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Home My Public Portal About055-1988- AUTHORIZE THE CONSENT OF THE CITY THE WAIVING OF RESTRICTIONS AND MORTGAGING OF A PROJECT REAL ESTATEORDINANCE 55 - 1988 ORDINANCE OF THE CITY OF RICHMOND, INDIANA AUTHORIZING THE CONSENT OF THE CITY TO THE WAIVING OF RESTRICTIONS ON MORTGAGING OF PROJECT REAL ESTATE, A PART OF THE FINANCING AGREEMENT UNDER WHICH THE CITY' OF RICHMOND ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES A AND B (CARDON III PROJECT) WERE ISSUED. WHEREAS, Cardon III, Inc., an Indiana corporation ("CARDON") entered into a certain Loan Agreement, Mortgage and Security Agreement with the City of Richmond, Indiana ("ISSUER"), dated June 19, 1984, and recorded in Mortgage Record Book 558, page 89 of the records of the Recorder of Wayne County ("LOAN AGREEMENT") granting to the Issuer a lien on the Real Estate described in Exhibit "A" to the Loan Agreement ["REAL ESTATE"], to secure Cardon`s Promissory Note of even date to the City (Series A and B Notes). The funds for such loan from the Issuer to Cardon were provided by the issuance of City of Richmond, Indiana Economic Development Revenue Bonds, Series A and B (Cardon III Project) ("Bonds") under a certain Indenture of Trust, dated June 19, 1984.and recorded in. Mortgage Record 558, page 164 of the records of the Recorder of Wayne County, Indiana (Indenture) between the City and The First National Bank of Richmond, Richmond, Indiana, ("TRUSTEE"), now Bank One, Richmond, NA, which said Bonds were secured by the assignment and pledge of the Loan Agreement and Notes to the Trustee under the Indenture for the benefit of the bondholders of the Bonds; and, WHEREAS, Cardon subsequently executed and delivered a Real. Estate Mortgage in favor. of. The First National. Bank of Richmond, Richmond, Indiana encumbrancing the Project Real Estate_, dated July 17, 1985 and recorded August 20, 1985 in Mortgage Record Book 577, at page 284, to secure the payment of the sum of One Hundred Fifty Thousand Dollars ($150,000.00) (Second Mortgage). WHEREAS, Cardon, after obtaining a waiver of the restrictions contained in the Loan Agreement and the Indenture regarding further mortgaging or encumbrancing of the Project Real. Estate, mortgaged the Project Real. Estate by a third mortgage to Health Care, REIT, a Delaware corporation, which mortgage balance it wishes to pay from the proceeds of a new third mortgage to Sullivan --Peoples State Bank, Sullivan, Indiana (Third Mortgage). WHEREAS, Cardon is desirous of granting to Sullivan -Peoples State Bank, Sullivan, Indiana, a mortgage junior and subsequent to the Loan Agreement and the Second Mortgage referred to above, as security for a guaranty to be executed and delivered by Cardon to Sullivan -Peoples State Bank, Sullivan, Indiana. NOW, THEREFORE, be it ordained that the City of Richmond, Issuer, together with The First National Bank of Richmond, now Bank One, Richmond, NA, the Bondholder, hereby consents to the waiving of the restrictions on mortgaging of the Project Real Estate as to the Real. Estate Mortgage to be executed by Cardon III, Inc. in favor of Sullivan -Peoples State Bank, Sullivan, Indiana and simultaneously making payment of the balance owing to Health Care, REIT, a Delaware corporation, and secured by a mortgage junior and subsequent to the Loan Agreement and the Second Mortgage referred to above and to mortgage the Project Real. Estate by a mortgage junior and subsequent to the Loan Agreement and the Second Mortgage referred to above as security for a guaranty to be executed and delivered by Cardon III, Inc. to Sullivan -Peoples State Bank, Sullivan, Indiana. That the Mayor and the Clerk are hereby authorized and directed to execute and deliver, in the substantial form and content, The Waiver of Restriction on Mortgaging of Project attached hereto and made a part hereof and marked Exhibit "A". That this Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. PASSED AND ADOPTED By the Common Council of the City of Richmond, Indiana, this /1J_&day of. , 1988. President of Eom6on Council. Attest: City C1 rk PRESENTED to the Mayor of the City of Richmond, Indiana this day of 1988. APPROVED By me, Frank H. Waltermann, Mayor of the City of Richmond, Indiana, this / & tYday of 1988. -'juvh� klo 'fll. Attest: City C eil rk / WAIVER OF RESTRICTION ON MORTGAGING OF PROJECT REAL ESTATE TO: CARDON III, INC. AND BANK ONE, RICHMOND, NA, formerly THE FIRST NATIONAL BANK OF RICHMOND, RICHMOND, INDIANA AS "TRUSTEE" WHEREAS, the undersigned, BANK ONE, RICHMOND, NA, formerly THE FIRST NATIONAL BANK OF RICHMOND, a National Banking Association with its principal office located at Richmond, Indiana, is the owner of all the issued and outstanding Indiana Economic Development Revenue Bonds, Series A and B (Cardon III Project) ("Bonds") issued by the City of Richmond ("Issuer") under a certain Indenture of Trust ("Indenture"), dated July 19, 1984 and recorded i.n Mortgage Record 558, page 164 of the records of the Recorder of Wayne County, Indiana ("Bondholder"), which said Bonds were secured by the assignment and pledge of a certain Loan Agreement, Mortgage and Security Agreement (Loan Agreement) with the Issuer, dated July 19, 1984 and recorded in Mortgage Record Book 558, page 89 of the Records of. the Recorder of