82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)

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Optional Redemption - Destruction/Impossibility The Bonds are subject to redemption by the City at the option of the Partnership, in whole but not in part, on any interest payment date at 100X of the aggregate principal amount thereof, plus accrued interest to the redemption date, if the Partnership notifies the Trustee that it has elected to prepay the Note pursuant to the Loan Agreement as a result of the occurrence of any or the following events within the preceding 120 days: (1) all or substantially all of the Shopping Center of which the Project is a part shall have been damaged or destroyed, or title to or the temporary use of all or substantially all of the Shopping Center of which the Project is a part shall have been taken under the power of eminent domain or sold under threat of such taking, and the Partnership is not able to carry on its normal operations for a period of at least six (6) months; or (2) the Loan Agreement shall become void, unenforceable or impossible of performance in accordance with the intent and purpose of the parties as expressed in the Loan Agreement. Mandatory Redemption - Non Renewal of Letter of Credit The Bonds are subject to mandatory redemption by the City in whole but not in part on the earliest practicable date for which proper notice of redemption may be given in the event that 121 days prior to July 1, 1986, July 1, 1987 or Julq 1, 1988, the Bank or the Partnership notifies the Trustee that the Bank has elected not to extend the Letter of Credit for an additional renewal term of one year or longer. The redemption price in the event the Bank elects not to extend the Letter of Credit will be lO1X for bonds redeemed in 1986 and 100X or par thereafter, plus accrued interest to the redemption date. Mandatory Redemption - Taxability The Bonds are subject to mandatory redemption by the City prior to matu- rity in whole on the earliest practicable date for which proper notice of redemption may be given if the Partnership becomes obligated to prepay the Note pursuant to the Loan Agreement upon receipt of notice of a Determination of Taxability whether such notice is caused to be given by the paying or incurring of capital expenditures in excess of the amount permitted by the Internal Revenue Code of 1954 (the "Code") , an act or omission or misrepresentation of the Partnership or by a change in statute of the United States. The redemption price for each such outstanding Bond in such event will be 105X of the princi- pal amount thereof, unless such Detex�ination of Taxability is due to the enactment of legislation which in the opinion of Bond Counsel will not cause or result in the interest payable on the Bonds prior to such redemption date being included in the gross income of any Bondholder in which event the redemp- tion price shall be 100X of the principal amount thereof, plus in either case accrued interest to the date of redemption. 6