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85-96 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS, OF AN INDUSTRIAL PROJECT IN ORDER THAT PERSHING DEVELOPMENT COMPANY MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT
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85-96 PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS, OF AN INDUSTRIAL PROJECT IN ORDER THAT PERSHING DEVELOPMENT COMPANY MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT
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Last modified
8/29/2016 11:49:39 AM
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8/29/2016 11:49:36 AM
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Resolution/Ordinance
Res Ord Num
85-96
Res Ord Title
PROVIDING FOR THE FINANCING BY THE CITY OF DECATUR, ILLINOIS, OF AN INDUSTRIAL PROJECT IN ORDER THAT PERSHING DEVELOPMENT COMPANY, MAY BE PROVIDED WITH FACILITIES TO ENCOURAGE DEVELOPMENT OF THE CITY OF DECATUR...
Approved Date
12/23/1985
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: "Lease" means any lease agreement, license , management <br /> agreement or other agreement having the effect of the foregoing <br /> as may be in effect from time to time in connection with all or a <br /> part of the Project, including the Lease Agreement between the <br /> Borrower, as lessor, and Johnston Super Mar�ets, Inc. , an <br /> Illinois corporation, as lessee {the "Lessee") . , <br /> "Lease Assignment" means any Lease assignment by and <br /> between the Issuer and the Borrower. <br /> "Loan Agreement" means the Loan Agreement dated as of <br /> December 1 , 1985 , by and between the Issuer and the Borrower, in- <br /> cluding the Note of the Borrower executed and delivered pursuant <br /> thereto, as from time to time amended and supplemented. <br /> "Mortgage" means the Mortgage and Security Agreement <br /> dated as of December 1 , 1985 , from the Borrower to the Issuer. <br /> "Note" means the Promissory Note of the Borrower in the <br /> principal sum of $5 , 500 , 000 , maturing in 44 quarterly <br /> installments, substantially in the form thereof set forth in <br /> Exhibit C to the Loan Agreement. <br /> "Overdue Rate" means the Prime Rate as in effect from <br /> time to time plus four percent (4�) per annum, which rate may <br /> change from day to day. <br /> "Person" means natural persons, partnerships, associa- <br /> tions , corporations and public bodies. <br /> "Principal Amount" means $5 , 500, 000 . <br /> "Project" means the Building, Project Equipment and <br /> Project Site to be financed with the proceeds of the Bonds , as <br /> each term is defined and described in the Loan Agreement. <br /> -4- <br />
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