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Home My Public Portal About016-1987- AUTHORIZING THE CONSENT OF THE CITY TO WAIVING OF RESTRICTIONS ON MORTGAGING OF PROJECT REAL ESTATEORDINANCE 16 - 1987 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 CITY OF RICHMON➢ 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"), 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, the Cardon has 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 is desirous of granting to Health Care, REIT, a Delaware corporation, 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 Health Care, REIT, a Delaware corporation. NOW, THEREFORE, be it ordained that the City of Richmond, Issuer, together with The First National Bank of Richmond, the Bondholders, hereby consents to (1) the waiving of the restrictions on mortgaging of Project Real Estate as to the Real Estate Mortgage executed by Cardon, in favor of The First National Bank of Richmond 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), and (2) to the waiving of the restrictions on mortgaging of Project Real Estate as to the Real Estate Mortgage to be executed by Cardon III in favor of Health Care, REIT, a Delaware corporation, 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 to Health Care, REIT, a Delaware corporation. 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 "I". 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 C� day of —, 1987. esident of Common Council Attest: Wd City Cler PRESENTED to the Mayor of the City of Richmond, Indiana this 9 day of ��w� 1987. City Cler APPROVED Byme, Frank H. Waltermann, Mayor of the City of Richmond, ��- Indiana, this day of , 1987. Mayor Attest: City C1 rk EXHIBIT "I" WAIVER OF RESTRICTION. ON MORTGAGING OF PROJECT REAL ESTATE TO: CARDON III, INC. AND THE FIRST NATIONAL BANK OF RICHMOND, RICHMOND, INDIANA AS "TRUSTEE" WHEREAS, the undersigned, 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 in 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 III, 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 Trustee pursuant to the Indenture; and, WHEREAS, the Cardon has subsequently executed and delivered a real 'estate mortgage in favor of The First National Bank of Richmond, Richmond, Indiana 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 f ($150,000.00) (Second Mortgage); and, WHEREAS, Cardon is desirous of granting to Health Care, REIT, a Delaware corporation, 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 Health Care, REIT, a Delaware corporation (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 mortgaging and encumbrancing of the Project Real Estate to The First National Bank referred to above, and consent to the further mortgaging and encumbrancing of the Project Real Estate by such junior and subsequent mortgage to Health Care, REIT, a Delaware corporation. THE FIRST NATIONAL BANK OF RICHMOND By: ,Vice President "Bondholder" THE CITY OF RICHMOND, INDIANA By: FRANK H. WALTERMANN, MAYOR Mary Merchanthouse, City Clerk CONSENT TO WAIVER The UNDERSIGNED, THE FIRST NATIONAL BANK OF RICHMOND, as TRUSTEE UNDER THE INDENTURE, hereby consents to waiving any and all restrictions regarding the encumbrancing of the Project Real Estate with the mortgages referred to above. THE FIRST NATIONAL BANK OF RICHMOND By: Robert J. Heindl, Vice President and Trust Officer STATE OF IN➢IANA, COUNTY OF WAYNE, SS: Before me, a Notary Public in and for said County and State, personally appeared , the of The First National Bank of Richmond, Richmond, Indiana, of whom I am personally acquainted, and who, upon his oath, has acknowledged himself to be the of The First National Bank, the "Bondholder" herein, and being authorized so to do, executed the foregoing instrument for the purposed contained therein by subscribing thereto the name of said Bank and acknowledging the foregoing to be his voluntary act and deed for an on behalf of said Bank. (Printed) Notary Public residing in Wayne County, Indiana My Commission Expires: STATE OF INDIANA, COUNTY OF WAYNE,,SS: Before me, a Notary Public in and for said County and State, personally appeared Frank H. Waltermann and Mary Merchanthouse, with both of whom I am personally acquainted, and who, upon their oaths, acknowledged themselves to be the Mayor and Clerk, respectively, of the City of Richmond Indiana, the "Issuer" herein, and that they, as such Mayor and Clerk, executed the foregoing instrument for the purposes contained herein by subscribing thereto the name of said City and attesting themselves as such Mayor and Clerk, respectively. WITNESS, my hand and Notarial Seal this day of , 1987. Printed Notary Public residing in Wayne County, Indiana. My Commission Expires: STATE OF INDIANA, COUNTY OF WAYNE, SS: Before me, a Notary Public in and for said County and State, personally appeared Robert J. Heindl, Vice President and Trust Officer of The First National Bank of Richmond, Richmond, Indiana, of whom I am personally acquainted, and who, upon his oath, acknowledged himself to be the Vice President and Trust Officer to The First National Bank of Richmond, the "Trustee" 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. (Printed) Notary Public residing in Wayne County, Indiana My Commission Expires: This instrument prepared by Andrew C. Cecere, Attorney at Law DISPOSITION F RDINAN E NO. 16 -1 RESOLUTION NO. -198 by Common Council Ordinance No,/G •�� Resolution No. _ Elstro William Hankinsn Whitesell Parker Hutton Morris Thsobald Brookbank Date ILL Susp. rules Ist read Title only Grnaan��iitt44[� - - _ - ------ -------------- Seconded Z4'9& _ _ _ _ Proof of Publicaton ------------------ Seconded ------ ------ -------- -------- ------ ---------------------------------- Move to 2nd read Gr�l�iltLGl�Jl __ �-- ------ -------- -------- ------ ------ Secondedf- - -------- --------- Engrossment atG�Llrt� - ----- ------ -------- Seconded v _ Susp rules 3rd read V,mA-24ltb4 — ---- ------ ------ -------- -------- ------ --------- ✓ Seconded ,Ct ----- - Passage c� , -- ---------- ------- ------- -------- --------- ----------- Rejection D - Date Passed -(r -107 COMMITTEE ASSIGNMENTS: Committee Date Commitee Hearing Date Reassigned to Council Agenda PUBLICATION DATES: AMENDMENTS: COMMENTS