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JAN 271992 <br />^. �} <br />.1 • 71 r1-1,1,. <br />i <br />The First Stdte i <br />•� <br />d. <br />BA <br />of <br />Miami <br />MIAMI BRANCH <br />7900 N.E. 2nd Avenue <br />Miami, FL 33138 <br />Phone: 305/756-3210 <br />noK 48 w,,762 <br />I LA. <br />The Bonds may be prepaid in multiples of <br />$50,000.00 at any time, without penalty <br />or bonus, all interest being paid to date <br />of redemption. Any prepayments shall not <br />interfere with the reauirement to -make <br />regular monthly payments of both principal <br />and interest. <br />e. The Bonds shall provide for a construction <br />period of one year, during which time in- <br />terest only shall be paid on a monthly <br />basis. The Bonds shall Drovide that in <br />the event of an act of God, riot, civil <br />insurrection, or for other reasons beyond <br />the control of the owners of the project, <br />the term may be extended for an additional <br />six months for the construction of the <br />improvements. At the end of the contruc- <br />tion period, determined by the issuance <br />of a certificate of occupancy, and the <br />architect's and owners' certification <br />that such improvements are complete and <br />are satisfactorily in compliance with <br />the approved plans and specifications, <br />whereupon the Bonds shall then provide <br />for repayment with equal monthly payments <br />of interest and principal in an amount <br />to fully amortize over fifteen (15) years, <br />with the full payment to be made at the <br />end of the 10th vear. Provided, however, <br />that payment shall accelerate and become <br />due immediately, in the event that interest <br />shall be determined taxable as income to <br />the holder of said Bonds, or at the option <br />of the Bank the.interest may then be in- <br />creased to an amount equal to 20 above <br />the Bank's prime rate, but will not violate <br />the 25% criminal usuary statute. <br />f. The county shall assign all of its rights <br />in the project to the Bank, if anv it ac- <br />quires. The owners shall assign their <br />right to collect rent to be paid by those <br />in actual possession as additional <br />security for payment of the Bonds. Any <br />lease of the project shall require as <br />rental payments in an amount sufficient <br />.to make all payments to retire the Bonds. <br />g. The Bonds shall be validated by appro- <br />priate judicial proceedings, and the <br />appeal period shall have passed before <br />funding. <br />-2- <br />MEMBER FEDERAL RESERVE SYSTEM <br />92 <br />