11-12-1980 Council Agenda - Laserfiche WebLink

Home Browse Search

Borrower (the "Loan Agreement ") prior to the Purchase Date (as hereinafter defined), the interest rate shall be immediately increased to a rate of interest equal to fifteen and seven tehs percent (15.7 %) per annum and each monthly installment thereafter payable shall be accordingly adjusted and shall be equal to the amount necessary to amortize the remaining Principal Balance with interest paid at the increased rate. In addition, the City shall immediately pay to the Interim Lender, but solely from revenues derived from the said Loan Agreement, the aggregate difference between (a) the monthly payMents actually made to the Interim Lender on this Note from the "Date of Taxability ", as that term is defined in the said Loan Agreement, to the date of said payment, and (b) the monthly payments would have been made during such period had such increased interest rate been in effect. (c) Principal and all accrued interest shall be due and payable on May 1, 1981, or at such earlier or later date as may be agreed to in writing by the Interim Lender and the Permanent Lender. (d) Provided, however, that if the Permanent Lender shall purchase this Note, and other instruments now or hereafter evidencing and securing the indebtedness evidenced hereby, as contemplated by the Buy -Sell Agreement, then instead of paying interest and principal as aforesaid, the City shall, on the date of such purchase (the "Purchase Date "), pay to the Interim Lender, but solely from the revenues derived from the Loan Agreement, all unpaid interest then accrued hereunder, and thereafter shall pay to the Permanent Lender, but solely from the revenues derived from the Loan Agreement, the unpaid Principal Balance together with interest at the rate of ten and three quarters percent (10 -3/4 %) per annum in 300 consecutive equal monthly payments commencing on the first day of the calendar month next succeeding the Purchase Date and continuing on the first day of each succeeding month thereafter until the principal and interest are fully paid (the "Final Maturity Date "); provided, however, that if the Purchase Date is on or after the tenth day of the month, the payment due on the first day of the next month following the Purchase Date shall consist of pro rata interest only. If the Purchase Date is during the first nine days of the month, the payment due on the first day of the next month following the Purchase Date shall consist of principal and pro rata interest. (e) If a "Determination of Taxability" shall occur after the Purchase Date, the interest rate shall be immediately increased to an annual rate of fifteen and seven