13.very af �s Ag�eement, PACx sha�.l execu�e �nd de�iver to the Bank a Note (herea;n Ca1�ed the No�e} a.:� ��.k:e £arr� a£ the prom�ssnry nor� a�tach�ci hereto as Annex H. �t�e Note sha�J. be date� ttse date ti�' th�s r�gxeement. The prin- cipal amount ac�ually payabZe und�r the Note shall no� be tao�e th�n the �ount ac�ually advanced '�y the Bank un�er this Agree:�ent cahich re:nains unpa�.d. The amount o� each ].oan made by �he Bank ta PACx pursuan� �o th�.s �►gxEem�r.� and ths amaunt crf a�1 paymen�s of pzincipal, and �n�erest or� the Note sha],�, i�e entered by the Hank or� an appro�riate d � ��rd �i23S2-81 0 ..g.. Sj29%81 ..Vwye ei.� �2. ., :..,r�.i � t •�.At } • �;;+ ay h. {tw,!: � ar h. 1+".Fj�Yi �M'i'�`. �,}�bv�.rM�� A�c9� �M<,k4"i�''��(':fri.'�.�8�' w_.. J�`' . � i !'.�jt.i9��,-38-.�''��,y��f..,�,,;���ww�w,.F �,°a,^w}��'.�,,.4v'�c�.�.� .�'..�. ,. .+`SrF'` .;�.. ." ,,.�'�"'s_ . '�',. ."�'.,z,� ° ' . �,, : . �, ..o , : !�i = .� . .i' � � • , . .., ..., ... . . .. ' • .. .. +�`'�[.4=r<i�-;u�._�.ir,<s.:t��.:a".:..' , y' ,...rJ r�' ..�...♦ �� ��. {��'K ����.. •..� �r. �rr.�r w�.�.�•r.r.r .�... ..�..�.. .. . � •. . . , . :�. . ...... . . . . . r . �. ... >vrr� � schedule attached �o the No�e or as debiCs or credits in PA�T's loan account an �he Hank's xecords. 5ectian 2.2 Manner o£ Horrowinc�. PACT shal� give the Bank a� least five business days advance notice in writing af each proposed bozrowing and o.� �he amount os �he �.oan. No 1.oan sha1J. be made to PACT unless a3.1 oi the can�itiions set fart.'� in Article Ten have exthex beer� met or have been � waived by the Bank. Nor is any laan ze�uired �o be mace hereunc3er if any �vent o� Defa�lt, ar anv event iahich might mature i.nto an E�rent of Defaezlt, • has accuzred ar is con- • ti.nuxng . r ' I I i. INTEi2EST A.t�iD C�r�'IiTMENT A�J'!] S�RVICS �'EES .. Sect3.�n 3.1 Inte�est. Inte�est on the unpaid prin- cipal amount of the Note shall be payab�e a� �he ra�.e of nercent per annum Qn �Ch� �.ast day of �Tarch, ,7un��, September and I7ecembex in each Xear cam�t�en�ing , wi4h the Eirst ef ,such �ates fo�].owing the issuance ot �he Nate. Secfiion 3.2 Commitment� Fee. PAC� ag�ees �o pay a ro.mmitment fee of of ].% pez annu.*� on �he da�.3.y avezage o:� �he unused amount of �he Cornmit�nen�. suc:� cominitmen� fee sha�.Z commence on the date up�n which this Agreement be�ca�nes e£�e�t�.ve and shaZ� Ioe payabla an � the las� day','af March, June, Septe�er and Dece.mber in each year coraniencinq xith the manth o� �June, 1987, for such period preceedzng such da�e £or which the commitxsent �ee has no� -4- Ord i�z382-81 5/29/81 ' . . . ,.- , .. _._ , _ mu..,• .. �,.� . ,t�r, . � sr. . � ' . �'� � .�'• �.?, -.; �� ';; : ;.:;�•sliyr.;,,,'�,^.� t�F .. PJ�"`, � �,�` Ls ..�-� .,,; '`� �y �T��t, � ���;ti`.;'s.rf��?`�� `f�`h t �rj� :rtY�,`•icC o-'0..`+Ji,..rzy fi� `'e �a,9^t';�,f: �i� �i 4�[, ,»r.� »�" :, , :i,'� ';s��;�'=f�. w:, I.....{7 }: ,o� ,�^ '-,bd t,L.., �„4�iy%}'s. 9:T.�',t., y,: e-r[, :�v,.:t. ,:�'y, yyit� k.:s.%��N, .f��+°Yr.. �° 'R:,;i3.,�L .�r�5t�:�{�C.;,S'.�' �{�.:�.�;..�.}M'�'kl 'y�y :� r.�S ��.�.:'l�.,4,ti�'•� ;�J':,{'i�; ��.�. ,�... ,�•M�.�a.s: ;�.•pF.«�#;: ,a� ;l�t ..�,.�?���3ti.a�. ..,��::� _ __.s�St�,�t�e. .�._.... ,. ..a..,...r=�.l;r� 4��rse:��::�:s._�.Je_�i�.�..D.'-:��;t:.a,.,�+�:.z..r�^.b��.�'•�., . . . . . }.,�.a�... .�... - - a - . _: t° _ ,[; � i� �.t._ � � ,�.:.iic�. .. 1 , � ' ` .��..,� �,�.. .��. ��...`. . � � .. �........ .��_. +� _.�.....�� �.... r ,• ` . be�n pa�d and on �he Exp�ra�ian Da�e for any per�.od �'ar which such commitmen� �ee' shal3, not have been �hezeLore paid. . 5ec�ian 3,3 Basxs af Comnutation of Interest and Commitmen� Fee. Interest and commitment fees sha�.3. be computed �or the nc�mber of days elapsed on the basis o£ a 354� day year. Sec�ion 3.4 servic� FPe. PACT agrees to pay to the Bank a�e�va.ce fee oE $ per month pa�able on �he X�st day of each manth whz�e t.iiis Agzeene:�t �s in ef�ect and so long thereafter as any amaunt remains unpaid �av PACT undar the No�e or this Agreement. � IV. USE OF PROC�EDS. The proceeds af all loar.s under this Aqreement wi?� be used by PACT an3.y ta pay �oz the canstruc�,ian o€ the Pexforming Arts Centez �,r� C].earwater which is esti�a�ed �o cost $1Q,27d,OQ0 �.nciudinq initial opeza�Xng cas�s, wo�ka.ng cap�.tal and inter�st during con�;..ru��ian. ' v. w�x.�a.rrrx�s . � Ta a.nduce '�he 8anlc �o gza.*�� the Cor.unz�..�een� and to make ].oans und�r this �,gx�ement, PACT wazrants '�ha�: Sectidri 5.�. Oxgan� �a�ion. 1'ACT �.s a duly existz:�g corporatian' not �or psofit under the iaws o� the Statz of F].arida. Sectian_5„�2 _ Au�horitv. PACT is duly author�,zed ta execu�e and deliver this Agr�etnent and �he Note and is an� �Ord #2382-81 --5- 5J29f 81 '.Ci.�yry�;:�y.,��r�,ef�:�rNro:�". "�t"•r� r^,�`lywt..�r.cP?ti�+R�,K:�.'� ;<Cr+ -t+r,�:�r 'r{Z`^.�i''�d" .�� , � i � � 9'•" , t �,a }i:��, g'i4 %�f. f A: � 5.. ' � � : a ;�;; o' '_��. � , 'iKf.. .�.�Tj ..�1.}�'n�'���''.`�i' �'�" ..'i�:c�i.. .}� Y.r.-- :v.� nr�� La.n '� , 53�. ;.Z; ° t � .t? `k �in"i�j . �^ti�' �Ii�:: "'�i«�"l� d.` �.�' n"-''t . �JS.��.,f'i� .>4' :ir" .a 4 ,-5. F.C�t :�. l'r�3,'v:..:�. '`i...':y;N .'rf t�:�' �L> .�«- :i•4'o•'i''.;�,�';"x,." �S . ��� ,•�s; 4 n+. ...s�° ..,. �i. � ;;: �,t:. x;i '��.. r., .-r. -d .c. ii. � , F��. . =�';>: i �� �'',e�,w vs.;r'c' .'�:•w'.C' �'t.5t�-t`�:'�3`P���`"�,r�'.,�;• ?'��:.-��1,�..i. y> ���!d .� a r7'�, °.�r.li :. _ 4 � t , 'r},:-: d ,.sc`.g '�'..Fk��ks�"z,� i .r,��Pr �; y� ,:11���.t:>y :.3f:r?�`�:�i'i� f:. `+3C,.'_''r+ •�!� ,v, !, a�S ��is�w� } ��i5 �iX'=- •,< • .)fii ;� .1v�-•' ,� '+�.�f• -E {f '.Y���?�l,Yi:.�.i:�;�; ?fu�:i'J... �it5�:i��.. `�s=:a ...:`�� ,. , rr,:�,r:'�:�.�.52..,-''iE�"-:r','.'....=;�°:� �..%.IE�F;c,t3 � � , 1 � , 45i1� . ; , �� . . 0 � .5 .. -r,^'^.r�1 �3:,,.Y;�o!1! .:���. •"t i' r�'��:.._..... -� r :R:h.=.aa:•.��,1�r:° ;ayxy�k+t �tlria'a: r. A-. .,p.r , .,.�Z7 pr•��y,d. . F �'�� . � - . .i• ' � . � '-t'L�., �. �i� �r,`..:r'';.. ;..,�: ',�'.•b: 3:n: � c" .t`'}:,."r'� � 5t•�.'�`•i: `,:::c'i• ��''i�� F.:3 y �! ,..�.f, �T4�: �#-ti :j� � d :5.: ..=!✓ir :d.l::' ..l,«..4 i �{'�•'4�1., : s?° . _i •;e � � ° �,�1'j�';`. i, s..a, : : ;. . •r,,^lF.�.�;..� s�.�l ;{� .i , i+'.. "T�;�:th��h.,.�a.I:S'N �YFT: ._>i�' �r.�S'�'i;y��'',�'��r'1i "``i.4�f'' �.�i�f�t�`- }"s i:' S a.'a" r `��:`:!'} �� _ pi+.fi :'�`i!'.•'ii.. „`i�t.�t,; :.3.1;�'� {y;r.'i���=�,;�;.?'..a.�ic &"� •s.. .,i. tSF�, :i'�.'t.., ,`.+,,. ':t''y :i::. -;.�-•sa`.'r .t� Y.f.' - ''a•' � A(s., M4 : �;:1,v3: ��re - r.^r ' �.. .1;•. .cti��� . ,'�_ �[ r'ti�1�i ���S '�.' �ti:a�F,?:y •=y�� ..i "�'` il��,,. �t,�Tl�..�_.�� ��1.�.S�r . Z�3.�.'�."i.,�n�:i t���''�s"t:,;.q.:<>ii`•' `,`, 1,.�iti.s�. ; .^' .:.'..'G:� w':<:t:�::K`.�:°ir:.S:1r'Ir�:,��.:...rtit[.:3�.l..,. Y:i.' .,^'t'��:`�: ��tx F:�� e.' 3:�.w;}i h� � �i.i `v.=x�.� ";� �;V'r+.?�.`��'LSiq���h? �3{�a'D R:�:d..��..x.,�i�a^4q�:,; �aj�`�'et:'s`ey."�` r�1.rd�TSr�'�.r;';y,tl`'�F'�+�' �.�: :,_��ti'.(Krta. ,°:.�,:; :'i.'fi'• "*r•' i'r, •'•t.e``.i.�S, ; t; �;`���'�:.�' F:_w�� ',t?�; r�:a���s �'��,'';`i�ti>'rt'�'ic'l}'+..i:.,{"�t3t ti=tai'�g �'*'•,t �•.�-ir�4,t:�. .Y�J�^„yil'i' y. �y iy..y..: x�n. '•� ^ ��j; �. r� . a l'•t;� � 'i�tii;a�ij`;�' ay,.:k'�},1'r"} ��}i�,��:. v1`:"• � =t '.� 1.�s' ;Z�'�;p J, '�Y�:'i:•,'•s, 'i���,�.y�r, t..j,:,':'�= 1.ti'.;, *:'`���I, `k'��i'.i.e'.' :� : �: °:if: }iE, .:y'�ju. •.ir��.°- �t P: .�;�,.�;�;:�� 7¢•i''%i� " '.�',��i'. :'�i°�"iy';.CS�S;.;}�'4T. , �; 4z . :�e � ,�„`. °!:r:: ,f3. � i.�}:,.� .a.��.ti.t. E ;'�`}i�� �, ,fS�,��*°,�4;�.{L���i,.: ti::if;:�d1.c.:�::'J:a":; :7. ` � ' :.'��.'�'r.�3.. .t�.�� ,..+.�..�i�t..g_>�si�lti:l��.i�ry'='f �.r.:�,iy:',K:' .z•. .;.i'.�i- fs,�q•:}y;`r;�;�.•.;1,{;,�.��i � :.. x •;' ' t � ,. :��._'i��';sY,ry}.:.��� �.,1 .�. ' � �,�� , }3 • , C� �. � • . •; �a � �_1a.:�. �.�w.:���iM1il,� ;4'i: ��..,�ii�. y:�.�;'i�".i;,�°�;�.11'r�: 9� • � �,�»�.. »'�li��;`„3'vf�l:.. i .:q,'a�r.� y,t:-�7:�i �!r e>i,"a�;{����i.�i' � .y�.�?t"t.f. ...!�Y:. .a_. ....'�-'F�z7��i.?35::''�:.._..�s-.r7-+'i vf�:��. «?�:. wa.11 continue ta be duly authorized to borro�a manies under this Agreement, and to perfoxzn tihis Agreement and i�s obli- gations t�nder the No�e. Sectfon 5.3 'No Canflict As To Aqreements or Law. The execution and delivery af �his Agreement and a� the No�e, the borrowings hereunder, and the per�oxmance by PACT of its obligatians under this Agreement and �he Note do nat anci will not cont3.ict with any provision oE Iaw or az �he chaz�e= • ar by].aws a£ PACT or of any agreement bind�.ng upor. FACT. Sec�ion 5.4 Finznci.a], Conditian. PaCT has fu�na.shed .the Bank with a copy of its application �a�ed f�larch 16, 3.981, ta C].earwater Federal S�.vi.ngs & Loan Associati.on �or a $5�500�OQQ twenty-five year first martgage �.aan. The finan- ciaZ data and the other i.nfo�rma�ion contained in suc�: �:or�- gage .loan app3.ica�xon are in accordance wi.'�h pACT'S boo�s and recorc3s . such books and records are true aad coMpi e�e as o€ Maxch 3, �.981 and such moxtgage loan applicatian corxectly refiects PACT'S financ�.az conditian as of that da�e. Since such date, there has been no tnateria]. advezse change in the iinancia], candw�ion o£ PACT, exc�pt s�:ch as zs �isted in tiie section of the Aiscl.osu�e sc'r.edule (�nnex C h�re�o ) pertaini.ng to this Section ar in a scl�.edu� e conLem- poranedusZy furnished by PACT �o �he 3ank {in suificiQnt number o� signed copies sa that the ASen't m�y fur:iish ane to aach of the Participating Banksj. � . . Ord� ��382-8.� _8- . 5J29f 81 �� � 0 . f: 'n;�,�... ,; � . . tI�IFt,'r•',•al°;v�..'�'�'^.';'- �`.q`i�`rc+1_� '�° 3�3'•r4� ,b r.',.a' g.:,H{R�C,-..s.{.r. _�;��$ 4e��'?�i�Y,i�i���:i •.`� . .. . °r:. . 0 xi1��•Y � ':,�7}I+.��Y,'.,��... ,�f�. i�..� ik�F�n..n.-,�.4�'�R'''7!.._�'A1"M .�`'° ':�'.,;.^,�JA:�`r;.;:,- •� .+ ,:Y,,,,.;;;:;� �''.; ;,;y.sy.�;.;,k L:3:� �e'.,Sa, .'l., r .',yo� '�}�.: '1'•::�y4� ��ii 4�. � . �.. . .. . . .._ ._.x'.4 �.....v ;�..n.. iY.. Y+�ti^ a 1�,�.. ,: ' � .w+�� �!����........�� �"�� .-... ... �.�...-.--....... .. .. . .. r 0 � ...... .... .� '^t3?i .... . Sect�on 5.5 Liti,qati.on and �ontincten'� �,zabilx�ie�. No •litigation or governmer.tal proceed�.ngs a_e pending az �hrea�ened aga�.nst �ACT which migh� have a matera.al adverse effect on its .�inancial candition vz bus�,ness except those referxed �o (�.ncJ.udirg estimates o� the doliar an�aunts invalved) in the section o� the Di.sc�osure Schedul� (Ps:nex C herstoj pertaining to �his Sec�ion.' PACT does nat have any ma�era.al con��.ngent Iiabilities wltich awe �o� disclosed in the mortgaqe �.oan app3.i.catian xeferred to zr. Sect�.ori 5.�, a� in the section of the Disclnsuxe schedule pertaining tio �h�.s Section. Secti.on 5. b Liens. Theke are na I.iens an or secu��t� �.n�er�s'�s in any af the Piedges and PACT xs r.o� de3.inquen4 in the gayment a� any o�' xts ob?�.gations. . Section 5.7 Subsic�zaries. PACT has no subsidxaries and is not engaged �.n any business ather than tk:a canstzuc- tion and operation of the Center. va . ����s�v� ccv�N�►rixs . •Unt�.l the exp�ratio� ar terminat�.on of �the Comn�t'nen� and ther�a£ter un�il the Note and othez l.iabilities o� Pr�C?' hereunder havz heen paid in fu].3., unl�ss Pax �ic�.patir.g Banks obl,�gated ior 66 2/3� or more aF the C�mmi,�en� sr.a1.1. ather_ wise cnnsent, PACT agr�es that: Sectxon � . �. Recards and Ftetiorts . b.1. Z Wi'�hin 90 days after the c3.ose o£ each fis:,a�. - year of PACT, �a� wi11 furnish the Bank cap�.es af its an.^ual, Ord #238�-8�. _�_ 5/29/8Z ,., s-:d�':�- � ~�� • , ; ' . 0 , a 41',N='i"-';'!°�'�, ••e� :�. . ..�ri`� � � .` d{;,.. ".� ;�.•.. �r�R+�* y.{t...:�}�-.lyY�!+°"�w, 'ti �a'',•'latj�;+•'1 • ' , ..: .e '"�:.:'Srtw�' p�Y.�.( • ,t'� ,.S'� .'r.. . ` � . , . .�.:,,r� �, ,��.�r-�v;:r:n�� .+:'�?;'..'�;.� 7"- , , . ; , , , , : °:,�, . : . , . . :. .. ,a .``'. :'a,�:�°= ;��=:s=�.,.:�;�.��'i� ` . . . ' � �'j'M..'�..i� .:r..�����;�'"A`.�"�',^t' '4�1 ���5f�� F.. �h:J:'��"�_:' :�_'° .t� 'A%�r}, t �.`.��'.•' •rt.�. .e�. . ,,,., •� �. ��e' yi�^7[�: , f��(�.1��: � 4�['..� �8i'.v�i.`_ '�^* }i.; _' '�.:K1� W ,l� ' �l•,J • .•. L, •� •Y ... �J� „d'j y� �,Y Q�, ` ,,i.. :.;�. �- �.`'`�L' ��:.�f���;.�`. •.Y�IP.:•'(" �`�� '1��"'."`>.�"d:fti, +Y:'� fi�u°,,�`�. :.f� '�9i• ?S,�yz.v��.�.f Y .::'/�.�t'�, � :'y;,3� ;�.��i•;7j;� { �`.. �'s`: r,t: ,=:F:. ° 4k^', .�'i ^' .�`.y' "' a*1 �° � t,,r.3..� : „: �� '-!� ! �' � T r. ' �.@.:� ..y�'.; >..„,� ,., m ..'�. �. �� . . . :' � � . . ,. . ", _ t"' ' �.:� °•!:.' .