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C: <br />• <br />Mr. David Evans <br />Page 2 <br />June 25, 1986 <br />1. The Issuer will issue its industrial development <br />revenue bonds in such principal amount as necessary to finance <br />the acquisition, construction and equipping of the contemplated <br />industrial facility including land for the proposed site, such <br />capital cost of facilities and land presently estimated to be not <br />more than $4,800,000 for the purpose of paying the cost of the <br />acquisition, construction and equipping of a skilled and <br />intermediate care nursing home facility. <br />2. The Issuer and the Company will enter into a Loan <br />Agreement which shall provide for the loan of the proceeds of the <br />bonds from the Issuer to the Company. Tile loan payments shall be <br />pledged and applied pursuant to the Agreement, and shall be <br />sufficient to make the payment of the principal of, interest on <br />and redemption premium, 1f any, applicable to the bonds and such <br />other fees and costs as provided in the Agreement. <br />3. The Issuer will cooperate in the prompt preparation <br />of the Agreement and the necessary resolutions for the <br />authorization and sale of the bonds and, if requested, will <br />promptly proceed with validation of the bonds in the Circuit <br />Court for Indian River County, pursuant to the provisions of <br />Chapter 75, Florida Statutes. <br />4. Upon delivery of the bonds, the provisions of this <br />proposal and the agreement resulting from its acceptance by the <br />Company shall have no further effect, and in the event of any <br />inconsistency between the terms of this proposal and the terms of <br />the Agreement in the form in which it shall be finally approved <br />by resolution of the Issuer, the provisions of the Agreement as <br />so approved shall control. <br />5. The Issuer shall keep open and outstanding this <br />commitment and inducement to the Company for a reasonable time so <br />long as the Company shall be proceeding with appropriate efforts <br />toward conclusion of any arrangements necessary to the project; <br />provided, however, if for any reason the bonds are not authorized <br />by June 25, 1987, for issuance in one or more installments <br />thereafter, then the provisions of this proposal and the <br />Agreement resulting from its acceptance by the Company shall be <br />cancelled unless extended by mutual agreement of the Issuer and <br />the Company. In such event, or in the event of its earlier <br />cancellation by agreement between the Company and the Issuer, <br />neither party shall have any rights against either party except: <br />(a) The Issuer will transfer and convey to the Company <br />all the project components (and sites, if any) <br />which shall have been acquired by the Issuer; <br />(b) The Company wi I I pay to the Issuer the amount of <br />all expenses which shall have been incurred by the <br />