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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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against the Issuer but solely as provided herein and in the Bonds and from <br />the sources and moneys provided herein and in the Bonds for any portion of <br />such amounts remaining unpaid, with interest, costs and expenses, and to <br />collect in any manner provided by law the moneys adjudged or decreed to be <br />payable. <br />Section 7.04 Priority of Payments following Default. If an Event <br />of Default occurs and the moneys held by the Trustee under this Indenture <br />(other than moneys then held or set aside under this Indenture for the <br />payment of any Bonds at maturity or on any redemption date or Tender Date <br />that have not been presented for payment) shall not be sufficient to pay <br />the principal or Redemption Price of and interest on, and the purchase <br />price of, the Bonds as the same become due and payable (either by their <br />terms or by acceleration of maturity under the provisions of Section 7.02 <br />hereof), such moneys together with any moneys then available or thereafter <br />becoming available for such purpose, whether through the exercise of the <br />remedies provided for in this Article or otherwise, shall be applied by <br />the Trustee as follows: <br />(a) unless the principal of all the Bonds shall be due <br />and payable, all such moneys shall be applied: <br />est: to the payment to the persons entitled <br />thereto of the interest then due on the Bonds and, <br />if the amount available shall not be sufficient to <br />pay in full all such interest, then to the payment <br />of such interest, ratably, to the persons entitled <br />thereto, without any discrimination or preference; <br />Second: to the payment to the persons <br />entitled thereto of the unpaid principal due on any <br />of the Outstanding Bonds in the order of the due <br />dates for such payments, with interest upon such <br />principal from the respective dates upon which such <br />amounts shall have become due and payable (whether <br />upon proceedings for redemption or otherwise), and, <br />if the amount available shall not be sufficient to <br />pay in full the principal or Redemption Price due <br />and payable on any particular date, together with <br />such interest, then to the payment first, of such <br />interest, ratably, according to the amount of <br />interest due on such date, and then, to the payment <br />of such principal or Redemption Price, ratably, <br />according to the amount due on such date, to the <br />persons entitled thereto, without any discrimination <br />or preference; <br />Third: to the payment of the interest on and <br />the principal of the Bonds as the same become due <br />and payable (whether upon proceedings for redemption <br />or otherwise); and <br />- 49 - <br />
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