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1983-102
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1983-102
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Last modified
3/28/2023 3:08:25 PM
Creation date
3/28/2023 3:04:57 PM
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Resolutions
Resolution Number
1983-102
Approved Date
10/19/1983
Subject
Providing for the financing of the acquition construction & equipment of a
120 Bed Nursing Home Facility located on 37th Street, Providing for Industrial
Development Revenue Bonds (Florida Health Facilities Project)
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costs incurred by the Issuer in connection with the Project, if <br />any, which are not paid out of the proceeds of the Series 1983 <br />llonds. <br />4, Contemporaneously herewith, all right, title and interest <br />of the Issuer in, to and under the Loan Agreement {subject to <br />certa~n reserved rights), including the Mortgage and Security <br />I.f'Lterest as described therein, and in and to the loan repayments <br />and other revenues and proceeds derived by the Issuer from and <br />with respect to the Project, are bein1 transferred and assigned <br />by the Issuer to the Trustee in trust as provided in the <br />Indenture as security for the payment of the principal of, <br />pre,nium, if any, and interest on the Series 1983 Bonds and any <br />Additional Bonds (as defined in the Loan Agreement) which may <br />hereafter be issued pursuant to the Indenture (the Series 1983 <br />Bonds and any such Additional Bonds being hereinafter co .llec- <br />tively called "Bonds"), and for the pay:nent of other amounts <br />payable thereunder, all for the benefit and protection of those <br />Persons (as defined in the Loan Agreement) who from time to time <br />shall be the holders of the Bonds, until all of the Borrower's <br />obligations under the Loan ~greement shall have been fully <br />performed, and the Bonds and all fees, charges, expenses and any <br />advances of the Tru~tee shall have been paid in full (or provi- <br />sion for full payment thereof shall have been made as provided in <br />the Indenture). <br />S. 'l'he Guarantor acknowledges that the Series 1983 13onds ar.e <br />be:i.ng issued by the Issuer at the request of the llorrower and the <br />Guarantor for their economic benefit. <br />6. The Guarantor acknowledges that it has a substantial <br />direct economic interest in the Borrower anu expects to benefit <br />economically from the Borrower's particiration in the aforesaid <br />transaction, and has executetl this flgreement in order to induce <br />the consummation of such transaction. <br />7, It is a condition precedent to the purchase of ~1e Series <br />1983 Oonds by the initial purchaser or purchasers thereof that <br />the Guarantor shall have executed ~1nd delivereu this Agreement. <br />8, 'rhe execution of this Agreement is necessary in order (a) <br />to induce the Issuer to issue and sell the Series 1983 Oonds and <br />to loan the proceeds of the 3eries 1983 Bonds to the narrower, <br />(b) to induce the rurchase of the Series 1983 Bonds by the ini- <br />tial purchaser or purchasers thereof and by all other Persons who <br />fro111 time to time shall become holders of the Series 1983 13on,ls, <br />(c) to enhance the marketability of the Series 19BJ l3onds, and <br />(d) to obtain a lower interest rate on the Series 1983 l3onds anu. <br />a lower interest rate on the Borrower's loan frrnn the Issuer. <br />-2-
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