-� i J�;� ��t.5��a�':i?x�=.'A.1 V�=�. �..�}. .`.i;' �d:��°Z;�'.z, '�:.�. �i.,,feB,..J.... �,.;ri �: jR:;�:.�`,,',,.?i.:�r n.:y'. ..xµ:�' �Si��ya �, :;�Y:b � �• .�'' �F�,� �4°�.�!'*�7..3.Y�s�`i:��yi^�,'.:'�1��.���`�"�� w - d�`2.;`,. :".tt«s�,'.''�`.y{'•:�� �'' 'r��'.�.�.�..�.-.1.i�Y'..:s.5.�.�' ��:4f:}. I .r J� ..,. :� : ir�' ,.e.� 1� ,l,���. , .. �.... ,�, ..�.�r:b����.,� �7��i?;�`e:i'�����_' ,,�.��_;�' i}S,��i ji�}}i:a;s�'��`, [,ir:[:j'4�.�?r;:a,1;.�s1` .;i�F:'.rc.zt, r, . i •4: i ii � :f � , 1 � r�i=• -tiy� t�' �" �YV ��?i i�'t '�r.�� �xa �.�`:'� w�: •l'3, � fs.Y � Scc� �.5�.1 F� ..1: � )�:�� 7.. �{Ip�:�;`':� i''�L:",_ �"!'.�; ! Yci� Fr .i� a�:. y'�; � a.�'` s€iiy�.;:i:y ;'.�'.'..u:';:'��c'�' �r�, r.%�,.,�, ¢ �'t s;';:i;"G^°'�12}s:...� .^�°s.'>':�...�. ��.`,.;� , > . _ _.....i..:.....,�°a 't � x d:. . . . .EU:'3 l. - - -... .., ..s.-.. K•:,t:. _ ss=.3�:' F'. 4 :L.:. : �,'J� :.,.. are i�.',;;'. . _=r: , �� . . �.. . ... : . . . x:"'."c'• . :,: �.�.v� .,,. •�..� -` aud�t xepo�t with the unqua3.i£ied op�.n�.on of independent cez�ified accoun�ants satisiactory to tYie Har.k and a�et�.er fron� such certified public accountants sta�i�nq �ha�, in makxng �he examinatian necessaxy f�pr cext��a.cation af such financiaZ s�a�ements, they have not 2aeccsme a�ra�e o£ anf CORCZ�t�an or • even� wha.ch cons�a�u'�es az which, after notice csr iapse o� tim� o� both� wnuld cons�itutie an Event o� Defau3.t, whi.ch remains uncured at the date af �uch 3.ettex, os �.� th�y have becon�e aware of any such condi��.on ar ev�nt, sp�ci�ying the natuze and pexiod of exis�ence �hzreo�, it being understood that such accountan'ts sha�]. nat �ae Zia�a�.e di�ec��.y ar indirectly €ar �ai.l.uze ta ob�a�.n kno�r? edge of any such Even� o� ���au3�, provided, however, that the �xami,nation �nade �or the annual audi� report shail bz con- ducted in accoardance wi'�h qeri�raZl� accepted audi� proce- dures and prac�ices. 6.1.2 Within fiQ days aft�x the end of each of the first three quarterJ.y fiscai periods (and within 90 days a£�ez fihe end o£ the faurth such quarterlv fisca3 periadj zn eaci: fiscal year af PACT, it will �urnish to the Bank, du?y cezta.�ied bv t..�e Chairman a£ the Board, Presiden�, E:tecut:ve Vica Presi.d'ent, Treasurer or Chief Ei.nar.cial office� of PACTs ( i) a ctapy s�� P�,CT' S unaud�.�ed �inancwal stxtem�nt cons�.sting o£ at �,eas� a ba].an�e sheet as a� the clase o= such quar�ex and a pro�'it and loss stat�,nent anci ana7.ys_5 of . } , _, ` -8- � . Ord #2382-.81 ' 5/29/81 a�„�.y,�,yv.r 0 :.4aY hW` M �A.�t :�A a'T. I 'i. ?S�l' YiY' .Y! +.1.rG ��M+'S"+'+L3iW�Xhs� S\ �ihlaa;' r+�+�!:�• .».,r•x�.,. ^ =.w -;� •;ssr�s:°,�..�, r...-. „ �.. •� •,�: . `��"�°'r .�na;»rt;'Frs�o-'.:y. t'•,q.,-.�' . . , . . . , . • , r i��p� '�" �i, •�5�i '1v�, '.t: .r'...�i�,..�'�•' r�s td:` }'h' . ',� ht�<'l. `..i.: ,''��?;F,a'';,'' t. �Y.;-la .a' ;)� t.; .�',� -2. .7 �'r ..i 1�=5�� •W;a•;�-A�,` �;1f,� 'e. ':*.s�Fy`' .,�,= `'.�` .�� '•;i' va �•�° :'E•�,::, F�. i��" ,.�.�y:. ty�',� 1 ,1;i.: S �w•' '!A''w 's �.� �,�'�' y.14 3 `�t'� yJ . �r��'j" � ` _ ;'�: �, a;... sS, !t� � . q Y':, , �/'�, j- .:cv'_,•,<�,r °'�t qn.�`°2; -=��f•1�: �. �xi:.S'.� 7'a. ,a•i?): y�YW i.lt,i♦ .h,i !���ti'i�� :5e`i�'.4�'�'��p'wt �f.,i. .' �d4 4.'3�:^%y t'F . :j ?,�.. ,,E"�€, �5` � �' f a i r..°•i� � .it .:L.." - '�`4� j'���'; ' .' ,?..��..', i' ~ 'y' fF.� �.{r.: L�: 1 .i.�J :Z -�ir• S�' � ��`" a �;�YS s5' � �'���Fab�, e,al'}. i ;• j..�ryl, � - ' � :�ri.. Ee-wr!%%;} '.v-:. • Ya` t.Ye,k_ �t��,.��i, r,Sie 'ii�� 'S'i`�' �ae �sr,�,! F'k�� �.SF�'I' Y,=[:+t� ���)�, .��'?.' ;4'.��.�,,••���� ``"'a�:� ��.,J+) _�ti '•i . •,'}: �' ,�:i. �;���:�.-f',�.,�r ea��4,S;4.q�>tx p.ret:���^ a3:: .''`'� - �:R :.1w=' :°;iti,. . s°i; e 'i.�-": ':`� `w.:. `.�? '{ ti.i , !s��!�-"t�'�ir �4.K�'� .hF .�'�,�a •.-f:t.�;'z, .r..J,.''!F��:!°'• 'a''• .�c,"9�,£i:,Ni��:i�;'y..,. ,r�..'i;' ��' "'`�,. tt,:s'''.�.�`+:' y�;..s; r �'i. . �•: ;.�i. �qi;: ::I'.Y"� a',i:ii��" '}!•\�i: ,.. �`s; 1 ::ir 1� ��`' .s ,�'�4Yr:,;7+;�¢.v.�Y };i�.. 'i? .t'T.,;fv�f�i;.��.�s {;;�t�^5.%�;.ifY .4 ��r,G•J'-{r:�.::: .,t,;l:�w�^�r`� e..4�•,p�c..::;�a°Sr.'s:,i,,'+::,,1`�?'.°J:+ ,+.e .,5�{-_:.r.M'.i{+,:''�ts',�.;..y:+s •:' _ 3F,� .! ' ..t. j yV."ap �,�}�� �}�� .l. r14. �;i'x':. ±� _'�i" .11'i r' �r.. .!. 'TLr�wc��c.�: ,,.;..v:r:��A r.ajiT e.e'�;» �:�:��,-•:�*�:' :it��?,�, °�ti-�`,�r}�' R.1��u'r'3i`:�s!:3'�,t?E'.= 1'S' i� • �r •.f i s�.� �,`i<...., .,S . •,i`-,' '.f.1�.. .f ;�:e• S :�;�`;v;r�j � ��+3 �e?WS t ��Q- "f <<4 s'.� ,�1: �';�i„�..`iv ..n,h•�. z:``a'' r�7 f ,.. � • �'t � 1' ;�s.'� -`�d�::'`L. � °.� . ;i;. � �.AA a ?t'- :,�•• ���" �i:: t �A a�Yr:9,�e-'7- 'i ��Y; '`�1�,3._ ��,% r�, i ,�`; ..3t'�.(j� "T �'�,P:, `'. 3 .' ` p�;:.:j� } .��>t„�a ��,.,,..�'t�e �iy' v.^'}. ��" F:?. "'fc; i -� "�. °�'1.: }.�.� i= � '_', i��.. .: , 1 .� �.i ���.:" ':,1�' i�; �, _ �c. 4,: ';4: � f�r�� bN � . .. �v�t + .s.l�''" #3s.. 'a'.;; Sw3��� - i�. r„ � .i;... '{,�.:� ti +�.:'�r �. . ���.o '3: ,�.�; 2. ?�' '� k ;�'y}' iy � f � ,'S�.i .� �'{:; ` .7�" �� 'r:%s, ,��s;� �i�:. Fyr ?rr,a' �..s �rc ��� ( .r. .a. •'� .'t�.'s:`{�r.a: h•ht�,:'�;.� r.�"�".'.f� .�:k.;'. ��n1,.- {;�.`� �:'�_; ''"' 'c.`i. �';x, i,:r�•' � �;' �. ;�i < ,`�` >'�)�� � ` T:t� �'i ,,�;�'w ' '�S'• ' ;s"L; "' '?!f'.�„ r , . y ,.�;.t' 't'�i,�r ,�Sf4d ��nt��k �S��i:�i��7is.`�h' .'4r�+7i;tErr'.r/.,'1c.:4�,��.�.:',iS�lr...R�S�.-'.a.:.:.5:.� .�f �$�,�i`��.'r.�'�%f'>..�1. ..� .:.("}1•=r:�`.`.��t�,...s�1:cY'n�,�.r,..�,x�•t $ k,� A�l��w��n. :�itf•Y/.�S'�:�i���_M. rPt`�:�i::•-�•3%s.!�i�4'y.1:t� �'' ..1 ,4.k_.a."� .S'�. :Y�vl:....._�....'.Y.'...�-�yaf.1.�1l..vL�.�Y'.�fe.4 •iEC `w.!�3� .L r` • . . . . . . . .� . . � � . . ....� su�paus for st�ch quarter and for the period irom the be- ginning of such iisca], year �o the c�ose of such �uarzer, „ and (ii) a debt and ca1�.a�eral ana�ysis, a.:�dicating �he exact amounts borrawed and asse�s speci��,cally pledged zs a� • �he end of such quarter. ' 6.x.3 Each f�.nancia2 report requixed by �his Sectiion • 6,1 shal2 be prepared in accordance with generally accepted accounting principles consistently anplied. 6.].. 4 PACT wil,�, deliv�r ta the Bank with each finzn- ca.al. statement required by Sect�ans 6.�.. Z and 6.1. 2 an Ofiicer t s Cer*i ficate stating tha 4 to �he bes � of the ].now- Zedge and belie€ of �he affice� executiag such cer�ifica�e such financiai s�atement �,s correct, �hat suc;� afficer has made ar caused to be made undew his supervision a review of PACT for the puxposes o� such certificate and �ha� such review has not disc�.osed the exis�ence o£ ar.d the ofiice: executing such certificaie does not have knowledge of any eondz�ion or event which consti'�u�es or wha.ch, a�tez notice or �.apse of ta.me ar both, would constitu�� an �'ven� af .� � Aefault, ar if any such candition or even� e:�ists, spe- ci£yang the natuxe an� period of e:{is�ence rhereo£ an� wnat ' action Pr�CT has ta3cen, is �aking or proposes �o ta;:e wi�7 respect thereto. 6. l. S PACT wi�l promptJ.y furna.sh �o the Bank sLC:� � other in�ormatian and data with respec'� to �ACT as the Bar.k may fram time to ti�e reasanably request. Copies of finaa- c�,al statements and other docLments will be furnished by Oxd #2382-81 .. g.. - 5J29/B1 � ,?RK.i:�q'�,'.fl'a�«�J"�i..K:k�?"l"'�"'`..rT�'^�^v�ris,.•#"C'#Rrtn��;�4�AW";'-'.^'i�"rW3, :�m:wnTy'��. �:.�i`F,P.',� ��. �*:�ey�:=�-s'!�;'" r•':e.�• 'fh++,,.:wy.� .�w�v� .� s.n- -^wr::<54a,ta;a - � ' . .. � ' ,. F ' . , , �;rS'C.'��:'r . '$ i �'�. � . . .l�- y,��. : ' � ' ,,: �'� � ; ' . � � . . �. .°yi','� .:� r. ;°:'.�4+! •'.�.• . ��L�yS�y i�}.^ �$.�' ��1. �F 4��' ��, Li't 1. ��;.'9,i._•.,�:> �>3. i•'.'�'�'' �.i._.{•.','S'�'���r�.���Z�� a`"� 3 ' . .. . . : �:', ' `� .S . I}v'. "k. ' � L'l L.. 1 '�i•�' "�•, }���} e.'�"i�, -. :'��!S��• e5.. '�;:; -.r'.,. ��.54 i.'�:.'�:iet�.-. �� (.:r." ��,� •�.•�,.r''�Y� .r. }.�:a �. -�esY'-•q;'F2�-,:7.` pf-�,...SrL�aj'�:;.�1't�, .:�r_°i:'"3'„ja�'.��,sa.:'y ;.i:,.:;'��:'"?.i ,F�" { .���,?';;�i.r<'v fe.r:'�;_.:r .��.iS�i:,2i�f'._, ai:'�'i;5?S��x .;�^3p?%. M'., • t�.�t�.,: �� , :�i.. 1 . . ,�.��r, .;, ,, i «r ,..�.. , .� .4.,�,i� rMi.i}.N�� ''�a4'�: 'A'. �'K u �.+iJ',. 'F.',�ki e�.• '.t 1• � '-.i� ;'.�i�.h . '5,4;' �2'.F.,' L ha'. �Ct M1 � . ' .�• ,I' , `��f'�. t'�&.te �( °�� •j. � '�t.� •i`i�. 1}` d' .'f°" �o{`• 2�'i 'i'":._ �!'.�'.p''=e�' ^'?: v�F..a'['���'.i:i°ai.ri:,����'t.;a;.�`..K�'.:,Yh.�'s'�;i. �.��,j'! ��"! ��.irY.` �y .`i.:�P.P �,,.iY]. E , .,:o i(},� ��f. :.�'.` ,1. }: 1 t. .( '+ � ,S- ��' �,�;: _3�.>i.� �a" � �' ' . s'�.-`:: sw.: • �- f �� ' � , _ F . y • � .9� �� �Ar F7�. �� ?}�. i5t.''§§ i�E 1:,��°'! .f: ��h P,l� St.. .;j.a•, '?:�`• `A °1�� �S� • 94�.5�Y'�: 31.5?�;S:t4• t�:�`e�� '.�,`x���{�'•,�:�'i,�«- "i,s+;; "i ;`r'':r'; i,;i: ti ��.,� :'e„' .j, .(�f�'1.+�..,. .i`'•7:.'.•y.b,�a'.'r;�:�e�,�:�t�i.'.,:-,-,' Fi,:'�`t.i..�•S"d �i.._k,'^.,���( ..ve';at`.. :! "' �)i^ "' �i`' ' ,�. •�'�'�,�, �r.-1 ��f�.. , "�la��i� at ..�rif°y.+x',."s' • ~ s�i." Y,: �( ?' .`Y rl' •^.Y� ,t,.�e. < '. ' �.' �. 3'� t�r✓� nl' !t; �y- S. " J. �� N�. ��:. ;}`�}: F� �;�r�S'; ^i�. ..�� $ •� ..7�'�:,t.l�r'• t , ��,�<:.i:j��Ei ',.�r;•���c .,:1.. ' `"' �cd,' : a s 5 �•'��1' �i ,� ��t:��; �7 .� , i`.�;:.e3° � �.'�.r. �.r�> r�..�,+� .r�, : ?,�� �..'ti:: `t+,^ 'P.iF�r+�.�'�� � . � ,�'~ `g,•r v�.'; f "� , �.l e �i-�� •siyti:3. j . 4 ..,� .e:.�. . r.• �•�F� •�.� �h �.: '� e.5 ;'y,',�•�. ',P"J• ,•... �, �r )..h�s�� �«}y::. 5�T "�S "� r*'.�,ikf�?�°'• :.�;�• w,f' �yi.s .c4, "e.;� i. t.��^i� .`c•'y;'', x�v„ in� f L� ,- ,,. �j'' . . � 'i 1+. . . � z a � �., �S M ! � r. . ,�;� I'' t � Y' :2� 3 . �i�}'`�*:�siw;.st-.� c.�`2: .�..ii,a-•".r�n��: tES,.>a.9-,.�+.?'C .1' 'c " . � ...� . . . �.� r ;�;i+sr� . . . . 'c�«,�.f <•�"`... ���a � t:.iM.3.... , ri� , � '. � . . --,u .. _ . . _ . . . ..,, .. w..,�,-_ • . �.- '.,_..z., _ ...1 . ^..` ..'...._`�'= "� _ "_ . ..'V:.n:7 '-� r - -- - I � , ' ' ... .�... .. � i � m 0 _. � ....� ;h�y . b _.. + ,_'��� . . .. . . �...� .. . PAC?' in such quantity as �he Bank r�ay have requested so that i� can distribute copie� �o a�.�. Participating Bar�ks . Secta.on 6.2 Yns ection of Records and Properties. PACT wilJ. permit reprasenta�ives c� the Sank �o have access to fihe books and zecazds and properties of PACT. Sectian 6.3 insurance. Tha PACT w�.l�. maintain public liabi�ity, property c�amzge and�warksnen's compensation insur- ance and insu=ance on all of its insurable proper�;� agai:�s� fire and o�he� hazards� with responsible insu�ance carzie,s ta �he extent prudently main�aa.ned by companies in the same pasition. S�c�ion 6.a Tax and Other Liabili�ies, PACT wi,I1, pay and discharge all taxes, �a�sessnents ar.� gavernnienta]. charges and a3.�. nther liabilities hefore the same becone , c3e�.inruent and before pena�.��es �CCrtlf: thr:reon exc�a� and so long as contes�ed in g�od �aith and there sha�.�. have beer. set asxde an the books af PACT reserves (segrec�ated to the e:ctent xequired b��sound accaunting practices) dee�ed by PP.CT to be adequate wi�.h respect thexeto. VI i . NEGATIVE CQV�NP.2v'TS . � Unti2 the expisat�.on ox ternina�ion oF the Cor,�mit�nent _and thereafter until the Note and other liabi�.ities of P:,C?' hereunc3er have been paa.d in fu2Z, un�.ess BGnks obliga�ed for b6.2/3%'ar more of the aggregate comcnitment sha3� o�her•ais� cor�sent, PACT ag�ees �ha�: Section 7.2 Canstruction. PACT will not author�ze o= permi� the cost of construc�ing and ca:�ple�3.nq �he Ce.^.�er t� ��a- .; 4 . : ' . . .,., .. ..._........�..__.. .....,�.,........,..r.vi.,..w�....',_�..�,«.�w+k'MY.'.`.SY4i?.lstir}F.Ci:A.i'Jii.W.°:L��f1T�r���I'.. n'�._ _'�d�.�l�i ., , , , , . . . � n�ww��� � .r" �:�• �r Yt7�a . ez. � � ':�.' � ' exceed the tctal con5truc�ion �os� estir�ate showr� on pzge �-2 af �he mo�tgage �.aan app3ication referred to in�5ectian 5.�4. .. ., Sec�ian 7,2 Yndeb�ednass_for Borrow�d Moc�eY. PACT wi}.� nat permit to exist any indeb�edness for borrowed money ex�ept (i) boxrowings under thi5 Agreenent, (a.iy �he first martqage laan in the a�aunt o� 55,50U,000 za£ex�red �o in Sect�on 5.� or, (�ii� �aoxxowi.ngs listed in the se�t�on o� the Disclosure ScheduZe (A.nn�:t C here�a) pertaining to this Sect�an. Section 7.3 �iens. PACT wi��. not crea�e or perm�.� La exist any raor�gage, ple�ge, tit�� reter.tian lien, othe; encvmbrance ar secu�ity •ir.terest on any assets naw �w�ed or ner�after acquixed except (a.