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Home My WebLink AboutR-93-0346RESOLUTION NO." A � 4 6 A► MOLUTICN AUTHORIZING THE OFFERING OF THE CITY" S INDUSTRIAL i s LOPMENT REVENUE REFUND- ING EONDSt SERIES 1993 (SAY'SIDE CENTER LIMITED PARTHIPUSHIP PROJECT) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED 17 , 0 0 0 0 0 O ON A TAX - EX T AND/GR. TAXKBL9 BASIS P'OR TIM PURPOSES OF REFUNDING TEE CITYPS OUTSTANDING INDUSTRIAL DMMLOPMENT BONDS„ SERIES 3.985 (BAY'SIDE CER LIMITED PARTNERSHIP PROJNCT) AND PAYING CURTAIN COSTS IN CONNECTION WITH THE ISSUANCE OF. TEE SERIES 1993 BONDS; NAAING CERTAIN VINDINGS IN CONNFICTION THEREWITH; APPROVING THE NEGOTIATED SALE OF THE SERIES 1993 S0KDS . TO' THE UNDERWRITERS NAMED HEREIN; APPROVING' THE FORM, EXECUTION AND DELIVERY" OF THE FOLLOWING DOCUMENTS IN' CONNECTION WITH THE SERIES 1993 BONDS AND THE R.EYMDING CP THE SERIES 1985 BONDS: FINANCING AGREEMENT, INDEN- TURE OF TRUST# BOND PURCRASE AGREEMENT AND ESCROW DEPOSIT AGREEKENTI APPROVING THE FORM AND DISTRIBUTION OF A PRELX141XARY OFFICIAL STATEMENT AND AN OFFICIAL STATEME14TI AUTRORIZ- ING THE APPOINTMENT OF h TRUSTRE, BOND REGISTRAR, PAYING AGENT AND ESCROW AGENT; COX - FIRMING T APPOIN'TMEN'T OF BOND COUNSEL; AUTHORIZING APPROPRIATE OFFICERS OF THE CITY TO TAKE CERTAIN INCIDENTAL ACTIONS; REPEALING INCONSISTENT RESOLUTIONS; PROVIDING FOR SEYER- ABILITY 1 AND PROVIDING AN EFFECTIVE DATE. WHEREAS, The City, of Miami,, Florida (the "City") , pursuant to the Constitution and other laws of the Mate of Florida, including particularly Chapter 259, Part 11, and Chapter 166, Florida Statutes, as amended, and, to the extent not inconsistent there- with, the Charter of the City (Chapter 10847, Special laws of Florida, 1925, as amended) (collectively, the "Act"), has hereto- fore issued its Industrial. Development Revenue Bonds Series 1985 (Bayside Center Limited Partnership Project) in the aggregate principal amount of $17, 010, 006 (the *1985 Bands") and, with the proceeds thereof, assisted in financing for the benefit of the Bayside Center Limited Partnership (the "Partnership") the acqui- f I R sition, con-strLicti.on 01"d Of ta 1200 spia-ce paryjng qa A _ raqe "Proji(n"Ct",) located at Yside Marketplace; and (tj, WHEREAS, the 1985 Bonds are presently outstanding in the aggregate principal amount of $16,005,00o (the "Refunded Bonds"); and WHRRM"t the Partnership has advised City staff and City staff concurs that, in today's capital markets,, it may be possible a. for the,Partnership and the City to realize substantial financial benefits by refunding the Refunded Bonds- and MEMS in order to current refund the Refunded Bonds, the City, intends to authorize the issuance of The City of miami,, Florida Industrial Development Revenut Refunding Bonds,, Series 1993 (the "Series- 1993 Bonds") in an aggregate amount not to exceed $17r00010001 to be secured by pledge of certain revenues derived from the Project and as otherwise described in the Indenture (here- inafter defined) and also to be secured by acallateral assignment by the Partnership of its leasehold interest in the site upon which the Project has been constructed- and VMZRF.AS,, a portion of the proceeds derived from the sale of the. Series 1993 Bonds,,. together with certain other moneys held under the Indenture for the Refunded Bonds, will be applied to the pur chase of Federal. Secte riti s (as such term is defined in the Escrow Deposit,.,Agreement (hereinafter defined)), which principal -amount of Federal Securities will mature and produce investment income:and earnings at such times and in such amounts as will be sufficient, to pay when due,, whether at maturity or upon the rtdempion thereof,, all of the principal of, redemption premium, if any,, and interest on the Refunded Bonds- and 'WHERWLSir Alex. Brown & Sons Incorporated# Guzman Company and Argyle. Securities, Corp. (collectively,, the "Underwriters") have offered topurchase the Series 1993 Bonds pursuant to the terms of the Bond Purchase Agreement (hereinafter defined); and MEREM, in, connection with the refunding of the Refunded Bonds and theissuanceof the Series 1993 Bonds, it is necessary to designate a Trustee, an Escrow Agent, a Bond Registrar and a -Paying Agent; and 2 930 3,416 there have n tresent.ed to the e City.� at this meeting forris of the following agreew�nt : M Indenture o Trust fr/m the City to Sun: Bank, National Association, as Trustee, Paying Ac�nt end Registrar (the "Indenture") , (ii) Financing Agreement between the City and Payside Center Limited Partnership (the "Financing Agre nt, (iii) Escrow Deposit Agreement sung the City, the Dart nership and Sun tank, National Association, as Recrow Agent, Trustee and Prior Ttustee (the "Escrow Deposit Agreement") - (ice') Bond. Purchase Agreemient among the City, the Underwriters and. the Partnership (the Bo nd Purchase Agreement") M the ��tment ` for �� eipel Bond Ine�xrance rta n Vitzmcial Guaranty Insurance Company to the City (the �►tc si tmaatit-vl . Aria ttsi l t-ho VrAl imitiav r Offi r_ial :fit-at-PTrkont-- Ann Prp- - Ined by the City Manager (or such. Assi-stant Cit.y manage'r as be Mi shall designate) at the time of execution of the and Purcbase Agreement and shall be the lowest rate- available to the City under - then current financial conditions taking into consideration the maturities and mandatory prepayment dates, if any, established f or the Series 1993 Bonds. For purposes of the preceding sentence, the effective interest rate shall, be determined in accordance with the "Canadian" or "true" interest cost method of calculation by --doubling the semi-annual interest rate (compounded semi-annually) necessary to discount the debt service payments from the payment date to the date of the Series 1993 Bonds and to the purchase price thereof set forth in the Bond Purchase Agreement, not including :interest accrued to the date of delivery. The Series 1993 Bonds may be subject to opti3onal or mandatory prepayment, as approved by the City Manager (or such Assistant. City Manager as he shall designate). The Series 1993 Bonds shall not be sold absent a net present value debt service savings of at least 15%. Prior to the sale of the Series 1993 Bonds,, the City Manager (or such Assistant City Manager as he shall designate) shall determine the existence of: such net present value savings. The Series 1993 Bonds shall be sold :at an uncle z-writing discount or fee not to exceed 1.5 percent of the total of the aggregate principal amount of the Series 1993 'Beads issuable as current interest bonds and the aggregate accreted value at maturity of the Series 1993 Bonds issuable as capital. appreciation bonds. The Series 1993 Bonds may mature on cane or more dates, provided that the final maturity of any of the Series '1993 Bonds shall not exceed thirty (30) years. All of the ' particulars of this Section 2, and such other char- acteristics as.may be necessary or advisable to be included in the Series,1993 Bonds or in relation to the issuance of"the Series 1993 Bonds, including, without limitation, the dated date. of the Series 1993 Bonds, as approved by the City Manager (or such Assistant City Manager as he shall designate) , shall be contained in the Bond Pur- chase Agreement. The form of the Series 1993 Bonds and other pro- visions relating to the Series 1993 Bonds, including the provisio'ns withrespect to signatures, authentication and payment, shall be as provided in the Indenture. Section 3. The Commission hereby finds, ascertiins , deter- mines and declares that a negotiated sale of the Series 1993 Bonds is in the best interests of the City and is necessary on the basis of the following reasons, as to which specific findings are hereby - 4 - 0 co)1ex character Of the isslla-nce Of t"le" Sex "P 93 mr Bonds requires lengthy and detailed structuring which could be unreasonWbly restricted by the lack of the flexibility of bidda_rs titive sale- and. (ii) prevailing market conditions have at comp- mresulted in rapidly changing and broadly varying interest rates, the negative effects of which On the issuance of the Series 1993 gonds will be tninimized by a negotiated sale. Section 4. The proposal submitted by the Underwriters at this meeting in substantially the form Of the Bond Purchase Agree g the City, the Underwriters and be entered into by and amon rent to ed to this meeting a copy of which has been present the Partnership$ - the is hereby adopted as to form, the %Bond Purchase Agreement") Bond, Purchase Agreement shall be accepted and the Series 1993 Bonds shallbe awarded to the Underwriterp at the prices and upon the , Bond Purchase Agree pro- itions stated in the terms,and conditions conditions are in compliance in all vided'such prices, terms and o a and limitations of Section 2 of this I respdcts vith the condition ion. Subject to the foregoing, the Mayor or Vice Mayor, and Resolut Agreement,. to the form of the Bond Purchase the City Attorney as in the name and on d empowered and directed,, are hereby authorize behalf of the City, to execute and deliver the Bond Purchase Agree- 7 ivalent to the form presented at this went in form substantially equ be additions and deletions as may meeting with such changest the approved by the' Mayor, . the Vice Mayor or the city Manager,, exe .on ofthe Bond Pur chase Agreement by the Mayor or Vice Mayor cut' ity Attorney to be conclusive evidence of and as to ' f orrn -by the I C the approval of any such changes, additions and deletions. Section S. The commission hereby approves the Indenture substantially in the form presented to this meeting, securing the payment of the principal of and the interest on the Series 1993 Bonds, including any redemption premium thereon, and any additional . of the Indenture,, isions that may be issued under the prov bonds according to their tenorr, purport and effecto securing the per condi foxnance and observance of all the covenants, agreements, -a dS tions and restrictions in and relating to the Series 1993 Soi as to the form of and the City Attorney The'Mayor or Vice Mayor, a and directed in thorized, It the Indenture, are hereby au empowered and deliver the to execute and on behalf- of the City, the,name ions as shall be Indentur additions and deletions e, with such changes# r,, the Vice Mayor or the City Manager, the approved by the Mayo or Vice mayor and as to execution of the Indenture by the Mayor form by the CftyAttorney to be colic).�Ipjvp i0 ev-3.x1cnice of tbe app'r v,R1. of any sucb changes, additions and deletions. Section 6. The commission hereby approves the Escrow Deposit Agreement substantially in the for presented to this meet - creating an irrevocable trust fund from a portion of. the pro ctleds derived from the sale of the Series 1993 Bonds, which when t d thereon, will be suf- investe(I , ogether with the interest earned ding of the Refunded Bonds. The ficient to effect the current 'refun mayor, the dice Mayor or the City manager, and the City Attorney as to the form of the Escrow Deposit Agreement, in the name and on behalf of the pity, are hereby authorized, empowered and directed o execu te and deliver the Escrow Deposit Agreement, with such t Changes additions and deletions as shall be approved by the Mayor, ecution of the Escrow the Vice Mayor or the City Manager,, the ex O po, it Agreement by the Mayor, the Vice Mayor or the City Manager Ds and as to form by the City Attorney to be conclusive evidence of the approval of any such changes, additions and deletions. s the Preliminary The Commission hereby approve Section 7. )f f icial Statement substantially in the forms presented to this meeting prepared in connection with the offering of the Series 1993 with such e shall be d Changes, additions and deletions as Bon s _w approved byr., ,the Mayothe Vice Mayor or the City Manager, such approval to be evidenced by the execution of a certificate by the Mayort the Vice Mayor or the City Manager and by the execution of _ah,adknowledgement on such certificate by the City Attorney that the C ity Attorney has approved the Preliminary 0 fficial Statement asto form. In addition, the commission hereby authorizes the : "preparation of the Official Statement and Limited Offering Memo- ranaum to be used in the actual.offer and sale of the Series 1993 e d hereby approves onddAcollictively the *official Statement"an ) ''the:- ,Official.Statement, which shall be substantially in the forms e P of the h rijiminary official Statement,, with such changes, additions appropriate to reflect the ons as�shalll be necessary and app or delet.i termsskl of the sale of the Series 1993 Bonds by the City to the. Underwrite'rs and the terms of the resale thereof by the Under- writers to the public. The Commi ssion hereby approves future use e _n the m by the Underwriters of the Preliminary official State ent and; connection with the offeri ng' of the Series Official Statement in 1993,Bonds to the public and hereby authorizes the preparation and use bthe Underwriters of any supplement or amendment to the y Official Statement which is necessary so that the official State- 61"W""A 00%1 toot I meet: does not inclkI(] e any untrue.- s1- t �T-nent o �� at .�:riaA, `act:' arl does not o to state a material fact necessary to eke tbe, statemento contained therelln, in liqbt of the circumstances Unde'r which they were made, not misleading. The Official Statement and any supplement or amendment thereto shall be approved by the Mayor, the Vise Mayor or the City Manager and the City Attorney in the manner set forth above with respect to the Preliminary Official statement. The Mayor, the Mice Mayor or the City Manager is hereby authorized, empowered and directed to execute the Official State- ment and any supplement or amendment thereto, after the Official Statement or such supplement or amendment thereto has been approved as provided in this gection 7. section 8. The Commission hereby approves the Commitment substantially in the form presented to this meeting. The Mayor, the Vice Mayor or the City Manager, and the City Attorney as to the form of the Commitment, in the name and on behalf of the City, are hereby authorized, empowered and directed to execute and deliver the Commitment, with such changes, additions and deletions as shall be approved by the Mayor, the Vice Mayor or the City Manager, the execution of the Commitment by the Mayor, the Vice Mayor or the City Manager and as to form by the City Attorney to be conclusive evrid.ence of the approval of any such changes, additions and dele- tions. Section 9. The Cor=issi.on hereby appoints Sun Bank, National Association to serve as the Trustee, the Paying Agent and the Bond Registrar under the Indenture, and as Escrow Agent under the Escrow Deposit Agreement. The Commission hereby confirms the appointment of Fine Jacobson Schwartz Nash & Block and Manuel. Alonso-Poch, F.A., as co -bond counsel to the City with respect to the Series 1993 Bonds. Section 10. The Mayor, the Vice Mayor, the City Manager, the Assistant City Managers, the Director of Finance, the City Attorney, the City Clerk and other officials and officers of the City are hereby authorized, empowered and directed to execute and -deliver such other documents and take such other actions (includ- iing, but not limited to, the establishment of reserve funds or the 3 procurement of a municipal bond insurance policy to secure the Series 1993 Bonds) as shall be necessary and appropriate to F .� 7 - f YIK18Ai�A.i66.R'fi(t\Ii1AtF.3�piJniftf M j b I '-A I -wf Q B �1 Z) 0 P11, F"' 11 ��l t 11, a t )3 f7-% rl�l iTIS t. JIUTRf,�rlts aut-horized to 1)e exe; cu and dcA. i-,,,ered and to accomplish the perf-ormance of t-hiln obl.igatlons_ CitY in respect that e o f The Mayor, the Vice Mayor arid the City Manager are hereby authorized to agree to such requirements ac-; rla-.y bel imposed by the issuer of any municipal bond insurance policy or rating with reF,--pe-ct to the Series 1993 Bonds as a condition of such credit enbancement or rat.1--ng. and are hereby authorized to amp -rid such documents approved in this Resolution as may be necessary to comply with such requirements. Section 11. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any remaining pro- visions of this Resolution, but this Resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein. Section 12. Any Resolution inconsistent with this Resolu- tion is hereby repealed to the extent of such inconsistency. Section 1.3. upon its adoption. This Resolution shall. take effect immediately ® 111- ! gy R' I M s TNDENTURE OF TRUST ka'*A210taiN SUN BANK, NATIONAL ASSOCIATION, AS TRUSTEE Dated as of June 1, 1993 3 FORiNi ()F BOND"' GPjV,wa'-l'N(-f' SECT TON 101. SECTION 102. SECTION 201. SEC TION 202, SECTION 2203. SECTION 204. SECTION 205. SECTION 206. SECTION 207. SECTION 208. SECTION 301. SECTION 302. SECTION 303. SECTION 304. SECTION 305. SECTION 306. SECTION 401. SECTION 402. ARTICLE I DEFINITIONS WORDS Alffl) rj-'ERMS . . . . . . . . . CORRELATIVE WORDS . . . . . . . . . . . . . ARTICLE II THE SERIES 1993 BONDS AUTI-IORIZE'D M41OUINT OF SERIES 1-093 BOrNIDS . . . . . 0 . . . . . . . . . DESCRIPTION OF SERIES 1993 BOTMS . . . . . . . . . . . EXECUTION AND AUTHENTICATION OF BONDS . , . - . . . . . . . . . . . . . . FORA OF SERIES 1993 BONDS . . . . . . . . . REGISTRATION AND EXCHANGE OF BONDS; PERSONS TREATED AS 014NERS . . . . . . . . . . . . . . . . . BONDS MUTILATED, DESTROYED, STOLEN OR LOST . . . . . . . . . . . . . ISSUANCE OF OTHER OBLIGATIONS . . . . . . . ADDITIONAL PARITY OBLIGATIONS . . . . . . . ARTICLE III CREATION OF FUNDS CREATION OF FUNDS . . . . . . . . . . . . .. REVENUE FUND . . . . . . . . . . . . . . . . BONID FUND . . . . . . . . . . . . . . . . . RESERVE FUND . . . . . . . . . . . . . . . . OPERATION AND MAINTENANCE RESERVE FUND . . . . . . . . . . . . . . CONSTRUCTION AND ACQUISITION FUND . . . . . . . . . . . . . . . . . . ARTICLE IV CUSTODY AND APPLICATION OF PROCEEDS OF SERIES 1993 BONDS 14 21 2 21) 22 23 25 26 26 27 27 30 30 30 30 30 30 CUSTODY OF PROCEEDS . . . . . . . . . . . . 31 APPLICATION AND DISBURSEMENT OF SERIES 1993 BOND PROCEEDS AIND OTHER AVAILABLE MONEYS . . . . . . . 31 New- MAL A- NA"Ir k.j k, F T S OS I S C" T 10 ?lf 5 0 J SOURCE OF TPAYT--lFTNT OF BOWH)"'13, 33 i 0 N 53 () 2 DEPOSITS TO A7,111-) DISBURSEMENTS' 33 SECTION 503, PAYMENT OF OPERA71ION ATIND 33 MAINTBNANCE EXPENSES . . . . . . SECTION 5014. AVPbICATl,ON OF VIONEYS IN THE 33 REVENUE FUND . . . . . . 35 SECTION 505, "TRANSFERS BETWEEN FUNDS . . . . . . . . . . 35 SECTION 506. GENERAL TAY, COVENANTS . . . . . . . . . . 36 SECTION 507. CHARGE . . . . . . . . . . . . REPAYMENT TO THE COMPANY FROM sEcriON 508. 36 `714E FUNDS . . . . . . . . . . . . . ARTICLE VI GENERAL COVENANTS SECTION 601. 'VND INTER- PAYMENT OF PRINCIPAL I . . 37 w SECTION 602. PERFORMANCE OF COVENANTS; 37 AUTLHORITY . •. •. •. . •. . . •. . . . . . SECTION 603. E RIGHT TO FINANC PROJECT; INSTRUMENTS OF FURTHER 37 ASSURANCE . . . . . . . . . . . . . . SECTION 604. FILING, RE -FILING OF 3v SUPPLEMENTS . . . . . . . . . . . . . . . 38 SECTION E05. PAYMENT OF TAXES , CHARGES . . . . . . . . . 8 3 SECTION 606, . . . . .♦. . INSURANCE . . . . . . . RECORDATION OF AGREEMENTI SECTION 607. INDENTURE ASECUR ND ITY EEL 38 INSTRUMENTS . . . . . . . . . . . . . ♦ 38 SECTION 608. OF BOOKS . . . . . . •. •. •. . . INSPECTION38 SECTION 60_0 CE OF EXISTENCE . . . . . . . . MAINTENANCE 39 S E Cl- T 1 ON 610. AGREEMENT . . . . . . . . . . . RIGHTS UTMER A 39 SECTION 611. PROTECTION OF BONDHOLDERS . . . . . . . SECTION 612. TRUSTEE'S FEES, CHARGES, 39 ADVA14CES AND EXPENSES . . . . . . . . sl SECITION 613. PERFORMANCE OF OBLIGATIONS 40 TRIDER AGREEMENr • Al w ARTICLE VII REDEMPTION OF SERIES 1993 BONDS BEFORE MATURITY SECTION 701. ES AND PRICES . . . . . . REDEMPTION DAT .. . 41 43 SECTION 702. (RESERVED) . . . . . 43 SECTION 703. REDEMPTION . . . . . .• NOTICE OF RED . . . . . . 44 SECTION 704. CANCELLATION NON -PRESENTMENT OF BONDS . A 44 SECTION SECTION 705. 706. BONDS REDEEME D IN PART . . . . . . . . . . 44 If-, w. [•l^i9 A, AN -A Sw .ram eN I 'ECTICA" Ei(Il- -N7E.S7MENIT 01F FUND MONEYS . . . . . . SECTION 802. 1 NVES«IENTS THROUGH TRUSTEE S BOND, OR OTHER DEPARTIVIEENT ARTILCLE IX DISICHARGE OF 1141DETTI'liRE 45 SECTION 901., DISCHARGE OF INDENTURE . . . 47 ARTICLE X DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS SECTION 1001. SECTION 1002. SECTION 1003. SECTION 1004. SECTION 1005. SECTION 1006. SE-cr'L'ION 1007. SECTION 1008. SECTION 1009. SECTION 1010. SECTION 1011. SECTION 1101. SECTION 1102. SECTION 1103. SECTION 1104. SECTION 1105. SECTION 1106, SECTION 1107, SECTION 1108. SECTION 1109. SECTION 111.0. SECTION 1111. EVENTS OF DEFAULT . . . . . . . . . . . . 49 DECLARATION OF ACC"ELERATION . . . . . . . . 49 REMEDIES; RIGHTS OF BONDHOLDERS . . . . . . . . . . . . . . . 50 NOTICE To BONDHOLDERS . . . . . . . . . . . 51 NO REMEDY EXCLUSIVE . rt. . . . . . . . . . 51 NO ADDITIONAL WAIVER IMPLIED BY ONE WAIVER . . . . . . . . . . . . . . 51 TRUSTEE MAY FILE PROF OS OF CLAIM . . . . . . . . . . . . . . . . . . 52 APPLICATION OF MONEYS . . . . . . . . . . . 52 REMEDIES VESTED IN TRUSTEE . . . . . . . . . 54 WAIVERS OF EVENTS OF DEFAULT . . . . . . . 1 54 BOND INSURANCE . . . . . . . . . . . . . ... 54 ARTICLE XI CONCERNING THE TRUSTEE ACCEPTANCE OF TRUSTS; LIABILITY . 57 RELIANCE UPON DOCUMENTS AND OPINION'S . . . . . . . . . . . . . . . . 57 NO DUTY TO TAKE CERTAIN ACTIONS . . . . . . . . . . . . . . . . . 58 GENERAL LIMITATION OF LIABILITY . . . . . . 59 BRINGING AJ,.rD DEFENDING LEGAL ACTIONS . . . . . . . . . . . . .• 59 NOTICE OF DEFAULTS . . . . . . . . . . . . . 59 INTERVENTION ON BEHALF OF BONDHOLDERS . . . •60 RELEASE OF REVEtWES FROM LIEN OF THIS INSTRUMENT r, . . . . . . . .. . 60 PAYMENT OF GOVERNMENTAL CHARGES . . . . . . . . . . . . . . . . . 60 ADVANCEMENT OF MONEYS . . . . . . . . . . . 61 RETENTION OF DOCMENTS . . . . . . . . . . . 61 Afilw Y �z A 11- T 74 T 1() 17 R AE� 11,11", T. R S E"llE 'N I ('01c4)AT Y . . . . . . . . . . . . . . . . SECTTON 11 31. 3 - 17,RT"S BE MUVY ACQUT v E 1301%)s . .•. AA, 62 SECTION 1114, T SUCCESSOR TRi'JSTEE . . . . . . . 62 S5 Ro CT 1 ON 11- 15 - RESIONATION OR REMOVIkL OF TRUSTEE . . . . . . . . . . . . 62 rwr SECTTON 11,16. APPOINT ENT OF SUCCESSOR TRUSTEE . . . . . . . . . . . . . . . . . 63 SECTION CERNINGUANY SUICCESSOR CON�- TRSTEES . . . . . . . . . . . . 64 SECTION 1118. INSTRUMENTS AND DOCLIMENTS OF BONDHOLDERS . . ♦. •. . . . •. . . . . •. . 64 SECTION 1.13-9. I DETERMINATION OF BONES OUTSTANDING . . . . . . . . . . . . . . . 65 ARTICLE XI 1DENTURES SUPPLEMENTAL Ir SECTION 1201,, SUPPLEMENTAL INDENWRES NOT REQUIRING CONSENT OF BONDHOLDERS . . . . . . . . . . . . 66 SECTION 1202. SUPPLEMENTAL INDENTURES REQUIRIN 'G CONSENT OF BONDHOLDERS . . . . . . . . . . . 6 . . . 6 SECTION 1301. SECTION 1302. SECTION 1401. SECTION 1402. SECTION 1403. SECTION 1404. SECTION 1405. SECTION 1406. SECTION 1407. SECTION 1408. S ECTION 1409. SECTION 1410. ARTICLE XIII AMENDMENT OF AGREEMENT AMENDMENTS, ETC., TO AGREEMENT NOT REQUIRING CONSENT OF BONDHOLDERS . . . . . . . . . . . . . . . 68 AMENDMENTS, ETC., TO AGREEMENT REQUIRING CONSENT OF BONDHOLDERS . . . . . . . . . . . . . . . 68 ARTICLE XIV MISCELLANEOUS CONSENTS, ETC., OF BONDHOLDERS . . . . . . . 69 LIMITATIONS OF RIGHTS . . . . . . . . . . . 69 SEVERABILITY . . . . . . . . . . . . . . . . 69 APPOINTMENT OF AGENTS . . . . . . . . . . . 70 REASONABLENESS OF APPROVALS . . . . . . . . 70 7 NOTICES . . . . . . . . . . . . . . . . . . 0 TRUSTEE AS BOND REGISTRAR. AND AS PAYING AGENT . . . . . . . . . . . . . 71 PAYMENTS DUE ON SATURDAYS# SUNDAYS AND HOLIDAYS . . . . . . . . . . 71 HEADINGS NOT PART OF INDENTURE . . . . . . . 71 COUNTERPARTS . . . . . . . .. . . 71. .§ >i 345 .1'�: E.✓xK i..- k.:�V e e a a a n i ? Y T -MAF ±-Y .1i l .rF I T A M Y .A}Tx�f J.4 I ah` SCHEDULE � .t 6itfi61t4�-. 11il Yl�yfir.".1+S.+;ti1�•.t 1g14Y WHEREAS, in accordance with the provisions of the Act, Issuer issued the Bonds, the proceeds of which were lent to Company and applied to finance the acquisition and construction the Project; and the Ist day by, -T MIAMI, FIX)RIDA, -a MIJIM.C.1 corp J_ and C111Y C_ created and existing under the. laws of the Stat.e of Floj-i6L (here,- inaf ter ca, I 1 ed the Issue, Party of the f lirs, t part, and SM BANK, NAIFIONAL ASSOCIATION, a national banking asso'ciat-ion duly organized, existing and authorized to accept and execute trusts of the character here -in set out under the laws of the United States of A1� - I .-trierica, wi 4- u, its principal office, donicile and post office address located wt Orlando, Florida, as trustee (hereinaftel, called the "Trust(--2e"), party of the second part; WITNESSETH: WHEREAS, capitalized words and terms as used in this Indenture shall have- the meanings set_- forth in Article I hereof, unless the I conte-Xt. or ui Ilse ndicates another or different meaning or intent. - and WHEREAS, pursuant to authority granted by the Act, the Issuer is authorized and empowered to make loans to qualified compan-JiLes to finance or refinance the cost of projects ir. accordance with agreement: s between the Issuer and such companies; and WHEREAS, the Company is a proprietary entity eligible to par- ticipate in financing and refinancing the construction andacquisi- tion. of the Project as provided and permitted by the Act; and the the of MiPL WHEREAS, at the request of the Company, the Issuer, in order to provide funds to refund, defease and redeem the Prior Bonds and for incidental and related costs, has determined to issue and sell pursuant to the Act and the Resolution, $16,005,000 in aggregate principal amount of its Industrial Development Revenue Refunding Bonds, Series 1993 (Bayside Center Limited Partnership Project) and $740,000* in aggregate principal amount of its Industrial Development Revenue Refunding Bonds, Taxable Series 1993 (Bayside Center Limited Partnership Project), all of the proceeds of which will be lent to the Company pursuant to the Financing Agreement, to refund, defease and redeem the Prior Bonds and to pay incidental and related costs; and M- Iff-E * Preliminary, subject to change. f.TW\(.J L fj. _#,J ( JW., J, i. t U.1, J _k j.-. i d. r o -1 i i s w4_',.A) t.he ex"ecution Of t Inde-1.1ture, 1_1 its Promissory Note to y be secure(3 as se, t f or t h j.. n th-e-, Acire�:�ment; cand WHEREAS, the Company _Ls authorized by law to enter into the Agreement to pay solely from Revo_nues and other available funds more f1nt moneys to the Issuer to pay fully descrilbed herein sul"ficie the Bonds with interest a -Aid other charges and other payments requIred by the Agreement and this Indenture upon the terms and conditions provided in the Agreement; and WIMEAS, the execution and delivery of this Indenture of Trust and the issuance of the Series 1993 Bonds under the Act have been in all respects fully and validly authorized by the Resolution; and W HEREAt is the ntention of the Issuer that the Series 1993 S iL Bonds together with any Additional Parity Obligations should be 4 issued under and secured by th.LIndent-lure; and ME WHEREAS, the Series 19933 Bonds, the registration and interest payment prop isions and the Trustee's Certificate of Authentication to be endorsed th,_:reon are all to be in substantially the following form with such changes, amendments and variations as are required by the resolution of the Issuer selling the Series 1993 Bonds, to wit: WM7 2 340 No R I VNITED STATES op AXERICA STATE OF FLORIDA THE,CITy OF MIAMI, FLORIDA XNDUSTRIAL DEVELOPHEITT ROVENUE - RV:FUVD'tTG BONO' ITAXABLE1 SERIES 1993 ( BAYS IDE CENTUR LIMITED PART=-RSHIP PROJEC-Ir DATED DATE: CUSIP: MATURITY DATE INTEREST RATE: June y, 1993 Registered Ownez n: Principal A,ount Of Miami, THESE PRESENTS, that The. City KNOW ALL MEN Ely 'da therein- of the State of FlOrl Florida, a municipal corporatio A I-% s td af- t e r he ,Issuer"), for value called t Registered 0 wner 'Identified above,, or pay to the order of the tjon, and sur- registered assigns (the llown6r"), upon the presenta i render hereof at th e prin cipal corporate office of the TrusteeJas identified above or at Irity Date fter heteina defineffl, on the Matt and to pay the Principal Amount identified above a r d mption, prior e e mount until payment of said Principal Principal. A, interest on said de or duly provided for, at the rat Amount has been ma e and on the the r6gistered dates set forth herein by check or draft mailed to on the registration of at its address a s it appears holder here of the be maintained by the Trustee as books of the, Issuer to Record Date (as hereinafter defined) This bond shall bear inter - identified above, payable on January Est at, the Interest Rate 1 I from 1994 and,thereaf ter semi -annually on each July Iand January to which interest has been the Preceding Bond 'Service Payme nt Date full The Record Date is efined in the Indenture 'a s being d paid in . wrath next preceding any the fifteent h (15th) day of the calendar mon Business Day, Bond ervi ce Payment Date or, if such dayjs not a S payme the"immedifinal atel Preceding Business Day. The at of the anti interest on all be paid upon Sur- this,bond shah dal of, rinCof Sun Bank, p 't . render at rust office the principal corporate ell and the "Paying (the "Trustee" National A ssociation as trustee in the City Of Orlando, Florida (or at the principal Agento) corporate trust office of any successor Trustee). S 3 93 3461, ads A 3, n f :_itiicin_ {%1 tY "i t p�) ;�.F-a a.(-,r�''g C-11U, e pr:1rnw.i paI. .he Isi„).er s Tn.ustril Development Revenue Refunding Bonds, [Taxable) Series 1993 (Bayside Center Lim ted Pay: tnersbip Project) ( the " ['Taxable) [Tax- Fxemptl Series 1993 Bonds" and, collectively, the "Series 1993 Bonds") in each case in order to refund, defease and redeem. the Issuer's Industrial Development Revenue Bonds, Series 1985 (Bayside Center Limited Partnership Project) (the "Series 1985 Bonds") outstanding on the date of original issuance and delivery of the Series 1993 Bonds ( the Series 1985 Bonds to be so refunded, def eased. and redeemed being referred to hereinafter as the "Prior Bonds") and to pay related and incidental costs. The Issuer issued the Series 1985 Bonds to finance the acquisition and construction of a parking facility on property owned by the :issuer and leased to Bayside Center Limited Partnership, a Maryland limited partnership autho- rized to do business in. the State of Florida (hereinafter called the "Company") Located in The City of Miami, Florida (hereinafter called the "Project"). The Project is owned by the Company. The Series 1993 Bonds will be repaid by the Issuer from loan payments to be received from the Company under the terms of a Financing Agreement (hereinafter sometimes called the "Agreement") and. a Promissory Note each dated as of June 1, 1993. The issuance of the Series 1°93 Bonds and the construction and the refinancing of the Project ,are under the authority of and in full compliance with the Constitution, and Statutes of the State of Florida, including particularly Chapter 159, Part II, Florida Statutes, as amended (hereinafter called the "Act"), and other applicable provisions of law, and a resolution duly adopted by the Issuer on May 27, 19930 as supplemented (hereinafter called the "Resolution"), and are subject to all the terms and conditions of the Act and such Resolution. The Series 1993 Bonds are all issued under and are equally and ratably on a parity with one another secured and entitled to the security of an Indenture of 'Trust dated as of June 1, 1993 therein sometimes called the "Indenture"), duly executed and delivered by the Issuer to the Trustee (the "Trustee"). Reference is made to the Indenture for the terms of the Indenture and the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of the issuer and the Trustee and the rights of the holders of the Series 1993 Bonds. The Issuer shall not be obligated to pay this Series 1993 Bond or the interest hereon except from the revenues and proceeds pledged therefor and neither the faith and credit nor the taxing power of the Issuer or of the State of Florida or of any political * Preliminary, subject to change. 6 tH1wiEE5-KEt iWal lost iG.6\os/14/tj 4 1, T) r J, J_ 1. edg oal '0, A! 1. cap A. ta zed t erms, riot do.. f irned herel nk but: used here in sha.1 1 wg have the same meaning as set forth in the Indenture. (The Series 1993 Bonds other than the Taxable Series 1993 8onds inatut-ing orl or prior to July 1, will not be subject to optional redemption except as provided under the special and extraordinary redemption provisions provided herein. The Series 1993 Bonds other than the Taxable Series 1993 Bonds maturing on or after July It shall be redeemed at the option of the Issuer at the request of the Company, in whole on any date, or in part on any Bond Service Payment Date in such order of their maturities as the me Company shall direct and by lot within any maturity as set farth in following table plus accrued interest to the redemption dat:e: Redemption Prices Redemption Dates (percentage of mates in�qhqai�ve urinciDal amount) July I to June 30, July 1, to June 30, July I, to June 30, July 1, to June 30, 'July 1 and thereafter [The Taxable Series 1993 Bonds will not be subject to optional redemption prior to their maturity.) [The Series 1993 Bonds maturing can July 1, and July 1, are subject to mandatory redemption-, by lot, pursuant to the Amortization Installments set srtl below, on each mandatory redemption date at loot of the principal amount thereof plus accrued interest to the redemption date: Term Bonds Term on a* _e AmQMnt Date un- July 1, July 1, I.Tu 1 Y I July I July 1, July 1 July I July 1 July 1 July I July I , July 1 July I July I, July 1,- Maturity.) 9-:3 3 416 e: r? a x 1 D'-� Fjon-n cl, i b 1 e c t 'Lo rnanda-( -'ry -1, � rorti7 ion Installments set -,y Int, Pur-sufal 1,,,- t.o the At x .at' redemptiorl, b - t, I Z fors:h on -each mandcatory redemption date, a' 1-00- of the principal amount. thereof plus accrued interest to the redemption. date. Mrz� I maturity.) The Series 1993 Bonds are subject to redemption in whole on any date or in part on any Bond Service Payment Date in such order of. their maturities as the Company ,shall direct and by lot within any maturity prior to maturity by the Issuer, at the request of the Company pursuant to the provisions set forth in Section 701(,A)(3) of the Indenture ix' the event of damage, destruction or condemna- tilon of the Project, at 100% of the principal amount thereof plus accrued interest to the redemution date. In addition, in the event all or any portion ofthe Bayside SpeclLalty Center is taken by power of eminent domain or shall be conveyed to avoid such proceedings, or is damaged or destroyed by reason of fire or any other casualty pursuant to Sections 10.06 and 9.11 of the Lease Agreement dated as of January 14,, 1985, as amended,.between the Issuer and the Company, and is not restored such that, in the good faith opinion of the Company, it shall be -economically unfeasible to use and enjoy the Project, the, Series 1993 Bonds may be redeemed by the Issuer, at the request of the Company, in whole at any time,, at 100% of the principal amount thereof, plus accrued interest to the redemption date, without premium as more fully provided in the Indenture. If there is a Determination of Taxability (as defined in the Indenture), the Series.1993 Bonds shall be called at the earliest dat.e for which notice can be given pursuant to the Indenture, at 100% of the principal amount thereof plus accrued interest to the date of redemption to the extent the Company.has deposited moneys with the Trustee for such purpose which have been on deposit for a period of 123 days during which no Act of Bankruptcy has occurred. Notice of any such redemption shall be given in the manner required by the Indenture. Reference shall, be made, to the Indenture for more specific provisions relating to:the redemption of, the Series 1993 Bonds, including but not limited to the method and manner of selection of Series 1993 Bonds for redemption. I 1993 Bonds so called for redemption will cease to the specified redemption date, provided funds for are on deposit at the place of payment at that A im .. y. .-. ;y �e t 'e �'. j �'r 1 ° iW. } q h ^�' S �s 4 3' 1 gT, d L k. ' ..%- 3 xi asal j ;�'i r C�. � t . ... �, .€ � .7.. �_ a .4. �_? .1 �3 � 6y ��f. t,� ... �.... �, . �.,� Y �. .�. Y� Nyy 5,.. � t;:"' ..1. F 7"' e d be deerned to he outstanding under tine provisions of the Iride nCu, re. Vie Issuer reserves the right to issue additional bonds pay- _ . , con- } to the able o� a parity u�ath the Series 1993 fonds, subject ' ect ��= ditions and in the manner provided in the Agreement and the indenture. - Neither the Issuer, the State of Florida, nor any political. :^ subdivi8ioft thereof, is or shall. be obligated to pay the Series 1993fonds 'r r the interest thereon except from the payments from ,. the Company and neither the faith and credit riot the taxing power �- --' of the Issuer, the State of Florida or of any political subdivision thereof is' pledged to the payment of the principal of or the .inter- est on the series- 993 Bonds. she issuance of the Series 1993 Bonds shall: not directly or indirectly or contingently obligate the Issuer, the State of Florida or any political subdivision thereof to lev or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. Pursuant to the provisiorls of the Agreement, Financing Bay- M,ents, as defined in the Indenture, sufficient for the prompt pay- ' meet when due of the principal of, premium, if any, and interest on the Series 1993 Bonds are to be paid by the Company to the Trustee �- for the ' account of the Issuer, and deposited in certain special accountscreated by the Issuer. Such payments have been duly pledged for that purpose, and certain rights of the Issuer under the `Agreement have been assigned to the Trustee under the Indenture to secure payment of such pri nci:pal, premium, if any, and interest on the Series 1993 Bonds. The Series 1993 Bonds are limited oblig- ations of the Issuer and are payable solely from the Financing Pay- ment s and other amounts derived from the Company pursuant to the Agreement oherwlSe as provided in the Indenture and the -- Agree- A�\gy�r'��e�, men Jaw The holder of this Series 1993 Bond shall have no right to enforce the covenants under the Agreement or the Indenture, or to take any. action with respect to any event of default under the - - Agreement or the Indenture, or to institute, appear in or defend any suit or other proceedings with respect thereto,' except as provided in the Agreement or the Indenture. In.certai.n events, on the conditions, in the manner and with the effect set forth in the Agreement and: the Indenture, the prin- cipal of all the Bands (as defined in the Indenture) issued under the Agreement and the Indenture and then outstanding may became or ' may be declared due and payable before the stated Maturity thereof, together with interest accrued thereon. Modifications or =_ alterations of the ,Agreement and the Indenture, or of any _ supplements thereto, may be made only to the extent and in the ' ,p y the Agreement and the Indenture. circumstances erm tted b t= GTNi CIi[A.1il.I if6}\3dSV.iCi;silib.`iJ*.`J R _ t -340 _ .fill. In arld slibject to certain I JM4 ta.- ti-ons fort-h there-M, this Series 1-0.93 Don,.d is t-ransferable 1,ipon the books of he Trustee, by the registered owner hereof in person - or by such owner's attorney duly authorized in writing,, upon surrender hereof together with a written instrument of transfer satisfactory to the Trustee, duly executed by the registered owner or such owner's duly authorized attorney. Upon such transfer the Issuer will cause to be issued in the name of the transferee a new fully registered Series 1993 Bond or Series 1993 Bonds of the same aggregate principal amount, maturity and interest rate as the surrendered Series 1993 Bond, subject to reimbursement for any tax, fee or governmental charge required to be paid by the Issuer or the Trustee with respect to such transfer and for any cost of printing Bonds, as provided in the Indenture. It is hereby certif ied, recited and declared that all acts, conditions and things required to exist, happen and be performed precedent to and in the execution and delivery of the Indenture and the issuance of this Series :L993 Bond do exist, have happened and 'have been performed in due time, form and manner as required by law; and that the issuance of this Series 1993 Bond and the series of which it forms a par*,--, together with all other obligations of M L the Issuer, does not exceed or violate any const tut ona-or statutory,limitation. This Series 1993 Bond has and is hereby declared to have all the qualities and incidents, including negotiability, of investment S securities under the Uniform Commercial Code investment ecuri- ties law of the State of Florida. This Series 1993 Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until the certificate of authentication hereon shall have been duly executed by the Trustee. 8 3 'ssued this IN WITNESS WIIER80 f _ Bond an. has caused t,e same to be executed by the manual or f c-mile signature- of its mayor, and ita corporate seal or f ile thereof to be affixed, impressed, a.rinted, lithographed or reproduced, bereon and attested by the manual or facsimile S.g tur,15? of its City ci. THE CITE' OF MIAMI, FLORIDA t ATTEST: Mayor 'x s - F 1 Clerk, w _ roved: as to form and ya �Py. a KF .. _ .. City Attorney 1 Z y 3 i t Y FINN- { f '.$51 ed s t > 1 � tr �4 d i J i l �t j 4 `.IiTN�ES�{�Snit i:�l�U}�){i1.fi1�1`rF ♦!/�s.� 1 t a t U zs'i 1 t r �'£xJ�:ni'�.��:w.n.��k. �.. .d.. ��: �F .� Y, 4 �. _ :: �`� .. - � .. .. S t : .: 1:� 3 t. -7/t •el. i..�: 1�yt�_ .: .. ..:�1 �: .Y ...y f.Y.: S...� �.�� .ter . �•�r,��.�w.. - - -.. ,.,..- it- --- - [FORM O TRUSTED ° ER I U"11A � Tbls: bond is, o.,ne of the Series 93 Bonds described in tkrz within, meiitianed. Indenture � T `IOC ASSOCIATION, as r, 'Ce r " 3 Date ,Of Authentication! , S iygy 3 ,• } �T- w art 1 1 Tad i T 'z T .i� p 17 4 h � are 9= [FORM OF Xq_ST(111MRT1TT1) FOR VALUE RECEIVED the un(iersigned hereby sells, assigns and transfers unto the within blind n&, nigh s thereunder, and hereby irrevocably constitutes and t attorney to register the ints, -i on ' the , W I b' o n d on the books kept for registrat te her-, 6 Ith,full power.of substitut ion ip n the remisee. f wl 4 NOTics: The signature to this assI Agnment must correspond w1th the name as it appears on- the face of the w'within Bind in every particular, without alteration or enlargement or any change whatever. qnature Guaranteed: NOTICE: Signatures must be.quar anteed by a member,. firm'. of the NewYork Stock Exchange,or_a Colt- ,- martial 'bank or a trust:. ccAV4ny,.',, [FORM OF ABBREVIATIONS FOR BONDS] f o 11 owing abbreviations, when used, in:the ,inscription on d a heymere the..face of,, �the.wi thin Bond, shall'be-construed, s though ri e tt n but in full: accordingtoapplicable laws or,regula'tions4i--' TEN COM as tenants 31n:common : TEN ENT, as tenants by the L entireties ', JT TEN as oint tenants with the rightof survivorship and -not as tenants in common Custodian UNIFORM GIFT MIN.ACT (Minor) (Cust) "J under Uniform Gifts to Minors Act TsEaie) may also be,used , oVe, list though not in the ab 3 - or WHEREAS, all things necessary to make the Series1993 Bonds, when authenticated by the Trustee and issued as in this Indenture provided, the valid, binding and legal obligations of the Issuer ' aocordin3 to the impart thereof, and to constitute this indenture a' v's.lic ci1I3'tent and fledge ' of the right to make claim for, of .ect, receive and receipt for the payments and revenues derived from thearr►aany for payment of the `pr.ncipal of, p`etitiulTi,.f any, and interest on the Series 19`93 Bonds and a valid assignment of the . righn s of the leeuer under the Note and the vinanc ing Agreement or any subsequent note or agreement have been dune and performed, and the creation, execution and delivery of this Indenture, and the r creation, execution and Issuance of -he Series 1993 Bonds, subject . a. . to the terms herec, have in all respects been duly autior�ed; r NOW, THEREFORE, THIS TRUST INTDENrURE wITNESSETH» "?teat the Issuer, in consideration of the premises, the acc;ep- tance by the Trustee of the trusts hereby created, the purchase and atceptaJt ce of the Series '1993 Hands by the purchasers thereof, Ten `Dollars (O .. o©) duly paid to the Issuer by the Trustee at or before `` the execution and del ivety of these presents , and of rather good and valuak a car si.deratione p the receipt of which is hereby ackntwledged, and in order to secure the payment of the.principal s�f, premium, if any, interest and - any other sums payable -can :one Series 1993 Bonds Outstanding hereunder from time to time,accar&� i.ng to their tenor and effect, and to secure the observance and performanceby the Issuer of all covenants expressed or implied herein and in the Series 1993 Bonds, and to secure the rights of the Bond Insurer, ret:ainin,g on. 1 its rights under the Agree cent to indemnity, reimbursement, insurance proceeds from liability inour� a:nce attributable' to the Issuer's liability, notice, and receipt of copies ` of all c oeument s , cert t icates and statements required by the Agreement to be provided to the Issuer and any other rights specifically reserved to the Issuer therein does hereby grant a security interest unto the Trustee, and unto its successors In F trust, and to its assigns forever, in all of the issuer's estate, ;.. right, title and interest in, to and under any and all of the fold.-owiiig described rights, documents and interests (hereincalled.._ 33.. k , the ."Trust Estate" � 3 GRANTING CLAUSE; } The Note and the Agreement together with all moneys deposited 4 in the various funds and accounts hereunder (Including investmment earnings thereon) ` including the rights (a) to make claim for, collect., receive and receipt for any of the payments, revenues, insurance proceeds, issues and profits arising from the xssu�'V e 4 , rights in the ; Note and the Agreement and any secur y tber for j granted to the Issuer, and (b) to bring actions and proceedings. the dote and the Agreement all as more art.icularly fry , under g p ip ,s rs t r hereinafter provided, but reserving to the Issuer any rights o a expenses L �.-he Issuer �r:�. any right to +- }+�1 Lit /� y�'� »p�y�T�y�gyy�}}+mo�w +�.yry ��^s, }}.. �S r� thereunder; .L nd &ES11 d-wat i o L. herC�S.�A�de TO HAVE AND HOLD all and singular the Trust Estate, whether n owed r hereafter acquired, unto the Trustee and its respec- tine successors in said trust ..and assigns forever; IN " RTH M3 S, upon the terms and trust herein set forth or the equal and proportionate benefit, security and pro- tecti.on of all present and future Holders and owners of Outstanding G rids, ro tr to time, slued ut deer and secured by tha.s Indenture w thout privilege, priority or distinction as to the lien A or otherwise of any of the Outstanding Honda aver any of the others of the Outstanding Bonds, and for the benefit of the Band Insurer, PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and trulypad, or cause to be paid, the prin- Y c pal of the outstanding Bonds and the interest and premium, if any, clue or to become _ due thereon, at the times sand in the manner nti rn in the O%itstanding Bonds according to the true intent~ and } - meaning thereof, and shall cause the payments to be made into the trarious funds s required herein,or shall prov.%de, as permitted hereby for the,payment thereof by depositing with the Txustee the ounts dui or , ,to become due to itr: i n accordance with t:.erx�ss and provisions hereof, then up -on such final payment this indenture and the rights hereby granted shall cease, determine and be void, otrnerraise- this Indenture :to be and remain in full force and effect. THIS TRUST,INDENTURE,FURTHER WITNESSET , and it is expressly declared; . that all. Bonds issued and secured hereunti�:r sre ' tro be. issued, authentic' aced and delivered aad the Promissory Note. Agreement, F nanti.ng Payments and Revenues hereby pledged are to be dealt with and disposed of 'under, upon and subject to the terms, -�, conditions, covelY.a.Tlts, agreelnerits:, trusts, uses and purpose as ` here nafte�r expressed, and the Issuer does hereby agree and a cove -nant , with ' the Trustee and with the respective owner, from time to time, of all. Outstanding Bonds, or any part thereof, as ` follows F F J Ty> 7 s ARTICLV 1 DEFINT.A.T1.1-ONS -CTIOX,101.1 -Rms rwise WORDS AND rE Unless the context othe SE - r-'equires,.the ,,capital ized terms used in this Inden"ure shall have the, Meanings spe,cj'fie-d in th-lLs,Article.: Any terms defined herein by: reference, to the Lease Agreement shall have the same meaning as eft or in . the.:,,LeAse Aqreement, without amendment car modific ton.i nAC.CRPTABL'S' OPERATOR" shall have the same meaning as set forth -n . the Lease Agreemen ACT sh ell mean.Chapter 159,,Part ,11, Florida Statutest as 'ended cement of a bankru tcy or V ACT OF BANKRUPTCY" means the commen similar ar.proceeding 1ng by the Issuer or the Company under any appli ins vency, reorgan rraptcy, ization or similar law, now or cable b,�nl ol n et f ect (ADDITIONAL PARITY OBLIGATIONS" shall mean additional bonds or obligations issUe& in compliance with the terms, conditions and 1 imitations, 'Contained, herein.,and i n the. Financing 'Agreement and o be, derived by thewh '-C'h,..,,.Shal 1 h equal. 1I'en on,theRevenues aye an e lssUer;, from the Financing Agreement, as, defined therein, and, terms hereof and the Agreement indicate otherwise, rank .-.uhless`the equal respect s with the Series 1993, Bonds. Y'� _gA AGREEMENT!' or F NIANCING AGREEMENT" shall mean the Fi nancinq, Agreement ,' �_dated .Asof ,June�,I, .1993,, to be executed bet o en mthe::s pand :the, ;.CoMPany, together Faith any supplements_ ad l. ant: to Section 12 01-6.: of the Agreement. respect Teri Ronde Of V._RTIZATTION INSTALL NigNTS." with, to the T shall mean an amount.so designated for mandatory princi., palne r mandatory call.or otherwise) payable on the Term .Bonds issued pursuant .to this Indenture. ZERk" shall. forth .,ANNUAL BASIC RENTAL" have the same meaning, as set the,�: .-Lease Agreement .IIAUTHORIZBD COMPANY REPRESENTATIVE" arid "AUTHORIZED ISSUER. at the time designat :9VpRESS A 'V9",:: shal 1, mean the persons md: NT, T1 ac, t on behal f of the ,Company ..or,the Issuer. -mean the City Manag of the,:, AUTHORIZED OFFICERS shall er e. Issuer and tithe President. of the Gene:ral Partner' or, the uthor he ized,by,la solution to, i onbehalf. of t V� or re yj� e pectivel' or the Clerk. and Secretary :thereq y authorized to countersign aiid attest tothe Signature .respectively, 14 Of the off ic-er olf' the s uer and tb_e Company, 1. csc' t ivel , and t certify docurnents of the issuer and the Company, � espe�t 3.vel - As used,in Section 203 hereof relating to execution of the Bonds, "Authc ri ea Of titers " shzil l mean the Mayor and the Clerk • All: k: references to Mayor and.Clerk shall include the Vice -Mayor of :the u r and any Deputy clerk of the Issuer. All references to President of th' General ,Partner of the Company and Secretary of _ . x the. General, Partner of the Company, shall Include any Vice -President of the General Partner of, the Company and any Assistant Secretary of the General. Partner of the Company. ,AV13RA E ANNUAL DEBT SERVICE REQUIREMENT" means as of each date on which a series .of Bonds is issued, the total amount of Debt Service Requirement to become due n all Band deemed to be ica Outstanding -.immediat,ely - after the issuance of such series of Bonds divided by the total number of years for which Bonds area deemed to, t3utsta.nding, except that with respect to any Bonds for which Amortization Installments have been established, the amount ` of principal coming due on the final, maturity date with respect to such Bonds shall be redused.by the aggregate principal amount of such Bends that are to be redeemed from Amortization Installments to be made in prior Band Years • Notwithstanding the foregoing, for purposeof such - cal cu3at on, the amounts on deposit in any capitalized interest account: in the Bond Fund or the Construction and Acquisition Fund shall not be included.- The Trustee sha11 ndt ifs the Band Insurer of such amount on each Bond Service Payment r -Date 4 "BAYSIDE SPECIALTY CENTER" shall have the same meaning as set t. forth in the .Loewe Agreement. _ BOND" gar "BONDS" shall mean the Series 1993 Bonds, together with any Additional Parity obligations hereafter issued under the terms, - conditions and limitations contained herein. r ",BOA COUNSEL", shall mean any nationally recognized firm of. municipal bohd attorneys qualified to perform the duties of Bond E Counsel.. as set forth herein. "BOND FUND" shall mean "The City of Miami, Florida,. Industrial Development Revenue Bonds (Baysfide Center Limited Partnership Y 4 Pro' ect) Band Fund" created pursuant: to Section 303 hereof and all t.)) .. accounts therein 4 "BOND INSURER" shall. mean Financial Guaranty Insurance stock insurance corporation and is successor Company,New Yor% i ,.a or successors. "BONS SERVICE PAYMENT DATE" shall mean the date ina,ny Band year Bands are Outstanding in which any component of Debt Service 'Requirement becomes. due 1 fF1Lt,6?6ii1: iSRYhx k}'1:tR-,+rxasrS#l'aJ Fl r �f is t i , iL "POND YEAR" shall, mean the period beginning wAt Jul 1 of � t each ear , anc-11 extending for a period of twelve (_2) months there- after. t,atjSINESS DAY" shall mean any -day ether than a Saturday.. Sunday or day on which banking inst itut ions located 'in the State of Flor .da or in- the State of New ."fork or in any state in which the Trustee. gLilred or authorized to remain closed or can which the New York Stock Exchange is closed. "CODE" shall mean, as applicable, the Internal Revenue Code of 1954 or the Internal Revenue Code of 1986, each as amended, ,together with any regulations promulgated thereunder, "COMPANY" shall mean Bayside Center Limited Partnership, a F" ` Maryland nited p rtnershi a `authorized to do business in, the State of- .orida; and, any su:;:ces'sor�s or assigns and any surviving, s 1 result ng or transferee entity. - . ..- { �ry City L�;1'�Yi� L,, +� mean +t CONSTRUCTION AND ACQUISITION i Vl�lD" .stial ��cia1 �Tai� eJ i.ry �f Miami Florida-, Industrial Development Revenue Bonds (Bay$ade Center :Limited -Partnership Project) Construction and Acquisition . k Pun& -created pursuant to Section 305 hereof. ,E "CONSULTANT" shall mean a. consulting architect or engineer recommended by the Company and acceptable to the Issuer and, approved by the Trustee or the authorized representative thereof designated to the Trustee -by certificate of the Company. d CCi SG R PRICE INDEX" shall mean that prase index computed and .ssued monthly by the Bureau of Labor Statistics of the U'.S Department of Labor for all Urban Consumers (IT. S . Average) _ ."i)EBT SERF ICE REQUIREMENT" shall mean for a given Bond . Yea r the remainder after subtracting any accrued. and funded interest for r that yea that %ss been deposited into the Band Fund, from the sum t 1), The amount required to Lay. the interest < coming - due on. ii 'Bonds during: that Bond Year, r ) the amount required d pay the principAl of Serial Bonds maturing during thFat. Bond Year, and ' (3) the ,amount required to pay the Amortization Installment for all series. of . Tee Bands for that Bo Year. 74� :- 4 "DEFAULT RATE" shall mean an annual interest rate equal to the .. y7�'q� lesser of , one hundredhundred_twen.tAiY_five percent ( 12 5t ) of the rate" of .. .z terest on the Bonds or the maximum rate of interest allowed by t, fb -- -- ---- - set "D871FERMINATION OF TAXABILIT'41", shall 17iavp the sanie me�,aninq as forth 'in Sectl.on 202 hereo;f_ ESCROW AGP07T11 shall mean Sun Bank, National Association, or ittcesaorg or.assiq s as Escrow Agent under the Escrow Agree s su ment "ESCROW AGP=MPNTOmeans the Escrow Deposit Agreement dated as 11993 among the lastier, the Company and the Prior :Trusteetag the same may be amended or supplemented from time to t Me t. "ESCPOW FUND" shall mean the Escrow Deposit Trust Fund b eetal feed "and -'mai'-d u t in Ane 1!&,,r the Escrow Agreement. EVENT, OF DEFAULT ".means those defaults specified in and -hereof. :defined.by section 1001� firm of nationally CONSULTANT" Shall mean a recognid engineers, fie ineers, appraisers orindependen certid publicze accountants,"i recommended by the Company, acceptable to the Issuer and ,apprdvedby the 'Trustee who shall perform the duties set forth :j iSect-ltin 10:.02(1) ofthe Agreement. tt FINANCING PAYMENTS or "PAYMENTS means the -payments made or -tbe made .:-.on the Promissory Notefor the payment of the princioal"o um,, if any,,,on the Bonds pUrsuant to re -intorest, and,redem redemption premium, p the" ,terms of the Agreement. ' "PIS CAL AGENT" shall :have the meaning ascribed to it in hereof 86" tio loll h- c 11 R e C ., a�. corporation "GUARANTOR" shall inean- The ous OMPany a organized and existing under ,the lags of the 'State of'Maryl hd "GUARANT Y I,: shall mean that. certain Gttakanty Agreement f rom the 45 Guaar.- the Trustee 'dated June. .1 1993 rantor:�.to 9 t' payment of certain amountspayable, under the an. specifiedaxed as , otherwise A re meet but only for the tL*rm, is' pro,' id6d therei n. LDETHE ONDS BONDHOLDERS", "HOLDERS" oir any..simlai OHOR OF7Bv "who RM : -,shall. be the registered owe r of,any term: shill inean,any,person a �tstandinq, Bond or Bonds. INDENTME or "TRUST INDENTURE" or "INDENTURE OF TRUST" sha,11 4nture o a mean., this �Ind f Trust,,, dated;, 6 of June - 1, 10.3� to :be! 'n 6d,� by and between � the: Issuer ,,ad the "Truste'e, to4ettt er.vith' An sapple rents executed pursuant to, Article, XII hereof,.: 17 sp M, :'i., SIM 5 i 5 2 k "OPERATION � MAI 'F�I�,,NC� A�C�3�" shall 'mean the Operation and Mairiten n e Account in the Revenue Fund established pursuant to Y Section '302 hereof. �,C�ERATirT iiiTNCEEISPS" shall mean albnnua basic Rental. and all actu 1 maintenance and Q�erating 'costs af..,the } F'rt act, rs urged charges made therefor, n any particular 'fiscal, year cr period, but only if said cYiarges are ode in can - forma ty with generally a.c�cept.ed ' accoun .ng px nc.a.ples, end a cl � spa + = t f ode rec ation or reserves. therefor, amc�r�i�a��.c�n oaf .nta RF : s e �th�r bt r l eeping ' entries of a similar n�ttxre , Cperat3.c�n =��ca and,'Maintenance ntenance Expenses include, without limitation cr dup genera saa�es wages - fringe `benefits, ;:pension contrib u 1i iQ ls, Contrc,Ct ser�'icesF itiarlc Cement ,costs: and ,feesq Ma 4�n � : ;" F bl c charges, rents, Office Supplies, taxes.,,,,'arid .all her casts that are charged ©r apportioned directly to the opera r ti z� and `maintenance ofthe Project in canform .ty w h genera .ly r r accepted. accounting principles. OpE rat�.vn and Maintenance, Expenses c c no t' it a casts, =gar charges . made_ there car, f apita:l ; ,{ ad ons, re l %ements, enlargements, extansis��s +ar irap vemer�ts tee -.Or ret�.rements °f rcm Y e rc act, : whi'ch under e�neral r accept . ,a 01t ng pr r eiples are properly chargea��.+s �e�` t .e , +dap ."� fY' S ccctznt ©r the reserve for depreciation, and 'do. nCit ..,include losses 'here,ebandcnabandonment fr � ��} a dispc it .e n c f;_any: pxr pe ties included inthe' Vroldct: "OPERATION,MAINTENANCE-RESERVE FUND" shah: mean "'the City a { 0 f . , i " .e .d.a In ustrial Development ''Revenue Bends (Bayaide, . ` +rater bi tted ''Partnership Fro ect ) Operation and, Maiaten ice s `` Re+r�are Fungi" treated pursuit cc gect.cin 3Q h+erecf . r fg „x..., '2`°S.f?S wA '� ' T. �.k.�:�5.�.:..�xc. .. rx ,: e ............. .............._ . Bonds theretofore ` canceled or required to be canceled pucnt. to. thisi�dntLire'i B) Sonds for the payment or redemption of which the neces- nary amount shall have been or shall concurrently be deposited with the e1rustee cr," for which provision for the payment oaf- ' which. has een titac e i accordance with this Indenture, provided that, if such Bong are being . redeemed ;prior to maturity, the required notice of redemption shallPiave been given or prow sin satisfactory to the , T�stee sha3?a been, made therefor, -:.and .