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1987-139
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1987-139
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9/2/2022 9:33:01 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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40 <br />The Issuer shall not create or cause to be created any lien or <br />charge on the Revenues, other than the lien on and pledge of the Revenues <br />authorized by this Indenture. <br />Section 5.04. Maintenance of Existence: Compliance with Law. The <br />Issuer will at all times maintain its corporate existence or assure the <br />assumption of its obligations under this Indenture by any public body <br />succeeding to its powers under the Act; it will use its best efforts to <br />maintain, preserve and renew all the rights and powers provided to it by <br />the Act; and it will comply with all valid laws, rules, regulations, <br />judgments and decrees of any legislative, executive, administrative or <br />judicial body applicable to this Indenture, the Loan Agreement and the <br />transactions contemplated hereby and thereby. <br />Section 5.05. Enforcement of Obligations of Borrower. A t t h e <br />direction of the Trustee, the Issuer will participate in the enforcement <br />of any obligation of the Borrower to pay, or cause to be paid, all the <br />payments and other costs and charges payable by the Borrower under the <br />Loan Agreenent and to perform, or cause to be performed, all of the <br />covenants and obligations of the Borrower under the Loan Agreement. The <br />Issuer shall have no obligation to take any such action except to the <br />extent so directed by the Trustee and unless indemnified to the Issuer's <br />satisfaction against all costs, expenses and liabilities that may be <br />incurred by it in taking such action. <br />The Issuer agrees that the Trustee in its own name or in the name of <br />the Issuer may enforce all rights of the Issuer and all obligations of the <br />Borrower under and pursuant to the Loan Agreement for and on behalf of the <br />Bondholders, whether or not the Issuer is in default hereunder. <br />Section 5.06. Financing Statements. The Issuer covenants that <br />appropriate financing statements, naming the Trustee as assignee of the <br />accounts, contract rights and general intangibles represented by the Loan <br />Agreement, will be executed by the Issuer and delivered to the Trustee for <br />filing in the appropriate state and county offices as would be required by <br />the provisions of the Uniform Commercial Code in effect in the State, as <br />amended. The Trustee shall file such necessary continuation statements <br />from time to time as may otherwise be required pursuant to the provisions <br />of such Uniform Commercial Code to protect the interest of the Trustee and <br />the Bondholders. Such continuation statements shall be executed by the <br />Trustee and (if required by law) by the Issuer at the directing of the <br />Trustee. <br />Section 5.07. Credit Facility: Substitute Credit Facilities. <br />(a) The Trustee in its name or in the name of the Issuer shall <br />enforce all rights of the Trustee and all obligations of the Credit <br />Facility Provider under and pursuant to the Credit Facility for the <br />benefit of the Bondholders (including, without limitation, the obligation <br />of the Credit Facility Provider to honor drafts duly presented in <br />accordance with the terms of the Credit Facility), whether or not the <br />Issuer is in default hereunder. The Trustee shall not assign or transfer <br />.. 39 - <br />
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