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11-25-1981 Council Agenda
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11-25-1981 Council Agenda
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RLH 10/19/81 <br />ARTICLE THREE <br />PREPAYMENT OF NOTE BEFORE MATURITY <br />3 -1. Prepayment. <br />(1) In the event of (a) damage to or destruction of the <br />Project or condemnation of the Project or any part thereof and <br />(b) if Borrower does not elect to restore the Project pursuant <br />to Section 2.03 of the Mortgage, the Note shall be subject to <br />prepayment by the City from funds furnished by the Borrower at <br />the time, to the extent and in the manner set forth in Section <br />5.02 of the Loan Agreement. <br />(2) The Note may be otherwise prepaid in accordance with <br />the provisions of the Note. <br />3 -2. Termination of Interest. <br />Upon deposit of any prepayment together with any <br />required premium, with the Lender and the giving of any notice <br />required, the principal amounts prepaid shall, after such date, <br />cease to bear interest. <br />
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