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1995-152
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1995-152
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Last modified
3/11/2019 3:08:10 PM
Creation date
3/11/2019 3:00:22 PM
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Resolutions
Resolution Number
1995-152
Approved Date
12/05/1995
Resolution Type
Housing
Entity Name
Escambia County Housing Finance Authority
Interlocal Agreement
Subject
TEFRA single Family Mortgage Revenue Bonds
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Other Risks <br />Tho remedies available to the owners of the Bonds upon an <br />Event of Default under the Indenture or an event of default under <br />the other documents described herein are in many respects dependent <br />upon judicial actions, which are often subject to discretion and <br />delay. Under existing constitutional and statutory law and <br />judicial decisions, the remedies available under the documents may <br />not be readily available or may be limited. The various legal <br />opinions to be delivered concurrently with the delivery of the <br />Bonds will be qualified as to the enforceability of the various <br />legal instruments by limitations imposed by bankruptcy, <br />reorganization, insolvency or other similar laws affecting the <br />rights of creditors generally and by the application of equitable <br />principles. <br />The Series A Mortgage Loans financed with the Series A Bonds <br />will have terms of not to exceed 360 months, unless otherwise <br />approved by the Servicer. However, a number of factors, including <br />general economic conditions, mortgage market interest rates and <br />mortgagor mobility, will affect prepayment experience with respect <br />to the Series A Mortgage Loans and, therefore, the average life of <br />the Series A Bonds. In addition, Series A Mortgage Loans bearing <br />interest at rates of 7.12% and 7.65%s per annum may prepay more <br />quickly due to increased refinancing activity or default. <br />The ability of the Authority to pay the principal of and <br />interest on the Bonds during the Certificate Acquisition Period <br />depends primarily upon the ability and willingness of the Series A <br />Acquisition Fund Investment Agreement Provider to honor its <br />obligations in connection with the Series A Acquisition Fund <br />Investment Agreement. A downgrading of the rating of either of the <br />Investment Agreement Providers or deterioration of their financial <br />strength could adversely affect the rating and marketability of the <br />Series A Bonds as well as the ability to meet debt service <br />obligations on the Series A Bonds. unexpended proceeds on deposit <br />in the Series A Acquisition Fund will be used to redeem the Series <br />A Bands (or a portion thereof) as described herein under the <br />caption "THE SERIES A BONDS -- Redemption Provisions". <br />The ability of the Authority to pay the principal of and <br />interest c;n th«_ Series B Bonds through the! Mandatory Tender Data <br />dePsnds prinarily ur-11 the ability and willingness of the Soria* B <br />Proceeds F'un 3 Agreement Provider to honor its <br />IJKLQations in : ca r, -c-+ ,,:.t, with the Series B Investment Agreement. <br />21w Soldiers, and Sailors, civil Relief Act of 1940 (the <br />188=*1 protects service men and Mown called to active miIita <br />daty by sumps"Lny enforcement of civil Iiabilities thsoug� <br />toreCLO Are and providing relief from current obliyyaa�low . <br />Speeif ical ly, each act provides that no obligation of I iabi l ity <br />bearing imtorest at a rate in excess of •% per anrn incurred by a <br />perms in active military duty prior to his or tar entry into <br />is <br />
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