Ordinance 1984-829 - Laserfiche WebLink

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Determination of Taxability, and ( i i) the payments which would have been made durina such period if the aforementioned increased interest rate had been in effect. All of the agreements, conditions, covenants, prov I s ions and stipulations contained In the Loan Aareement and the Deed of Trust are hereby made a part of this Bond to the same extent and with the same fo rce and effect as if they were fully set forth herein. If a default occurs under this Bond, the Deed of Trust or the Loan Agreement, then the Lender at its option may declare immediately due and payable the Principal Balance of this Bond and interest accrued thereon to the date of declaration of such default, toaether with any reasonable attorneys' fees incurred by the Lender In collectina or enforcinq payment thereof, whether suit be brouqht or not, and all other sums due hereunder or under the Loan Aqreement or Deed of T ru s t , anythina herein or In the Loan Aq reeme n t or Deeo of Trust to the contrary notwithstandina, and payment thereof may be enforced and recovered In whole or In pa rt , at any time by one or more of the remedies provided to the Lender In this Bond or In the Loan Aqreement or the Deed of Trust. The Issuer hereby waIves presentment, demand, protest or other notice of any kind In connection with any default under this Bond. THIS BOND AND THE INTEREST HEREON SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE ISSUER WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE STATE CONSTITUTION OR STATUTES AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE ISSUER OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. This Bond ana the intE~rest hereon are speci al obligations payable solely from the revenues derived pursuant to the Loan Aqreement and the Promissory Note of the Borrower, dated as of the date hereof (the "Note") . The holder of th is Bond shall never have the riqht to enforce payment hereof ag a i ns t any property of the Issuer, and this Bond does not constitute a charge, lien or encumbrance, leaal or equitable, upon any property of the Issuer. No covenant or agreement contained In the Loan Aareement entered into by the Issuer with respect to the issuance of the Bond shall be deemea to be a covenant or agreement of any of the members of the City Council or officers or employees of the Issuer In his individual capacity, and neither the members of the City Council nor any officer or employee thereof executinq the Bond shall be 1 i ab Ie personally or be sub-iect to any personal liability or accountability by reason of the issuance of the Bond. The ag ree- ment of the Is su e r to perform or cause the performance of the covenants and other provisions herein referred to shall be sub;ect at all times to the availability of revenues from the Borrower or other funds furni.shed to the Issuer, In accordance with the Loan Aareement and the Note, sufficient to pay all costs of such performance or the enforcement thereof. The remedies of the Lend er, as provided herein and In the Loan Aareement and the Deed of Trust shall be cumulative and concurrent and may be pursued singly, successively or together, at -, 6 -