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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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aggregating at least $50,000,000 if there is such a bank or trust company <br />or national banking association willing and able to accept the appointment <br />on reasonable and customary terms and authorized by law to perform all the <br />duties required by this Indenture. <br />Each successor Trustee shall mail, in accordance with the <br />provisions of the Bonds, notice of its appointment to the Remarketing <br />Agent, the Registrar and Paying Agent, the Credit Facility Provider, the <br />Rating Agencies and each of the Bondholders. <br />Section 6.09. Transfer of Rights and Progerty to Successor <br />Trusteg. Any successor Trustee appointed under the provisions of this <br />Indenture shall execute, acknowledge and deliver to its predecessor, the <br />Issuer, NHC and the Borrower a written instrument of acceptance of such <br />appointment, and thereupon such successor, without any further act, deed <br />or conveyance, shall become fully vested with all moneys, estates, <br />properties, rights, immunities, powers, duties, obligations and trusts of <br />it predecessor hereunder, with like effect as if originally appointed as <br />Trustee. However, the Trustee then ceasing to act shall nevertheless, on <br />request of the Issuer or of such successor, execute, acknowledge and <br />deliver such instruments of conveyance and further assurance and do such <br />other things as may reasonably be required for more fully and certainly <br />vesting and confirming in such successor all the rights, immunities, <br />powers and trusts of such Trustee and all the right, title and interest of <br />such Trustee in and to the Trust Estate and shall pay over, assign and <br />deliver to such successor any moneys or other properties subject to the <br />trusts and conditions herein set forth. Should any deed, conveyance or <br />instrument in writing from the Issuer be required by such successor for <br />more fully and certainly vesting in and confirming to it any such moneys, <br />estates, properties, rights, powers, duties or obligations, any and all <br />such deeds, conveyances and instruments in writing shall be executed, <br />acknowledged and delivered by the Issuer on request and so far as may be <br />authorized by law. <br />Section 6.10. Merger. Conversion or Consolidation of Trustee Any <br />Company into which the Trustee may be merged or with which it may be <br />consolidated or any company resulting from any merger, conversion or <br />consolidation to which it ;hall be a party or any company to which the <br />Trustee may sell or transfer all or substantially all of its corporate <br />trust business shall be the successor to such Trustee, without any further <br />act, deed or conveyance, provided that such company shall be a commercial <br />bank or trust company or national banking association qualified to be a <br />successor to such a Trustee under the provisions of Section 6.08 hereof. <br />- 45 - <br />
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