} the securit_r inuexest. i.n the � . P].edges ga.ven te the Bank pursuant to :.his �,gwee:�ent, (iij the $5,54Q,04 �irs� moztgage 3.aar� referred to in Sec- txon 5.4, (iii� the first mortgage on 3.and dona�.ions 4o PSCT ga.ven ta the Banks pursuan� �a this e�gree:nen�, ( iv y currenti taxes nat del.�nqvent, (v) as shown �a.n the sectian of, t��e i3isclosuxe Schec3ule pertaining tv th�.s Sec4ion os �n a sche�ule contes�poxaneous�.y �urnished by P�1CT �a �he Bar.k � a.n the nua�ber of siCned capies raquest�ed by �he H�n4 so th�t i� �aay furn.ish .one to eac� participa�ing Bznk}, az (vi} suc:� misce].�.aneaus minar Ziens if any, as do na� a.n ti:e aggre5a�a matesiaZ3.y detraat iram the va],ue ar intez�er� wz�h �:�e pxesent ar antic�.pated husin�ss use a� nroper�ies subjecL there�o or affected the�eby. -�I- .. � ora �zssz-sl � S/z9/s1 � � o ss�^ ,r. �. A '�i��� c'b`-> �'rst:-ysa..fi.t;+",�fr'lin.,.'t: :��, _. "'.�r. t , .: a,"t;•�."'^.f:;.?'± nr'"+" , 4.�wY•rw o�;fY.iit �!; �'y",.Fa"� rg: �-�er4..• a.��r: �,v�'�•'f `i7%"� i14!?f,aY ��:i�e-3��."! t; . . . . , . . . . . .. .�Ax�r`'.�45!"�+�SF�!".{Y7:_14`%'•�:. , t=�'i�".' .. . 33; . . . , . �'..', . , �•, , �' a � , : , . ; ._ _. . .r5p �� � . . , ' s, .., i F,� ' . �.'.e i '6..SJs'•'•.l � • • 'ro �,� 5,ft .�. :,.., �r' 't�'''". y�'r `;�.. ' . t :a?�:';i,�lRp'•1",,, .'f!�',�;??"e'�i.�ss�"j�e;'i'f's�ct��; s� .:'f;.e.: -�6.• _f� i:�.`.,, '.4. .��%�: .<E;.• �.'`• '':' ' ;y"� �t i ��+r � : i: �'i � f . ' ;.�'. . ..�`-:.a.C�f''�"' `;!, ,:S'�.. 'i;°i�`••a'J'Cl+� `�:i�. q�a Si:1`y�. .f',,:4 ':r: `6.' :t'� ' � �.Y...r:. �.-f'.<i; ' .;.; ','i'�,n... ..0 .bnF�i.�, �is dr..s� 1 :'.'�St ,`,'f" f ..t" i'..i.��.+�� : A��'y',%� b�A:'a ,'7� °:'r,�`:`r,'r"-°ii :� r�,� � '�' �� <'f:�� �'��iY +1��`l�l�.- .l':3` E.Y': tl,y �n!".'�":4v:�lf'i :�1� . ii.:e ��S',� F!" ��-ne- 14 4 • � A� E. . ' e r , ..y� ' .F': ` �E ' , � +' ' ,4� �{� j k- ° ��, �`Ax n � :'s,• < '�r.!'" ,-t' d � -?.r:.u' °' ''1�. y.i�` '{`. �. `,i.'.' ` .•e' e;i= ?°�••a��� ,��.-'� w.� 3 ,i' ">>� �� ;�,:,�. .�1'�1.;:ti:i .5 :.�i; •.x. {i.+, ia� t'�.•°� � � �i .d .-r' ;a.ilqa:: ;.i ✓i,}+t. 'c"tt3'^,'..�.,7a��:�'�i"r�"Y�;i,t�t;...v. >t. °4 .i�.. �'�. .�?;e` .'a� �ti�>' ws;. �C �•!t"'-:�`'3 ,tx's,�}��. '�-3`����'.�;r. .Y xti."°!i%'��:-�..ti�'Sf..ctii�:`-"�5�.� ;dl•>.�oilt�.• y;�f; ,:!`.� C3'..:�: ;C,7,n:s.�.,s• rr�ri+[ ..d��,'.�6�.^�'i �ak`�i�F.1.`,F- ` �.i`n 1 ;"�s:� �` cq .:a' c} ': y:':r .'�� �'=',`'',. :r''.�-t,i, '`lri.'•.' r <'wi'"�, 1•,� k '.,�Jf ,tm'�ris�f �Ap� `�5,.L��+� �i��E.:Y'. x.a�',��. ��'.;s ;'• ��':,-,a;-•t^ ;f��.i���..ti'}°• ,.4 ��c�...',: a� �.,�',,��. ��'�"' 1�^.�r �-�'i`- i"� �U: �°Yr'le1 �`�tA�p.ej'-: �.,.`�.''-�'�i;� .�. ���,� '�+��Yt��'TiY.�?57.'�..�:�,:f.�.t ..:a�•�...*.5��.1'.=i'.°i+�.Si.t?+:�h..'�1i+.�1n.�:tXi�..��.:����::�,Y�.:��'�<'�f_7��•�+,�"> .._.,.�.... ,.�..�_w.=,K�..r�";c.{,i3•;...._._:''s'.°.>�5.�°>,�.,.'!3•.�...t.1t:`.s:�?....}r-?' _Rr.�i�� r't�.7'-s , •�' . •. . m c . .. •��. . . . . . . .; {.��.. . VIII. SECURITY. Section 8.1 MOZt,gacTes and ' S�ecurity interes�. �o secure payment of, th� Note in accordance wi�h i�s ter,ris and the pe�fo�ance by pACT of al� of a.ts �biagations und�r tha.s Aq�eemen�: 8.3..1 1�ACT hereby gran�s �a �he Banks a secur:�v in��rest in all pres�nt unpai.d p�edges vi dona'�ions to PAC�• and alI such fu�ure p].edges which may he received prio,: ta the �xpiration Date and �he procesds of the r�ayrnen� o£ a? 7. such present �nd �uture pledges. PACT agrees to grom�tly executa and dela.ver to the Bank Einancing stateme:�ts and s�ch other docur,�ents as thQ Bank may from time �a �:.me rec�uest �n order to further eva.denc� and to pe�£ec� such securi.ty i.n'�erest; and 8.�. 2 pACT aqrees ta delivez to the Bank £irs � raort-- gages executed by the owner o� zecazd, but without persanaZ liahi�ity af ti:e maxtgagox, in form for reco�ding and sat�.s- �actory ta the Bank on al�, land and improvemen�.s w1r_ich P�CT has received or which have be�n pledged as c�ntributa.ons and which are �o be soJ,d �o help pay for the Cen�er. The Ban� agrees tv deliver a satisfaction of �ach such mnz�gage upcn r�ceipt at "Che c�osing of the net pzoceeds o£ sale of the mo•rt�aged praperty fox credit to the E�crcw Accaunt referre� to a.n A�t� cl� IX �eJ.ow, � ' • 5ection 8.2 Callection o£ PledQes. So i.ang as it a.s nat in defauJ.t under thxs �►greemen� PAC� may c�?lect the ' Ord ��382-81 � _lZ., 5�29/81 K � ";y,.'�"",`•"`�'�iu;K�avi,�r�,�•_...ar�a'f�.. �,�,�,�;zsi�" �e'�ccn.ri;';, '.s.e�,m,� rrT.�.INya �irR�.r»;Y�'[*�x+�''y�6t���`'.w.+:b?�a�,R�..�.,. y.�Myw�.e��-:"�:k-.. ,.,nawq° ... ..'�:,'�,;,:•�au:r+.rT }� ` A' �°� . . ; -' � . `,i, r �. , 6 ' '�.ew'=�;'�`i'•'• . !F�(. 'Nty. • ' , i f.�t -q �tiiY , ' �}i,t ���u� "�a:�,f� :ki'4' •�,r', �'Y';.kgt r'.� ,f' '.,4�j�'i�''yi^���:,�°!;'. `t�hqk #k, k,.r !�.'�,r�� , ti 'r.:. ,1 .i;:. i�F: i� .i:: a�.:.:'vi��.. k..s �r' :v�.. .lt�i., ��. � w• :4" 'rs�•�:y �l" "'S, r �P. _�.. f �� .?". �e': -Ci.> 5�;::�. .:.i-. �s �2. .ft.5..:a: ,tl�'A �s�?:,s -i.�,f<. .°Li.' .'$ "i :'v• R e ri:`:... �`L':t:dr:iYi qsT,�y.. °'3 e�i ^" '.i.� .t �', ,°i, ��;�. " 't� . �i,9 �i'' .� 'z,:1� ,°z-..:'...+s�i( �. :(! .a :�': `t�'r '�'�..,;j���G .�a' �;a�c ;a�,i}il�. .r�,SI.::M'..1::;":�:if'F .}, .'1i" .e�..�.��;.{�!, e�.-<' {!!::.°'.l� ��i-:`�a°t�,lf '.�)r:•rr� 'Y'7sr,ti. �'.:t ,3 x :.,��. .��":^ .,i. ,,,�..,,.�, t , S�r:Yi ..���.� �S� _.at ;2N,. � 3 j ,' ..f?:_ ^.'rti -'t"�„:';.6: i�- 1'1:�c,r.` ,t. ,e ,�� a�`,:. �:t:. '.si.��7W ?.> r:ii, ;.'i�:ti:�j�.. .:5�� :��.,ar,,,1•1i��'`:-'�., d;.�-t,•;t..`s_, r> .'iY:+ •r.� %e�Ay3 .a'i :j}`,.,�..� 1.Y3;:.... t.,. :9•:,y b\,, :S-G� � :S'+�c�'Mif �.'�S=) ��l•�a� >�d:�..a �. t., ,l�;;.. ;.}. �cr ,�^n'. i`;k� `,SY�T3 :r° ��; s..-.�",- •'�;,',��ei Mei' ��e�...� ;:` 1 ? �� ' ' .,y'� : yS�,' 1; ''} .')1' � ! � .,� .., ..3 4 � �'a`` i�s.�. �` �" �°��, `��:t ;�- T s,y �: 's. tt". i:i'�vi"�.5 0]'? 'e •'Y'r 'f�'ti::,a�:�t::.,:r:x t=` '?<aY. •�ei'i:i•`..1'5��::; ,.t.-'....:"'��: �.,J' .^.�.P's. �s�' y�.:ye4'.�,' � �r'v�H��G N.� -.G:;ns,t�,. �`�„,�� °�t;��;'�°::' �w �`�w.f�r�.�.sn. `. �.�,�.,.NS�.'�AS�...A:i�:,�' �l (:+:�`�° 1."°.:�i•,� �. 7�v� �s � � 'k'S;'s'.<' 'y�'4; ,} f�- ' ' � a;5e' ,4,`��;T'$. ar1, f Y'��9;, ! i' J.' .:i.` ;�d�` : � a �u F`�, '�ib.,•??�'��. `�ii. °.�...��s$�;1�:�°rS�'f'r_}a�'?F .�..P�t .;?,�,ed�.'; .Sft..�!''�..:'�i,t>: ?MN. . , ':C'� � ;:{. �P,::�, .;.::..i�w���°�:: .:f�_��':'�l�#'.�:s.i�.�z'rra.l�t�: yY. .:.'e '{. _ _ `L _ _ _ �♦ .�" \'F� �i ��• l.�A. 7�: - .�.^- �, � � � � . , , -,.,�:�,-��.,jY,}; , 'E f" ;.i'�a:., � s`� d.�ili:�f.'F�Fr..)!.� `:�L��� 'sil,�:;';,�'r7�q}:�:' f.s�i{���.�Q+°,3��.,�.,�,„�-y,��.Y-,,sE,=e . �.�,�• ..•.�=:,..n..i�ri: -.... ,•�..�,. �i: '� al �i ��i'if�ji...! ��l i�°3.�� S J.,��� S�� 1 �4•.��.iEa;.'t ' .�;i;r�;?:.^.`;;ct�,; y•.S=''rII��'�',� ' "k *.=��1; ���t'..Yd:`uS-• ''.,yrL�;• .'� •vyA•; � : t,.�: ; g Yr� .�, s "1:�' 'y¢�'.',`:i.���'�l';.'�':: '�:•,�7�.�1'f�.i,: :"�:'}� ';='ri: 't,-i`'4j�^'k •,=�fi,.�.4s'i. :��`'; ... `.':1;:r-`.`.,�:.ri'_..-.. _. Pledges prov�.ded the amount co�lected is deposi�ed ur.�er the Escrow Agreement xe£erred to in Axticle IX be].ow. � sectian 8. 3 Re�aor� of Pledc�es . On or before �he �O�h day af each manth p=ior to the Expiratiian Date, PACT will deZiver to the Bank (i� the number requested by �.'�e Bank so that it may �urnish ane to each Partici.pa�ing Hank) sign�d copies o� a state.�aent , xn forn simi].az �o that contai.ned in tha mortgage ].oan applica�ian referreci ta in Sect�on S.a shawing the amount and curxent status of .��3 Pl.edges. Secti.on 8.g Defau�t. If the past due ��,edaes shown ar. any such monthly s�a�ement exceea 5% oE the• total unpa_d p3edges, such event may at the e�ection az the Bank consti- �ute an Event of Defa�lt un�er �his Agreement.� Upon �he � occurence of an Event of Dzfault as specified a.r, this Agree- ment. PACT ag�ees to assig:z to �he Bank upcn �ts wzi��en .. requ�sM a1i P�.edges ,and to noti�y the pledgozs aE such assxgrunent and that future payments are ta be made to tha � � Hank. �f PACT EaiZs prampt�.y to execute and d�liver such ass�.gn.ment and to noi:ify the p�edgars as a£oresaid, t.he B�r_k � �nay natify the pledgozs n� �he Bank's security interest in � the�,r pledqes and o£ PACT's de£au�.� and request tha� a11 , ���£uture payments on such p3.e�ges be Made Cirec�7.1 �o tne Bank. . ' Sectian 8,S Remedies oi the Bank. The Benk will have � all o£ the zxghts and renedies oi a securad pzz�y un�e� the , , �� Uniform Comnsscial Co�e in effect in the State of Florida � .� , � . A . Ord �2382�81 .,],3- 5/29f 81 ' �; � �k:n, rx^.k{j�9e��r°af�wLX� �;tq�-(,:h?a e.r T)�hts!",g�iC'+-„ �,•n ' � �.:...rt� �;.r.,z,t.t� s�.:: r.«vrr.Rre.���.r.:?xt��•.�.;"F,•�a'!'�*1'L.`,yquAd�ry;,A'?,+do+�slu.,:ws:°'�',%:F, %< - �_'�._' . . ' - , � . . . .� . � .: . .S'�. ��i.. ., � ' '�?� . � � � . . � � � , ,, .. , with'respect t� the Plec�ges. Ai1 casts and expensesr i.n- c1.u�ing reasonable attorneys' £ees, i.ncurxed by the Bank in en�orcing its rights wi�h respec� �o �he P�edges sha31 be added to PACT's indebtedness to the Bank, e�ii1 be payai��.e on demand and wi��. be secured by this Agreemen�. � 5ection„8.6 Dsoosi�C of P�.edqe Payments. ail payments an P�edges shall be de�osited by �ACT in nne of the esczaw accounts to be anened �wi�h the Ban'�t p�arsuant �o the Escraw Agreement �reEerred to in Secti.on I.2.A. rx. cot�t�zm�orts eF ��r�n�rtc. The obligatxons of the Bank �o :nake loar_s under �his Agreement are subjec� �o �.he �n�lowing conc3itions: � Sec'��or� 9.1 Canditions with Re���ct to Fi�s� Loans. The obliga�ian ai the Ban;t to ma�se the izrst Zoan hezeundez �,s s�bject to each a£ �oilowing conditions:• 9,2.1 �he representa�ions and wazranties ir.clu�ed i.n Ar�icle VII �ha7:1 be true and co��ect�on and as of the date o£ making such Iaan w�.th the same force as though na�e or_ such da�e, and na cnndition az ev�nt sha�.l exi�t (oz wx3i exist as a resn3.� o� making such 1.oanj which cansti�utes or which, a£ter no�ice o£ 3.aps� o� time or bat:�, would consti- . �u�e an Everit af DefauZt. . 9.2.2 PACT shall have de��vez�d to th� Bank the :1a�� �� provir�ed for in Sectiari 2.�. 9.1. 3. PACT sha].� have del iverd to the �ank (�.n sic:� n�ex o� executed capies as the Bank :nay have rec�ues��c: •� »Z,�.. . � ��rd �2�82-81 5/29J81 " ,�S „ a���n ..,re� �,�1 - t, �: L� � h�` �'Z' �o �e �r , . . . , r � o�j� � �� �h rA, , ' • •, • . � ' ' �a ���1 �a e `�h�' . • .. ' , '. . s� �e�, �s A� ht���� ,�'°�e �'e.1 • • . � ' , : • �gre c� �'a A �� ������'�e�c ��a ��r ha � f. : � . � • ' • ���4fi� �e��� �C� `�S � d��� p � '�har ��� `��7, 4 ' � , ' � .• . , r�a;�� � `'�'de3„ � �'°r� �h� o,�� �h� r� $�9''a -7' �h a�d ��e QGes . 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N,¢��'.']:l.�i j�{�,c,'r �y.,��� �i' a. `r.'��fF �¢�.<<..a S�-cv� �� �i�." sfi. s:;::°;�a°.tt�;; �:...;;tr,:�'F;,.t',� ,. rq, a.. .t �`�: "•�c�si'-.i,. .7Ga.j��;�..A#S� '� �1r �?�N�};,,,2`.�r��v"`+_R_��:•t'�'•-.� "f':�1'" '+"';t�' tC:�. �:�;:,• ":;,5j'r�i,!r�.�:�,r�^i �' �•f.t�{'�y� i �• ' r�:�, �� � yk� J i .j y �P,�i�+ �' ,si =".:. . �.�� t� �.��. � . P`�.i�� Z; �. '#.R c.r�t .i�� �S }.j«�,i� r��:� `5;,� F 't ��t"= :'� �;;�'9', i ;." s�`:a,��;.i; �• "� ��:'s�'t'� 3�t r-�' • .. . ,::ti , ....t:. F�;,,. � y.} ysp r �",�r��`F; }� ai, a� 1 t.. +; c �.#'��,�'s �k:l;': .r;.,..; 5i' i{, °r �..� k, i.•'S,'.2�:.5 c. F3``, �e_ f i� yM�•..�. ;Y. r x' �;r� w e,�(�' �y e.i�F lr: ;� .l1•` Y t tiEn.t{j j.ti_;' e�- 1 z. �.L'i�': ���y''� � ;��; �'� {tuk�.fl.r t.t �•.���' 4 �'.Ar'Pj' iE?�; ka,'.i �� ��Mf;e, ` ��.n:�i i� ` ` 0 i A'�,� ��4. ��N �'1� SF„ rS ���'d�ei t'c�'�•......:i}'�^ i: ��.:•�' `.S._ r:::�'!,.�Sr n,'S, �3Y °._._....�..� r. :?' _ 4 ;�. :'_ti?i` ..... n? . � �.' `a ;" �} L,',.'�,,��` �M'�� .� �rfy,��.• �'�''.n:� �t; i�e�'i::�'F;' i �4,� t.�.' r� 3.. ._ c •_4 x-S'=�'� =..5..:..f�.y .. :.4. ..k.: F:�_ �v .`s`. . u ...t��.:-�....._.... i_.. ...i.� . ' ' ^ �4� ���-.�.��. ��.A� . obligations � under this P.gre�rs�en� and the Note do not con�lict with any pravisi.on o� 1aw or of �he charter or bylaws of PACT as of any agreement by which a.t is bound. . (4) The Agreement �and �he Note •zre the va].id , and bindinq obliga�ions o� PACT a.n accordance wi�h their terms� subject, however, �o the Iimitatior.� imposed �y �eorganization, bankrup�cy and other laws affecting generally �ha en�orce:ne::� a� �reditors z�.ghts. ' 9.1.4 PACT sha3.l have de?iver�d to the 5ank an oginio: o� counse], acceptab�.e to the Bank addresseci �a the Ban:t anc3 cfated the date of snch J.qan that P�1CT quali�ies as an exer�pt organization under §50Z(c)(3j of,th� In�erna� Revenue Co�e and '-..h�t payments o� inte=est an the PTotes wa.].]