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1987-139
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1987-139
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9/2/2022 9:33:01 AM
Creation date
9/1/2022 9:39:10 AM
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Resolutions
Resolution Number
1987-139
Approved Date
11/24/1987
Resolution Type
INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS
Subject
financing the acquisition of a Health Care Facility by Fl. Convalescent Centers, Inc.,
consisting of an 91-bed Nursing Home providing for issuance by ORC
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dw <br />preceding the redemption or maturity date of any Bonds or any date on which <br />the due date for the payment of the principal amount of the Bonds shall be <br />accelerated in accordance with the Indenture, the amount, if any, necessary to <br />make the amount then on deposit in the Interest Account and available for <br />payment of such interest equal to the interest payable on the Bonds on such <br />date; (B) on the Business Day preceding the redemption date of any Bonds, the <br />maturity date of any Bonds and any date on which the due date for the payment <br />of the principal amount of the Bonds shall be accelerated in accordance with <br />the Indenture, the amount, if any, necessary to make the amount on deposit in <br />the Principal Account equal to the principal amount of the Bonds due on such <br />date; and (C) the Administrative Expenditures not otherwise paid or provided <br />for by the Company, as certified to the Company by an Authorized Officer of <br />the Issuer, the Trustee or the Registrar and Paying Agent. <br />Operation and Maintenance of Project (Section 4.04) <br />The Company shall cause the Project to be operated in a "sound and <br />economical manner and shall maintain, preserve and keep the Project in good <br />condition and repair and shall make all necessary and proper repairs, renewals <br />and replacements so as to conduct the operation of the Project in accordance <br />with all material governmental operating standards applicable to the Project. <br />The Company shall operate the Project as a "health care facility" within the <br />meaning of the Enabling Legislation. <br />Insurance (Section 4.05) <br />The Company shall keep the Project and its operations with respect <br />thereto adequately insured at all times and shall maintain with responsible <br />insurers insurance with respect to the Project and such operations of such <br />types, in such amounts and against such risks as are customarily maintained <br />with respect to comparable facilities and operations, including (without <br />limitation) (i) full fire and extended coverage insurance on the Project <br />providing for not less than full recovery of the insurable value (less <br />reasonable deductibles and exclusions) of any damaged property and (ii) public <br />liability and property damage insurance in amounts estimated to fully <br />indemnify (less reasonable deductibles and exclusions) the estimated loss or <br />damage. <br />In the event that the Company shall at any time neglect or refuse to <br />obtain or maintain insurance as required by the Loan Agreement, the Trustee <br />may obtain and maintain such insurance and the Company shall be obligated to <br />reimburse the Trustee promptly for all amounts expended in connection <br />therewith. <br />-41- <br />
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