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2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE
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2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE
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3/2/2016 10:50:10 AM
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3/2/2016 10:50:08 AM
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Resolution/Ordinance
Res Ord Num
2001-58
Res Ord Title
PROVIDING FOR THE ISSUANCE OF A NOT TO EXCEED $4,882,000 TAXABLE SUBORDINATE LIEN PROMISSORY NOTE (SOUTHEAST PLAZA PROJECT), SERIES 2001
Approved Date
8/6/2001
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Z � ` � a <br /> January 1 following the Dated Date, with a final installment of principal and interest coming due <br /> on the earlier to occur of January 1,2021, or payment in full thereof(the "Final Maturity'� <br /> The Note shall bear interest from the later of its Dated Date or from the most recent <br /> Regular Interest Payment Date to which interest has been paid or duly provided for, until the <br /> principal amount of the Note is paid or duly provided for. Interest when due ("Current <br /> Interest'� shall be paid as hereinafter provided from the Special Tax Allocation Fund, the <br /> Limited Incremental Sales Tax Subaccount, or both, and if funds on deposit therein and to the <br /> credit thereof are insufficient for such purpose, such failure to pay shall not in and of itself <br /> constitute an event of default, but such interest shall thereupon be recorded by the Paying Agent <br /> as deferred accrued interest("Deferred Accrued Interest"). The order of payment of interest on <br /> the Note until Stated Maturity shall be first, Deferred Accrued Interest, second, Current Interest, <br /> and third, mandatory redemption of principal as hereinafter set forth. By acceptance of the Note, <br /> the registered owner of the Note accepts that there may be Defened Accrued Interest on the <br /> Note, that is, that Current Interest may not have been paid, without any special notation having <br /> been made upon the Note itself. Defened Accrued Interest shall be payable, prior to Final <br /> Maturity, only upon Regular Interest Payment Dates to the registered owner otherwise entitled to <br /> Current Interest on the Regular Interest Payment Date that such Deferred Accrued Interest is <br /> paid. Failure to pay when due any installment of Current Interest or any amount of Deferred <br /> Accrued Interest or Outstanding Principal Amount due to insufficiency of the Pledged Moneys, <br /> whether at Stated Maturity, Final Maturity or otherwise, shall in no event be deemed to be an <br /> event of default on the Note. It is hereby expressly provided that in the event that there is an <br /> -9- <br />
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