. �ot be subject �o income �ax und�z �he present pzovisions ot �i�e Internal. Revenue C�de . ' 9.1.5 A3.1 instrnments and lega7, or corpora��� procee�� ings in connection with �his Agreemen� and the ��a�sac�=ons contemp�,a�ed hereby., sha�.x be satis�'actory in ,£ozm and sc:b- "� ... stance to the Bank and its counsei. � , � � . Sectiari 9.2 Cond�.tians wi.th Resnect to Each Loan Subse- �, � auent �o the Firs � Loaa. The ab�a,gation a£ the Bank �o r.ta;ie ;-, �; . 'any. �.oan subsequent ta the £a.rst Zoan hereuncier is sub j ec � � '. to the conditio�s (i) that, except as speci�ical�y stated by ��. . . the . OPficez � s Cert�.ficate hereinafte: pravi,cied� :ar, tY:e i� � -36- ' Ord �2382-81 5/29J81 n '?� _, ,�..,.r,�..i., � '�s�wJ' • . �.'.iyr.' : • J�}1: «�.-.- •.,r+-'.af'y] :.:��"Y'..yy,�'t'�Tk'i�a°iM',�:Ct't•'*O�l,1rYe�f!��,-wx•.r.f,hrft '�'� , � � . : �. i'�,W:�,...s.'.:-r.J�r���::'C.•.�`4'����` .. °s' . , s. " . ' � ,f . .�. `:+;��r�.`.. �,. , . . � � �t j, ��r�:y�y�fa . r _ � , c��7+ � i':, Y�?a . ',. �-. � :�� '�. `t�r:�� .F.� .. ,;ca, •�s"''„ •:`.�i�;'i``}�,�' .i.�.,(�+' i°�:' Yi w,',tt�"i,',i;i't`ir ..t��.a�. '`'Fi�;< '�=..�g��;:at. � � �.''�:,i::' • R . �'i�, } a<. 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'.�, g „ ��, ^ ,.''��ii�:y�Fr*.': rn1.!.�:k �.�'j '3�.Y; r,?t' ,. s 1;. , ':7:�;,+ �f�j rt.. ;�: *ri.� .-� i ; C' . ,1j . . •:1� , w :�� � ; t3�" , p 64'v,'.:M . ,>>� �x� '� ;i'�';3�-°r'ks����,R.i.:4s'�'".s�.r'f:;:�s�:.�.�;4,�1:,i4;.., ,:�:+�r;���'���j, �i r`r'v ''i' Y t u . `x'P 1Pp'}:a; r.;�'.L',4ir.'�':i���F:j'�r��ie.,,..�.�,i:?".;1,.�._1�y1s �:v.if`I-H:Y ._.,.._• • ���`- "-- - ' - r,. � �._.��. ,«.�.... ��i ...... _ .. � .. ._ . .... � . .._ . .. .... ...... . .. .. .. _» . . . ,. . . .. ,,�...�, . . . ... . .__. .�,_ .....�. xepr�senta�ions and warranties cantained in Azticl� V shall be �rue and carwect on and as o£ �he da�e �� r�aking such �oan wzth tha same farce as though nade r�n such date, (ii) that no conditian or even� shall exis� (a� wi11 exist , as a result a£ making s�tch loan} which constitt�tes ar :�hich, after natice ar xagse of time or both, wou3.d cons�itut� zn Event of Dexault, ( iii. )�ha� PACT sha1.1 de�.iver ta ti-.e Bank an o�ficer's Cez�ifica�e, dated the da�e ar such 3.aan, �.o �uch-affect in such number a£ exacuted coun�er�arts as Lhe �ank may have reques�ed pzovs.ded, however, that in �he even� any excep�.ion as pravided in C�.ause ( i) above sha3.1 be statied in such Officer's Certifica�e� 4aC� sha13 deZ�ver advance coe�n��rpar�s of s•aah o£ficer's Certzficat� in such number of executed counterparts as the Bank mav have re- ques�ed at least I�4 days prior to �he �a�� unon whi.ch such �oan xs ta be ma�e, and (iv) PACT shall deliver �o the Ear.k. an opinion of counsel accept�aJ.e to �he Bank addxessed to the 3ank and dated the dats flf such Ioan �o the same effect as �he op�.nians o� counsel pzov�.ded fox in Sec�ions 3.I.3 and g.l,�. ' X. EV�27TS QF T�EE'eiLI�,T. The accu�sence vf �ny o� �he Following shai� cans�i�::te an Event d�' De�'au�t: Sectian ].0.�. Faiiu�e to Pav Note, Cornmit�ents Fee a� 5enr�ce Fea. 1]efau�� in the paym�nt o�' thz principal. oz . intexest en No�e the oz any camlit��nt fee or � sezvzce �ee �rhen due . .j �I�_ .. . Ord #2382-61 5/Z�/81 r. .�, .tyi _ „�-, i� :.�_, i,''t,y, :•i'��• ;�,yF ,'ySj:�M������ F.s . . _:'': .. �� J'S . �.:j.?i•°,;�1:. . ._. ....: X��%.L?s. �•'•�� I�3:'9 ;.. . ti � ;:r::� S�. _ . . 1? ,�'L':.I... � �. ai; .� �� ...��,�... -.�.� �� ...�_. .... .._...... ... ........�.. � ..��... _.. � � .. .. . •� . • 0 .. c' °,`,.,i: +';3.� ' �'� `"�. Yi�r`.,���,�z;',;,;;� �' `�. :Fi':�•i:�� : • ;'.3, :.i„ _�. ii•,�`: ,i {'^;°�.rR3.:r."G �:L,, .' � .� ., �.a .f�.�':e.. .,R.���".P{.'�,�., k< }'�;, rl:.. `xa,C �'"Lu ,��( i5�,�: L1 ;'i', :{ : ..t ['•.y:j1��v-� .lf,.',2'.��i..o.�',,i��.i l"��z}1'h I�.I'.:�1.`.rt �t :. . .. ... ........>._'.�'.r'.��:�.. ,.L�?'�:::': �v'°�r_:...1�Er�t���ihS:'i",C_ �_.. '�""_...� _... V-�F`. ��..�.......r.�...,�..... Sectian 1.0. 2 Fai.�.ure �o Pav Indebtedness . e?ny Indebted- ness for money borrawed by PACT becomes or i.s dec�.ared to be due and payable p�a.�r ta its expressed ma�urxty by reason of any c3efaul.t by PACT in the� �performance ar observance oi any ob].igation or conditian. ' Sect7,on i0.3 •insolvencv or Bankrua�.cv. PACT becames insol.vent or acl�ni.ts in ' writinq its inai7iiity to pay a.�s debts as th�y ma�ure or anplies for, consen�s to; ar acquiesces in the appoiatmen� af a�rus�ee o; xece_ver for PACx or any of its pzapex�y or,� in the abse::ce of such applicati.an, consent, or acquiescence, a tzus�Cee or receiver is appointed for PACi or £or a suhst�ntia2 part a�' its gropexty and is no� dxscharged w=thin 30 days; or any �aank�- zuptcy, reotganization debt arrangement, ar a�her proceed�ng under any bankru�tcy or �.nsolv�ncy law, or any �1550?uticr. ar liquidata.on proc�eding, is inst�tuted by nr agains�� :�Y:CT and, a.f 3nstituted agains4 PACT, ws consented �o or acqu=- esceci a,n by PACT or remains unda. ,massed far 30 days . Section ].0.4 Defau].t i.n Perforrnance of Cer�ain Covena*�zs. Default in the perfarmance a, aryo u� PACT's ab�.igations under Articles VI or V�I. . Secti.ort 10. � O�h�r DeEault Under This Aqree:ne:�t. De�ault a.n the pexformance of anv of PACT's �gree :;e:,ts herain set forth {and na� const��u�ing an �vertt of Defaul�. under, any o£ the precedinq subsections of this Articl.e :i) and con�inua,z�ce cf such de�au3.t for 3� days a��er notice thereof to aACT from the Bank. l��L � � Ord �2382-5� 5/29/81 ' ..__ rr..r . . . ., .. . . . . . .. �� ...ri',7�.'•rwt .•c1°k' � . C. _ �.5�41�` � "., ... . .,rryy+!�u r u.�s�x�.� ,:R""' .�r.�.4y,�`r�,7Y.�:`.v+.x�.,,�a.; ei!SS, ��t�.«!='xr?R±y.Gt�,Y".:�.e�!!*�°S,.�r'n i �.? � ` ):r�.ae.,«wy'.�' iy^aJ;}�?.yp,��.��?i :?!�"J�,eyy'"'�.r: . S'�" C`M ' �' : t - ., ,� ��#xt+?'3r1'�!��,m: . n�r. t:� ��rv�.. , - ' � . . : . • 7;��';�Y�. ��.i: ' S. . '° 1 . ♦t � � ; a.�ip,.�' y:kr;Fjf cTi:�t.�:'��t . �'�'S��t� .i';. ,�}�:.. . �• '„��F; ,-i' .`1'o-:.�., . 's°"�,.�� ;.��[ °� �$ r�''t` 7�":.f,'t`::'ai=' .r: ;.a' .t .��.�r `�`.�:s'f.�f"".S!:. '.:�, a?!.,aga.P.:,.:'.%: 'Y",i. 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Any waxxa^ty made by Yr�CT' hexein �.s untrue in any r�a�eria�. respect, oz any schedu].e, statement, renort, natice, or writing £urnished by PACT to the Bank is unt�ue i.n any ma�eri.a:. xespect cn the dat� as o£ wh�.ch� the zacts se� forth aze s���ed o�c cer�ified. Sectian 1,0.7,� Adverse_Ch�nqes. No�ice is given to ?P.CT hy the Bank that in the reaso:�able opznion o� the Bank one or mo�:e cor.ditions exist o_ events have occurred which in such reasonable opinian migh� resuZt in a�aterial-ad•rerse cY�ange in the business, prot�erty, assets or iinancz�2 cond�.- �ion ot PAC'i� and, if such conditi.on or eveat is the institu- tior. of �.i�Gigat�.on ox gov�rnmen�aZ prQCeedi.nqs ag�inst PACT, such li.t�:gat�.on or proceeding is not dismisseci c�i�Yia.n .30 days af�ez such notice, then, (i} xn the case o€ an £vent of De�ault speci+i.ed �.n Sec�iQn 10.3, the . Com,7itner.t sha11 immedia�e3.y ��r.�zna�e aaci �..�e Note sha�.]. immedia�el.y became dus and payab3.e, and, {ii) a.n the case o� any o�her =vent of Defau�t� i£ any such �uent o� Default shal�. be conti:�u�.r.g, the Bank m�y {anc3, upon reques� o� �articipa�ing San�ss obl3.gated �or 6b 2/3J ar nare o£ the Comnitmen�, shal�. } dec].a�e the Commi't.,z�nt to be te=~rs�nat�d �nd the Note to be due and� paya�3.e, whereuoon the Com,nitnent sha3.1 ir.uned=zte�y terminate and the Pio�e 'shal2 it�media�exy hecome due ar.d payab�.�, aX� �rith�ut not;ce �f any k�r.d. The �an�t sha�? promQtly advise PACT o�' any such a�claration, but fai?ure �o do sa shal�. no� impa;r the efFect of such CecZa,ats.aa. ihe Qrd #2382-8� ..Ig.. _ . 5/29/81 x'r`.�r!wk+�G�:!�'�a'K3y+.+?:v`�'F•.�z `r`�n,ri.Y'-�'?"�7'F',�r�`tia+rr.,r'. r°.`r . � ,;.,'� . . F " ,. - :5'r;� ^^f".+ix` .,i., /�'�t.�'k,+y'!�-�ta:`�.?"n'.'�'kb'K.•a.q�,.a-+';+�•. r, '^•F. .. ' . ' • ' . . ' ' ,. . , , i��"i. 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'.. � ���f ::' ;."� ', . � ' '�.il`J�.,,.''��'j .;i..'��•', • �;'.+4.. .,t• R .� �� f k�1����� {"�a •�� .�i'ti� wf,z �+ e. bs�,�,r�,'� .�.. , ��.�� '�✓�'r..,�:�li:�;-.;.� r •� t� �c,: ;r, �.'-p`� , �y� � , r�"���}��fS��.r��t ��:, :��t. ,:�;r �:� "�`'.'".,�.t?�_•.: '`"' - f'- '?s' t','t- r _:4,C,r`°'. ; '�:::i��:n '° , , ; ,-- . .. ... . . i .... .��.�k ......... .. ,.. . .. .,.._. .. _.. . . . . .. . .. . . . . . . . .. � .. . .. . _ ....._.._.._..._..�_. . . ,: ,. � •. foregaing notwiths�anding, an �ven� o£ Defau�.� siialT. not b� de�med ta be in�exis�ence fax the purpase of this Agreement � ii such Event af Default is occasiane� by fai3ure to comply wi�h any of the pxovi�xons of Arta,cles Vz or VII and Par- ticipating Banks ob�.iqated �or 56 2/3°a oz more of th� Com.+nit- ment shaJ.� have waa.ved �.n wrztzng such nancam�l�ance. � XI. EXT�NSxQN OF EXPIRA�iQN DATE. PACT sha].1 have the right by written requ�st del�vere� ta the Bank a� �.�as� 6� days bsfore the 5:tgixata.on Date �hen in ef£ect to requ�st the Bank �o adoo� a new Ex�a.xa�icn Da�e which shal�. be tweive months a��er the �xpiration �ate then in effect. Ti-.e Bank shal� promntiy noti�y each Par�a.c�.- pa�ing Bank of such r�quest and, i� the raquested extens=on of the Expirati.on Date is consente3 to b;,� Partic��at=r_g . Bank� �enresenting at Ieas� 6b 2/3% o� t.he Comrr�i�me:�� and �.� new or additiona3. participations can be obta�ned �y �ke Bar.k • ta �ake the place o� those Part�.ci.pating �anks which da not consent to the requested e:ctension and wisn ta receive payment of their �o�tions of amounts loaned to ?ACT under this Agzee:nent, the Bank wi.11 noti,fy PAC� tha� tihe Expwra- tion Da�e has been extended ir_ accord�nce wit� its =eques �. E� the Hanlr �s unable �a abtain nera or additional par�ic�- . patians to �ake the pl�ce of all non-cansenting ba::ks whic;� � W�sh to receive paysnent �y their partians of �ounts 3oari�d to �ACT, the rea,�uested e:���nsion wi.11 s�i11. beco�e ef£ective pro+ric�ed PAC� pays ta the Bank pr,io,: to the old �xp�ra��.az nate �n amount 5u£=3.C1e31� to pay o�'� wit.hdrawinq �ar.}cs �ar riz�R Ord #2382-8�. ' - S/29j81 � ^._.i9'�`f�� e�'`M i�_._�L��.�.�.. �,`f'� �F'r�} �'��'F � 2�. :��ql•FS ��. . . ... �.� ati��„.�k / ni .w� '\!�' 4.0 !1j•:( . A1'�•IIG+w��.�. ..0 ^1rnM.a! . .1� ..� ..�. .�,����R43� '?yri�.'K=tiY"v°'Cr"'�".:I.�p�iU1[f`�ll.`1'7T„'�"iyA:2�Y�}€:niv ...,vntirti'..:i�^ �1rY�1� tt `,}'.l�.i,?� .. . . . , ,t .. . . ' . . .� . . 'r . �: ' it� : �'.. . . `�l���::J`. ,la��ii ° tu..',5�.',(�°y,. tr.� 4' +�:F,.,��lt"N' ;'• ' =;r i;>:7,� �, �",•.: .� �:z^ "��':7" �.:,.�':%<•�i� ',.}.�.:"�.,i.,u�;.��'4 . �`,��,.i, '!�t 'k�,FS �si: ., .J": .�'i �i .i!'.:. ���! %c. ' y " 'r. 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Ban�ks so paid o£f by PACT wil]. no longer cons�itu�e Participating Banks. xY z . c���� . 5ection 12.1 waivers. Na dela� on �he pa=t o£ the Sank, in its e:tercise of any power ar xiqht sha�.�. aperz�e as a wa�.vex, therea�', nor shall any singZe ox pa��ia1. e:�ercise a� any power or rzgh� pxeclude other or fur�her e:serci�e thereof, oz the exercise o� �ny othe� aawer or right. sectian 12.2 Collatera?. �he caZla�eral, fu,rnished to secuze the obligations of PACT under this Agreement an� the Note sha7.1 be he�d �r.d admina,ste�ed by the Bank �o� �he p�o rata beneiit af all banks partici�a'�ing in �the cemnitm�i�t. Section 12.3 Cons�n�s. T�e Bank, or ar.y �artxcinatir.g s Bank, gi.ving any cansent or no�ice, or Making any zeauest oa pACT provided foz hez�under, sha3.l no�ify the Bank and all a�her Participating 3an3ts thereaf. �. Section 12.4 Notices. .�ny notice he�eunder sha13. be in wrxting and, �.f ma�.Ied, shalX be deemed to be given whe.^. sent by regis�ered oz certi�ied mail, pos�age pre�aid and 2ddressed, if to Pr�CT, at a02 Pierce Bou�evard, Clearwater, Florida 33516, for the attenCion of , and, if to the Bank, at the address appearing in �?�•e :i.r�t parag�raph Q� this ASzeement far the atten�ian oi , or to or at such othsr address as either par�y may have designated by �,ike no�ice ta the other. Oxd #2382�81 , ..�I_ 5/29/81 � ; � ,r: :� v ` �; t 4s� �K�s` � 's" �, .Z ;`� !m.�M�.k�A1.�'a •✓val,.� y.;n�.��s;-. ..h�.'.`hfte •!