(C) Bonds in substitution for which other Bonds have been .h nt cat d nc delivered: pursuant to this Indenture. ','PLANS AND 'SPECIFICATIONS" when used with reference ' to any modification., repair, restoration or replacement of the Project means, any plans and specifications prepared by the approved by the Issuer, and filed with the Trustee prior to the making ;of any modification, repair, restoration or replacement of the Pro ect, as the same may be revised from time to tune in accordance with the previsions of the Agreement and the Lease „ g 'eemen , PRIOP. , BONDS means the $16 , O Q5 , .0 00 i.n - aggregate principai , amoupt of Series 1985 Bonds outstanding inunedi,ately prior to 'the 'sit nc of the Series .199 � Bonds . t� PRIORYN 2'NTUR °` means the Indenture of Trust dated as of Octabe-r 1., 1985 t. executed by and between the Issuer and the:. Prier Trustee- pursuant to whi h the Series 1995: Brands were isstued. a "PRIOR TP.USTEE►" means Stan Sank, National Association. 3' PROJECT shall:, mean the • permanent, mul.ti�level = urban ;public parking facility containing not less than 1,.200 parking spaces developed in The Ct-ty of Miami, including the. p4 ch se.. mp crvemen : expand ion end renova ..6n thereof " do ;prc�per y fore` ful .y".+ sc crib in Sxnibit .A-attach4d to the aA reeme t, * nless the co;ixt indicates. otherwise, the term 'v ProJect" includes any tdtirr�a-ark.ng acities financed with, Addiioxa Parity' tb3 gat.one: .NOTE' or "NOTE shall mean the . promi.sso notia ' fir the Ce.pany to the I puer dated the date of the.Ar�� . ss,vi nps and del i ve of the Series` 1993 Bands, evidencing the.t►ax described herein, which shall be in substantially the form attached to tha • rinanc�.ng Agr+'i Intent a r%xhiblt B r �. = .51:�}1iF➢I.�k-Ri#14ai1l+.+i�.U,4gtY,YlArrlt '. r M i f A ' 11 a ! ,I, , have �- t h tr:.;< e g a .�... ��. g E.'.ti. s e '4a �. �M 3 x:. the Lease Ag e merit :ask A' e 1 mein _the f .,fteenth (15th) day of the --; Calendar month next preceding any, Bond. Set -vice Payment Date or, if such- date is not a Business Day, the next- Business Day preceding j such day, 3 11REMV " sh k .l mean "The City of Miami, Florida �= Z2 dili r l Developitlent Revenu+� Bonds tBays�.de Center Limited ? tt3 irsh . Pro" act � Rese e Fund" created 'pursu � n to Section 304 R ORE -SERVE RViQ4 IREMEiNT1i shall Mean an amount equal to the lesser �- ��`Z ... "'. ,•• WnMj o ylM. Debt .W eyvnH�rMWqV y4 or b % MAverageAnnual, `e: .�"e .Requirement. 'he rt t of interest used to calculate the ses a requitement for Adjustable ��ate C1bllgat�one shall. �e Bete m' ned iipbn the issuance of'such Adjustable sate obligations. a, "R t Z�IJ'l�It T,r shall mean the Resol.utic n of the Issuer dated May 1933, asner be supietented and amended, authorizing the Bonds and rC?vng this Indenture , the Escrova Agreement and the sr s tgremerit . y "REVENUE FUND" shall mean "The � City of Miami., Florida lndu , a i 3e + ? c pm nt lzevenu Bonds (BaLya .de Center Limited Partnership rat roject Revenue,Fundis .created pursuant to Section 302 hey,eo . b a - '!REVENUES" shall mean all moneys at any tame paid to. the }_ 4 Trus tee by the Company or the Manager under the. Agreement, pursuant_ to-on .`03 or any other sectis n car provis.io thereof, t { including investment earnings thereon), except the funds rE3C tl . "ed - — `; ;bra he deposited to the Construction and Acquisition Fund and such �= 414, SUMS as ' are authorized by this Indentureto be retained by the he rustee - far its ervices ar�d expenses in performing under the greement and this Indenture, all in the manner provided herein. :. } ��ws{{ ��yW, yy series Ye iJ.�w which � YI } �:. a 'IY V rW V� 'i-i•� Vh shall,be SERIAL BONDS shall mean the Bonds o f stated to mature in annual or semi-annual installments, �= B R 1985 BONDS shall mean the $17 , 010 j 0 00 The City - of — Miama; k-16rida► , Ind.ustr3 al Development Revenue Bands, Serifs 1985 Bayside' Center Limited Partnership Project) issued Render' and secured by the Prior Indenture. t "er mean the 1. o DEG 'I`heCityof "SERIES 199 3 BONDS shah , e Miami Florida industrial. Development Revenue . Refundi Bonds, F er,ies 1. 83 (Bayside Center. Limited Partnership Pre ect)and the x 740, 000* The City of Miami, Florida Industrial Developnt i F PA. a m�i.l. i,1 �w t Y� 4� 5 'k.+ Y t�w:R lwh nge . s 20 tFCF— C#F!C#Ii9-i4f IKiti �q u�e.rlt+elt ti 3s R� S/ca $ ,art ,.. 91, t .r�vel §'� - Bonds,, Tax,_Able Series 199.3 Mayslde Center Limited Part: nership ro.)ect) , each issued under and secured bY this lnlenui e, "STATE" Shall mean the State of Florida. "TERM BONDS" shall mean the Bonds of a series, all of which h ll be; stated to mature ` on one dates and which may be payable from ; tization Installments, IiTRUST ESTATE'S means the rights and property granted to the T rkligteel under' the p racraph hereinabove appearing immediately b6neath the phrase "Granting Clause". shall mean Burl Bank,- National Association or its r c pora e successors,` or any bank with trust powers or any trust p n--organized .and existing under the Laws pit the United,States or one o� the states hav'incr its principal office within the con t'neta t.td States end within or without the State cif Florida, the t 1- me sery i as Trustee under this Indenture. SECTION 102, CORRELATIVE WORDS. 'fiords or the masculine 3en- der shall be deemed and construed to include correlative words of the, feman xe and neuter. genders. Unless the context shall s t otherwiseindicate, the words importing the singular number shall Sa include - the plural as well as the singular number a'nd vice versa.. .a ncii the word "person" shall include corporations,and associations, includi.nc public bodies, as'wel as natural. persons. 4 1 -i w�" L: z 3 z it ' z f F . 211 2 ", .'oiY1 sunk-lifts7fl11 Ef?'+Ri4�.�lau••ti•itbi - i ! 2 aaJJ e, THE SERIES 1993 BONTDS SECTION 201:. AUTHORIZED AMOUNT OF SERIES 1993 BONDS. No Series 199 Bonds may be issued. under the provisions of this indenture except in accordance with this Article. The total pri - cipal alhount of Series 1993 Bonds (other'` than 'taxableSeries 1993 ends tha' }� be issued is hereby expressly limited to 160005,'000 . The total principal amount_ of Taxable Series 1993 w` gonds that may. be issued is hereby expressly limited to $740, 000* Additional Pari::ty Obligations may be issued only as provided in Section ;207 hereof and in Article X of the Agreement S'F.'.C''IOI 2C a DESCRIPTION OF SERIES 1993 BONDS . The Series ?_ i99 Bonds shall be known. as "The City. of Miami., Florida.. Industrial. Developrnent Revenue Refunding Bonds, Series 1993 f ar Taxab1e Series 199 3 , -as the case may be) ( Bays de Center limited Partnership Project)," shall be dated June 1 t 1993, snall. be Fnumbered` from upward (RB -1 upward in the case of the , Taxa.ble Series 1`993 ' Bonds) , shall be fully registered as to both -principal and '; interest-, shall die in the denomination of $5, 000 each or integral multiples thereof , shall bear interest based on. a 360 day year for the actual number of days Outstanding; and shall be payable at the rates and on the dates set forth iniit_ A f�ereto w {s The Company shall notify the: Trustee, the Issuer and the' Band Insurer t f any Determi.n,ation of Taxabilit yThe term #Detezvaina- t{.. tion of Taxability" shall mean any determination,, decision,, or decree made in regard to the Code by, the Cotcu isaioner car any t I ist ict Director of the ;Internal Revenue Service, or by and court }fik of coTpetent Jurisdiction, or .an opinion of Bond Counsel that the rt interest, esG; ayab.le on the Series 1.993 :Bonds (other than Taxable L{ Series 1993 Bonds) is or.has become includable in the grass indcae 2` oft:he Holders:, (other than a Holder who is a'substantial user' or related person a.s such -are defined in the Code) for federal i.ncome tart purposes if and so Long as such determination,, decision, decree or., -opinion is not being appealed or otherwise cunt ste In good faith by the Company. ..If the Trustee or any Bondholder is notified that the Internal! Revenue Service is conducting an audit or taking dither action concern .n3 the exclusion of the interest on the Series r 1g93 Bonds {tither than Taxahl,e Series-1993-Bonds) from gross 3.no e for federal income tax purposes, the Trustee and such Bondhol e Lr x wi , ,;.disclose such notice to the Company and agree. roasonably oop Late with the Company if the . Company contests in oodfaith ny.:uch action by the Internal. Revenue Service: Preliminary, subject ge chan22 .to � �-. ....: � . tiT}i�fS.14,-K}-F'N1F!}o'•ti}#.�+YH'./}it'ti - - .�rt11 �4 WW C-Ic h Series 1,993 Bond shal,l bear interest b"Le can January , and thereafter sem annual l � on each July 1 and January . �. from the.precedinq Bond Service Payment, Date to which interest has been paid in full ; �- The rinc ipal Of r. r mixlm, if any, and interest on the Series ,_{.. nde hail. b � yab� e -in any .loin or currency of the United 4i tes of d er icA Which, at the respective dates cif payment there-� 2 t e private debts,of; te3uk f nd much premier, if ; any, and interest shall be payable at the , pticipaoffice, ot.th Trustee. Payment of interest on the Series - ` 1993 C'! �3nds sha1 be made by check mailed . by the 'Trustee to the - - Hoiden e registred as of., the Record Date. Notwithstanding the _— �.he Series. 1993 Bonds will be foregoing payment of int•eres,t on t ! z Macke : by W ' -' t-1"ansfer to :aTtjt .older registered as of the PeG'C�rd mate: as the Holder of $1, 000, 000 or more in aggregate principal s a nr unta of Series 1993 Bonds to such account us such holder shall designates } Yam .0 t ` i} �(M�i� iAm ♦�:�Ti �{Uy" tom' [/'�. +��j �('`�/�{�r�} (j�j y�{�' BOND f � ��,`A�R.'.R �1W +i��i 4'�.l YL Jwl�iliVV • Thlr SECTION 203. EXECUTION Y Bonds shalI. be exacuted .in the name of the Issuer and countersigned artc attested by its Tt ho i d t�fficers, as provided by law,: by the manuual ar facsimile signatures of such officers* and its.official . fseal a. facsimile thereof shall be affixed thereto or reproduced 4 .or, thereon, In case any officer whose signature shall appear can any' Y ends shall ease to- be. such raffcer before the deliveryf such. Bonds", Such'signature or: facsimile shall nevertheless, be valid and + suf f cient for all purposes the name as if he had:.,remained i office unto 1. deb. fiver Bonds may be signed and seal $ 'j 4= behalf Of the ` :issuer by person wh.o at the actual time_, . cif .,tile, k _such executi n of such; Bonds :shall hold the " proper office w�..th th6 4'f l Sauer, , and any B, nds so signed. and stea.led ` shall. `be vali d Y { 4 enforceable. notwithstanding ,that at the date of ,delivery caf , slrtCh 1i k Bonds, suchperson does not hold such office or is no ,sty authdri zed ,The 1ssuer may. ado t nd use for such purposes,th6lfacsimile �f signatures ,of any persons rha shall have been such off�cers� at any, v ire;: o; or after the. date of the, ..Bortde notwithstanding that they mad have ceased, to _be such officers at the time such Bonds shah. be ,V actually delivereC3. No Bond ,. shall sae; valid or obligatory for.any purpcase vnless , anC unt such certificate Cif authentication sha11 have �eex�, .duly 4. ejpe�u,t d by the Trustee, and such certificate of ,the Tr st+e.eupon x any". Bond sha1� be conclusive evidence 'that such Bond has Q�' d �.y, f, au th n. i cat ed and de livered , pursuant to thx.s, itdenture ! , { T ee,Is certlf ica.te of authenticAt on on any s nd, shall b' ee es:11 to. have been. duly executed i`f signed by atn authtri sped .,of f+ce the .,,Trustee, but ' t sha�.� ��Qt be neces�sa r that `th.e s sign the ,certi,cate of autxtt catiox�, on aid of the "Bcne"..T }t3 ki41§#iJ;'$-ill; JrfF+i.if:e.4ltl.AfAhf7Ri't) 2 Yczy- T 1 Y f inter,est payable on January Each Series 3,993 Bond allicill. 10 1994 and th�eaftersemiannually on each July I and J anuary I not Service Pa ment Date to which interest has T-xp :�A ubstantially in the he Series o 1993 Bnd,,7 .hr-,*]-J- be r- - cute f manner here' id and shall lie depocsited. with the orri and in provi Trustee for authentication, but prior to or simultaneously with the a U thenticatio a d delivery of the Series 1993 Bonds by the Trustee n n then e,16hali have beef %filei with the Trustee the following, A cope.certified by an Authorized Of f i er of the Issuer.., lthe -Reisdlutiorij evidencing that the same has been duly adopted b)�.' the.:16suer M) AT1 apirliO,11 Of fc-- t,-.hp, Escrow A, J. _Ient stating that the signer is of the opinion that the execution and delivery of the Escrow Agreemenl: have been duly authorized by the Escrow Agent and the t8cto�,, Ac vo. greement constitutes a valid and binding agreement in accordance with its terms (subject to enforcement of remedies to M An. opinion 'of counsel to the Trustee stating that the sigpe S -0 f,.;:the opinion that, the execution and delivery of the -ire, has -zed by the Trustee, that the Inden- t been4uly authorl y 'n then so authorized and has been duly executed by the Trust4e and assuming due execution by the Issuer is valid and accorda ce with its terms (subject as to enforcement of binding 'I n I b in w' re e ies_ to --applicable,bankruptcy, reorcianization,insolvency and V -q a -acretionary e.. u'i t ble:remedies and similar laws and to 'Moratorium I laws'.- f rom time to time in effect); A,wrlitten request of the Issuer to the Trustee requesting AN, the, TrulAteel :to'. allthenticate and deliver the Series 1993 Bonds in a a e-,:� , r I mount as stated in said request to.the p.inclpa e -rth chasers therein identified.upon payment to the T,ruste f a sVilEZ ,' AM t ied in such request plus accrued interest there6n to' the dat ve of del e n, opinion of counsel for the Guarantor stating that the. 6 of -,the opinion that the.,execution and delivery of ar 9, ghe the.. Guava rnGuaranty Acrreeent have been duly, authorized by the Guarantor and. constitutes a valid a and binding a aranty the Agreementreement in , : pq tordancewith :its terms (subject to.enforcement —of remerdi6sto JJ ,pp 4 cAb r le,bankruptcy reorganizatiom insolvency and _dislcretiotla equ - ,t le ab -,:remedies and similar laws. and to moratorium lawsin effect from time to time and Such., -other documents car opinions as shall be -reasonably x by Band Counsel, qounsel to the Issuer or th�;V i 6d! z t 'us ee- RUNN1,14 r When .the do'Cuments mentioned, in clauses (A). to M, indlu siv,e next Above'. shall have been filed with the Trustee, the Trustge IWI"L s a henticate, the :Series 1993 Bonds and deliver the' u, asers n n t - e, p ttch amed in the �Vaentiolae a.ser or Purch on -,but only upon payment clause 'M Above,,� to the: Trust e`e of W, Vb -MY I 411soll N 0 _4 td, _Lis, purchase price of- the t3konds. The Tri.,Istee sball be entitled to rely upon said resolut - ort as to the amount f such purcbase price. -- w l �./T�ES 1993BONDS. Series �.9 3 -SECTION ►4., FORM OF SERIES `�l7'�!`he �j xy and An the certif ii: 'ate- ti.J f uZ �3ent�n �M �sti.on b.. the Trustee to be endorsed on, all Series 1993 Bonds issued under thi,s Indenture shall ®- e ubstant ally. in the for hereinabove set forth with such OOR o °" variations,, t7ttlt?n8 and insertions as are permitted s . re th ndnture or the resolution ,f the Issuer �= _ rdi q the sale :h onds ��hV' GW ., Lfii3LF`iTIi.�#�traa7i OF. BlYx.►S if7A9�7 r = Er � 2 E 1+ 25",. ; The Issuer shall cause books for, the registra M t o 'end: to transfer of the. Bonds as provided in this _ inden t `r t°o : be e G fr the -Trustee.. "rusts tit r asonable times and under „ ason3.ble regulations established by the Trustee, such lis may be it c� d and copied b .the `Company, the Issuer, the Band Insurer < %c its des g 7ated agent Car by Holders (or a designated }ti In aggregate principalvjw thereo ) of 15% or marenaa i� 16 mount o V:: Bonds they Out s't and i nq 4 or transfer of any Bond at its principal t ppn su, rrend for office' the Trustee stall authenticate and deliver in the'name of h4. transferee or, : transferees a new Bond or Bonds of authorised d tom..nat�i,=B of the samie interest rate and maturity . and in an � o at principal amount equal to the principal amount of such �- t ; 7 nd cap, su fonds srz rrendered, x S (_pT ()N f' ,I 6 .. i.} d'+ S t4lUTILATED, DESTROYED, STOLEN OLEN O LOST. In ' case any Bond shall becotne mutilated, or be destroyed, stolen or _ ' lost, the Issuer may, "in its discretion, issue and cause the �`tustee to e fiver a near Band of Like tenor as the Bond o muti.- .late; destroyed, stogy en or lost, in exchange and substitution for such mutilated Bond, upon surrender and cancellation of such _ t at t Bond o n I1eu and in substitution. for the Bond destroyed, st�1 n car lost and upon the Holder's furnishing the 'rliatee proof of his ownership thereof .and satisfactory indemnity and complying with such other reasonable regulations and conditions r/e�sc�c+ibe r6 the s�ysuyery, ' Trustee or}. thet�fComypayn�r{yrynay prescribepaying may ,expsuch-,�-nses c'S the �s faUf'_r, -. i✓ Trustee ii it t�rr� '4.3. the trt OMGl�d i.I IGA. incur. as �j o d so surrendered shall be canceled by the Trustee. If any — u �y,y�y �:y�y�f�.y}y 11�-i�+h:`-�ond6�. ,�li�.fi. 1. SiaMe.. matured �.. i�J+iv be about t9�.i lk{atL.4.#.e� instead of . S- li a n.g" -the ,:issuer to issue a substitute Bond, the Trustee may pay x the game upon being indetanified as af'oresai.d, and if such Bond be T4' r :east,. stolen or destroyed, without. surrender thereof. X'l Any ; such duplicate Bond, if any issued pursuant to this Sec t, ti.on shall constitute an original, additional contractual. �= f oblitration on. the _part of . the Issuer whether or not the bast, >c �f stolen or destroyed Bonds be at any time found by anyone, and such dupl.cate Bonds shall be entitled to equal and proportionate bane its and rights as to lien on and source and security for 1:y ent -fro the Revenues, as hereinafter pledged, to the same 4 extent as all other Fat rids issued hereunder. TW S`FCTIO 207. ISSUANCE OF OTHER OBLIGATIONS. The Issuer will. not `s. ue any other obligati dns payable from the 'Financing Payments g ` c the ev nu eXcept under the ccanditions ana in the:manner p p.rov ded . in Article X of the Agreement: and in Secti.on 2p8 hereof, nsr :ol.untari,ly create or cause or:,permit; to be created any debt, } 'ieri .. pledge, assignment, encumbrance or other _ charge having �= ry pica�`ity over or being on- a parity .with the lien of the Bonds and y t :e -interest thereon, upon said Financing Payments or the Revenues. SB #'It?N 08 S. ADDITIONAL PARITY QBLICA#I`I�JNiS . Notwithstanding �'. e ;' prav ratans' of Section 2?,� hereof or any p1•ovsion of this t sri �detxturp tC# the CO2"itrarjl, the Issuer reserves the right to issue � # c itional Parity Obligations upon compliance with the `terms d ,a =` r No Additional P. t►v s ens cif � the Ag.� eemen� and , this indenture. >_ # _ Panty Obligations . pays le on a parity,with h the set es .993 Bonds ... f r. om t heRevenues ;and the Financing Payments may be issued except - t, ae rovided below and in Article X of the Agreement. Unless otherwise approved ` in war�.t�ng by the Band Insurea�, ddi.ti.vnal Parity tell, igati ons► , shall bear or accrete interest at �. fixe rate . i a. condition `tc� the issuance of Additional Pari.t� t��ali.ga,ti�ns r at upon the issuance thereof, theamount cunt treditiBd to the-,Reserve.�= f` : :fund hall equal the Reserve Requirement as the same :shall, a �r= 3 computed taking into debt service upon such :t wFw tAdditional ��(a.ccc{�junt j� .Pori .y Qbligatioz s F. Before a s�ieri.es - of Additional Parity Ybliga-VIP 1� { Y� i' E i yt a w� P A x i i R4 y :_ r ti �- S � o r � C _,e�t5,a see � �� .l.r 3.', � tT� yc ^�"`3H�'., ads � �ata"e�.°"'g�' ;j „,� � � x. �:" " ec t, and aut hori at;i1` n. to the " ri..) twee on W�eh if of the Issuer and signed by Authorized Officers to authenticate and . deliver,the Addi io al Parity Obligations in the aggregate pri.z�ci.-� pal amount as stated in sa"d request and authorization to the purcha ere thereih identified upon payment to, the Issuer of a sum: e eci-fi. d i.h .soch .request and authoriza.tion., plus accrued interest 1 it -a 'e�.3i to::-tho bate of del..very.. A T (G) � written deg°tifi:cate of the, Bond Insurer approving theissuance df such Additional Parity obligations. -7 _ When. the foregoing do�umeYlts have been dull' f �.�.ed and the t Addi.tic► a1 Parity Obligations have been executed., the Trustee shall a th nti ate and dleliver .said additional Parity Obligation to or upon the. order ' of the purchasers thereof.. but only upon payment to t ttl `'Trustee of the specified ;gum set forth in the request an authors atim referred to'' in this Section. ..