Ordinance 1985-856 - Laserfiche WebLink

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Bond and the payment of the Pr inc ipal Balance hereof, the in ter.es t her eo n and pr em i um , if any, is sec ur ed by a Deed of Tr us t and Assignment of Rents and Leases, dated as of the da te hereof, amo ng the Borrower, the Publ ic -Trustee of Boul der Coun ty , Colorado, and the Le nder (the "Deed of Trust") and by a Guaranty Agreemen t, dated as of the date hereof, between the Le nder and Sc 0 pe Ma n u f ac t ur i ng , Inc. , a Color ado corpor a t ion (the "Guar an ty Agreemen t" ) . The Pr inc ipal Bal ance of this Bond may be prepaid as follows: ( i) The Pr inc i pal Balance of this Bo nd may be prepaid, at any time , in w hol e or in par t , wi thout prepaymen t pr emi urn. ~Vr i tten no tic e of the in te n t to prepay the Pr inc ipal Bal ance of this Bond must be given to the Lender at least thirty (30) days in advance of the prepaymen t da te. Upo n pr epayme n t in full , i n te res t to the prepayment date shall be pa id on the prepaymen t da te. ( i i) The Pr inc ipal Bal anc e of this Bond is further subject to prepayment in whole, upon paymen t of par and acc rued in terest, without prepayment pr em i urn , if all or substantially all of the Project is condemned (or sold in lieu thereof) or damaged or destroyed and Borrower does not e I ec t , as evidenced by a certificate delivered to Le nder within 120 days a f t~r the occurrence of such event, to rebuild or restor.e the Project; or if as a res ul t of any changes in the Co ns tit u t io n or laws of the Sta te of Colorado or the Consti tution of the Un i tad States of Arner ica , or of any I eg i sl a t i ve .or adminis tra t ive action (whe ther s ta te or feder al ) , or of any fin al decree, judgment or. order of any co ur t or adminis tra t ive body (whe ther s ta te or feder al ) , the Loan Agreement becomes void or un~nforceable or imposs ibl e of per formance. (iii) The pr inc i pal Bal ance of this Bond is fur ther subject to prepaymen t, in who 1 e or in par t , wit ho u t prepaymen t premium, upon the death of Bruce E. Mill er and the payment of life ins ur ance death bene fi ts to the Le nder purs uan t to a term life insurance policy that has been assigned to the Le nder . . The Le nder has the option of tendering to the Borrower, for prepayment on behalf of the Issuer, all or any part of this Bo nd , at par t and accrued interest on 1, 1995, and on the first day of each month thereafter. Wr it ten no tice -of the in ten t to tender the Bond must be give n to the Borrower at least ninety (90 ) days in advance of the day of te nder . Upon a Determination of Taxability as de fined in the Loan Agreement, whereby the interest accruing on this Bond becomes incl udible in the gross income of the Le nder ( 0 t he r .than a subs tan tial user of the Project or a reI a ted person) for the purpose of f eder al income taxa tion, the Pr incipal Bal anc e of this Bond shall bear in teres t at an annual rate equal to two percen t above the announced pr ime commercial lending rate of Firs t - 8 - .