}y... sr.. xr,.,,..'S+4fa-Mrtw'� i�x.irt H:'�+a rr +. . ...w�vw Ete.v.. , n•�rk'° . ..•.,w �„t��.} � ti�:�. , . `i . , , � . . � . � - .��e:, , , . . J... ��'t �"y'.� ,M .�:v v'•" .r . . . A+!-"'"." . � , . • .. . , , ; .i. ���,a„�S:'�I'.'�.4" ;.�1'. � ''r.' . .. ' r�`4: . "„`�y. '7..: i•�1�?���:,. i� ,i �>�•til�`Fe .f. �.° S�`I�FIn, �1. �.?' . 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Yk k'A' ��AL*C� t ��Yy^,� :S �b ��„�-.,isff ..b�? .4., j. , .sn l rrVi,'s!' • ..5 �.tf ° ly. , ':y�:tiw_r�, v . �.>h ,[ �`•' a;: �� .{' Ti 'Y r�i ,1:5 r .r.� T�rui�:^.}� �/.n f'`',�sY:�dY....'e'". `��+ y-•r iS„'r;�[+� • t��� � r, �i '�t 4 ;�S' �;a `�tt�'i`.':•r�•: , '`.• "y ' , _.T.y.,?�. �. ',,,t,;, . a i.r:,T r�YY�,� ''�t '� •:','Sb�p���'} �,�si';"�5�� •�;�#.�'�.�yf:f'.tt E' .�kx.. - i,:;;,�;��.��,^,,-^' a�':=�''�.•.i.,S i'.?:1'G.ztl-.'»Y�,�.iytir 'r;e.�s:���i;.i' ���� �� y� y. �Y^ �' L + � .4'i f _,: ai �. ! "~�, 4�]`= 1� 2 . '�;�. �... G.�.�r i:.�-,.�::�.2:w:.E.wi'.r: ,. - i "i., ��r. 4 � , { ' MY�i�N �! :.l, � � i Sectian 12.6 Extienses. Pr1CT agr�es �o pay �he reason- abie lega]. faes and expenses o£ the Bank's cnnse? zn can� nection with the pzeaara�ion and �xecution of this Agreemen� and the closing o� a11 1,oans hereund�r. PACT also agree� to reimburse �he Bank upan demand �or a3.1 r�asonable ou�-of� pocket expenses (including reasozab].e a�torneys' fees and 1.ega�. expense ) incurred by �he� Bank in connection with �ne �nfarcemant o£ �he obiigat_ons of ?ACT hereun�er or und�r �he :tate or any secuz�.ty �herefar. PACT fuYther agwees to pay, for �he dacumentary stamp �a:� on the Na�e , Tl:e o�liga- tians � a£ PAC� s�a�ed in this Artic3.e sha3.l stt�vive any �erm�.natian of this Agreement. Section 12.fi Re�ianation of �he Bank. �he Ea:'ik May • a�esign as tha Agent o�' �il.' banks particip�ti.ng in the Com.*n�.�- � ment undex this Agreement upon 3o c3ays priox t.�,:i'tten notice �a PACT and to such other banks. In the even� of sucr. resignat�,on, Participating Banks, incl�ding the i�ank, obl,�- gated for at least 66 2/3% o£ �he Commitmen� may anpozn� a successor who will have a?Z o£ �he du�a.es, rights ar.d �mmuni�ies of the Bznk. Sec�zon �2.7 Survival oi AQresments, Ra�resentati.ons an$ Warran�i,es. ?►11 ag�eements, xepresen�a�ior_s and wa=-- , ranties made herein sha�� sur,rive the, de�i.verv of the *1ot�e anc3 the makxng and renewal, of loar.s hereunder. 5ection 12.8 Governin Law. This Agreemen� �nd Che Note sha1J. canstitute a cantract made unde� and gaverr.ed bv the lacrs o� �he State o� Flori�a. . -22- 0 Ord #2382-81 5j29/81 `._r..�_ .._ � „ _, . .. .. .. . . ... .... .. . . . ... . . . . _b� . . _ ... _._..---.. ..,.... �, � '; ',, • '+ . Dated at Clearwater, F3.o�ida, as nf �he day and yeaz £a.rst abave wri�ten. ' . PE�FORMING ARTS CE��TzR P.ND ' TA�TATER, INC At�es�: - � • By; ,. President . , � BANK OF CLEA.RWAT�R . an its capacity as a�end�r anc3 - . as Agent Aforesaid , Sy: � " , - Pres�.den� • � �. � ., � . , � . , . . • ' . �1 . . ' . . � � . . . .Y�. ' . , , . . . ' . . ' ` . . , , . ' ' 1 . ���� . ':i� ' � . . � ' . -. .- �, ora.��a�$z-83 i` . 5J29J81 , , r ' � ;�� , � • . � �, ' ANNEX A ' �Bank • Address � Commi�snen� " `'- ' - Amount �e�centace . , .. . � .: S % ' , , . . � � � . . � • � . . ,. , . , . , . - � .�. � . . � .. �" ` �{ ,. . . , . . , . � 'f� ' • � ' . . . . . . . . _=V , . .. . , . . " '!!... .. . � .' . . " .. :I� ' ' '. . , � . .e � . . , . . . . �.. �Tatai� , . • S l0a% •;, . . _ . �:, . . . , , .; �;F Y��`,r.���•': ^ : . . � " .. ' , � [ . . �.�: � �.. . .. . � . . . . , <,,, , . , • , ;�t�A . � , , . , : . , ,, r; .' eY, , ` , : , : , . C�r`•' '�£•, .,7 • ^'� ♦� .. :.. . , � � . . . ' .� • � � � . ���_ ,`Et':��.,�'��:. `��,oxa� �,z�sz=s� . ,. : � � , .. : � 5/z�/si--- � -- -= ,,: `. + � 1 � �' . � . -t�i � M � • n •• • ' l"�i� 1Y L� [r Disclosure Schedti�Ze for 5ecti,ons 5.4, 5.5, ?.2 and 7.3 Secta.an 5.�k - Material adverse change ^n P�CT's �inan- cial conditicn. � ' � Section 5.5 - Pending ii�igation, etc., which mig:�t � have materia3. adverse ef�ect. � . � �. Sect�on 7.2 - Indebtadness ior }aozroae� Mor.ey Zot , � disclosed in Aqreement. ' � - � ' � �� . • -� � 5ectian 7.3 -- Liens oa Pr1Cx assets not �isc3.ose� �.. �, � � . � Agree�en�, � .. *, . , , . ,�, , No en'�xy under a Sec�ian nLUr.ber indicates t:�a� ?�,CT has za � �. ' � an�orina�ion . to d3.sclase with �efezence to t.':at sec�? ar . ,: � � ' � ' � . . . . . ' � o�d �z3s2-s1 sJz9�g� � �.-_ � � -� � h. ..'i�i.'hY�.i � J M�Q . M1:t� �`r`hi�..{v.+l� M��Yi�.'.iw'��..�����11 �' �} . .. �:'4a�.'x'.. ..��`, .•� .,«t. 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GUARANTY AGREEMENT �� �7� �f�-t�t.�""�`t�; '`,��� :r ��et{'' : � )^`, y; 1.` 4.: t , l' � i ;�i1.irE;�' ::._}. ,kt� :fF.SI:.+ ;;�t.� �' .sr.�,'t�;i3r;r�}�'•,�',`s;°y ��ei `�'tiF'�'� .�`4}°' �'y`.;t , • �...„,,,�.�`, E�F�.vy•'.�,1� •����`t'i,'�i•s.11�•�l,tY(' ��i�, .iie.�2°;� .'���; ��.'.3, .,!•( s :� $}3;Y..`+��:9 I.'�;';".�;'i �.'•�f �j (��t.f`;:f.'��a�` � n.}..%'�.�,� � k:,y�� �,ak��a: ���y,�7 ':��, *� Y ���,'ry,..'/+t�-{t'�v --. .;E.^e`l+.°.? :i�:'.<+ u �cxzBxm c � THIS GU74RANTY AGRE�MENT, dated as of the riay af , Z981, i�s by and between the City o�Z`�eaxwa�,ex, F ar a, a muni.cipal corpora�ion du�y organized and existing under the laws of the State o� F3,oric3a ( here�n called "City" ?, PACT� inc„ a carpora�iori no�-fnr--Qro�it oxganized ar�d exis�ing under tihe Iaws o� the State af Florida (herein calle� "PACT") and , as l.ender and holdex of �he ortgage no es urs er t � acuments escribed isi the Commi�me�t Le��er a�tached hereto as Exhibit A( ttte "F'inancing riocumen�s^ ) ( �t1B � I.etlC�@�'" ) . . wzTN�ss���: WHEREAS, axranc�ements have tseen made Eor the issuance and sa1e, pursuan� Co �he a�oresaid F�nancing Doc�unenCs, by P,�►CT, af Mor�gage Nates in the aggrega�e principal amoun� oE not eXCe�diriq $5r504�00� (hereisz call�d the "Notes"); an3 WHEREAS, �hs gxoceeds of the sale o� �he Notes wili 6e ased ta gay pa�t o� tt�e cnst of cons�ruc�ing upon land awned by PACT a perFormi.ng arts Eacf�i�y (�he "Prvject") which wfl]. be mad� avail.able �o cornmunity groups �ram Cime �o titne by the City under a�acili�y Use Agreemen� (here�n calied the "Use Ag�cesment*} as a part a� the City�s public rscreatian prcgram; and • . WHEREAS+ the City will have a residual bene�ic�al � fn�eres� in the per�orming aacts faci3.ity pursuant �o �hs Financ�ng Documents; anci WHEREAS, the Cf.ty desir�s �hat PACT issue and seJ.l the Notes and apply the pzoceeds far the purpose descri.bed abave and, in order tn provide an inducemen� �o i�ACT ta f.ss�se and sell the Notes and ,an inducement ta the purchase oE the No�es by a�l who shall ati any �i.me became halders thereo�, the City is wil].fng ta sn�er in�o �his Guaxanty Agree�enC; � NOW, THEREFOR�, in coRSideratian a� Ghe premfses and other good a►nd valuabie considexa�ian, the City, PACx and �t�e Lender do hezeby covenant ar�d agree with each other as fo].Iows : 9 -].- �I'C� �����—�� _���Z$�$1 _------.. �...._.. ..... .,,.. .y... ,. .,.....,.� ,.r. W . •�4.^°Y�,,�`u�„';L�r"",-i:trPar,r.. y�,o:Tr .�.•. , „Y�-, ' . " r?.4' ' '7 s �r s . �; . �F , '([•:' � t, . r.. . . i.. '„!.° '•�'l. , w�e ���,...3... .. ' ra;';;'"' :�i: �.f:� �'I� - ' `.r• .. ._... ., ... .. ; •' ��'6�:� , ° � , , . � • ARTICL� I REPRESENTATxONS OF THE CITY .:,- 4 j �ection 1.1 '�he City i�exeby represents and warrants that it is a munici�al �orporation duly orqanfzed and existing un8er th� laws o£ the S�a�e p� Flaxf.da, has �u�Z power and authcrity to eriter int� an3 perEarzn th�s GuaranGy Agreement and has duly autHorixec� this Gua�anty Agreement bx �r�per o€£icial action. nnTZC�E zi CQVEi3Ax3TS AND AGREEMEHTS Sectipn 2.,1 5ub�ece to �he provisions hereof, the City hereby unconditiona�.�y and i�revoaably gaarantees to the Lend�x (a) the full and prompt payment o� the grinci�al, o� and premium, iF any, on each Note when and as the same shaJ.l become due, w}��i;her at the stated maturi�y thezeo�, by accele�at�.on, ca],1 �o� rede�ption or otherwise� and (hy the ��1�, and prompt paymen� o� intetcest vR e�ch No�e when and as �he same sha2l �ecome due. The City further agrees, in the event o� any �ailure o� PAC� to make such paymen�s wHen due, �o make such payments ta �he L�end�r pra- vided however, tha� khe max:Emum amaunt which Ghe City shall be oF��fgate3 to pay at any'ti�ne and �rom t�me t4 ti�te hexeunc3er shall never exceec� the sum o� (aj One Mi�iian Llollars {$1., 000, 000} ( Che "I'rincipa� Camponent" ) and { b) �he Co�a1 f.n�eres� gayments wh�ch would have been d�e by the City if it had borrowed One Mil.lioa Qel.lazs (�1,,OQ0,400) cn the date o� �.ssue af the Hotes a� ari �.n�eres� ra�e ec�ua]. �o the Ac��ariaZ interest Rate (hereinaf�er de�ined) aa �he t�Io�es, and had repaid such �oan an �h� dat�s and in t.he a,nounts o£ the actual payments �tade to the I,endex nereunder, applyinq the hypoGhe�i�cal repayt�ients first to accrued intereet and then ta princ�.pal ( the "Interes� Compcnent" ). The P►e�uari.a3. Ia�erest ilate shall 4�e the yield on the Ncates computed in acco�dance with proposed U. S. T�easury Rsgulation Section ]..1Q3--�3 as proposed on ,Tanuary 1, 1978. i�, aEter tihe City sha11 i�ave tnade any p�yments to the I,ender heret�ncie�, PACT' �hall restore a11 or any patt of such amoun� �a the C�ty pursuan� �o the i7se Agreement, the amaunt o£ such �estcratiian shall restore the maximum amaunt due hereunder by an equal c3ollar amount. All payments by tihe City under this Guaran�y Aqreemen� sha�l be made in ZawEul money ai the Uni�ed 5tates of America. Sec�ion 2.2 'I'he obligations o� the Ci�y hereunder are payable salely �rom funds derived by tihe Cfty Erom so�rces other �han ad va,lo�em �axatian and legally available £or such purpase _2- � . #2382-B1 _ 51�9L81 •.! •-.M�:. ,lr.Fi. .; �.: � y+�s y. . �.-.«� �.�..� ..9��ct:;'f'I.'�'"�t". . � . ,.ao-rf.�i�� .4.'�..,.Wa?,R+w.t.�.,u;,�}%' . . . . . . . . •�''YI:I.°-. •;�.r.:J!��.r•r*,�" .. •. . �^ r�a.��^`.i'.13rt�,..-�s.T'.w .. . . , ,. '� . . . ' � . ' : �'�:: . ' .;}s�i�':r,.�.:.�'; � . . . 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'� s t S � ,n �.r� , � ,' ` i.. ..' f�'•• V �� , ti � •; �,:�i , W' a 1 iad- i ' � t:`':..�5, � cr �:'.. �E. .��� tr' 1 4� �pn}•� . �� �.A4 H«��et.^.t+4�1� �.Y'`f.l�`:y.� .i.: 1 ^ y,ii.: • j4'. a'.i.�i,,LeS �,5� '.,"�p� �d..�, si �'Rti �� .�' � . � � i^ �i.f • .:� j�e. ',.�} Jl�sr�. ,+=.Y . ,'.�3, �.'. �;i�, .:�`�" � ; y��t:• , i "� �K.,' '�t�- ,L.,, .-,�.'�J' � .�'+„t; ° Ci`:7� ..i ;Fk�.�+ r ?L�rrl%34;1�`J.i,r ;7. :.� `:°}•','1i, .t`: t��r � �t- ..�.i v`�����r xi`�L•�:.. '�•,':"a!•`tii:,• *�,S'" ri � ���.. '�. _,rw�"��i,�:�;.:t...!. .k..-�iL,.�.��;:.. .�a�i'l.�... . _«:��._ . . ���q i, - .f�''.'�,4 �'tiE".... , ., . ,,.... _..,.. .....,,. .,,..a�s':�C�.?'Ci�..�, s . : � t�a,�t f . � • � r�++rv �?.?�3��1:�' ('�:.F�+3f'�.`�.e'' oi;a:^��,�'.i!�`!'5:;,�j.,"•L" At,� ' . 'J�`e' ���I�•. • :V i ' , . :C; `o^':ae:.-.�:"'��� �� :{r 'I==.': ;;Fy �. �. ;yl�' . t'� ; �3 �`�s:pl, "� : % , •-� 'x �'f ,��5?': i:�' ��u,i.•t. �.z; E, �:4 f'. ���j�� ','�' .��... _`: i _ �'✓r; n+'.''1�,:%,o' !".}��� �`��1. iye.:. ��f':}�'ti"���, i�'�.+w'ti'������`���� + •.f�.. 4. ..N` ` . . r'e. :FrSr�.i`•:'�'� "� •' „r,f'.� �i:��Na .. S�(AS� ,alti • , f_ .. -S'+..�..._:,fs.A`.� �V:'� _ _e a _� �idl"e. 3. �'�1. -� _ _ - � m which are an deposit �rorn time to ticne in the general �und of the City {her�inaEter calJ.ed "Non-Ad Va�orem �'�snds" } . �he Gity hereby �esezves the righ� �a he�eattex fra�n time to time pler]ge and encum�er #�x lien al]. or any part of s1�ch funds Eor the paym�n� a� abJ.igations o� the Ci�y, prio� and sup�riar to f�s agresrnent �o pay under this agreemen�. �he oE�liga�ion oE the Ci�y hereunde� does not COriSt��llti@ a qenera�. indebtedness a� the City ar a pledge of the Gf�y's �u11, Eaitn or credit wi�t�iri ttys meaning of any cons�itu�ianal or s�a�utocy p�ovision or Zimita�iea. The ad valarecn �axi.ng power oE the City is not pledged hexeundex and nei,th+�r the T,.ender, PACT, shall �ver have �he right Go compel the exerc�ae o� Che ad valorem taxing power af �he Ci�y ior perforntance oE �he Ci�y'� ab],3.gations hereunder. Sectioa 2.3 Pursuan� �o due no�ice Erom the Lender, the City w�.�.l set up and appropriate �.n the ann�a�, budget oE the City �or expend itu�e i.n sach a£ the years durina which the 13o�es wi}.