` stx h Additional'Parity Obligations will be issued, . exe- cuted. ana`-�authent cat d xr3 the same manner as herein provided for y(�y'�''}� /Y1 more received. therefrom shall be a lied i.n tlrii$ Arts cie and all y pp as provided herein or in the supplemental indenture.such i t and ran] equally Additional, Parity Obligations shall be o�� ,a parity t "drtl 3th., the sonde .sued under this Indenture as to lien on and source 2 and secur.3.ty for„paymen.t from the Revenues and the Finanroin Y ''Payments, aid in all other respects except a� otherwise provided {... herein, enstxlli d a.3 a: the p°ovisionS ofYi,s Indentures eccept as to details inconsistent t-Jith the provisions of this Indenture, shall �'.. , app . t t -.an+ befor the benefit 'and security aYld proteGti:OA of the { : owns such Additional. Panty Obligations ,as fully and to the 3; erne =; extent as for the Molders of the Outstand�nc Aoxid'.� iasued hereuYader. Additional Parity, �bllgat�ozas may be issued with ..ar with t the kyerief it of a credit facility covering all vz` any. 4 portion,-.-, of , the 'principal and. interest thereon. The proceeds mac} : r .ud ng accrued interest) of all Additional Parity Qbligations .ssued;:under the provisions of, this Section, ether 'than for the r PW ose �:of refunding Bonds, and the f ndincl of interest shall be dep►�asite+d by the issuer and used solely for the purpose for which` y F sa.i.d Additional Parity Obligations were authorized to be issued.' �q L j - L 4 f - tC .. k S { t 29 Me C �(S`Ri�1M�'11tHH %.641i'>Pi9 tad hLEE WE ag- ME ARTICLE III CREATION O FUN DS Y. - _ .. SECTION 301. CREATION OV FUNDS. There are hereby created L AYIA - ahi i ghed. with the Trusteeand to be maintained nett by the _- ' uetee thl1 f C iii spec3.al tr,�st fi T2d€ F 7 t-CT ON REVENUE y "The City of Miam l Florida, �- :;— l�idustr al I?eVe* 3pment ev�enue Bonds (Bayside Center Limited z ' :vs rtne hip- .P c e revenue ` Fund" ( erei�naf rsometi"mes called tr, ', rrR 'tei U 't1t`1td' } to the credit: of which deposits shall be made' , Seion �hereinebasrequWithin the Revenue Fund there — z# •4 s it be created. an Operation and Maintenance Account. -, : sue• C "1C I 3. BOND FtTND. "The City of Miami, Florida F 'hdustri l J+ treloprr�ent Revenue Bonds. (Bayside Center Limited artrl6rship Rrc.'ect). Bored Fund" (hereinafter sometimesgalled the 'on }d") to the credit of which deposits shall be made as- .. , u by Section 402 a.nd�Section 502 herein. Within such. Bond =s, Aiid there is hereby dreated a Capitalized interest Account. '$ SECTION 304. RESERVE FUND. "The City of Miami, Florida -� ;.` Ind st .gal Development." Revenue Bondi (Bayside Center Limited � r [ artnership Project) Reserve Fund" (herein sometimes, called the { .. " es xtr Fund") to the credit of which deposits shall be made as eauite3 by Section 402 hereof ', RESERVE FUND.� he SECTION . 305 . OpERATION CE AND MAINTENAN. 1 s� ` y °:. t of Miami � Florida Industrial.. Development Revenue Bonds �-�- { a s .de Center Limited Partnership Project)" Operation and I air terra ee Resei Fund (herein, sometimes called the "Cperatic�r� And ' t�iantenance deserve Fund to the credit of which. deposits Section- sha2i be made as required by Section 42 hereof. F M SE T C3 . CONSTRUCTION AND ACQUISITION FUND. "The city FloridaIn�ydust:rye�yialr`ADevelop(/'men�I}1t c}�� _ ��rhyBczndju��yy/y�(�ayfy^s" (dam=e �,y{ y}��}.�{ayma.,�.lN' F >Fy16rV�Y Ii„_teC�tn+4frViNiw4Yet.) Vonl✓t�MctyYMn and i•rriii1WKn .. Construction x end" (herein' eometimes Called the "Construction and Acquisition �^ }_ 'and''} 1 to the credit of which such deposits maybe made as are �- , required by the Agreement and Section 402 herein` - K P4 i C R t �` V.- 3 (j_ s r S } �r 4✓.4ti5 'Yy 4t S t fi �. '., .` J .t i Y fk �t ,L.I -ti7"-,S:��i1*r+i-C:c'i'.--.-.. ... .�.. .....-..,... ..._..... .: ... . ... ... .a... .. `. - ._._ ...: t_ ... .._.'.- ._ .... _.. -, .... .. - _.. .. -.. .� .. a .. .. ....._...... .. ...... ..�Y..............:.-._ .... .. i.. _.._...,.F;}x.._ la.Y._-......iv. ARTICLE IV WE l � d [NOTE OTHER MONEYS?] st, r r r =tli y J. i 31 y. i n f � f. • fts t { 3 r , d S Y 2 •• i) a 30 (Ar r:: the ' and Fu-- d, an amount equal.. U-) one -sixth (1/6) of the. interest— cominq fte on the Bonds on the ;Next Rand Service Payment pate, together with the amount of any deficiency in prior ` deposits for interest (B) To the Bond Fund, on parity with the deposits set r in t a e n amount s i�i vent to pay one -twelfth ( / ) tie principal and Amortization Installments coming due on the Bonds on tine next Band- Service Payment fate, together with the ar o t ofany def i.ci tsncy in prior deposits for principal sand Amort'i:zat i.on Instal cente . Moneys deposited i n the Bond Fund to f Pay morti,zati0 , .installments may at any time be used by the Issuer r at`the direction ot the company to purchase any of said Term Bonds At prices not greater than the then redemption price of said Bonds. mks f the Terms Bonds a --re I notz then redeemable prior to maturity, the le`suer may purchase said term Brands at prices not greater than the redemption price of such Term Bends on the next ensuing redemption dateb if the Issuer, at the direction of the Company, sha..l purchase car call for redemption germ Brands in excess of the Amortization Installmentrequirement for such year, such excess of a'uch-Term Bonds so purchased or redeemed shall be credited in such manner and at such times as the Issuer sha4.1 determine. ` t : (C) To the Reserve Fund, after the deposits set forth in And (B}`, above here been made, an amount not. Jess than one twelfth (1/12) of the difference between the amount currently on T d pos t in: the Reserve Fund and the Reserve Requirement. (B} To the,Operation and Maintenance Reserve Fund, after a the depos i t s set forth in (A) , (B) and (C) above have been made, an ' i amount equal to the difference between, the amount currently on deposit in ': the operation and Maintenance Deserve- Fund and the 4` Op rsti.on :'and Maintenance Expenses estimated by the Company for the ' nit two calendar months. (F) After the deposits set forth in (A) , (B) (C) and z r < ( ) above have been made, to the payment of all reasonable fees and Ilk-y' T: +enee.s nf'the Trustee Which may be charged in connection with the p6rformance' of its duties and services with respect. to such current payment of: principal, Axmorti.zati.on lnsta.11ments, and/ r intereet and s oiherwi.se required -or indicated -herein and in the Agreement. , 4 ' S.enever the amount in' the Bond Fund, ` from any• source whatso }ON- •i.s sufficient to gay all amounts -due the: 'ate and the asuer and to .redeem all of the Bonds Outstanding hereunder and to pay , :ntdrest to accrue thereon to . the date of such redemption, and tne. redemption premium, if any, the Issuer sovenantn and agrees to take.and cause to be taken the necessary steps (under ih ecti.on { and Ar ticlie VII herein) to redeem all of, the Bands on the next eucc tiding redemption data for which the required rede�cptfo�. notice ' y 7e given and on which the Bonds are permitted to be redeemed ' �.y 7y, �+y 1{� �y y ui1d r this Indenture.34 c Fati6tA iii:ikL.[iltfY-4A,Ft,H4l litvt ,. N rxt ifi"° rJ" ,i Y4 4 dc-posits Alo th in (A) and ( ) abnwe� , the ''seaedt txerero a.rt°trnoneys a depositin the fond Fund and available for such purpose. To the extent there are not s ffic ent onabove,,es available for the purposes set forth above,,the trustee ahal1 immediately notify the Company, the Guarantor and the fond Insures of an st��h deficienc and shall resort to enforce the o 3-sions oaf the Ou,aranty and the policy of municipal bond insur- a ante"i t respect to the Series 1 �� Bonds for such purposes. ks after mak 1 n -all payments set forth in (A) through above, a' 11 moneeys Tema ini ng on deposit in the Revenue Fund shall be P rc 'i t1. t'ransfetred'by. the Trustee to the Company for distribution j r Pursuant to t.be. ,ease Agreement. x{ a nre ri vYment of Bonds shall be made from Revenues exceut as D Vided! in Sectidn 4'..04 cf the Acrreement ..S m O 5 C 5 . TR�iI S 'ERS ET EN FUNDS. If at any time funds for `th+ a ent cif the principal of, Amortization Installments, and. interest on the Bands shall be insufficient to pay the total amount' thes7 the Trustee shall transfer to the Bond Fund first ; rozxt .the Operation and Maintenance Reserve Fund, second from the deserve Fund and third -from the Construction and Acquisition Fund., t W the extent available the amount of any such def3.cienCy. In the .that at any time moneys credited to the Revenue Find shall be s ins ff c :ens to pay or reimburse to th.e Company operation and Main- 3 t nonce Exper s s as required under Section 503 hereof , the Trustee Fx;{. ha .l satisfy such obligations from moneys credited to the Opera- {* ; t on 'and Maintenance _ Reserve Fund, to the extent such moneys are b t aai3able therein ` 9CTX0N 506. GENERAL .TAB COVE ANTS . With respect to Bands tended by . the Zss aer tobe tax-exempt obli�,ations ..that are ��te _`actin ,ty . bands within. the means ng of Section 141 of the sz '. Code., ' the, Issuer agrees and, covenants that it shall at all times do erfonn -a1.1 acts and `thin gs.necessary in order to ensure that {k merest paid on each such Bonds shall, for the purpose 'of ' federa l r (4 ,hate . taxation be excludable from the dross income of ' the ci ► tints thereof and from such -taxation, except in the event that �SUCh`.- i re,c;ip ent is ; a substantial user of a related facility within s x meaning ` of - 147 (a3 of the Gc�c�e and the Re�ulat�ons . {a -Section 1.Substa tial User ) ,sir a related person to a Substantial. User:and ce t fu in to the minimum tax i3mpr�sed b e `they respect alternatiNre ttion 5 of the Code, the environmental tax imposed by Section ; of the Code and the branch pr€�f � tg taximposed bar ; �ectic�xa SS�r of "the Code . °Except with respect to Bonds that are intended as taxable, 6b gations, in connection with the issuance of each series of 5{t° 9-daft # the Issuer shall execute an arbi.tra.Se +ceartification 'meeting WN Y ,aAS'requirements of'Section 148 of the CoCe, and the City shall not §ft t 1 or permit, near gyre the Trust€�e nvestment instruct�t�ns, nor IN k d'+ 35 S$fC<R3�E5-RCI fMil��fr'#Ih.Wlllk�.idl4l h Z CAt wk 1 . .1 cl W34 _ p3 alk ), the T roste b permitted. by the Issuer to take any action wii4tiL `"cu's'?st L'f iE C??(C a;�:►€tcE�ands°� purt.ilt to Sectiors.148 of the Code, to the extent: that the same are applic- able to such investment or which would otherwise adversely affect the exclusion from gross income for federal income tax purposes of interest on any series of ; Bondi and it will file any reports rem rE'd t he filed pursuant to the Code and the regulations pro— - 0011 a'ted thereunder, <` h' Issuer shai I not use the proceeds of the Bonds in a manner k whi+*h ou'id cause " any of the Bands that are intended as tax-exempt t1 ob .i4a.ti:6nsto he considered federally guaranteed" within the me annq ` cif Section 1.49 (b) of the 'Code or considered "hedge bonds" _- Oithin the meaning of 149 (g) of the- Cade. k The' Issuer shall at all times comply with the rebate covenants a pendet , to its arbitrage certification for the Series 1993 Bands F 1 obl ascu d t3tns -exempt -� Compliance with. one or more requirements of this Section shall. n o longer be required to the extent that compliance with such 4 iet uirernonts IS no longer necessary to assure the continued or prior exclusion from gross income for federal_. income tax purposesRn '. f 'interest, on any Bonds that are intended as -tax. -exempt obliga- t .o s. axed -awritten opinion is obtained by the Issuer from Bond i ouz�0e1 ` that eeasiftcr to :comply with such requirement or require- erit..t: ntat adversely affect: such exc union - n — CTIfl t37. C � E. ub ec�t to the terms and conditions Oet forth iri this Indenture, moneys deposited :to the credit of the 'far .C�us, finds- herein' are hereby pledged to and charged with . the r lints meniti_oned in this A ticle, and such moneys held in.,..trus �— to t .tutlepart of the. Trust Bs�tate and are subject ` to _a lien and �;- 4n wit 4 Chafe' in favdt of the Holders of the Bonds issued and Outstand .nq '. - iA un+de this Indenture and for the further security of such Holders` ut i paid out or transferred as herein provided. _ r ,: SECTION 5 Q 8 . REPAYMENT TO THE COMPANY.; -FROM THE F NDS . should . this Indenture be discharged under t<herorisansfArticle - lx- ere . , any amounts s in excess of amounts : needed for - r edempt on f and remaining in the various funds established under' the >x ro►v' .`s ions of this Indenture shall be ' paid to ". the ' Company subject f§= �4 to the rights of the issuer pursuant to the Lease agreement. f # �,f A S} :e Wt u4 J c i'##fk�#tEX+Xtt#+pntn�x»ul t,aati;rat+it 3 _ 41 346 f i ' 1 ' , ARTICLE V1 GENERAL COVE14ANT-S SECTION 601,. PAYYD-IEN'T OF PRINCIPAL Alm INTEREST. The Issuer cov-enantsi that it Will promptly pay the pr3incipa.l of, premium, if and, and Interest can every o�id issued under this Indenture in the �yw `.} njam} i .,manner aif♦anner provided h re.din �28Li �n �� iFw��l aFdM # Bonds.The principal, interest . 4B and. premiunif 1f Afty, are payable solely from the Financing Payments and ,,Revenues , derive d by the suer as provided herein and in.the greeth nt, Which V inancing' Payments and Revenues are hereby speci- f ca11 1edged to the payment thereof as herein specified, and. 73Ath .n Ithe Bonds or in this Indenture should be considered as pledging any other funds or assets of the Issuer. Neither. the Issuer nor the Mate of -:,,Florida or any of its political subdivi- t o 4ion shall be. liable for the payment of the principal caf, P Y p p , premium, f any, car ` interest on any of the Bonds ran for the performance of ;any pledge, obligation or agreement undertaken by the Issuer, t except as provided in this .Indenture and the Agreement. f SECTIcJN 602 . PERFORMANCE OF COVENANTS ► AUTHORITY. The Issuer covenants that at will faithfully perform at all tames any G end all covenants, undertakings, stipulations and provisions Coil z tamed in this Indenture, and in any Bond executed, authenticated A end delivered hereunder. The Issuer covenants that it is duly authrarized. under the Constitution and laws of the State of Florida, S n3dig,artxcu3.ar and without lintttitrx the Act, to issue the Winds. author' ed hereby' and to execute this Indenture, and to i assign the Agreement and pledge the Revenues hereby pledged -in the anx er, and to the extent herein set forth that all action ors its G x part "for the issuance of,, the Bands and, the execution and delivery� *' �VS ttt . f thi s Indenture has been duly and effectively taken, and that the � nnss ..ih, the :handy of the'. owners thereof :are and will be valid and of rceab�.e' obligations of. the Issuer according to, the import { 0� f 5 + Eo' CTION ` 6.0 3 f. RIGHT TO FINANCE PROJECT; INSTRT,110i34 S . OF y�her ER F -HER*--,ASS.URANCE The Issuer :represents .....that it has the right to p nance. a refinance the'Pro'ect. The Issuer covenants that it F r5 q Wit .defend its interest in the,, roceeds from the Agreement and any ,Financing Payment or other payment required by the Agreement and Ill. �{`' the tev hues for the benefit: of thee: owners of. the Bonds against the claims and demands.: of. all persons whomsoever, subject to indernnif tat oh by the Company.. as provided in Section 1112 herein and ectiont.6.07 of the Agreement. The Issuer covenants.that It will take_stich further actions As the Trustee may reasonably re qL1ire for M S'4f1 a ...�e truer .assi.�ring, : pledgi.ng, assignL/ ing and confirming unto -. the . ,r Tru ee all axed singular. the.. rights assigned ,hereby to the' payment e 4 of : the -principal of , premium, if any and interest , on ' the Sonds," *fi dub ect ' to indem i f i cat ion b the Company as �p +�. �-.pr6��ded in Section f ,� herein and Section 6.07 of the Agreement. The Issuer'.c�v� ants and agrees that except as herein and : in the Agreem6nt 37 s 5 6, 34 �g"r.,3zT"{S Ai �f _ � � �Z. T .a...L...,. �....�...d...>t �� u�-�..Px�...jL .. ._ . _ .. .. _ e _. -. ,u ,_ �. .�. _..`� � .�. �.. _ � � . _ .. - 3 ..,. s...� ,...e...u.......,L ...> .,S .,., i E�i✓l.,�i%A :-vide , it il. .�� ' ,., �; f t €� r , ?[' t d y, mortgage ericu � w . p- ip " of any part � � � � � � � � rights � � � �� ' � �� _.- ----- MW ex tent t I the Company ��: de�� cl �_� . l. c` �: to gym—enL cif the sa-e purz8uarft to the provisions of the Agreement. t SECTION 613. PERFORMANCE OFOBLI �'�.�`3ONS ER ArG REEMEYr. Czg The I gave the 7mistee, long as it continues to serve a8 � Mkt ,.. _ . wgtee} co'�d'�� i�l�l� Anagree to perform all of the duties �- y�}� j��/*�''¢�i y'� {y'� lVir 04`iP.+�# hfey. dFr VA�w*'4�6�.X+�-}I e}S'F�'L Sl l`� �p�y �`}{�, yj�''�n}} - .yamhet $f i'�'3�'°4'�. �S�Qt.. 'pA�P . %may y�ie6 Agrersp ¢�yy g ` ,�g�} { +�� F:i33#` i+r i' R.±.+ 'i.L w3% ,. t iw�il�n4r imos,5`r diJ�'V iE7' �iYb.... _ �- /ry �y +�y /_yam /�±�� *�y{ y{_} e to }73,1 ��``_^��y�.y�{ ��y# .p�+�yy +}� �g be performed >�T'!K.7 k.�/ i'i`fi7.1.d.. M1�✓w i"ir Jw4+/�ii�LALiiA.yi.. -'. >� dd {� �+ ✓ ,IFw�iv .:. t. ::e r �R. {��,�7{,�±� �+-+yyy} + + y�y Y �y +e� +y:py y Hwy �'y+ye {.. herein, {�.+, �'sr.�l c - "+ 1 XawG:+s'9 ,%&! biq + such GR1.ild. i'aT'. �i"w 1.d.ia i.a E'w5wli p i7 LE Ls1i,-isFV i' i �` ph y py }. * � p y +, y +� �y Y /"� yr ate/ y++}. /� �y+. }''' q �` Indenture i't e _ .h...Piw . +�8d td© 'SJ d.' W.. -: � L {.+ i+�ir `:. 9s oi. f :...A. �1r1W64iF �Ir.M,S. 1 �, �, �{r j� y�}T *� ,} y� �j }�(� l�X JR.7 ,ir.+i1.*',r%4 ifk i.t �.+-�rrYSb .ir. IK ro y .�bxw ri , k { t 4 , t Y � , t i ,20 3. yypp t�s f / h FF55��t d r iiwr»ro i 4 i, , Ng, t to 4.k tYi�a t >3 1 .. t� 1F } low A�� r..d 1..i VTJ f 1. MJ M�'3..Y �'JIA iY O OF SERIES 1993 BONDS Dl.� BEFORE A'J.l 3�.t. bd iLI Y ECTION' 701. (A) REDEMPTION DATES AND PRIC88. }S i The Series 1993 Bonds (other t'ian the taxable Series 1993 Bonds) maturing on or prior to July 1, w .11 not be subject to.� optional redemption prior to maturity �W Xc a set . forth in Section 701 (3) and (4) hereof. The Series 15 3 ends (rather than the Taxable Series 1993 Bonds) maturing on Or after Jtl y , may be r6deeltted at the option of the Issuer S ce request of the Company in whole on any date on or after July 0r ' 3.n. part on any Bond Service Payment bate in . such order � IN p r the x� tat sties as the Company shall direct and by lot within uy 4- any maturity from time to time, as set forth 'n the following table 71 r ts lus accived interest to the redempt'ion., date s fz Redemption , Prises Redemption Dates percentage of IN lsly-el pring ipal amount ) a July... 1, to 30, .June July-1, to June 30, -July, and thereafter F Pjd t' T NN Th Ta'ka�ble Series 1993 Bonds will not be subject to optional a t redempt: ors prior tc their maturi y except as set forth in Section,1(3 }::and (4) heevf . --------------- ! Maad.a,to;gv �'��.i4��l. The Series 1993 ends ��r- r n can J'uIY 1', are ubi o-6 mandw ory and July.; t tc:: yfi art t x an nbY lot p t to the Aortzatiori installments 'e?s t �. ort l .r n each mandatary r 'de .on dateF at IOA +� % r 7 r c . a mcacant t 'iereof plus accrued interest Go:, a red tpt .can , at+ fthe mandatdr remptan it the retire nient` of t,r ✓��d�M��m�rt4}MM� installment iMMres ybe' eptatcd x�tc thec�nd Fund shall:,ncludemourts sufficientto ed m v „each mandatory redo nption date the print pail amount c� >tr ' .. ..: er71e� 3 Bond's set oppose e the year as folio • T f 1 d rf f r .. {r ' " "4.` !►t6.gR 6 ii� t+rxrxa.t xw.s 14tw t 'tR ,#. x brit � J. dt: .... A :. i i t` 4 .. i .. y'�wy }� {.w y r�.y. �..'y (� -`�•� it .: :} #4 '. .Taxably SO�r .es 1993 ��, Taxable', c +yr� �ryy .+� y�ryy�� +� �y� Bonds, Beds. s.re sub ect tt"� � mandato,� �k tdideM ti..Ionf to ursuant to the khortization Insta�.,�,.�C'ments set { ga r, oii ea' h ^ rhAndatory red pt .an chat at 140Of y} ,` , Y:C . t'�.l a �1�i�� t�%e'rt'.o Plus s.ccr- d interest, to the redemption,:.. 1`}?A yA 4 r - i + V - Amount t } Y { t r a 9 yai s.TY .Figwlq t I irk lu SU ��}yy�ylgq��y( tb6 #�;�,, `. } .yy$y.'�, k1 T ii S. i.M.` i. tNt lzi� t.,},ara>.s.Luv.:�.r.�'1..�'�3...'S......�. .. 1L�S.,c ,-• fr"D'., "=-�.k��...�a. s[i'-:L .i._�,.s�.�., :. +�4;i.ii+rid•LvL4i+1 +f�L. ..��'` .JCc. "I�':� �J�M ._. ..Y._..... ...