Ordinance 1990-1021 - Laserfiche WebLink

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J3~0 This Bond has been authorized by law to be issued and has been issued for the purpose of funding a loan from the City to the Borrower to enable the Borrower to develop as a site, land within the city, and to construct and erect a building or buildings thereon, for the purpose of leasing commercial office space to others (the "Project"), pursuant to the Loan Agreement, the Bond Ordinance of the City finally passed and adopted on or about February 17, 1981, as amended, and the Trust Indenture duly executed and delivered by the City to the Trustee. The Bond is secured by the Loan Agreement, the Indenture, the Bond Ordinance, an Assignment of Rents and Leases dated as of June 1, 1981, between the Borrower and the Trustee (the "Assignment"), and a Combination Mortgage and Security Agreement, as amended, dated as of June 1, 1981, from the Borrower to the Trustee (the "Mortgage"), to which Loan Agreement, Indenture, Bond Ordinance, Assignment, and Mortgage, and amendments thereof, reference is hereby made for a description and limitation of the revenues and property pledged and mortgaged to secure the payment of the Bond, the nature and extent of the security thereby created, the rights of the Holder of the Bond, the rights, duties and immunities of the Trustee, and the rights, immunities and obligations of the City thereunder. certified copies of the Bond Ordinance and executed counterparts of the Indenture, Loan Agreement, Assignment, and Mortgage are on file at the office of the Trustee and at the office of the City Clerk. The Bond is subject to mandatory redemption on any date in whole if: (a) a Determination of Taxability (as defined in the Indenture) occurs with respect to the Bond and the Holder exercises its option to have the Bond redeemed in whole; or (b) as a result of any changes in the Constitution of the State of Colorado or the Constitution of the Unites States of America or of legislative or administrative action (whether state or federal) or of any final decree, judgment, or order of any court or admini- strative body (whether state or federal), the Loan Agreement becomes void or unenforceable or impossible of performance in accordance with the intent and purpose of the parties as expressed in the Loan Agreement; or (c) greater than 90% of the insured value of the Project shall have been damaged or destroyed, or there occurs condemnation of all or substantially all of the Project or the taking by eminent domain of such use of control of the Project as in each case renders the Project unsatisfactory to the Borrower for its intended use, and the Borrower has not elected, as expressed in a certificate delivered to the Trustee within 120 days after the occurrence of such event, to rebuild or restore the proj ect. Upon the occurrence of any of the events specified in this paragraph, the Bond shall be redeemed at a redemption price equal to 100% of the principal amount of the Bond redeemed, and accrued interest on the Bond to the date of redemption. - 7 -