� be ou�standing and unpaid, from �he Non--Ad Valorem Funds aE the Ci�y, suf:Ei.cfent am4unts at such Nor�-A3 Va3.arem Funcis o� the City Ca make the payments guaran�eed hereund�x. Such covenant and agrE_ment on tihe par� a� �he ��,ty to budget and appropriate su�h amcunt� of t3on-Ad Valorem Func�s sha11 be cumulative� and shaZl cantin�e until such Non�Ad Va�are�n Funds fn amoun�s suEEf.cien� ta make aI.1 rec�ti�ed pay�entis shall have k�een budgeted, appropriated and actua].ly paid �o �he Lender. Sectian 2.� The City covenanes ana agrees �a take a�Z action arsd pursue al� such lega7. remedies which may be available to it to ensure �haG suE��cient Non--Ad Val,a�em Funds will k�e avai�.able to ful�ilZ tihe City's agreements hereunder, 5ec�ion 2.5 7.'t�e ob�.i.gat�,on of the City under this Ag�eement sha1� be absa?.�xte arid uncurs�i�ianal and shall rema�n f�n £u3�1 �orce and eE�ecC un�i.3. a].1 t3otes are no �onger outs�andirsg. Exce�t as so g�ovided, sucn o��.igation shall not be affected� ms�ified a� impairaa upon �he happening from �ime t�o time of any event, inclu�ing wi�ho�tt ].imitation aRy o£ the �al,le�ing, whQther or not such event sha�1 occur Witih not�ce ko, ct the cansent of, Che �i�y: ('a) the waiver, su�render, c�mpromise, sett�ement, di.scharge, release ar termfnat�.on oi any or a17, o� the cbligatians, covenanes ar agreements of PACT con�ained xn the Ff.nanaing Documents or in �he No�esz (10) the fai3.ure �o qivs natice ro the City oE the cccuXrence a� a default �nder Lhis Gua�anty Ag�eement or an evenk o€ de�aul.� undez the tierms and ptavisiens of �he Financing 17oc�anents ; ora���3aa-si �;�.�ci.�����:��'u",��r� -3- �/zgfs�. •s .,�.��r.;, i. �;ti,.� ..t... .:i,� .. .,.*� ,: , . , . . ;:.. , . rt.n� . . ',-r,i:-'!�y .,�'. r�s�;an��.w�ah..^��." ;,'`.� , ' . . � � . , � ` 't•�z.. 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'p'.. .C�' ` 'ar'_t �. ; � ,"��t'�,�'�,�i• �"�a ��,, a`�"'t?3� .:t" ��4>, '!1�;�'•��tc. !�<�'_ :�+i•,r ;':.':• :a'?'1.� - •s��':L r. ,{� i ^°,-�}'�r: s�. -r `� �?t'.}.i'�, :Y,��.c� �w.'iRi,d6•`y� r: •�. ^;i:. .a.:: ,t, ,J� •�bi ;'���",•,` .7. `��=^,,, '�� „�. y.�,j� �iF ";f..�u •.r.- •� ,��" 'i'.�,�� �oi: .s• - �:`i::.e: .��'...Y: •t:a� �l-� �C��z �1' !.f,�i:ir t�"L� "sitR. :�t. 1��', �` } 1 ^ r.roY r <,��r ..i ;;��i�. �"u�'yi' ' .Y; �S;'�' '•r.9 � ' . r.,� �, ., � .:'� .,� �.1��'s.R 6 �.,s x � •:4.l.�ii ��.a�'�31' `�-,� •_4i:"�Y�• .�.��:' �4 �•i...��'°�'i' ;�i':• ��w�'``� {',.n .ri. :r. ',� f`i �+� L ni f t s�,-,r..:-( 1��:s� :S'.', r�.r�;:�- �f �:!'.:�.'£: i 3p � nr 1b��� 4 a'.qt� '� �� w ..7 r.��� .�•;. :'Fi'i- `:: '<` 7 v e ';.}. ' �.'.�1:�• �;.; c °-i? ,;s,�. .�•;,;"• ��5=., , y.},:� '� t�'�^':'r ...:Br r1y�'is;`' �7w�t �'n�+if�.t � .3�.i�".'7r.�pi'�. �;'ic.�- 1�i'-� •`iy- '�'��' .,y, ' ,t ..r:'Y.�f., �r.,. :r'. �'+�' c. .si .�' �;e.e �S lH�15, t'r7 �,a tt��,` ;,� �/.` `{s.' 'i' .i.. ,�,:�ai'"-,.;'`�� +>tt;: �r�-"t,• x��k'�^y�+ i Y r�r. a-..1-�Y�.. f.:.:l•s..,'s i'�::�; ,:s", �r5,:-.':s. +;c,.; .i„a'a i7� i:'�c l..):^...� -�. -:t4�. � � � 5 � V. , ; � � .;�,,. ;t.• w:ti`..�.. :,f_ , :;.;.., � ,; - `,=,. ,1.�;:.._.�. � •�.� �P� ��'�" � .�,�.��, - �� s. , , kx � :..���`•� ,. � �c: • •-- • �. �y�i� s r�� jy:::A'' ".f� ,a:�;• ..�`�i� _r. ��' - ti _ � �� � l.i. �r . -.`� ..f, . r 4�• Y,. 'i;'.0 �=1=•.���;;_°!:`•:� '- .:,:� °,�� s1�« �` '� �d}"3� �� � ti�:�f .15."wi'� fR:'" �'.St:}" %� :it � i. t.✓. �"Z. k T� r �,�C' .,.,i a. E.•.e.:�r' .�'' ..'s" ::r . e � :P 2 � . ti.: °'�.:�:�-% . ; . �F *q ' f nc+ - , y t.. ,.0 .'�. � ..L`� 'y' = ����3'�,: . _ :!f �� . '1.�.�i',. . �'s ..�r�. ..�.'. 'S ',}��� :�..�« r�n` .�.<1: .r : Ji°` i°�s�a} �,�.b�.��.. L��srS.&,..�{a�f.'�r.^a-s�i.�s<�..�%�: �:',ie.:..�. ,.'�;''_.ti .`.�`'� r+�, . 43�.;..`;. . :a:. ... �'�'� .-'+ • i. ,��i . ,{'t� • ?$ , (kj ta the exten� permitted by law, any even� ar ac��.an that wc�ul.d, in the absence af this clause, re5�lt in �he release ox di.scharge by operaeion of Zaw at the �ity �ram the pe�formance or o�servance of any obliga�ion, covenant or agxeement contained i� �his Gua�anty Agreement. . Section 2.6 The City waives notice of the issuance o£ the Notes and RO��C@ �rom the L�nder acceptanae and xel �ance an this Guaranty Agreemenk. The City also waives g�esentment, demand for payment, pratest and nntfce oE non--pa�►ment er dishanor and a].� o�her nvtices and �emands whatsaever relating to the Nates. 5ection 2.7 Na set-of£, counte�ciaim� reducti,on or d�minution oE an olaliga�ion, or any de�ense o� any kind or nature (other than perEormance fay the City of its obxigations hereunderj whiah 1�ACT may have ar asserti or whict� the City may tiave or asse�t agains� PACT ot the L�nder sha11 ta� available hereunder tc the City aqainst �he Lende�. Sectian 2.8 Whenever �he Lender shall dec7.are an event o� defauJ.t nnder.Che Finan�fng Documents, the Len�er shall give natice to �he Ci�y of any anticfpa�ed de�iciency in payments ma�uring princ�pal. o� and premiu�n, if any, and in�e�est an the Nat�s, such no�ice to �e gi.ven no� ].ater than thirty day p�a.or ta ttxe due dae hereunde�, and the City agr2es �o ft�l�i.3.� its abliga- �ions undez this Article Ir wi�h�r�specC �o s�ch 8eficiency by payment of �3�e sum �equirec� w}�efl due. Sect�on 2.9 pACT agrees that a1,Z af th� cavenants and � agresments made by it �.n the Financing �oc�caen�s £ar �he �enef�.t a� tl�e holdezs oE tlae Notes sha�l also be fncaspara�ed herein by regerence and are �nade �or �he beneEi.t of �he City, and the City st�alJ, have the right to en�oxce such cavenan�s and agreemen�s in �he same manner as tihe Lender r�ay so en�orce them under the „ Financing t�acumen�s. However, no default by PACT hereunder shall be ava3.la3�1e �o the Citiy as a set--o��, counterclaim, reductian or diminutian of the City's ob�igatians �o �he Lender hereundec, or a�railab�e as a da�ense af any kind or nature ta the CitX against . �he T.ender. Sec�ion 2.20 Whenevex the City shall have made any payments to khe T.ender hex�unde�, the City shall beco�ee sutsro- ga�ed. �o �he rights o� a ho2de� of the �t�$ under tine Financing Documen�s Co the extent o� such pa�nnert�s, and PACT agzees to Qer� �o�n and carry out for �he beneEit oE the Cf�y a1.,1 of its obliqa- tior�s and �utiies �o L,ender under the Financing Doc�ments. The City's right a� repayment sha1,1. be jun�.or and subordinaGe to the �ights oE the aik�es of Largo and A�anedin an� PinelZas County to the xepayment under sisnilar Guaranty Ag�ee�en�s. ��� Drd �2382-51 ' Sf 29�g1 .�--.----- . . � ..Q� ,. -'a�eY,. . �,�..,. ,.y�,.w.�,..}•„ , , ..,=a� .v �. . � .. .•+-. , w .... . •+- � , -y;. , ,,.. ;. ., ,,,.�„ e.,�; z. st.i , . . r _ ,. . ?':!?;mVt,p".".y "`�'ur` .."'�:`�r" "•s'"' . , . , . - . .V . , " • , ' ' . . . . ' , . . . . .h �,., .:•', , t', : ,`�'� .' . . . t'. • . . � , . i: � � �li.xl �y• . . 1.f�" � .rf � 9��I:l.-�F: � �_ . � �' \: . � f S�s% �� i ;���i:F�'��'.:... •.�.,5 , . , •Lv� . . ... . . sfi. r:il� .�i:.ai. ��..�%ti .`: iT• .14.� _ . ' � . . . �:}�. .�:� .. 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T."�4•.'-�• �i.� i ��%�. � t• •Ca.• ':� „ ...� ;'�"�'�� ,'ti. r:.^ i=s`-";^fc a; � . w`�� •�; ..'�1i��� ��° .�' .1. �a. ., •E�.a;��r � Jti - j ro'F, l� :7t' "1 ' , �'��%' �,• �i'i�"ft :4,'��^-.. � �� 3'...t':-: i:Sf.t. ;i'+• `,i•�?� � �,t�!�'� ^�1Ye5G.n1.41#x:�..rs.s:�'i`.h.x^'.J+.�:�������Z:�:�......%�.�.'•>•, ____ �_�a;�) r...:=it.=. . _ ___ ___-_ ___ -_ _ __.iY1--__ _ ,,..;�,...,^'r.r:w+rrw�r��`,.L.f,'.�::f`,o...s^.. � �'� �ir ARTICI�� Iri i3EFAt3LT AND REMEDiEa� � Section 3.� Th� Lendershali have the right, power and au�horf ty ,�a do a�l]. thing s f.t deems necessary or adv isable to enforce the provisions of this Guaranty Agreement and protiect the intierest oE �he anc�, fn �he sven� o� a defaul� in paysflent o€ the principal. o� o�c premium, if any, an any Note when and as �he sa�ne sha��. become due, whether a� �he stated maturity thereo�f by accelera�ion, ca1.l for redemptian or oCherw�se,, or in the event o� a r�e�aul�t in the paymen� of any in�eres� on any Nate when and as the same shall become due, the Lender may ins�f.�u�e or appear �n such app�eo�riate ju3icial praceedings as the Lende� shal]. deem t�ost ef�ectual ta �rotect and enfo�ce any o� �.ts righ�s whether foz the specitic enfprcemenG aE ar�y covenan� or ag�eement in this Guaranty Aqreement o� in aid of tt�e exercise o� any power grantec3 here�nr or �Q enEorce any othec prager remedy. Withou� limit�ng �he genera].ity oF the �oxeqving, in the everiG o� a default in payment of �he principal o�� premium� iE any, cr intera�t an any No�e when due� the Lender may institut� a jndicial p�oce�di.ng fer the Callection oF the s�ems so due and e�npaid, and may prasecute st�ch proceec�ing tc7 judgment or final decree, and may enfaxce the same a4aiast the �ity. Sectian 3.2 No remedy conferred �tpon or reserveci to the Lender he�ein is ir►tended to 3�e excl�ssive o£ any nthex avail.able re�edy or remeciies, but each and every such remedy st�all be c+amu- laGive and sha1.1 ?�e in adds�ion tr.� eve�y athar remedy given ur�3er this Guaz�an'ty Ag�eemertt o� now ox hezea�ter existing aG 1aw o� in eq�ity. Sec�ion 3.3 �ach and every even� of defau�t wnder tihe Financing noc�nents sha}.1 give rise to' a separate caase of action hers�sn3er, an� separate suits may be bra�ght hereunder as each cause aE a�tioss arises. in tl�e event of such a defa��.t, the I,er�der sha�l have �he righ� tc grocee� k��cs� and dixec�ly against the City under thl.s G�aran�y Ar��eement w�.�}�out praceeaing agai.nst any a�her peacson or exhausting any other remQdies which i� may have and without resarting t�o any other ssc,uri�y held tsy PACT or tne Lendex. Sec�ion 3.4 The City agre�s ta 'pay aZ�, costs, ex�enses and tees, inc�.uding aZl �easonabl.e attorneys' fees, which may be incurred by the Lend�r in enfoxcing or attempting �o enfocce thi� Guara�►ty Agreement or pratecting the rights r�� �he Lende�, iE any, hereund�r €oliowing any c�efaul� an the part o� the Ci.�y hereunde�, w�ether the same s�a13. be enforcec3 by s�i� ox otiherwise� pravided rhe LendAr is ths prevailing party. ,� ord �z3sx-8� � -6 - s/aslsx t''.q,�"?Y�.i'�V'6:��i:,.,",',".""r6"sa�.. ,,. � �•�._ .rs „ ��� ,.S...r.. . _ . '-s�'r :•t.��.Li�...��.ne;«�.q•.. '-t'.��,..,,. . .a., . .. . ,� .. . • iy,. 1.. r .. .is-y.,,',K.s;-.+w�rsl� , `�tt`vr�5i.. '��.�i' �.i'.:t. '.s ' � ' � • . , � '�i��� '. . � .� .�,a," �.r�' �!'•�`'''^.y:S.:".l.;y,�', 'y�ti.:a.i;.}'' ' �. ',�aa.�, r��� .a,. ? 'r . „ , .. , � .n' . . • -rJ1' . . 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':j'..�. r � l , i • 'f- - "yE'•rs"' ".Z' a ^k "c E� . +!Y:'L'y'tc .� ���y �"' �f, `sr G Yi 't' "�S' 1 �I '•S. t '1 f �is y., i��Y L '�r. . f • �.1^. :�' 7� �5 •,:�.r r" �. ti� ,�'s .��.:,, i:�:.;.. .i. ...5 1Y`7':%:n,'r�•. ��i�"-� y'� � 1' `r.' ii �3': c- t�� .4� ,� �.` _� .•{.�.,, •s. s2. Hr n� af••`t":� �r ::?. :i.• :'i'•�•�t,' - .� -- �:.. � -:i+_t �} : .�t• �1�. .°ti .r.H.��.?�!. �.. _�i_ .� -- `'-:1'�`�' ., �, f� , ., «, . ; �, .. .; _ ., _ ,...: '-- � � �~ ` w' ? irL �S � C I,c 3 .�i����. T� - .__. �nM1 . ..r., . _-. .,,..,.,,;` . ... _ o. ..�. _ :.. ....�' .. � �. ..:. ; �.:���.•�.. ,,,, o, j _ _ .. . . ..� < . ,-� .• _ .-� ._. ._ �- � r �. �._z. '-�'.�� __ _-_ __.. _Y_�.a..._. . . .,�. . __ �. �. . . . •..: . �� . ._ .� ... _e. . . .._ . .. ..,�... . . �.. ir _. ...