Wayne County, Indiana, wherein Cardon Ili, Inc. ("Cardon") an Indiana corporation, was borrower of the funds from the Issuer upon the sale of the Bonds; and, WHEREAS, pursuant to said Loan Agreement, Cardon did grant to the Issuer a first mortgage on the project which included the real estate described in Exhibit "A" to the Loan Agreement ("Project Real Estate") and which said lien was assigned by the Issuer, City of Richmond to the Tx•ustee pursuant to the Indenture; and, WHEREAS, Cardon has subsequently executed and delivered a real e tote mortgage in favor of The First National Bank of Richmond, Richmond, Indiana, now Bank One, Richmond, NA, encumbering the Project - Real Estate, dated July 17, 1985 and recorded August 20, 1985 in Mortgage Record Book 577, at page 284, to secure the payment of the sum of One Hundred Fifty Thousand Dollars ($150,000.00) (Second Mortgage); and, WHEREAS, Cardon, after obtaining a waiver of the restrictions contained in the Loan Agreement and the Indenture regarding further mortgaging or encumbrancing of the Project Real Estate, mortgaged the Project Real Estate by a third mortgage to Health Care, REIT, a Delaware corporation, which mortgage balance it wishes to pay from the proceeds of a new third mortgage to Sullivan -Peoples State Bank, Sullivan, Indiana (Third Mortgage). WHEREAS, Cardon is desirous of granting to Sullivan -Peoples State Bank, Sullivan, Indiana, a mortgage, -junior and subsequent to the Loan Agreement and the Second Mortgage referred to above as security for a guaranty to be executed and delivered by Cardon to Sullivan -Peoples State Bank, Sullivan, Indiana (Third Mortgage). NOW THEREFORE, THE UNDERSIGNED, The First National Bank of Richmond, Richmond, Indiana, the owner of all the Bonds issued under the Indenture, and the Issuer, The City of Richmond, Indiana, hereby each waive any and all restrictions on Cardon which are incorporated in the Loan Agreement, Section 6.10 thereof, and the Indenture, regarding the further mortgaging or encumbrancing of the Project Real Estate and consent to the further mortgaging and encumbrancing of the Project Real Estate by such junior and subsequent mortgage to Sullivan -Peoples State Bank, Sullivan, Indiana. Dated this day of , 1988. "BONDHOLDER": BANK ONE, RICHMOND, NA, formerly THE FIRST NATIONAL BANK OF RICHMOND By: Terry G. Johnston, Vice President Dated this day of - , 1988. "ISSUER": THE CITY OF RICHMOND, INDIANA %id11W ��,I/�,ice, :a.ti Mary Merchanthouse, City Clerk CONSENT TO WAIVER The UNDERSIGNED, BANK ONE, RICHMOND, NA, formerly THE FIRST NATIONAL BANK OF RICHMOND, as TRUSTEE UNDER THE INDENTURE, hereby consents to .waiving any and all restrictions regarding the encumbranc- ing of the Project Real Estate with the mortgages referred to above. Dated this day of , 1988. BANK ONE, RICHMOND, NA, formerly THE FIRST NATIONAL BANK OF RICHMOND By: Robert J. Heindl, Vice President and Trust Officer STATE OF INDIANA ) ) SS: COUNTY OF WAYNE ) Before me, a Notary Public in and for said County and State, personally appeared Terry G. Johnston, the Vice President of Bank One, Richmond, NA, formerly The First National Bank of Richmond, Richmond, Indiana, with whom I am personally acquainted, and who, upon his oath, has acknowledged himself to be the Vice President of Bank One, Richmond, NA, formerly The First National Sank, the "Bondholder" herein, and being authorized so to do, executed the foregoing instrument for the purposes contained therein by subscribing thereto the name of said Bank and acknowledging the foregoing to be his voluntary act and deed for and on behalf of said Bank. WITNESS, my hand and Notarial Seal this day of 1988. Notary Public (Printed) Residing in Wayne County, Indiana My Commission Expires: CLERK'S CERTIFICATE State -of Indiana, County of Wayne, ss: I, Mary Merchanthouse, Clerk of the City of Richmond, Wayne County, and State of Indiana, do hereby certify that the above and foregoing is a full, true, complete and correct copy of the Ordinance No. 55-1988 of the Common Council of the City of Richmond Indiana IN THE MATTER OF waiving the restrictions on mortgaging of Proiect Real Estate in regards to Carden M economic development -revenue bonds as the same fully appears of record and on file in my office in the Municipal Building, Richmond, Indiana, Booker Page WITNESS my hand and seal of the City of Richmond, Indiana this 16th day of August, 1988. \ Mary Merch nthous , Clerk Richmond, Indiana i DISPOSITION OF ORDINANCE NO. .J.5— -1989- RESOLUTION NO. -198 by Common Council 7rdinance No.Ss--Sr Resolution No. — Elstro William Brookban Hankinson McBrideParker Hutton Paust Morns Da?e Susp. rules Ist read Title only 1<rt?nNcaxrrsl---- ------ ------ -------- ---------- Seconded 4tdZL v --- Proof of Publicaton ------------------ ------ ------ -- ---- ------ ----- ------ ------- --------- Seconded Move to 2nd read daiAculmsX�1 - - --- ------ -------- ---------- ------ ------ ----- Seconded ,z� ------ --------- Engrossment GfltiR�tt!/rd�s[�J--- ✓ Seconded ,4 ----- -------------------------- 4— Susp rules 3rd read aM P� QaL-- ---- - - � Seconded u 47 ------- ---- -- -- ------------------------ Passage L L Rejection p Date Passed COMMITTEE ASSIGNMENTS: Committee Date Commttee Hearing Date Reassigned to Council Agenda PUBLICATION DATES: AMENDMENTS: COMMENTS: