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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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Section 9.3 Sale of Project. On any sale of the Pro- <br />ject or any part thereof by the Trustee pursuant to any of the <br />foregoing powers, <br />( a} the principal of all the Bonds not yet matured or <br />declared due shall forthwith become due, anything therein or <br />herein to the contrary notwithstanding: <br />(b) if the whole of the Project shall be offered for <br />sale, the Project shall be sold in one pcrcel and as an entirety, <br />unless the Trustee shall deem such sale as an entirety to be <br />illegal or impracticable or inadvisable by reason of some statute <br />or other cause; <br />(c} any fixtures, personal property or chattels consti- <br />tuting a part of the Project may be sold without having such prop- <br />erty at the place of sale, and the Issuer, for itself, its <br />successors and assigns and for all persons hereafter claiming <br />through or under it hereby expressly waives and releases all <br />right to have the Project or any part thereof at the place of <br />sale; <br />(d) the Trustee may adjourn, or cause to be adjourned, <br />from time to time, any sale, by announcement at the time and <br />place appointed for such sale or for such adjourned sale or <br />sales; and, except as otherwise provided by law, such sale may be <br />made, without further notice or publication, at the ti~e and <br />place to which the same shall be so adjourned; <br />(e) if on the sale of the whole of the Project, no cash <br />bid be received in an amount sufficient to pay all amounts then <br />owing to the •rrustee and the Bondholders, the Trustee may be the <br />purchaser at such sale, crediting on the Trustee's bid the aggre- <br />gate amount of all sums due the Bondholders and the Trustee under <br />this Indenture, and the Trustee may thereafter sell all such prop- <br />erty for an amount less than sufficient to pay all amounts then <br />owing to the Trustee and the 13ondholders or for a consideration <br />consisting of part cash and part purchase money mortgage, or <br />both; provided; (1) that such sale and the terms and amounts of <br />any purchase money mortgage are approved in writing by the <br />holders of a majority in aggregate principal amount of the then <br />Outstanding Oonds, and (2) that in the opinion of the ·rrustee, <br />the price obtained at such sale represents the fair market value <br />of the property sold, as dernonstrated by more than one qualifieu <br />bid or by appraisal by an independent appraiser acceptable to the <br />Trustee; <br />(f) any 13onuholder or 13ondholders or the Trustee, or <br />any of them, may bid for and pur-chase the Proj,~ct, or the portion <br />thereof to be sold, at such sale; <br />-54-
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