� . .. �� , �� . tifx: :� • Section 3.5 No delay or omission to exercise any right or power accruing upon any de�ault, omission ar Eaiiure a� pex- formaace hereunder shall impai� any such right or power or shall be canstrued �o be a waiver thereof� but any such righ� or power may he exezCised �ram ti�ne ta �ime and as o��en as �nay be deemea expedient. ARTICLE IV GENERAL � Sect�on 4.1 The obligatians af the City under this Guaranty Agreemen� sha�l ar�se abso3.u�ely and unconditi.onally upon �he issu�, sale and delivery oE the Na�es ac any instaZimer►� thereof. This Guaranty Agreement is executed subsequent �o the execu�ian o� the Use Agreement anc3 is separate and independent af the tlse Agreemen�. Any modztica�ion, limitation or discha�cge a� �he City's liak�ili�y urtder thQ Use Agreement arfsing aut of ar by vir�ue o� any banitruptcy, arrangemen�, reorganf.zatiort or similar pxoceeding shall not modifx, l�nit, dischdrge or otherwise af�ect the Z�ability o� the Ci�y under this Guaranty Agreement i.n ar.y mauznec whatsoever, Sectian 4, 2 F,�1. moneys xecovered by �he Lende� puz� suant �o thfs Guaranty Agreement (rather �han �hose provided for in Section 3.4 hereo�} shall he app�ied so3,ely to �he payment of the princfpal oE, px2miuln, if any, and interest on, the Not,es in accordanc� with the L'inancinq Aocuments. �hfs Guaran�y Aqree�ent is entered in�o by the City for tihe henefit of the Lender may be entorced by ar on Lender only by the Lender in accordance with the prcvisiorts of this Guaran�y Ag�eement. This Gt�aranty Aqreemen� shall not be deemed to create any right in, or to be �n whole or in part �or the benefit o� any person othez �han, the Ler►der, the City, PACT, ar�d their permitteci successars and assigns, Section 4.3 Ttti.s Guaranty Agreement ( a} constf tutes the en�ire agteement, and supersedes a11 prio� agreements and understandings, both F►ritten and oral, amonq the parties wi.th resgect ta the subjec� matter hereof; (b) may be execu�ed i.n several cvt�nterpar�s, each o� which shall be deemed an original,� but all aE whf.ch together shal� canstitu�e one and the same insCrwaen�; {c) may be madified onZy by ar� instrumen� in wri�ing signed by �he duly autho�i.zed represer►tatives o£ the parties and an�.y iE the mcdiEica�ian fs made for �he same purpases and in acoordance with the same requirements as a�aply for the entering fnto o� amendements to ttfe E:Enancing Documents; and (d) shall �e qoverned in all respec �s , incl ud ing val id i ty, in terpre ta C ion and effec�, by, and sha1Y be enEorceable in accordance with, �he �aws ..7_ • . {�ya1 . 1 � ! �,.- .,rv...�`.•i?;�%�`•:�.6'�'i �; � i Sa''%. �si° � •"�j.t�. - ���'.• � y.�f�it-,ti W^� t � y� `�� ria�,�l` Y<7�� �� .�' 1rs fri .....�.-.....,-:rY•:. _r +n .v,• y�.(k�:�lY; �l%x.z �zS�'x ja��.;.Fb,R a �c�}� Y: ), 4�i���' ,v � .. � �� - . ��� . , . , _._..� � ._, " _ �..-a�.i �•.S�W .. ._._.. <f • :l f�AYA� -?L!h 1'i of the S�te pf �'�orida. I.f any provision o£ this Guaranty Agresment ehall he held �o be znv�Iid t�y any court of compets�t jurisdictian, the ix�validity of euch provision shall no� af£ect any of the remaining grovisions. Without in axiy way limiting the generality of the next prECeding sentence, in the event that that poxtion hereof. which requixes the C�,t}r to m�ke aMy paymenta deaignated herein as an '�Interes� Component" {as defined in Secti.an 2. t herea£j is c3eclared by a court of cQmpatent jurisdiction ta he invalid ax unenforceable, then, in auch event, the ir�validity or unenforceabi�iiy therea£ sha11 r�at affect any of the xetnaini�ng provisians hex�of, incl�sding, wit.hou� Iimitation, the obligatian of the City to rnake any paymen�e desigr�a�ed herein as the "Principal Component" {ae de#ined in SecXion 2. 1 bereof). , , IN Y►rITNE�S WHEREDF, the ga:rties hereto'bave caused this Guaranty Agreement to be e�ecuted iu their names and behal£ and their carporate seals ta be a�f'.y,xed hereto and atEssted by theiar du].y authozized o£�icexcs, as of the date first abav� writterx. � Gaunteraigned: Mayor-Coxxixnis sianer Approvec3 as ta .fn�m dc correctnes s: City Attaxney :, ,, . � � . � . � CITY OF GLEARWATER, FLORIDA BY ..,_, City Manager ,At�est: � Gitjr Ckexk ' PACT, INC. By Prasi.dent Arte�t; 5ecretary (Goxporat� 5ea1) � , ' � ' � :r�. .-i�,., .�.. «. ._ v .t.t,rr .,..w, ...:j!,�'�'Yi'ti14��.ar3�6SM�ctrx�•w:�-r�^'...-^.r.� ' . .g . -.�'�;��rb.i•:5`s.��.,�i,k.e.'.,.al.'+�i:�n`..vriei'±�:-:;=.tsa i;=w' ..4'. .... ,. ._.... � : . � . . . '� � - . . .� ' , . .. � . � ( SEAL} � ' . ATT�S�: ' Its: - �� a= � Accep�ed th�s day o� �, 198�, Len er Sy iGs: . • . . .. ,t � • <<,. - - . . ' . , � � ; . , . � � ' . , ` ' �j . .. �� ' � . � ' t" • • � � � � ' • • � .. . . . . � ` . . [' � � � . � � . ' . . , , � , � � , � . . � . . .r, , . ,� ' ..'• _; .. . , • . . . � . '1. }. 3 � � a ` •, �`',. , • . . , . . � � . . , , i . , . e. . , ' • � � � . ' ! ",+; , t4 . . . . . . . , � �� , • . . . .. � ' . . .,;. ` �. ���r' f, . , ' , �S. r';;, �� '.s, ' '. .. , . .I `, ,, f�., . : . • , ' � . . � . . � ' :��1 � � ��; . . . � . . r['. f•t, 54� .. ' � ..Y� 'S� � a . � . . . . . . 'S�f,s�� s��,�'� ' � i . � . . 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SI.�'' �,N�1� ����•y�V'i;,5'� t�;. �. ii; ;i�r.; E Y�cr �.:.1 y". � �r1y;e "i31��Y'?�•Fiil'i i _;: �,'�' _ ,�: . .}k*P� � ,� : h r.�� � ��r. 3�_� Lz�('rFj�; ;: i;'i.°R` #'�,::i:',3.:�:' ::: � ., ...+� �.. - � �.• .. -�... _. . ... ...a. ,..r��. ... ....., V�II�l �"... _ ..... w EXHIBIT D FACILxTY iISE AGREEMENT THI3 EAC�L�TY U5E,AGRE�MENT, @aCe3 tihis day o� .].961, be�wees� the C�ty o� Clearwa�er, F1orS.c3a, a mun c pa norperation duly nrganizec3 and existing under the ��wa af Che 5tate o� F].cric�a (here3n cal].eci "Ci.ty" ), an� PACT, Inc., a not-�ar-p�o�i.t carparation du1.y orqanized and existing under the 3.z�we af rhe SCate of FZcrida (herel.n cal2ed "PAC�" ), - WITNC5�5�TH: � WHEREAS, PACT was incorparatec3 in 2978 for the sole pu�-- pose aE aaquiring, cons�ructing, apera�ing ana maintaining a per- forming'arCs cen�er (fihe "�aci�ity"} in the ��tyj an� W�EREAS, PACT wi.11 ogera�e and ma3.n�ain �t►e FaaiZf.�y �or the benefit af the people aE the Cf�y and i.ts e�viroas as � integral part of the City's public �ecren�ion program� and 'WHER�AS, PAC� intends ta �inance par� of fche en�t o� the t�cquisitioa an� construa�ion of the Faoili�y pur�uant to a pro- posed ��.ttanair�g plan genera�ly desairbed in �he Lettie� af Ccmmi�aent �t�.ac4�ed as E�chibit A an� the PACT Credi� Ag�eement r�ttached as �xhibit S (ca3leoti�rely �he "Ffnancing Documen�s"). which i.na].ude �he �ssuancs a� Mattgage t3otes anc3 P�edge Na�es, respec�i.vely= nnd WHFB�AS, the City wi.31 enter into a Gudranty Agree�aeat, dated , 1981, Wi�h PACT and a lender a� lende�s ��sr-- suant to e nanaing Docum�nts whereby khe Ci.ty will ancan� cif�iona3.ly gua�antiee �he �u13. and prompt payrnent of the Mortgaqe � Notes in an a.mount no� to exceed $l,�]OO,ODD aggregate principa]. amau�t� plus intereat 8ue on such a;ggregate p�incipal amount� an�3 WQEREA5, the Ci'ty, as a parti og i.�s pub3lc recrea�ion p�ogram, desires to sec�sre Eo� the publ�c �he avai].abil3ty o� the Facfl.ity ior �se and �er�a�mance by variaus communi.ty groups in . tha Faaili.ty� s eervice area. a�8 to �aaili�ate i�.s use by �hssQ �-- �� Conaauni�y qtoups by a subsidy �ram publ�.c fuads so thr�� s�ch groups wil�. be nb�e to af�oxd �its uae ati rates due PACT which are cordp�rable to those charged similar qroups �lsewhere in F].o�idai and ' • S � .� � . . . _..w... . .. 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'�"� �1 ..t�..�n': r�. .�.s:; : p,yX� � ..f�n��:'a}� r!., a.^y„�✓;..,; �.''haY„`F�,�� R i4 { ^"� , w�. 'ISi.��. � Fd��I�. 3� A: 4i'.�R:- °i'Y. �1' }e ��(��'�Yt� .�r.. ��1.:..;�.t3 ir '°.1� YF;Fv.F-r '���'"^ �, +r �i '!i. `�. .}�i: ;���,i'+ :' r.�.s��.'.:,',`i": J,:�. '•��' � .;� R��nre r L-s^ ��a.,��.s .i ttF. �s.{.�� `�>'� '�� i;`, ..w�`.•.r r,,,.z.,�Y`::. �F, :�E.+ti�^�iy=�.., �:;i�•.:�� i,��C ,lt;_ `�`;� ����, �.5c..�"u �. ..�'•�•;S;a. ,: ''=is� :1" �.*a;� g.. .�S• �' '� .�:�'E �'";y �i"'� • {i� �....H3,��..4, P. .C., fi ''�; • ';)r ,�{: ��>'r"•r.L'.:I�s'��:' F.e�:�"^�•°: ��,.��._r*, xA • � y� <t ..���Fi% � �j �✓y >�'y�' .5;�. yPn, �: /; `.t•" .•a=''' :•�`. t. .;�,:,,..•�� ie; .L:r.-,:..(�.':�.�,'fa:r` �:ri;� KY w�. ��' 3rN� .�5�.�, ':�.� .i N M; . ��:5 +^.i.'r �t' . f'. :� v': ��K...:. � �.a' "' .1, ;.=� r r"'r 4'. J! Sy' �,'J! t�� :'a:' ..;.T. .11:.'`. '�..,• ';1 f C, 7 e}�':� . �Y�:;i°°i�;: i : � . , i °� �� •7' . � .i.S i:..� }. �.n] i S1S�:n �, 'L:�S..v�''t. �f<i ! � 'i, ��F. �",��r�� .}�, �..'�� 3�•.ZeyF.�t•Y�'i..t..`'e�.�h`!.�'� � �.�..�e._5� �r::.�••?:r�.=".�_., .,'.i� �. ..4.,... . .. .� .. .. .. . ..... .'s�s,<i.. . .'�:3•..r.,.. ::i;:; i:,k.. ^�.:..ti'._. .f _ ..� .. . . ._. _ . . . . '"�" a_ t.: ....., . ,...__ f t,n,�..,-,.�,�_ _:.,�.w � ..�.w�-..... e . �±�Y .-�...��-f.�.. � _.. � -.r �_.. ...�..• �.�.�... .. .. ..,...- .-..... �. . .. .. � r �, , � 1 .1 � . . . � ` ' WHEREAS, PACT and the C��y wish to s�� �art3t tlteir . reapea t�ve ��ghts and obl iga�ions regard ing �he operatiion and use � � of �tte Faci�.i�y, and to terminate Cha� certain F'acility ` Availability Agreemen� dated �ecember , 1978, pr�viously en�ered in�o be�ween �hem. NOW. THEREFORE� in co�sidern�ion o� Che matual p�comises herein con�ai.ned; the Ci�y and PACT ag�ee a� �ollows: SBCTION I. R£C�TALS ' Th� �oregoing recitals are �rue and correc� and are incorporated herein t�y refezence. 5EC'�ION 2. OSE OF FACiLITY �' 3ubjecti to the texms of Section 4 he�eaf, PACT agrees tv �aake the Faci23,ty availabl� �or use under this Agr�emen� by vario�s acmmunity graups to tse desigr�a�ed by �.he Ci.tiy for a maxi� ; m�ttn o� Cwo hundred events duxing each yearly per�od camrr�encinc� • � Oc�oher 1 Z"�isca7. year"). Such utilization oE �he Facility is deemed �a be fqr a pubZic purpcse an� £o� tt�e �enPEit o� tihe ' peop3e. aE Ghe City. PACT ah�i]. make the Faaili�y available �a those comiauni�y gsoups as sha�� frcm time to time be designak�:c1 by the City, Such use shall t�e at such times anc� on suah days as ahall be mu�ua3ly agreed upon by PACT and the City. A scheduJ.e o� da�es and �imes faz use o� the �'aci].ity by such designated oomcnuni.ty groups sha}.l � prepared a� �east once annua].ly. Such . sahedu�e may be �evised ae neaesaary Erom ��me to Cime thereafter. Z'he Eees tv be charged by PACT to such comm+�nity groups �or each event sh�l� be annually established by the C�ty _ in consuZ�aGion with PACT and sha1J. be cos�paral�Ze to Eaes chaxged �n �imi].ar groups by s�milar �acil.i�ies elsewh�re in Florida. ..S�CTIQN 3. PAYMENT F�R AVAILASxLITY As canaic�eration for the agreement by PACT ta make the F'ac3litiy availa��l� to conmaunity grau�as as describecl in �he pre- ceaing paraqraph, and �abject to �he terms o�E Section 4 f�ereof, tt�e City shall pay to PACT on ttie �i.rs� day a� �he rnon�h during which PACT Eixat apens the Facili�y tor operat�.on and makea dat�s avallable �or u�age by coramunita gtoupa, and monChly �hereaE�er� tt�e sum oi Thir�y Three �'housani3 Three Hunc3red Thrfty Three Doll��s and Thrity Three Cents ($33,333.33}, regardless o� the aumber of events actuai�y hel@ by aommuni�y graups pursuant. heretc. -2- .. • . • , • , ., . _... •� , . � 5/2�l8�. �_ n,•� 1l�zu�_o, ��,i'•'•'4tv`r.� � r'�:�n'1:�} ...1 . 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' s's. g. x � �'��' r¢� ��" :� r s�. � ,<� � r r � � °.}�� �. �� �vi� .� '.'i: ^`� � �5•� � e • � � 3Cd�i"' . 3q. ,A t'xSx, '. f..` "a �` � 5' :� � a� � , g' .' S' � ' ;'c ^'' F �� ,� i ,fs, 54, ;'"; .da• • r,h ,��' *"� .,, w ,.e. „�,� �;`� •:. ''�;, ✓,}.a'r w�(] Y �d '�J'. :d: �.r` 54.,V� �� }}��. ��� �:, ''�:�� r �'A,n y' vt�'�F�` ,Lw.. °h. k �q p�sY♦ .t�. .ii� ..�I' ��S .•Ft�..✓..{�;�. � .���j�� �I..'SJ .� S�A�"T ��r f�if�. �, '�}' J�' r S. �Y7� �' sCs � 'Lt i� ,'�ei,` ,:��. .'f`� o-ke• .S'�:: � �f . P.rY . t"�r. � �4��'ti° `�t" ~e,� `1 i� �.�� .v. ..F, r,) ( t�.' t.;�i;: ,:ti�' `�}"' ,�d�,:l CP�' !.,t ,tr: .}- � i�+' {'`�- `,..�. .:T! . =�i, e . ..�-� �J.d,. :Ae�4S. - >�., ( s�':: .,� �F �� � ��:.�'t '� .,�'' ,'}� n'°C �;:i,'S'. . y : '?�;'' -{'' � : [ -.1'r. t� ei�R"�, x.T.�,ti. ��"S �}� J� >siy': -.'y� �.�� t.�t�'.st .lr�r J:�,, `i:;��:',:•�:'�• ."S'��,'�.�.; ? ri �s.. _'�:� ?,i:.-';: }I$��- '�i 1M7'C�� •.l!� :(:. � z� :�C .•i'�, . i � 4. ��� . r. ,R-A. .3C'�j' T A� .. C'..� `r'!7'C .Y -�}�'.Sfjy,•. �,� . {. ¢.,j s 5• �1. ��� J�•.�-•: . ..v..`".',..v,«�:,..�:R�r.•.[:,,-".^'•.t.`S�S.;ra:�,•::t!.:3...i,!.,:�:..^.�.:.r... � .__,.,_........ .^1��. . ..'�.:i�^'.. .-...._..... . ..._,�_.�i1,�t�:,.,. w � + ' � ; . � ..�. . ..7'':f'.n . _.. ..... .. ....- . � ...�.. ..... _.. _ .... . . . . / I `. . . .