� •}�� i7�`i.: �rc��'\'ilay4tig. "�..W iFi iriliR. # '� Wit' t %M c a 11 Pd 1, 1, not inte rest , sh11. no I(extige-r- b 0 protecte (1 by this Indent,i)-re, and shall riot be deetrned to be Oiitstanding. SECTION 704. CANCELLATION. All Bonds which have been re - deemed shall P ARTICLE ITI SECTION 601 f INVESTMENT OF FUND MONEYS. Any moneys held as past of the funds` established 1h.erei.n sha 1, at the telephonic Est of the A*xthorized Company Representative be invested or r i Welted k� the Trustee in accordance with the provisions of on "5: 4 of the Agreement. The request shall include the i'' ;fit , 64 obligor, theprin.cipa.l amount, maturity date and interest of ch investment. In + e��ent of exp s an or recc nstruc- ti. i of all or' part of the Project, any and all income received from inveotment of the Construction and Acquisition Fund shall. rer n i:n the Construction and Acquisition. Fund for the purposes tnerec f thtil coTnpletiohthereof.' otherwise, investment income ..ela.rned ono all funds created in this Indenture shall be deposited in ,tie' . Zevenue I Fund and, unless an Event of Default ` exists and con- " t n aes, used by the Trustee as provided in Section 504 of this In nttsre Notwithstanding the foregoing , investment income earned r cry the eser' Fund shall remain. can d�posit in the Reserve Fund un'ti.I succh time as the Reserve Requirement is an deposit therein �— ad'thereafter shall.- be transferred to the Revenue Fund. The Trustee ;shall. ;sell and reduce to cash funds a sufficient portion _ of ve,stnents under the provisions of this Section whenever the cash . is insufficient for the purposes for which such bake Lh fund F nd _.: t bl..shed . No: investments shall be requested, however, ,:es hi.c i mad ra� late the covenant prohibiting excessive arbitrage ft ih4 in the Agreement .. ' The Trustee may rely and be protected ph such requests in making such investments. In making any investment under this lndentureY or in selling t s 3C sl "lg of investments cZs required hereby, the Trustee shall „C re" nod ti.,es or responsi.bili.t es to independently. verify compli- A� A-e:` with. arbitrage or industrial development provisions of the, r e::and shall be:, fully protected in relyingsolely upon the writ- ten direot ion ' t f the Company. Under no circumstances whatsoever the Trustee be liable to -,the ' Issuer, the Company, and Holders r .any, ether person for any loss of tax-exempt status of the Band, or y. -cl.a ms demands,' damages, liabilities, losses, casts or k' + ,fie 4ses resulting therefroin, or in any way connected therewith, so .: _. . s the Truste4 acts only in accordance with the written `— r.l-:: di. ntic n of the Cornparilr as �prov3�cied fvr i this Indenture, or in �— i . 4.g'reemen.t . All telephonic communication from the Company to A= the Trustee regarding investments must be confa.imeci by the ompny ` wri.�ting within ..two (2.) Business � Days of. such cca�nicati.on... , SECTION 802. INVESTMENTS THROUGH TRUSTEE ` S BOA OR OTHER 1 EPARMN70, -The Trustee., unless otherwise requested by the art= t� C�d' c t £k1v1{ap'p)�h x�3a ,7:7. Which, _ cays3. steal l ;net .be unreasona3l. withheld,, thhel.,d, ma male an and al l Epp y y y investments p �. ted by this indenture through or frrm the ��ik e . s. bond or other appropriate department, nr :thebond o� ; .'$y�jie�p4t'fA.AiRtkl �d th) +rl c Aft1 A ' y ,r n 3 h 3� hE'4v1_S*".._[caa£-7frT Pil"3... L�f ,r .k.!.•..ii __. �.....� .. _. _�_._—,�— �. _.__—.—� _�.�__ ... _. ___.`.—c�__._,_i_.. _. _. _L_t__L_:.i i--.: _S_•a�sciakr�'j; .,aSL'% - t lip -op - Ila '0, -_,rtment ot' any other company under common _ :de , hogs £ , that n fees, � IS- slon , , expenses r other �a peTisa : i . i .o Trustee ° s bond or .,. -A tlattment car tie bond or an other department of any ot ityd r omdn bi:t f the . 4S, _ th f ps, ' � S §10TIS se or other. campens ation which WOU r 1 I qua. ic68 had beta coot acttd at a rm's . . .open . m�irk t_ � Y Six i .l { }Ll. 2 L - n a' F 1 h f f as : r {{ ly n r t 7 t F p^ a '".� / iwt"y`I�Ylii''xilft3!}1L GSM yf,]T{YA}t yf €fit{}}j�,4•S Fya� °Y ��A�t �T=¢ v ? t R . >y 4 i ARI" I C L 9 1 X DISCHARGE OF INDENTURE SECTION 901., DISCHAPGE OF INDBNTURE. If (1) the issuer ha 1 .1 -either' M depooit with theTrusteean amount of money equal. tie prinibipAlfl = ptt M Itiu, 0, if anyo and interest to become due on the Bonds, whether at.maturity or upon call for redemption, or (ii) with the Triu_ tee Defeasanco, Securities (as defined in the a paragraph raoh of :Section) authorized by Section 5.04 of the t ills. ement in such :amount as will, with the income thereon or the W thereto be suf ficient (as verif ied by a ve I rif'cation brt ot an independent nationally recognized certified public _0 ,.r.e a CC oulft ant t 0: pthe principal of, redemption premium,, if any. ay e, anld.interes- t tobec=6 due 'on the Bonds,, whether at maturity, or AN upoll call for cede i - 0 n 81 t the times and in the manner stipulated 'ar n and herein, th all fees and expenses Of the Trustee t 'e. ' va including reasonable legal fees), if any, authorized to be paid "p-tirsuant to, this 'Indenture. shall have been paid, and (S) the issuer shall have: kept, performed and observed all and singular the cove hits -and promises in the Bondsand in this Indenture or shall have IF d Cured andefatlt in or failure to perform or observe, any such V `0 covenant or* default, thei these presents and the rights, hereby granted shall cease, determine and be void, and thereupon the -NIP REP :Vrust'ee.. shall cancel and discharge this Indenture and execute and i A 0 ;,to the Issuer such instruments in writing as shall be AR, requ e' "IS nds for the payment or redemption of wh ich moneys.,or, a 0 ,M -hvtgte'u authorized by section 5.04 of the Agreement shall have O N beet d4posi ted,-.:.with the Trustee (whether upon or prior. !to the. M atu 'ni,ty the LredeMption date of such Bonds) shall be deemed to, % aid within ','the meanincr of this Article -'provided,, however,. that bo11nds,- are," to be redeemed priorLmaturi to the, ty:..i:thereof ,, not -i-e 0 such redemption shall beep duly.given or arrange- f have .' s, satisfactory, �to the Trustee 6hall have been made forthe "N5 .............. V3, n-' Furthermore payments made by the Bond Insurer O''L thereof .,under.:' i policy t be considered to have been paid or its shall no -------------- �pro ided for by the Issuer and shah. 'remain due and owing under ........... s -:Indenture until :paid" by the Issuer or the Company. - at any time:the Issuer shall have paid, or shall have ,, mad. e provision for payment of, the principal, interest and r'ede=- i1o'n premium, if any, with respect to the Outstanding Bonds., then,,. . . . . . . . . . . . ..... anti 'in that event, thepledge of and lien on the Revenues in favor 0-'f -:the holders of the Outstanding Bonds, shall be, no lo goer in, n s effect tithing herein hall be deemed to requirethe, Issuer to gM cal 1 any �bf 'the'Outstanding Bonds for redemption prior to maturity "D su n pur a to.any app a onal rede tion.provis ons, t lic ble.opti or to MP 4paxx thediscretion of the Issuer in determining whether to' 21 W exercise any such option for early redemption. As used herein,, "Defeasance Securities" means only dir ct non a C llab16,obligations of the United States of Americacu eand s rities 47 � I � . . . . � � I � I 1, 11 . I I I I . I I ''I, : I I 1-1. 11 - � I �111 ;-1 � I �, 11-.1 I I I ': I li . - - -.-- - . - , � O I . I I I - .1 . . I , � -1 - I 11 � I 1 . � I . 1. � I --1-. 1. * I I I I � . I I I I I I I I I I I I �-- - � � I - I . . - - I . I I � I .. � I I - I I I -11y d unco—, di c 8.mte d the- �. €.r_ ely aym-en o *� :I � ¢ the rI, StatesAve�.c , t: which d , i i.0 guarantee the full Faith and di oaf the . o .* a hay -base le . , Refcorp gate �� F,11, t .. T + '.. te a. bonds, . x c � z, s. ,., X. r Gnu* :`;`n -�-'1 -, _ .. _ - T .".t.• - _ - {C S ' 4 b . h _ _ V. •I l; j1 T }% i+::, r _ , ,. .. . , . . y _' ,. - _ -1 „ - 1. i I �*- . I - , - ,- I I � � . . I I ,� I " e 1- ..: �. �.: - i I II � II -�!- .".� ��ii:,1l.1-1.l-',�::,�"��'-,L, ;- ,. 1� ',I,,'�,',, - " I, �l-I� .- ,-,� -,.. '-I * 1 - . I �� , -I 11 ., .;1 I I II I� 11 -I IT.� � �I �� ;I II I- ��II �'I �� -�- . ,��,�!'��I �,`., . . I . � . 1.. . � i , I I -��I-�- �I �,� �I, II — � i,-'e1"k-ll, ';. . .. .. �F.1 -- I II� . �*F: ,. ,I, �,�,,L -�,,�: , ,�W�, ;�� ,i-�� ,,I I I ,,, , � , I� I -� � , � I I � � :, • : �,,:"-, - - ; I . � , ,F, x '.yxt 3 i -44 I. { i5 is £ P .. :. �.. , �x tf :� .:. i c nd 2 ' , 3 }t Tt „" �1. ' J <,I u k c r°`F , .. - . .'.% f i . f uC'- , , l� ,.kR' t t h.{,.e kI3n.t 1 , § F:{ _ �t;. I, 1 1 F) 'i4'c f f X '.! f L i m xt ,,' a _ iT ,1} - s �r "' } ' .i 3�1 , f z( m k 'L i^ F7 .r j ,. to r z •r u s - a r 7 i P,, h. � AF. .t 1 j _ _ •. 4zia ; x I d F i3�,:a ✓f e 2t 'Y 9F'.e y p ,,p F !1 i {tit tf ¢ § i 1. ! i ,. I t f }x v\ X. 4.y t l r #y. 3 : t ' i Y k 1§ i i ass` .' x tr J L'` _ l� �f k r ; 1 -I; r Z!, S S.3 - 4 7 w. J #! A { ', y a s ys, ' i �tr: l 1 } w [ l t d• _ h .L it`d "iIx `` is -' { r 4n t * ; -. , tik hl {v` itfi{l M1S i � f 1 X j14'1` �i ..� -• ,� i%�3/WF4 *,' 1,t� 4�1 4#!#i '.7t - t, " . {} tSar� g dt rt 4.i�. 9 ti tk - t S y.�. '•"`" ' } } G _ •'��-tik "y'y _ , , __ •.... .. a,¢)t.,.�,, f - _ Y fit adMk ,. "; 4. ,r�i,it; s)',_,, t .. t ; r 9 t ,• ,.�..,_.. ARTICLE E " ULT PROVISIONS :D tMEEDI S F TRUSTEE AND �3(f �� i��;�5 ` � fl � t BENTS CIF DEPAULT 1 f any of the f of ow ng ' {y J■r� y { 7 �q y� "Event a3V I occur an bpi• continuing it Bali. constitute to an "Eve. t 411 of }sty +ate thj ° �a) failure by the Issuer from Revenues received from the F YP t .: Co tpany _the guarantor to make, due and punctual payment of any � S tnt eB : on a iy Bond ; o t- fai lure by, the Issuer from Revenues received from the �i, any . or the. ' uarantar to make due and punctual payment of the [yy qh y��"pyY L'j �w at .yj ��yy)) �y�y ..,,yy .. •[ y{, jam'^ ^ '�j fy+R`}a' (y'� whether {aF L"R V Y V J�ryY V' �ti�" V' stated em W « � .. %� � a"�(�yi` F i f `Yq.I� 1thereof, 'i y/. y�4�' /� "{� {.. +} y+ ,per '�j^�' py /�y y. � /W'� �e^�M t � y� redemption .+}a`ity h6re 38.111��1/ upon pi+ .i9c'ok+Yeedin s foal,,•••.iii a7a C:rd�empt Jron he 1.eof , 6.4po he •{ .. prop - ilk' 1� _ °sty the'reC f by dec a.�ra.tian cif acre .erat c n car c therwise, or rrr c,} the.. occurrence -t�f an, r "vent �7f Default" as defined U) n -,gr ement 'car tii) any other collateral security agreement fk r ° bu _ > nclud the, Lease Agreement) pledged to the Trustee , i {yryy t4 3 �� tti ,Capa X�:�s s T tee hereunder;. or rtrtrt S" ° ... failure of • Issuer to perform any of the other,covenants, , E t pond t r d x'eem nt s which are to be performed b > issuer irx this tn+ienture . the Bonds and the continuance of such failure or �; }- e ult= fo.r-ALeriod of h rty. (30),days aft'+er notice thereof: to ting'romthe e (which, Lhe Co�pany in writ � no 4'e t,�"hAL sped fy the respects �.n wh�.+ch the '�`rustee cont . ercar n any. such• covenantscondil ? Is' nos ail e n, w+ default ix#p Iii Ot unl'd s� �L. Jr rLp .. RUN"�.5 s0)asandeisuer ,11 ,rty t peyir. wi��n.said thirty�ai.e M �n4y�� comiicedandtherexft:rshal have d di .�' i�;�i�rracfpM� I�I,� - s ;u .e �.�..1' ..-act- .cans , n.ecessary �tc� .cure - such default-, :said #, _ 11 fairs shall constitute can Event Qfis.'fal.t UlldeZ th�.s Ii`1te'tUlre. 5 0 Trust, ee� and the issuer acknowledge that the Ct. -1, have 3 the but not t%e obligation,,to 'cure Issuers-1 5. failuresi ; or 1 -:i + au under this Indenture and. the Bon4s and �.f Company ewer•, �y +� 7L-� �►n �y �y �M b3K- do `• ),t Qj '}�. o c re theCompany .4Pi�y�'�+p i�d�i`.ky+,�''y 5'rf�. U �:y�j4�gL�t}�}\r+�cy. T¢`ti^i�r^.�.�i'y G3under •, /1+r0yi�iy+�'y'e4�tfF�1t;Lie'k y+'+ t�w�Lg,a .} iy }j'V this t P ' y� clef'\dr turl Lr 0\ far i s aL. i-+ tAi� �ikE LIG the Issuer Gene .1+ aa0 tiy+ it A'i+� F UP *}} �y�yy'��yn� y■�{.. y[�� [yy� �j(��, extent pr_. he Trustee �p�y} y{a�"{y�y". ]��( .(y ��#q� jF.'�{�-j foregoing �., '. ATf'.\.ri4 �lMr�l�� Vl..VYI`Vfrii �. !M 1/�1r-. 1�wrllV fef `YY t �(; :'pj ',Y 'e�/rnts purrw�sUant to .in'Mp(t��rd}er rw .[t3]he ,t 1 R ,t =yy{j'e+g��aseJ,v�es (�t�■wcf�a jj�all t of:i�ythe�Aa�{OuaY(w.�ranA■ty du6+. Fynnyy��a�/Y�Y . 1Al�il M((/w�••,�!!'hT if ^M� e�M'py��■I.:. *r' _. iJr : '•M ArT. .. Bonds �Y'�'Ry�y�, rS�f i �yM' �Aw/iiT }by�ul },". ,y1y�. �}vf��yla��I I{�' y�■■{y{�.yy��yyy �AYy�{y�� 1001 _fa ufRjiMs•: - t 'T suer t6 make men, ec:.f .ed � I V#Yp 10 '. ' : th.s.aetlon shall not constitute vent of Default ab} Et ECTIP �002 . i)ECLAMTION QQF 4CCEL RATION I sn ex t df Vogg-S ult s -hal1',,hav4 occurred and be con nu .nq.. the 'trustee may,, and ry €Et urn h . written request of the Holders of a. majority in aggregate Inc a amount of Bonds: then Outstanding shall, w�i.'t'h the written ��'2K � 7p • u t Ki . _..._.' _ '�W:viiiY.��'n,t3 =}.: _: ih t9, .-...r.-::t. >vr. :si...x -- ... ,.: •. .. .._ i .`. ."3- _ .. .. .. .... .... .. _ ... .. _ .. tv .�.. .a_........x .f4'. ...i.:� .. . _E§1 -._... T.S«•`1.: -:strv"bN'� r F SWE � .. x Bond l u b, x t,s4 notice n writing de�.i_ iere�� t o the ssuer and the car -pang , to the extent permitted by law,declarethe principal of all Bonds then. Outstanding, talus any premium thereon _ which shall have become payable prior to such declaration, imedia.t e due and payable. Such declaration may be rescinded as ided in Se tlon 1010 hereof. .. _ jq]}{i��y` ��y(��y Q��y��.{y (y��{�)p}(�yy �twyy� /My �ry�'/{ {�+�j RIGHTS �+yy yjF•+( jy+j _ w+y� REMEDIES; OO.M i- ddi"i {nf Iri. �j 31 wFv. a�iAi i•i.t Vlw iuR�i.l LJ8i 4f �ia.�JJA.tRS e _ F (a) I f an Event Default shall. have occurred. and be coait'i:r uing, the `trustee may pursue any available remedy granted by the const.itut. on and lawe of the State of Florida, as it may deem :be t- incl7uding, iti the case of the Series 1993 Bands, the resort , remedkes' under the Guaranty Agreement and the policy of munici ` a1 bondinsurance as provided in Section loll hereof and further ' .no ,uding any retned.y at la;w or .in equity by suit, action, mandamus other roceedinq' to enforce the payment of t:.xe principal- of pk ea a ,, € a r arc interest on the Bonds then Outstanding, and to peci,fi,cally' enforce and compel the performance of the duties and , li ations` of ` the, Issuer as herein set forth and the duties and ` dal iqi�tions of the Company under the Agreement, and including any F's and all ether remedies provided for . here.in:: Chile any Bonds are O l ts_tanding-; the Issuer, shall not exercise any of the remedies pe fied in Section 9.02 of the ,Agreement or otherwise available �.. ld t: 'Issuer without the prior written consent of the Trustee. ,f 1� If ` an "Event of Default" (as� defined in the �- } 4 reeItent) under the agreement or this, Indenture shall have' r cur-red. and be cantinuig, the Tzut:ee a�nay pursxe any and all a�v� iila l.'e creches provided for ter permitted by Section 9.02 of the ment an 'hi Section 1003 of this Indenture, and an and all AgreeY ti _— } remedies piovided ` fors in the Agreement with respect:: to the �- > o nyI s interest in the Project' may also be: exercised, with Y ;, reepeet fit) the interest (if any) of the Issuer therein o y C ir ` if an Event of Default shall have occurred under the .A.greement z fir..this . Ind'enture, the Bond Insurer shall. ;be deemed the ' Holder of i 1. ' the Bonds- then Outstanding or the purposes of receiving r nat.ces, grar�tinq coilSe is and taking o di rect�.ng the Trustee to .� , �� t . /\ t o t+act:zCJlis upon an Event of Default; prova.ded, however, the Bond insurer , 3.a not there in default under its policy of municipal bond 7 f x� .a is• tyyq If d shall h h l f f D an Event of saave occurred and be coat nun , E 3 ested so to do by the Holders. of a anal oritlr of the.Bonds r= �17 t .+en, Outs .. and if indenuAf ied. as provided in Section 1105 ah = hereof .the .Trustee shall be obliged to exercise such ohe or '►ore _ Ja rights i powers and remedies conferred by 4 Section as thY�iY t, Estee > shall deem most ex edient in the �nt�arest Of the z,r ondholders 4 F r1.sy},it Y. - � 7T y .. -y i -_ x ft1Y$iLi3-,.$i1f'1MNl ItW6.lf_R4/7F:1A4x 50 .:. '7- Ica }3 No right, power at rem.edy, her conferred can or reserved to the Trustee, the Bond Insurer or the Bondholders is intended to be exclusive of any right,, power or remedy, but each and every such power or remedy sha-11 be Cumulative and shall be in addition t .any other right, power or remedy given to the "trustee, to the e -�td the Bondholders hereunder or under the Agreement jon Ins'ut r b r or. f te t 't law or insquity or by statute. _n w her4a �r existing a No delay 'jo romib6ioft to exorcises any right power or remedy ccruin upon any went Of Default hereunder shall impair any ouch poorer oremedy or shall be construed to be a,waiver of any dhi2 E 1�f Default - or acquiescence therein; and every such bu v it right, m �o power or�reedy may be exercised from time to time as often -gh as. nav be deqned axo disht., :4r of :any by the No WAivL Event of Default hereunder,, whether' Estee or .bar the Bondholders, shall extend to or shall affect any U_ mt segut! Event:bf Default hereunder, or shall impair any rights re�nedi escohsequent thereon. 0, judgment hereunder shall be rendered against the issuer which in any manner encumbers the general funds or property of the I-bSueror: recruir6s* the payment of a money judgment out of any funds rt 'ira than the funds and property pledged pO y of,the Issuer othe.. ih--the :,,gran tinq clause contained herein. .SEC' ION NOTIC8 TO BONDHOLDERS. The Trustee r` ,' -Ca§hall rot1yive written notice by registered mail of the occurrence v yEvent of to theompanand the Issuerndto 6n6older, the Bond Insurer and the Fiscal -Agent. SECTION 1005. NO REMEDY EXCLUSIVE. No remedy herein;:)ton� f tred upon or', reserved tea , the 'Trustee or tothe-Issuert or Z i1ablo 'r in. equit shAll be exclusivLa�of any other ava' YJ d or remedies, but each and every such remedy shall be CUM -1 ive and shall'be in:;addition to every other remedy given under at his. 'Indenture 'carnow or:hereafter existincr at law or in equity or ysa t No delay or ornission%to exercise any right orpower default shall impair any.such rightzor power.or -a�tdru-, ng .-upon .-any, def a MP., such�r'ight.and 1 0 st ed "to: be a wa' r-,thereof, but any ive Vwer,-,may from�time�to%time as often as be deemed b may a xpbodi. eht,inOrder to entitle the 'trustee. or the Issuer to�, exer.. � d d�`to it in this e. any., remedy. reserve Indenture or the Agreement -law �or: in n �6xisting;.,ih equity, it shall,' not bemeceas'ary to give recl uti red. her thansuchz as, may be herein expressly' ot e: otice 1006-'.Nth DITIONAL WAIVER IMPLIED BY ONE- WAIVER, In lovent any`:: agr66ment contained, in the Agreem6ht or thi-is ;dehtureshould be breached by any party thereto or hereto and l hereaft erwa at iv d by the other party, such waiver shall be limited, .. the particular'breach sowaived and shall not be dee mad. to era :ire b ea urid er ther'br chre, ................ .......... SECTION 1 0 7 < TRUSTEE 1,41AY FILE ROOF F CIAIM. In case of the pendency of- any xre eiversh1, Insolvency, licmi ation., r bankruptcy, reorgani a.tion, arrangement, ad'ustment, composition, or _ 0 thor ' ju3dic- al proceeding relative to the Company or any other obligor upon the Bonds or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of he�hGr the prino 3 of the Bond shallthem be due and payable, press c t+r, by declaration or otherwise, and irrespec- i e f whether ` the Trustee shall have made any de:�and on the ny `fair' the payment of overdue principal, premium or interest) shall be entitled and empowered, by intervention in such �arc�ceedi or, otherwise :. s to file and prove a claim for the whole amount of rind a (and r miu.m, if any) and .interest owingand unpaid in h respect. ;of ,;the Outstanding Bonds and to file such € ther papers or d�icu tents as may, be necessary, or advisable in order to have the 7 laimal f the Trustee (including any claim for the reasonable x ;+cmpensation, expenr�es, disbursements and advances of the Trustee, it:s. agents and counsels and of the Bondholders allowed in such �- W odic p c ceedi ng, and B. to collect and receive any moneys or other property — ` pya:e or deliverable on any such claims and to distribute the .n <- J aid. any custodian, reCeli+'e , ass gnee, trustee, liquidator, t4: Sequestrator or other similar official in any such judicial pro- _- i t6edxi ng is hereby authorized by each Bondholder to make such pay y menu.. to the Trustee., and in the event that the Trustee shall. t consent: to the making of. such payments,;directly to the Bondholders, t to pay' the Trustee any amount due to it for the reasonable_ �° t conpensati on, �xpex��es, `'disbursements and advances of the Trustee, h F its aqionts and counsel, and any ether amounts due the Trustee �= 5erender . SECTION 1008. APPLICATION OF MONEYS. All moneys received by ' the Trustees pursuant to any right given or action taken under the r lions, off this Article shall after payment of all amounts awed- q z' t the:.Trustee by, the :issuer or the Ct�z�pany fvr the performance by tie. ` t rusteel. of lots- obligations under this Indenture-, including, . f loth ut, limita.tion, payment :of the cost and expenses of colt ction Including reasonable attorneys' fees and casts, whether incurred at is :, "An.