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82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)
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82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)
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Last modified
9/15/2016 11:20:19 AM
Creation date
9/15/2016 11:20:15 AM
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Resolution/Ordinance
Res Ord Num
82-25
Res Ord Title
AUTHORIZING, APPROVING, RATIFYING & CONFIRMING CERTAIN ADDITIONS & CHANGES IN THE TERMS & PROVISIONS OF THE $3,300,000 ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)...
Approved Date
3/8/1982
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The Mortgage and Assignment of Rents <br /> The Partnership and the Land Trustee, as mortgagors, will execute and <br /> deliver the Mortgage and the Assignment of Rents to the Issuer to secure the <br /> obligations of the Partnership under the Loan Agreement and the Note and the <br /> Issuer will assign the same to the Trustee to secure the Bonds and the Issuer's <br /> obligation under the Indenture. The Mortgage and the Assignment of Rents will <br /> grant a first mortgage lien on, and security interest in and to, the Shopping <br /> Center, including the Leasehold Estate of the Land Trustee under the Ground <br /> Lease, and all buildings and improvements from time to time located thereon and <br /> all rents, issues, profits and groceeds thereof (the "Mortgaged Property") and <br /> the Trustee will be insured under a title insurance policy issued by Chicago <br /> Title Insurance Company with respect to such first mortgage lien on the Mort- <br /> gaged Property constituting real estate. Upon payment of the Bonds from moneys <br /> drawn under the Letter of Credit or otherwise in accordance with the Indenture, <br /> the Trustee will release the lien of the Mortgage. <br /> Non-recourse Provisions <br /> Notwithstanding any provisions of the Loan Agreement, the Note or the <br /> Mortgage to the contrary in any action commenced to enforce the obligations of <br /> the Partnership created or arising under the Loan Agreement or the Note or of <br /> the Mortgage, except to the extent payable from the proceeds of the Letter of <br /> Credit, the judgment shall be enforceable against the Partnership or any part- <br /> ner thereof, and their respective successors, assigns, only to the extent of <br /> their interest in the properties and/or liens conveyed in or encumbered by the <br /> Mortgage and the Indenture including, without intending to limit the generality <br /> of the foregoing, the Mortgaged Property and any such judgment shall not be <br /> subject to execution on nor be a lien on any other assets of the Partnership <br /> or its partners, or their respective successors, assigns, heirs or personal <br /> representatives. <br /> 35 <br />
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