�._...... . SECTION 4. ANNUAL COMMITMENT BX CITY The Ci�y represen�s �hat 3�t is the CiCy's presen�, inten- tian Co make the p�ymen�s described in Sectiion 3 hereoE in order to make �he %"aai�ity Avaflable to cammuni�y graups �hroughout fihe �e�rm o� this Agree�ent. However, if ft laCer determines tha� auffiaieat �unds will not be available for such purpose in any year or years, Chen prio� to Ju1y 1 of each year, the Ci.ty may, by wri��en nokice fio PACT and �he Trustee, detexmi.ne not to requir�: the Facility to be made available during the nex� ensuing E3.acal year to comm�nity group� hereunder, fn which event no payments sha2i be due }ay �he City to PACT duriny s�ch £i.scal year. However, the giving oE such no�ice with respect ko a par-- ticular fi�cal Xear shaJ.J, no� �ermfnate this Agreement, and , except as to the particsila� Eiscal, year with respect �o which not�.ce i� given, PACT and the Citiy sha1.1 continue to be obligated tQ make the FaCi,li.ty availat�le under section 2, and tv make paymentis far such p�rpose uader Section 3, resgectively, fcx all future �fscal y��ars �hereafter during the �erm o� this Agreement, unless tnr�her na�ice o� nctiiaes are given pursuant to this Sectiion by the City for any such future �iscal year or years, SECTiON 5. OFERATION ANf] MANAGEMENT OI' THE FACILITY PACT shaZl t�ave svie and absolu�e control over �he maR� aqem�:nt and opera�ion oE tt�e Facility, withou� �nterference by the Ci�y. PACT covenants and agrees to apexa�e the Facili�y as a perEorntiing arts aente�. PACT shall. comply with a21 laws, rules, regulations and requirements of all fec3eral, state and lccal governments and agencies and c3epartments thereof which are appli-- cabie to i�. PACT shall keep the Facil�.ty in gaod repair ar�d ap�r�ting conditicn and maintain the �acili�y in as reasonataly aafe canditivn as the aperat�on a� �he Faci.litiy permi�s. PACT shall pay a].1 utiility ar�c� a�her aha�ges Eor the operatian, main- tenance, use and upkeep af �he Facillty. PACT shali, Ero�n time to time, make all nesdful and proper repai�s, renewals anr� r�� placements to �he Facili.ty. PAC� shall, at its oWn expense,,pro-- vide conti.nuously from Chs effe4tive date hereo�, the fe].lowing insuran�e aoverage an the Facility: (aj In�urance against loss and/ar da�aage to �h� Faci3ity unc�er a policy or palicies �n form arid amount covQring such r3.aks as are ord3narily insured against by similar facil�- tie�, ihcluding, without ].�.mit�ng tt�e fo�cegoing, �irs and uni£arm s�andarci.exteaded coverage, vandalism and malici.ous mischisf endorsemeats. Such insuranoe ahall be for the nmaun� ot (i) the acfival cash value o� �he Facili�y, or (ii) the aggregate prin- cipal amaunt o� tt�e autatand�ng Bonds, ►;hiahever is less. Ord #2382-81 -3- 5/29/8� , I . . �1 . � i nf.' ` . i:" "t' �_ . ro4"ih!' ,'I.r�r 1 -.i.� °.�r.. � `�t�•, ,.;^ n� F+°�1:7 �`'t'°�'tf..�. '°-.v. r'''�. ._\f. `z" u1'+{` ;'i �. '��i� ,1.� i�i•°rf�y`..�e���.'�..�:�'���;r3{�-i �!' ,`x_ .��,.r. `'1: °.�C '�! �,r�Tq' . 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" -at,�, 5�:..,�.�w.� .�;i�`���.�•,yyK^S�t� �n',1:.,�,�5+ib-.ryz"�'s;y:'"�,{�i,1,;: ;'�.i�.�;:7�.:u.�'�.• ':1,•` �-r°.�.:: .'��:",.E�iy:�'.,a� �i,.:;r: '�?r T,--�r:.�t �;,�:,. s�� ���5'�'�i:�YVrw'nSa.�L�-�'i.:r ♦�4'�'°�"d�'�t'��F �• i: .•1'.•=4,'i� ��'�•����':.:'.�'A'. � _�:.�:�.: r � L� E m,•y.Nf',, ;'�� `�� :�yv.xs..... -.. �. � ��..��.....�_. ..... . . . �..w....�.. .. �� ._ .... �..... ... .. . .. ��..-. .....�... . . ... ..-. . . . - . . . .» ' ' ' .... .., . . ..... ... � . � � � . ;rt; �, .� � ,,r , r' � � . � . 0 (b} Campxehensf.ve generaZ public IiabiliCy iasuxance, prestec�3ng PACT and the Ci�y as tihei� interes�.s may appear, againg� liabi�.ity for in�uries tio persons o� property, oacu�ring on the p�re�ni.ses of the Fa�ci].ity, in tlie mini.rr.um amvunti of $1,D00.000 liab3.Iity to any one person for persanal in�u��y, $50,000 }.i�bil.i.ty �o any one person £or property damage and $1,000,000 liabil�ty for any one acciaen�. (c} Fide�.ity 6onc3s cn all, cf�iaers a�t� employees a� PACT who co�,�ect or have custody a� or acc�ss to the gross reve�- nues of PAC�. suah bonda ta be in amaurits as are customari3.y ca�ried by like arganixations eMgaged fn like ac��viCies, of �a�n- pnrable s�.ze and having camparable incame. (d) TitJ�e inaur�nce w�.�h respeat �a the Faci.],ity in minimwn amaun� equa�. �o �he aggr�gate outstand:Eng principaZ aiva�nt o� the Banc3s. SECTY�i3 fi. REBAT£ OF PORTIQN Q� OPFRA�ING SURPLUS { On or befc�re January I of each year duririg the term � hereo�, PACT sha31 furnish to �he City an a�dited statemeat a� � �ncoms anc3 expenses prepr�red by c�rtified public accoun�ants ; aeiected by PACT, which s�atement shall iaen�ify an aperat�.ng surplus. i� any, �ram t�he opera��ons af the Facil.ity �or �he pre- � ceding �isaal year. As usac3 herein, the texm "apera�ing surplus" ' ah�].3 mean �h� amaun� available a�tsr paymsnt oE operatian and maintenar�ce expanses anci debt service on th r3ortgaqe No�es and � Pl.edge NQtea. �cro such oper�ting surplus to the extent � availaiale, an or be�a�e February 1 of each yex�r, FACT shal]. remit • to ' � {r�) £irat, �ny pub].ic badies havi.ng guaranCeed all or ._ , ahy po�tion at �he principal aE ar interesti an the No�es, in inverse order o� payment, aa amcunt or aruoun�s necessary to reim- � burse suah publia bac3y or bodies £or all amouats paid by such ` pub].ic body ar bodies �o PACT or a Lender under a guaranty agreemez�t or agreements, . {�) �econd, the Ci�y, an amount necessary tp zeimbu�se the City �ar all amaunts paid by the City to PACT or a T�ender under the Guarnn�y Aq�eemen�, (c) tfi,ird, the City, �he swt aE $ I5U. Q00, and i d) �our�h, the Ci�y, 4q$ aE �he balartce of �he opezat:iag surp3�� �ar auch preceding calendar year. .. .�. ..,. . .Ord # 2�82-.8Z . . . ..4.. 5j29iai n's". �:a;•xt•;�IR m'�` .`rri . ^ .•r . , . . . .. _ . . ;r . ,.;, �,r ,�n-, � a�k+t -. . �+�: . . - .,w`w..� .. ;{: . v... .. _. ' . " ',s•, � ' �� , . ,a. .i:�, .'�. :�i - � , , , - , .. ' . . . . . . , . ;: - N:.' . _ , , R! �.,- . . . . . . . �k:'.':�. � . . . . .. , . . . � . . . ',1i �.' ' ' �. `j, � . . . . . , " t .�f' '.�':�'��:..,i�, J1Y�.:. f, •y d. ')'.� r�.']. .t°���, � ' .. � . a. � �.,�1 ;~ , . .,'j, .�' _ , , . ,; ,� ,'.�;, 3', ' . 15 . .. � .4.� r irr' j'.i• '���, . , . , �q.;'�.'4, .k � r •.i. , � S1��i' y y�� r:FS' ,'j. I�3: .} . �Y� �I+�+, ° } - . 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''. �'t. �°� �-; ' -'��', ' ' ��L, �%dl Y` Enq�r•�:��7. �4 �•�'.�:ai "sj^ �'t' 's� ',S.`':.r�r' ,"s '�51'� ':r�.,r�;-'1, .�.+y 'K: �+ f `�? ]. �j{.�s i, � � ° [� t . .f�i � �'1'.� ' 4.� 4��` .•i' ' l;..: �� - •'{'i�`: i'�1 ' �t t � Ct���r 7•a A.�.�''V�e'k 4.�..�'i��:Y•�h.,�t�. .t� �•��". .�'.,1�:'�.}' �.." .�C:�i;.'.�{'?�r'1.,.i.:��� ry9:��( cSR. ..7"q{�7 3F„` w.p Y}„ 'i`..i� .�a... C r, ;�' �}��� vS ' � . �'^ �.�«7.".p'!' 'Y'��.„ T �� ^€§I..7; ��'a:.;n�V �� ti�^ �'�� �i.i�, ,�y'�,�t .1' ':r�. .y.:� , .�1 ,'�:w�:�� .y:�: .:.i�.:,: '.t;. ,�'1'~"�� ;e'. ,a �,,` t o�i;r s7'I (, ^'a'Y.M��` 'nN i, '�� .-1' tl.Y[ •I. !I"f'..a:itr :t: �l� i.t't�� '��°'' ��d' ����� �3'�"� �i�; N r' ��� ,.'�'�`-:.���4: .$°. _ �.F' ;ti' � r7.` ,2' �;%�ii:. d� �lT � '9"^ 'ti:A;i ,S• 2 .:ks'i'� �,'l� `!r. . `'� ��5�� �ti" ,�-:,''�� "� �",1.^rS �y�! �,��'" � �'4�k•.�,�. i'z:r, �" �s� Y•' .�. `� � ' '�} e��"i~ .•� a< � z •:�G 1 7. y �'. � �" �C � ��4.��'x �J 15!: � '.i:��i�` �Y'r: � f.�t 4 ,�� ��"'t��C'' �': ^:J.. ' �.i'`: .. :C' "�.� k.t�5 la .:ss'�.a,4-. il�• :�: `;i.,t• ::����, ';�•':�` ,:`y.`,: ..r., ,'I�:�' .}.y - �r� ':i.� '�Y, .{ � � �Isr, �i� � . , �a. - `F::ck A.x ✓:t° .}.7..m��!z.1r '.y. .3._ �.a�- :•r`� "��_i�.`. syi. � ..:�, . .. ,F:� » . . . . . - _ ... ... .a,..rf�_�-,. . � ,. ., . ., . .... .. ...._ ....... . . .. . . .. . ..... .__....._�•t:= - - �.�_._._a..__._, 3:+�+�rw�f,^ ,. _.. .rf.` . .:a�. 'l., " : 1�. , { . .t`.t �� �j.i ' �l . li � �" . .:SrS , r �7{ i +�,i : • SEGTION 7. bEFAULTS '�'� . ,�� There sha�], be na defa�Zt hereunc3er on the gart oF PACT un].ess �he City sha].1 have given PACT w�ititen natice of any �uch defau3t. PACT sha21 hbve thirty (30} days a��er suah notice within whict: ta cuxe any such de£ault hereunder. in the event FACT �ai�s to c�re any snch default, the City agrees �o permit the lender ar Iendera under the F*in�ncing bocuments the oppor- tuni�y ta cure any such default withln a period o� nl.n��y {90) days aftsr w�i��en notice by the City t� such len�er ar Ienders of the exi.s�ence o� auch nncured defa�lt. In fi.t�e event such iender a� lenders aresuccess�nl in curing any such default, then this Agreement sha�� rema�n in �uii force and e��ec� in �he same manner as i� such de�au3t had no� ocaurred anc3 such lender or lenders �hall as a consequence af curing such default be r►utoma- tiaally substitutec3 i.n the place of PACm hereunder anc3 shall suacesd to all of khe rightis and obJ.�gations aE PACT hereunder. SECT�ON 8. TERM OF AGREEMENT �he trerm of this Agreement sha�l begin on tihe date of issuance oE �he No�es and aha11 canti.nue until the Notes af PACm i.ssue� under the Financing Documents are no lonqer c3eeraed autsta�nc�i.ng provided, tha� the City may terminate this Aqxeement at any time upan thirty { 30 ) days � written noti.ce �o PACT and the lender or len�ers if the Ci.ty assumes ��1 0� the oi��igations of PACT under aIl contrac�s, agreements and �.nstrumenrs to which PACT ia a party or under which PACT has abJ,igations, in which event the City shall become �he owner ir� iee and enti.�led �o excl�sive paesession of the Facili�y, subject only to the ��ens con�mpZa�ed by the Financing �ocuments; p�cvided, Eurther, tha� no�ing herein shall authorize the City to assume any mortgage or acqui�e any property subject ta a�ar�gage lien excepr. wher� duly autho�ized pu�suant ta 3.aw. SECT'IOy 9. NDTIC�S All ncatices, demaads� or o�her wri�ings in this Agree�ent provided to !�e given or �nade or sent, or which �ay be given or made' or seat, by either party here�o �a the ather, sha],J. be deemed to have been fulYy given or made o� sen� s�hen made in wri�ing end depoai�ed in the tTnited States �aail, registered and poatage prepaid, and addreased as �ollows: TO CITYt City a� Clearwate� P. O. eax� 4748 C3earWafier, Elorida 33518 «,g.. : ��. "'-Ord �2382-81 . . . . . � • • � 5J29/81 �.�� � .n� . r�; ° rrr,•,.�.�.,.�,4•;-1 e.k- ti�i�.. . ...q,...._.. ' -, ,' ...i. ... �� •, � ��i.a;�"t�."i� 's:�f%';.K..aiir, '✓'.. �te ... "°+�M^td��:�j: .. � ... . . . , ,� .' . ^ " � � ' .. ' �' ' . . � , .�'�: 9 " �:���.�,t:�: '_R' .Y '1•. f: y l�r' � . .. � i e.i f . �' , . . , � ' ;•. • , ` el�t•',• ,i+d '^S� ve;� �.a• ,� ' � �. . ..: � _ p.•.,- , . , -+ � • 'b.�`� .��, ° �1?,.�n. �:{ . ` , .. 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TO PACTs PACT, Inc. P. O. Bax 15i4 CZe�rwatexr Florida 335J.T �he adr3ress to which any �o�ice� demand, or o�her writinq may be qfven or msde or senti to any gar�y as above pro-- vided may be ahar�ged by wri�ten notice given by auch party as above pravided. $ECTYON 1Q. FARTIES BbUND= AMENAMEHT The covenah�� and aor�d�tians herein contained shall apply Ca ��d bind the successors and assi.gns ot the parties hera�o. This Ag�eeme�t may be asaigned by PACT to �he Zender or 3enders under �he Financing Documents as seaurity far any Mor�gage No�es isaued unc3ex� tt�e F�nancing �ccuments, an�, 3f so asaigned, may nat k�e amended by �he par�i.es w:L�han� �he app�aval af the �ender or Zenders under� the Ffnancing Acscuments. '�his Agreement may no� be ctherWise assiga�d by PACT withau� �he appraval af �he City. This Ag reement may be assignec3 by the Ci�y �o Pinellas Cottnty, Florida withaut t�e approvaZ of �ACT or the lende� or ie�ndezs undez the F`inancing pacum�nts, bu� sh�1J. no� �e o�hexwfse assigne� by the City without the apprpval of PA�T and the lender ar 3ende�s unde� tihe Financing Dacuments. . SECTiON 31. TIME OF THE ESSENCE Time is o� the essenae of this Agreemen�, arsd at each ar�d every covenank, te��n, condi�ion, and provision hereof. SECTT4N 12. PARAGRAPH CAPTIONS • The captiat�s �pp8aring besic3e the pa�ag�aph number desigr�atians of this Agreemen� are far conaenience only and are not m part hereof and do no� in �y way limft or amplify the torms and provisions hezeoi. SECTIdN I3. COiiNTERPA.RTS Th�s Ayreement �aay b� �xscuted in nr�e or moxe counter- parts, each o� which sha21 constitute rxn origfna� buti all of whiah ta�ether sha11 cons�i�u�e one ag�eement. SECTIQN 14. TE4tM�NATION OF FRI�R AGREEMENT Thati certain Faci].i.ty A�a�3aUil.ity Agreemen�. c3ated Deaember , I978, previaus�.y entered intio beGween the City and PACT �s hs�eTay termi.na�ed and cancelleci. � Ord #2382-81 -�= 5/ z9f 8I •�. ;...._...... � �.Y.._...__...._..._.__. . ���� .:+•�:�. ' '-. . IN WI'�NESS WHEREOF� �.he pr,x�i.�s have executec3 this Agreement at C].e�rw�Cer, F].oxida, on �he da�y a�nd year �i�st above ; written. CTTY OF CL�AitWATER� FLQRI�As WiTN�SSEDs . � gy - ayor� o�nm ss oner A'7"1'ESTi C�ty C1erk w -� � , .. � �' '. � PACT, 3:PiC. � Hy Fres en� WITNESSEDs _ ATTEST: Secretiary , ::ti:. � � � ' • '_` - . ` _ :;ti �: , . . - a{�_M1 ., , . .. � . ' . . . . .5�• . . . � . , •i . �. . . . , ' �{,� , . ' . . , � ��� . ` 1. :;;• -ora�-�2�8z�-$� - � ' ��2��a� � , i