- any appellate proceeding or otherwise',.be deposited in the. -Bond Fund and all moneys in the Bond Fund shall be applied, unless the principal of all the ` Bonds shall huge become 12, . . shall have been declared due and payable, all such moneys shall �R; be applied 7 4t First.- To the payment of all installments of interest r {. l "xl; die on the Outstared ng Bonds, _ in t�3e order of theIt1a�u�" maturity A� �... ; A p M 52 tZ p I URi7iJ i qq {{ i L l the in t a-.11ments of such 3-M-Pres t. and, if the amount, available sball not be sufficient to pay in full any pa.rtIcula.r installment, _ :. thento the payment ratably, according to the amounts due can such installment , to the persons entitled thereto, without ,any disscra.- mi Y1c t' Can or privilege; and Am- M _ 5 - econd: To the . payment of the unpaid principal of and .j t „ �+�}{� +�+�j have } become �''i shall /'�{ �`'q� g+k which yy.��)�.�y�y.� �-�}+ ;� qy�y+�- �ry p+� ��'j }�� 7�'` Bonds .'pVei,1�3'i7�i M i a y, n any :'4J�A. th .: #✓S✓nSrl 7 b�.i S✓ LJS•G3�df. �G'C �/� F.i \rr M1ra�ll� d--�d i ► ha nd called for redemption for the payment of which t neya. art h .d pum ant to the �srovis ions of this Indenture), in �� taf th .ir d.r e dates, and if the amount available shall not be -_ a f ' dent 'to ,pad" 11 'Outstanding Bonds due on any particular date, t then to thypaymeht ratably, according to the amount of principal :; 'ue on u datex without any d scrimina.tion or privilege. ' X { ) I f the pr I n, ipal of all the Banda shall have became clue r cr shall have. b4�'en declared due and payable, all such moneys shall be a . lied-to,the payment of the rinc i al and interest then due and s pa�.d per� the Bonds, prefe ence or priority of .-sr `prix�- o.F,. V.{� ili L.ei e17t over principal, a.b ,. VA. 6i i.�.. -[.1Ri of 4 .n tal, went of interest over any ether installment of interest, or f; and. Viand- over any tither Bond, ratably,, according to the amounts x "' due' re8pect.ively, principal and interest, without any disscri-- - _fflr r i na:t it orprivilege. L ` :(3) 1f ` the principal of all the Bonds shall have been a able, aifsudaclad+lraticshall thxeaftere ed- dueandi - - ` • ha re .begin rescinded and annulled, then, subject to the provisions ,- '0 s beec.tian (2) of this Section .in the event that th.e pr acipal s bf .- •ll the : Bands . shall later become due or be declared dine and -- e. the Moneys shallbe applied in accordance with the ,provl.� - } ca a. +elf,' s bsectxen (1) of this section. 3- t Whenever. moneys are to be applied pursuant to the provisions �- Z = f , this: � e.ction; such moneys shall be . applied, at etch .times, .;and 3T� 3 x4 : roj time, time ,, as the; Trustee shah. determine having due regard r : 1 the amount ©f such moneys available for appli.cation� and the. 7.1 r. cad � of ' additional moneys becoming available for each �op�icafich in the future. Whenever the Trustee shall apply such - it.sba.11 fix the date upon hick such application, is to be d nc ;up n Which interest on the amoun.t� of :princ�.pal. t© be paid ° 11 ; cease to accrue. The Trustee shall give such notice_ as. it ;-- r y deem appropriate of -:the deposit with it of any ref .such: moneys ' f.., the ; fixing of any such date, and shall not be required to Xg., a enta t p owner of any.. Bond until such Bond shall be �-- } T` p x�eeeted to : the Trustee for appropriate endorsement c'>r for t } ■yyam�{{ `IY-y! /p��{ y{*. �[ryy �[i�� ■yy� wryf 11 at fir i T' �' N if, full f�FS.: .U. � ifanY and interest on allpr nei al, prerun z fonds ,.have 'been paid under the provisions of this section and all All'of Wie se and charges of the 'trustee ( including reasonable attorney and gists) hags been paid, any balancet$11a.n.nC in the .Sand IR �e ..�y r 13 Fund sb;_311 paid to the Company as providerd in Section 505 hereof,low- -- SECTION 1009. REMEDIES VESTED IN TRUSTEE. All rights of action under, this Indenture or under any of the fonds may be e forced by the Trustee without the possession of any of the Bonds the:,production thereof in any trial or other proceedings - ,f relating thereto and any such suit or proceeding instituted by the ' ' ust~ee shall be brought in its name as Trustee without the neces - .:. # ty of oihin -as plaintiffs or defendants any Holders of the t rade, axed any eC rer Judgment shall, after provision for the x' ant of the Trustee s fees, advances, charges and expenses payment g f xticluding ;reasonable attorneys; fees and Casts as aforesaid), be o r the ratable benefit of the Holders of the Outstanding Bonds. y S C'i'it7i�T 1020 WAIVERS OF EVENTS OF DEFAULT. The Trustee may — n if discretion waive any Event of Default hereunder, provided . that the` Ec"rid, Insurer has consented in writing to such waiver, and its.-consequences.,and rescind any declaration of maturity of grin- cipal of and interest on the fiends, and shall do so upon the write ` t n' request of the :Holders of (1) sixty-six and two-thirds percent ba (. f ' 2[3%-) in aggregate principal amount of all the Bonds teen L ''Outs and�ng in respect of which default in the payment of principal, = r and pr premium, if any, and/.or interest exists, or (2) a majority -a `greg_te principal amount of all Bonds then. Outstanding in 'thy t o s 'vf. n other default; provided, however, that, there shall not y beVa:ived (a) any Fvent _ of Default .in, the payment ref the principal c .mad p en um,: if any, on any outstanding Bo nds when duce (whether uk t meturi.ty or by mandatory ` car optional redemption) or (b) any, Event of.Default in. the payment when due of the interest on any. ? a u h on,ds, ..unless ,prior -to such waiver or rescission, all arrears ..Of,:-4.nterest (including. any, interest at the Default Rate)a with i:ntexest � thereon' Ito the extent permitted by law) as. provided, herd„ r :. aid ; all arrears . of principal (due otherwise than day 7 ` dscjaration :0 acce3.eration) and premium, if any, as the case may be .�ith interest on: said overdue amounts as prava.ded herein, and k y ..1 fees expenses and advances of the Trustee � including fees. and costs) and any ether paying agents -in- BEr'easonahle.-attorney fi c ion ' with, such all havebeen pad ' or prov:ided for. chdefault, j�f ♦pry ln, the . inCase,,, of,, say much waiver or,, rescission, or cac eding .taken by the Trustee on. account ..of any such default - 'XI shall have been discontinued or abandoned or determined adversely, rF then; and An eery; such case the Issuer, the Company, the Tsee Y and the. Molders of Bands shall be restored to their former p aiions, rights and obligations ga.tions hereunder, respective y, but no t such waiver or.:.,rescission shall extend to any subsequent or, other -_ i !default, Dr aw any right, consequent .thereon. _ _ SECTION 1011. EON -INSURANCE. I f , on the fifth Business Day ; z preceding, any .nterest payment date for the Series 1993 fonds there } i not on' deposit with, the Trustee suffzcent moneys amiable to p'gy- all principal., of and interests on the Series 1993 Bands due can .tt�,. 54 Ss[lflgt4li•R1.IFflCt�{jt'•eih.t,ystflsr.7 , 'YES) t : �a s - � T , Tic, Wr OWE and Citibank, N.A., New York:, New Fork or its successor as its I scat Agent 'the "Fiscal Agent") of the amount of such deficiency by said intexest payment date, the Issuer has not provided the amount of such deficiencyr' the 'Trustee shall simultaneously make aval fable to the 'fond Insurer and tothe Fiscal Agent the regi.s t at C 2' books for :the, Series' 1.993 Bonds maintained by the Trustee. —_ (A) The Trustee shall provide the Bond Insurer with -a t` 16t, . of- the Bondhc l.ders' ent tl.ed to reoe ve principal or interest k payments fntri the Bore Insurer under the terms of the bond in8u'w ante policy fc ,the Series 1993 . Bonds and shall make arrangements ` for the Bond Insurer `and its Fiscal :Agent (a) to mail checks or drafts to Bondholders ent .tled to receive full or partial interest payrsets :from the Fond Insurer and, to pay principal of the „k Series 1593 Bonds surrendered to the Fiscal. Agent by the Bond - - Me holrs ent .tled to receive full. or partial. principal payments f rom ' __.. the Bond Insurer; a.nd` Po- } The Trustee shall, at the time it ,makers the re 3 tp tration bbek: a ailab e to the Bond Insurer pursuant to (A) above, notifv,Bondholders entitled to receive the payment of principal of k 0.4f i3r interest. on the Serie's 1993 Bonds: from the Bond Insurer (1)as � the fact o f ;4.ch entitlement, (2) that the Bond Insurer wall in,`emit ., tc them all or ' dart of the interest payments corning due subs �= s ect: to t�It�; terTtls o the Bond Insurance. col icy, ( that, except as i protl.dec in paragraph i i } 'below, in the ' event that any :Bondholder is entitl, d to, receive full payment of principal from the 'B6ncl 4 l Insurer, such Bondholder must tender his Series 1993 Bond wthe - - - i 4 ' -3nsjtsrutnent of transfer in the form Provided on the Series 1993 Bond 4 Ti t-#erm mma of t-ha 14nn i Tnimiirro-rnnA 6 i t-Yt r_ _ x t ter_ p ouide in paragraph (i i) below, in the event that such Bondholder is entitled to. receive partial payment of principal from the Band �- Insu.�r�er, such Bondholder must tender this Series 993 Bond for ty t < pay;s ent , first to the 'Trustee, which shall note on such Series 1993 > G` Ake Bond the portion of principal paid by the Trustee, and then, with �- : n acceptable for of assignment executed in. the name of the Bcnd �- �h lnsurer, t the Fiscal Agent, which will then pay the unpaid por- r= 31, v - { t .on of principal to the Bondholder subject to the terrc�s of the -_ 7 bond' itlsuranc' e policy for the Series 1993 Bonds. �= ft In the event that the Trustee has notice that any payment of n Pr** of or interest on a Series 1993 Bond has been recovered front. a Bondholder pursuant to the United Staten Bankruptcy Code by {` trustee in bankruptcy in accordance with the final.. nona.ppealable I order: or a ccrur�t having eompeten : jurisdiction, the Trustee-sh.a.11., , ri at the time att px�c��r" notice to. the Bend insurer, 'notify all ar } Sondholder that in the 'event -that any Bonftolder's aa�nt i so -- x:ed, esuch3ondholder will. be entitles to partent from the Bon' ,Insurer to the extent of such recovery, and the Trustee shall. - t �1 finish to the Bond Insurer its records evidencing the paynts. of -- $ 5 31 3� E �e principa.1 of and interest on the Serie(!,z 1.993 Dont.ls which have been itT " t I Trustee 31C �- ' 3 r g r o 7' r d 'E . m ondho _dens , fW fW and the dates on which such payments were made. The fond Insurer er shad l to the extE n-L it makes payment of r principal Cif or erest on they Series 1953 Bonds, become sub�'o- m _- gtattd to the rights of the recipients of such payments in accor- dA c�' „With the' terms of the Bond Insurance Policy and, to evidence 91 s ubrt atien, (1) in the Case of subrogation as to claims for te as.t &e ino!reat, tht Trustee sham. note the Bond insurer's rights Trustee_ � sub3"i�gee on: the registra't.on books maintained by the . .. upon tece .pt f roth the Bond Insurer of proof of the payment of : -thereon to the Bondholders of such Series 1993 Breads and J `21. In the case of subro4at l on as to claims for past due principal, —_ t o Trustee shc' l l note the Bond Insurer's rights as subrogee on the _ 4 reg'stration books for the Series 1993 Bonds maintained, by the -. $4 'Trustee Upon r c6ipt of proof of the garment of principal thereof 'to. the Sondholders of such Serie=.s 1993 Bonds. Not withstandia�g an hung in th's Indenture or the `Series 1993 Bonds to the corn- = - 'rar , the Trustee make payment of such past due interest and #, pestdue principal directly to the Bond, Insurer to the extent that j the o Insurer is a subrogee with respect thereto. rwl ' t 89CT.1 N 1012.1 GUARANTY AGREEMENT. In order to secure certain �= payments on the Series 1993 Bonds as provided therein, The Rouse sii ompaiay ar�d the 'trustee have execute the Guaranty. To the extent a ` i es havO not been deposited in the times and amounts as = u y re t3rec� by Section 504 a.ereof th.e Trustee shall, subject to the r 1• :. either terms and provisions ` hereof,` take all necessary steps to s 4z ei sire payment cinder such Guarantor, to the extent the Gua�rant:,y° ` shall be in force and effect at such. time . y § ; 4y 1 Y i t J e r y�Jy ink 4 t_ g� S ✓ fir+ sP .�, �'f � i�YMT�{t i�.{'�-1E1! YWit iti�aNi4,ie`.k�S11f l�4i eft � � f l aS ( r 93 34, r- k 5 ARTICLE I CONCERNING THE; TRUSTEE SEC .. ' "fit N" 1 C T ' .TRUSTSLIABILITY. The Trustee IS A* is the trusts a,nd aesu es the duties i nposed and created by this_ Ind nture . The Trustee shall, prior to any Event of Default_ as =id _InSect I on i001j end after the curl.ngr of all such events of Ar - u It which may have ocurred, perform such duties and only such - r specs flcally set forth in. this Indenture. The ' � e sha 1, du �,ng: the exim-enc.e of any such Event of Default iiiri .n9t ;been cured),. exercise such of the rights and powers es`ted i t, by this Indenture and use the same degree of care and 1 ikiil.'. fin their exercise as a prudent man would; exercise or use i.un`a4r-_the- circumstaftee's n tie conduct of his own affairs. , nr o ,;provisions of this Indenture shall be. construed to relieve N ; + tee' from 1iab 1. Cy for its own, negligent action, its awn beg ht .. di re to act, or �. -s own w�.11ful migcoziduct, except - i t A) In . the absence of bad, faith on the part of the Trustee., a the ,:T_rus"tee. may Conclusively rely, as to the truth of the state- _ 3} x n s d.. a the correctness of the opinions e�ar+essed therein,, .m ny: ce °ti f i sate. or opinion furnished to the ,Trustee conf oratain t:he.cu irements of the Agreement or this lndentue; but in the �r Y_-an),such certif ca.te or opinion which by. arty provision n �= a �. pedi: fcally r :c u .rat to bs furnished. to the Trustee, the s ''� e:_x shall be under, a duty to examine_ the same to determine x zhet er : or, not :i ` conf ores to the requirements of this lndenture . F Ate , time regardless r g class of, whether or not any such Sent f .: Default ..shall exist, ` t1�e Trustee shall. not be, liable with _ ' ep6ct t ...zany action: taken or orni�tted, to ,be taken by it" in, good � ' in . accox nce 3 t 1 the d� rect .on of the folders of i1C�t lase - ; � ,. a o �.ty : :aggregate principal, amount of. a13: ,the Bonds at �, j e i .tYtfe o�tstanc ng relating to .the time, Method and Place of � nd ct.in"g any._prt seeding fob any .remedy .available to the;.Trustee, a _ a ere cie� n+� any ;trust car powez cdnf"er ed upon the Trustee under i �s this Indenture; r 'ore of the provisions contained in this Indenture shall re the Trustee to a spend a risk its owh funds; or othtierwi i i du lhdiiv�.dual f nancial 3.iabi11t in the perf'orman.oe any .of t 3 s _".duties car �n the exercise of an Y of eta rights { or pc�v�ers * �= f; , ACTIN RELIANCE UPON ��5 � PPZV1�iXS M '�'he �- tee. may rely upon: certain documents and::. c��►.inions: as f Q lows t k- �f .(A) The Trustee may rely and shall be protested in y�J t ngw;: p Wwn; anyp r}pew�s Runyt o , . cert � c}w�Atee, statement, {y�tV` a ttent■y�7 ,w{ r�st�t+t�.� 4l T. o%t4, •r M' o .t! � Fi!W t'�Sifl'M � request, �o�liFa�''+A��',. order ��,. �P'�R'�r :.' oon 1YIP .� i - t1:T1 57 cV ta4t'tlfEi"4d1•iil4fffIo,�iru •.::,.ri.:.y, t t r 2t . 74 [y.. 0��a othez, paper- or document be,1J.r-_ved by it. to be genuine and to, have been sIgned or presented by the, proper party or parties, except to MP the extent that any such dociiment is clear' y erroneous on its face NTT to the Trustee. (B) Any request, direction, election,, orderordemand of the Company. shall ;be.:Suf f iciently evidenced by an instrument signed -ih'the -nameof the Company by its. Authorized Company Representative ..this Indenture specifically prescribed), and 4nT..reqtiest., .:direction* ,election, order or demand of the Issuer 'ciently.evidenced $habe.s ll,; u,tf I by an instrument signed in the name -of the Issuer by its- Authorized Officer (unless otherwise in this Indent,0re, specifically prescribed) and any resolution of the : Issuer ' May, tbe -evidenced to the Trustee by a true copy hereof an appropriate officer, of the issuer. certif d (C) The opinion of counsel fax` the Trustee shall be full and complete authorization and protection in respect of any action t.aken or suffered by it hereunder in good faith and in accordance Aoith the opinion of such counsel. • (D) Whenever in the administration -ion. of the trusts of this Indenture th-e.Trustee shall deem it necessary or desirable that a matterbe proved or established prior to taking or sufferi;iq any action,,hereunder such matter (unless other evidence in respect _heto f b-e : r o he ein specifically.prescribed) may, in the absence" of 4ith on the part of Trustee,, bedeemed to be conclus' lv ive pi dyed "by and established a shed by certificate of an Authorized Officer of issuer the Company and: such certificate shall in the, Xr abibiance. of bad faith on the part of the Trustee,, be full warrant to r teefor any.. act ion taken or suffered by it underthe .1sions, ;of this Indenture upon the faith ,:thereof . -SECTION :1103. NO. DUTY, TO TAKE CERTAIN ACTIONS The, Trustee :,sh lnot b sible for any, recital- �n e respun or statement herein car .in, BondS (except l inrespect of the authentication.certificate Of the Trust e ends rsed:. on such Bonds) or for the re r"" co din or re- le tC ording, . f 11 ing... or ref iling of this Indenture or: the Agreement or, f or the, of f ixing or cancellation of any revenue stamps,, or ' for - e patent or for keeping down of taxes,, charges assessments, aid Iien.8 upon the Trust Estate, or for insuring the Trust Estate 4, or1146t ion ,.Qf:,any insurance moneys, or for the:valid ity,of the -ion of, this .:Indenture except fa r or the valid of the. T, rui ee. Xecut thereof.' or any agreement supplemental hereto lustru meat t of:further ,assurance, or far the. suf f idi"" ency of the secur forr..the:Bonds issued hereunder or ink be SeCU', ed ,heresued he car hirer for for the fonds 3, J reunder intended to be secured -he or for the value or title of any ,oaf .the T ru tate or 'Ot he e', 'as to the maintenarce of the security. hereof, or fear r the 1 e, fona or any _m, nee, cove 'obs#e�vance of, "Conditiflr0 11 aq.rapmehton. the artof the Issuer under this Agreeme' or on!the xv of the CoMpAr�y,under the ,Lease rthe Ag eement; except that, in' 58 JIB` & ®R S SEE L even!- t-h T-ri).stee enter int..o �t1��ssession of a part �x all, �� the °mist Estate ptirsuat t �0a--ny provision of tbls- -Indenture it ehs;.*llMet � use reasonable diligence in preserving such property and the Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenant, condition or agreement - the part of the Coinpahy or the Issuer, except as hereinafter set .. th but the Trustee eauire of the Company or the issuer _- „.,. _ i {., ate. .�. 5.orti./nd.dV Wi��s 64 y{{p� ;may) �, T y■� {.ram �j }M� { 1Wo t a /'� �} ��wy^ /yilot 4 V�iiV{d th(yam}{� �yp� e`a/enn �./, -_ :.:. 