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1983-102
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1983-102
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3/28/2023 3:08:25 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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the Guarantor with the same rights it would have if it were not <br />Trustee. <br />Section 10,6 Right of Trustee to Perform Certain Acts on <br />Failure of Issuer. In case the Issuer or the Borrower shall fail <br />seasonaoly to pay or to cause to be paid any taK, assessments, or <br />governmental or other charge upon ar .f part of the Project or the <br />p-remiums on insurance on the Project or the expenses of main- <br />taining or preserving the Project, the Trustee may pay such tax, <br />asseosinent, governmental charge, premiums or expenses without <br />prejudice, however, to any rights of the Trustee or the <br />Bondholders hereunder arising in consequence of such failure; and <br />any amount at any time so paid under this Section, shall be <br />repaid by the Issuer upon demand, and shall become so much addi- <br />tional indebtedness secured by this Indenture, and the same shall <br />be given a preference in payment over any of the Bonds and shall <br />he paid out of the proceeds of any sale of the Trust Estate if <br />not otherwis~ paid by the Issuer, but the Trustee shall be under <br />no obligation to make any such payment unless it shall have been <br />requested to do so by the holders of at least 25% of the aggre- <br />gate principal amount of Donds Outstanding hereunder, and shall <br />have been provided with adequate funds for the purpose of such <br />payment. <br />Section 10,7 Compensation of Trustee: Lien, The Trustee <br />shall have a lien on the Project and the Revenues anJ receipts <br />pledged hereunder and all funds hel<l or collected by the Trustee <br />as such (eKcept funds held in trust for the benefit of the <br />holders of particular Bonds} with right of payment prior to <br />payment on account of interest, principal or premium, if any, of <br />any Dond issued hereunder, for all Administration Expenses, <br />including reasonable compensation for all services renderert by it <br />hereunder and for all reasonable expenses, advances, disbur- <br />sements and counsel fees incurred or made in and about the execu- <br />tion of the trusts hereby created and exercise and performance of <br />the powers and duties of the Trustee hereunder and the cost and <br />expense incurred in defending against any liability in the premi- <br />ses of any character whatsoever (unless such liability is adjudi- <br />cated to to have resulted from the negligence or willful default <br />of the 'l'rui:;tee). <br />Section 10,0 Resignation .:tnd Removal: hppo i ntment of <br />Successor, <br />(a) 'rhe Trustee may resign at any ti1ne by giving at <br />least JO days prior written notice thereof to the Issuer 3ntl to <br />the 13orrrJwer, which resignation shall be effective on the ,lo.t~ <br />specifi~d in the notice. If an instrument of acceptance by a
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