1982-140 - Laserfiche WebLink

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SPECILIEN The outstanding principal balance of this Bond is subject to mandatory redemption as follows: (a) this Bond shall be redeemed by the Issuer on any date at the outstanding principal balance thereof plus accrued interest to the date fixed for redemption, upon the discontinuance by the Proprietor of his operations at the Project and the exercise by the Proprietor of his option to acce- lerate payment of the entire unpaid balance of the Loan upon the occurrence of any of the following events: (1) all or substantially all of the Project shall have been damaged or destroyed and the Proprietor shall determine that it is not practicable or desirable that the Project be rebuilt, repaired or restored; or (2) all or substantially all of the Project shall have been condemned or such use or control thereof shall have been taken under eminent domain proceedings as to render the Project unsatisfactory to the Proprietor for continued operation; or (3) the Proprietor reasonably deter- mines that burdens or liabilities shall have been imposed upon the Proprietor with respect to the Project or the operation thereof, for the purposes expressed in the Loan Agreement, which shall be outside the control of the Proprietor and which shall render such operation uneconomic or unprofitable; or (4) the Proprietor reasonably deter- mines that technological or other changes shall have occurred which shall render the operation of the Project, for the purposes expressed in the Loan Agreement, uneconomic or unprofitable; (b) the outstand- ing principal balance of this Bond shall be redeemed by the Issuer in part, from money transferred from the Project Fund to the Redemption Account of the Bond Fund as provided in the Loan Agreement, to the extent that proceeds of the Bond exceed the cost of the Project, at a price of the outstanding principal balance thereof together with accrued interest to the date fixed for redemption. At the option of the Bank and as a result of the occurrence of a Determination of Taxability (as defined in the Loan Agreement), this Bond shall either be redeemed by the Issuer on any date at the outstanding principal balance thereof together with accrued interest to the date fixed for redemption plus any applicable premium as is fixed by the Loan Agreement, upon the prepayment by the Proprietor of the Loan to the extent of the outstanding principal of and interest on this Bond; or, to the extent permitted by law, shall thereafter bear an interest rate per annum equal to 2% above the prime rate of the Bank, as described above. The outstanding principal balance of this Bond is subject to redemption by the Issuer, at any time, as a whole or in part (in multiples of $50,000) upon the optional prepayment upon the Loan by the Proprietor (in each case in an amount equal to the portion of the outstanding principal balance of the Bond to be redeemed), at the price of par plus accrued interest to the redemption date, without premium. -3-