66ndl ti 8 and. ag �eemOnts aforesaid and of the condition. of the phyt;icd . property inol.uded in the Trust Estate. The Trustee shall ...., not be t ccc?ur�table f or the use of any Bonds authenticated or delivered hereunder or of any of the proceeds of such Bonds except as 'herei.n provided,_ SECTIONT 11.04-. GENERAL LIMITATION OF LIABILITY. The perRis- give right of the,, Trustee to do 'things enumerated in this Indenture shall not be construed as a: duty of the Trustee and the Trustee shall be an we rable only for its own negligence or wills lsuxetult. The Trustee shall not be-equired to give any bands � in respect of the execution of the said trusts and powers or otherwise in respct of the premises. The Trustee shall not, be liable for any debts torat.racted or for damages to persons or to personal prop - arty injured or damaged, -or for salaries or nonfulfillment of con_ tracts during any period in which it may be in the possession of or ana�aagi.:n the Trust Estate as in this Indenture provided' I e�ch �- t debts, damages, sa,l.akies or contracts have been incurred suffered, jormade in connection with. such possession or ma.n.agement. J _ A SBCTION 1105. BRINGING AND DEFENDING LEGAL ACTIONS. The 'rru, teee -shall be . under no obligation to , institute any suit,, or to _- take',any Action or conduct any proceeding under this Indenture, or T� to enter any appearance or in any way defend in any suit n ich it may be `made defendant, or to take any steps in the execution �f, tie tru-sts 'bereby created or in the enforcement of any rights and powers hereunder; until it shall be indemnified to its satisfaction r— SY,asitannd llreasonable costs and expenses,, oula ys iand $y tounsel fees .. and other reasonable disbursements and against all. g _ � try g andcosts on appeal. liab'�.1zt (inc].ud n reasonable counsel fees `h; �. Trustee may nevertheless after written notice to the Company a xd the Issuer, begin suit, or appear in and defend suit or do _ bhin else i n ite ' ud �►ent proper to be done b i.t as such y 3 p P 11 Trus teL , without indemnity, and in such case the Company shall reimbu'rse the - Trustee for all reasonable casts an expenses, � s outlays and counsel. fees ;and other reasonable disbursements prop- �= erly incurred in connection therewith (including reasonable counsel �= fees and. costs ox appeal) plus interest on disbursements therefor F At -,the Default Mate.._ SECTION 1106. NOTICE OF DEFAULTS. The Trustee shall;not riot be p. ,requi d to take natice or be deemed to have notice of any defau1 • bareunder, except default in the deposits or paymenta specified erein, or failure by the Company to file with it any of the si cu� tt, t Y i 59 7 Mgt ' *hW*61t1b K#i:IW591Y�N tar,ti [+wt 14 rry♦ - r r 3 34 MV d a _ t tnents red sor to deposit- 'x (,� '$�^ -^� y yy �Y �}'S }�yg �t �f t [� iy.,, Yet � +)p g y a '} `i •+'y y�}- e arm` i_-# i .7. '4:.. d h -. r e L.� n 4..d e ... .i 6 l s s t t d »4 d ,:+t s 'i4, e e s l 4dr 'tic . �0 L A�« i specifically notIf ied in writ-inq of such default by the Company, the Issuer, the Bond Insurer or by the Holders of at least .',:.thirty-five percent (3 W) in aggregate principal amount of Bonds C tstand ng hereunder, and all notices or ether instruments e u red by this Indenture to be deb i vered to the Trustee trust" in der to be effect3.ve, be delivered t the principal office f the and `in the absence of such notice so deliverer, the 'T ustee may conclusively assume that there is :no default, except as aforesa�'d , 1107. INTERVENTION ON BEHALF OF BONWHOLDERS . In any al -proceeding. to which the Company is a. party and which, in the pihion of the 'trustee and its counsel, has a substantial --- bearing, on th.e interests of owners , of Bonds, the Trustee may f intervene, on behalf of Bondholders and shall do so if requested in riti.ng :by the owners of :the Hand Insurer or at Least twenty-five fi = percent (2S of the aggregate principal amount of Bonds Outstand.- , ri .her nder ;end indemnified as provided in Section 11:05 hereof. The ricghts and obl iga ons of the Trustee under this Section are su.% ect to the approval. of the court ' having jurisdiction in the 3 JkYt SECTION 1108 . RELEASE : OF REVENUES FROM LIEN OF THIS I,?,4STF.U3 M.ENT* The :resolutions, o inlons, certificates- and ether instru- - � nts proed for in this Indenture may be accepted by the Trustee concl isi e evidence of the facts and conclusions 'stated therein �t and 'srha.l`l., be full protection and authority ,tee the Trustee ,for the e e e f property and the withdrawal of such hereunder; but the 3 i`rust�ee may, in its un.rest.ricted discretion, and shall, if 34 f k requ steel in writing ' so to do by the Holders of not, Ies s than � , ent.y- f ire':. percent ( 5 .y in aggregate princ i pal amount of ponds ham, then. Outstanding, -copse to be made such independent investigation, Ft zr ,fit': it rr y ' see fit, ,end in that event may: decline tQ , release such, pz erty or pay over such cash unless satisfied by such invetmiga- ' `1 t c ta: of ,the `truth and Accuracy of the matters so investigated. The eascsnable expenses of such investigation shall, be paid _ by the h, {, a tpan or, if 'paid by the Trustee, shall be reimbursed to the �'rustee, plus interest on disbursements t:h.exefor at the Default Rate not to exceed any legal maximunm, by the Company. For the 4 t, urp se of this section, the Band Insurer shall be deemed tobe M1 $ r tt the ''ol a he l sler of all Bonds insured by i t . 3 'by the fyy"�.��^�.�..tny J�{�.0 Lll ,_re Defa�.�l_Rate t p n y. +Jy.��:+�}�re�s t s� y d ?ma..n�d-t.-"b,n , i. .1.. nOt rl,';: �b .1k..x�,d .6..7 Vr the C4oui.van J shall. e given refte - ence in payment over any of the Bonds, and shall be paid out. of the _ L { Triist Estate, but _the Trustee shall, be under no obligation to make b . any such payment unless it shall have been requested to do so by = the Holderof at least twenty-five percent (25%) of the aggregate principal amount of Bonds then Outstanding and shall have been ' pr v e w t�1 de uate funds for the purpose of such payment. If ` the Company shall first notify the Trustee of its intention so to do, the Company may in goad faith contest any liens filed or estab- _ .isht_ a.gai nst the Tru►t Estate and in such event may permit the .te s contested. to remain `undischarged and unsatisfied during the period of such: contest and during the applicable appeal period or. -the 'conduct of an appeal therefrom unless the Trustee shall �} notify,< the CerMT3 t.h.a.t., in the opinion of its counsel, by non- payment . of any'`such items the Trust Estate or any part thereof will be subject to immediate-' loss or forfeiture, in which event the ltZ an 'shall promptly pay and cause to be satisfied and discharged all such. unpaid items. The Trustee will cooperate fully with. the 'Company, any in any such contest, provided that the Company ehal.l under - `take to pair all costs and expenses incurred by the Trustee and to emn.ify the Trustee and save it harmless against any risks, _- diaims or liabilities arising out of such contest. For the purposes of this section, the Bond Insurer shall be deemed to be x the sole holder of all Bonds insured by it. SECTION 1110. ADVANCEMENT OF, MONEYS . All sums at any time s 4's advanced by the Trustee from`, its own funds shall ,bear interest at 4 tie default date, from the date of such advance,xd the Trustee : shall be entitled to be paid the amount of such advance, plus such interest, by the Company upon demand and, if not paid by the } ` Company, the Trustee hall have a preference for` the payment t i.t of such advance, plus such int6`rest, over any of the Bands and _ shall be paid the amount thereof out of the Trust Estate:., The 4� Trustee shall notify the Company of any such advancement. { SECTION 11.11. - RETENTION, OF DOCUMENTS . The Trustee shall _ retainall ;documents furnished by the Issuer, the Manager and the company in accordance with this Indenture and the Agreement so long s., any of the Bonds shall be Outstanding: -_ ti r « w .: SECTION 11,1.2. TRUSTEE HAS FIRST LIEN, COMPENSATION, INDEMNI f{ ICATION; REIMBURSEMENT BY COMPANY. The 'Trustee shall have a first "r 1 iv n ' the , Trust Estate subject to the limitations set forth �- here 'in, with right of payment prior to payment of principal, # ! r t eiiipt c3x1 'prelt�iiilItl, 1 f any, and interest t on the Bo It s, fob' reason! a omPp , advances and reasonab� e ,2 cou��ns� ey+l : f+y��yy ny�s■ne-at i�^on expenses, nsresult 'es pTe;ems incurred '(- t L +�. +}� Yu 3. as G� �L. '*�K u t of -.. -legal ..� . action ,: 1/ h �r 4� wW MN 5 . t incl;.udin reasonabl.e -counsel fees incurred in an a F y pPpel.l ate , prt needing) incurred; in and about the execution of -, the trusts hereby created- and the exercise `;and performance of the powers and -duties £lj 1 of the Trustee hereunder and -the costs and expenses i ncurre - in 1 P�416A1i'4-�I7tr1k?n&.avHSY.,+ni - — _ Y _91 �t a �7 x _ p defend _ng � a s� a.a . i.... r �.��= premises�of any ch .ra.��e? ` wha.tsoe er (,u, es s suh 1.i--abi I it. y is adjudicated to have resulted { f rom the negligence or willful defa-ult of the Trustee). The 3 Company by the Agreement has co-lrerianted and agreed to pay all Ml _ advan ce , reasonable counsel i fees (whether incurred as a result of legal action or otherwise and i,-ncludinq reasonable counsel fees incurred in any appellate proceeding) and other expenses reasonably de or incurred by the Trustee in and about the execution of the _ treat hereby created a.nd to reimburse the Trustee therefor if such +expenses are paid;by it. The Company has agreed in the Agreement topay the Trustee' reasonable compensation for its services in the premises . The'; compensation of the Trustee shall not be limited to or by any provision of law in regard to the compensation of trustees of an express trust. The Company has also agreed in the Agreement to indemnify the Trustee for, and to hold the Trustee harmless against, any : loss, liability or expense incurred by the ` Trustee, other than those incurred as a result of the Trustee's own; necrl.igence -arising out of or in connection with theacceptance and =. administration of this trust, including reasonable cost and expenses of defending against claims of liability in the premises. The ,obligations of the Company under the Agreement to re.imbu.rse, �- compensate and indemnify the Trustee shall be paid even though the 'trustee shall resign, be removed or become incapable of serving as providedhereinafterY SECTION 1113. TRUSTEE MAY ACQUIRE BONDS. The Trustee and its _ officers and directors may acquire and hold, or become the , pledgee _= di of, any, of the,, Bonds and othearwi.se deal with the Company in the same manner and to the same extent and with like effect as though } it were not Trustee hereunder. SECTIO 1.114 . SUCCESSOR TRUSTEE. Any corporation or associ � ation into which the Trustee may be converted or emerged, or with which , it may be ;consolidated, or to which it may sell or transfer business and assets as a whole or substantially as its ;trust buszn ''1fl.e �. `or at"j c y C��`porat�.on or : association resulting from ar y suc�l {- A,} eonversion`, sale, merger, consolidation,or transfer to which i t is a party, z:psv facto, shad,l be and become successor trustee here- under and vested, with all of the title to the trust estate and al the trusts, powers, di.scret.ions, immunities, privilege$r respoxisa.- Y : b 11ties, li.abilit' ses and all other matters as was its predecessor, without the execution or filing bf any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything hereto to the contrarynotwithstanding- SECTION 1115 , RESIGNATION OR REMOVAL OF TRUSTEE. The Trustee t - may resign and be discharged from the trusts created by this Inden- L. ture by giving to the-, Company, to the Issuer and to tie 8�nd - Insurer ninetyEbb) days' notice �ixt writing of kuc}esighati.ca► add �1 t ' diving to the aondholciera notice of such re9igaat,ion by ,pu lit" - at on at least once a week for t~wo . suce ssi.ve weeks in a financial journal published in the City of _ New. ' York, New York.' B th. ;the, _ K'':,c . 6 RIY6Z4tA'IS�21 {MAk tli'k4tF.l,AMr'.{14NA 4 p i Y •.SY , .IMF � � � i �� A£i tZil+ t rfXak'Ys'- v tho Bondhol,ders y take effect. Any Trustee hereunder may be. removed at any time by NEW - an instrument or instruments in writing, appointing a successor to s the Trustee so removed, filed with the Trustee and executed by the i _ ' Holders of a ma jorityxn pri nc pal amount of the Bonds then Out- standing and by the Company and the Issuer, which approval _ shall. cat be unreasonably withhold ` No such resignation or removal shall be effective until a uCceessor Trustee shall be appointed and serving pursuant to the proVi.sions Y�erecaf SECTION 111 3 APPOIN% ENT OF SUCCESSOR TRUSTEE. In case at otherwise any tiMe the Trustee shall resign or shall be removed or t shall become incapable of acting, or shall be adjudged a bankrupt or Insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if a public officer or officers shall take �t charge or control: of the Trustee or of its property or affairs, a vacancy sha1.1 forthwith and ipso facto be created in the office of and a successor may be appointed b the such Trustee hereunder,*a su s y pp o1.ders of a majority in principal amount cif the said Bonds then. Outstanding 'bar such Holders executing an instrument or instruments , in writing, filing same: with the Trustee, and notification 'thereof bein iven to the Cam an the Issuer, acid try the Bond Insurer. g .g p Y• Unti 1 such ; new trustee shall, be appointed by the Bondholders; as herein authorized, the Issuer shall, subject to the provisions hereof,. ' promptly appoint a trustee to fill such vacancy... In the r evert the Issuer falls to promptly appoint a. successor Trustee, the _Co�pat shall, subject to the provisions hereof, }promptly �ppoint a :trustee 'to fill such vacancy. After any such appointment by the �= ' issuer: ; or t1�e , Company., as appli cable, notice thereof' shall. be L= rz`.,�Publishedl by the Issuer. or the Company, as , a.ppli.oable`, at least - once within , thirty (30) � days of _such, appointment in a. financial f jouarnal of general circulation in bade County, Florida and shall be a— t` mai.i ed to the Fiscal Agent aind the Guarantor. -Any new trustee'so x # } appointed by the lssuer shall immediately and 'without further act #_ z be superseded by a new trustee appointed by the Bondholders inthe � manner above provided whenever such appointment by said Bondholders sha3:1be made . Any such successor Trustee shall be approved by the 3`� 3 iCtrpaMy-and the Issuer, which approval shall note unreasonably �� ithhel+d. _ v r t Any such successor 'Trustee appointed or approved .hereunder shall have combined capital and surplus of not leas than �= $50, i100 0 0aa . �- /. q. �y +}� may. - yyq� y+.. , �+, Y+ {�. �ry /+� �q �q {. �q p. �q successor -� --.'. If., �41 a � proper �a�►7� / id+V �:�ppV�ii it �L:'Lr 4✓f � fez M4 �r��i�4J� L. stee r - -� shall .be read' pl2rsLla ilt to the foregoing provisions of this section - tz- within six (6) months after a vacancy shall have occurred in the b office of Trustee, the Holder of any Bond, the Company, the Issuer ,t= or any retiring trustee may apply to any court of competent:'luzis- ..y 63 . - .. et ifli'1Ctt8t.YA.t fltli#fiNs4lta.ao-itM+/tolb7 4 after such nottit_,e , JAI.`l arty, s e:.Fi ili cc),U,4.. L., rma deei i proper Can pre- _ scribe, appoint. a .sacti,..ssaT- t rusuee. StCTION 1117. ONCC'Ei RNIN ANY SUCCESSOR TRUSTEES. Every L� y}` suCc�?►�3s"or trustee apo1.nted hereunder shah.execute, acknowledge and de.1iver to each.of its predecessors and to the Issuer and the _ Company an instrument iI'`,� writing accepting such appointment here- Y ulidex , and thereupon such successor, without any further act, deed } Or _td n, eyance, shall became' fully v'e ted. with all of the estates, ro erties, r its, powers, ti°usts, duty es andobligationshereby vested br Intended t6 be vested in the predecessor trustee, but s c pr de :ssoz shah , nevertheless, on the written request of _- either i.ts successor; the Issuer or the Company, execute and deli- 4 ;., der n :;�i"trutent: tart3fe2"r�lg tosuch successoralb the E'stit+� -an Lk rights,propertiesrights, powers and trusts of such predecessor here- render; and e rer� r pr6decessor trustee shall deliver aid. s c'ur,ities do ' oney- held it as'�'rtxstee hereunder t atts' su c ssor. Any A successor Trustee shall execute appropriate instruments as re- -- a' nested by the lssuer and the Company accepting the trusts, duties 'obligations forth herein., Should deed, - :and set any conveyance or f ns.truent in writing froth the:svier or the Company be required by: } ' any. successor trustee to more i'ull crest , in such successor the - 40tates rights, powers and duties hereby crested or intended to be Fy vested in ,the predecessor trustee, any and. all such deeds, convey- __ "A : s and instruments in writing shall, on request, be executed, t dk, ledged and delivered, by the Teener and the Company' The .r si.ctnation of any Trustee and the instrument or instruwients re- , zo.ng any 'Trustee and appc�antr�g successor herexxnder together - with l deeds c�n�reyar cos and rather instruments prov� ded ' for in' — v th. „ Indenture and theg+eement shah., at tie ecpe�ase of the � Any, --::be., forth filed or recorded ed ,bar the successor trustee in each recording off ice where this �rtdent�tre .and the l�c�rerent shall - " have':, been filed or recorded _ { SgCTION 1i38-. INSTRUMENTS AND DOCUMENTS OF BONDHOLDERS ,A►vy ' request, direction, consent or tether instrument in writing signed rift r r, execute b the Bondholders ma be in an number .of concurrent E t k x,struments. of similar tenter and ma be signed or executed by such `- t 'B ' olders in person or , by an agent duly appointed by an � Instrument in , wr ting. Proof of the execution of any such >2 it stru ent and of the ownership of the ,Bonds. shall be sufficient: -_ -- s`purpose of this Indenture' and shall be conclusive in favor , action taken by it under such of ; the ,Trustee, wiilthay. — # 1 .yreyg{.'agrd. /��to �a-♦ny �y instrument if :made in the,following manner: - - (A) The -fact and date of the execution by any person o a uch a.nstrument may be proved. by the certifica;.e s�f any officer, z in ''any jurisdiction .who, by the laws thereof, has ,power to take a.cknowledgi ments of deeds to .be _recorded within such Jurisdiction,: F ySr t 1 to the effect that the person signing such Instrument acknowledged f ZS il1�5�l1i3•rat/MYliii✓kiN.t. itti3h lroi 6.4. `- �Y 9.3 .3 6ttS 77, y - k7 �. s x r3 si: \ WE TI'1t I SUPPLEMENTAL IN SECTION 1201. SUPPLEMENTAL INDENTURES NOT REQUIRING CONSENT ., V 430NDHOLDER8. The,lasuer and the Trustee may, without the cony sent of or riot . to any of the Bondholders, enter into an index.-` k tau , or x.iident r supplemental,. , to this Indenture as shall not be incons,x ,t ' with the_ ternsand, provisions hereof for any or ® _. o!r� f -he fob �.r��rintg purposes t , W To, cure any ambiguity or formal defect or omission t.nig Indenture or YTO grant 'to or, -co upon the Trustee for the bewl6f : t of: the Bo dh0lde s any addi t iona i rights, remedies, powers , t 6r: ,a.a t.hority t o znay ;lawful y be granted to or conferred upon the = t Bondholders or. the "Trustee or either of them; or s- (c) To suhjoct to the lien and pledge of this Indenture ditiana, revenues; or M (d.) To, assure compliance with Federal "axk>itra ' E:" u._ .., } °isions An ,effect, from time to time; or (e)'To authorize the issuance of Additional Parity F ..gations, or eh l ( To re f l e t any change approved. by the Bond insures _ � SECT ON 1202 , SUPPI,WENTALINDENTURES REQUIRING COW§FXTOF ERS,. , , _ , xclusxve of supplemental ender ttzres cov red ;,h i aid F t C?n : � hereof _and subj ect to the terms and prove ioxas G i i` k } t -n-0 n this 'section, and not otherwise, the Holders of not less �- ,'1', } \' a ": two- thirds in aggregate principal: amount of the Bonds then r � } Olut tan.dirag and-t.h,e,.Bond. Insurer shall have the right, f'rcam ti to - tip an nt.a.ner n the s Indenture to the contra' g h a t th tan dinc , o .consent to and a prove the e cecution' by the RIM, uer end the Tr�t�tee of such other indentures supplemental. he�etr� r ffi i hai ,,: bed met necessary an 3 desirable by the ssue for e - 41 ,—Vo of �madi _ng', altering.: emending, adding to or rescinding, �- any .p rt ar, a�n of :the terms or.provisions contained inthis ntuxe or .in and euppl.ementa.l indenture, provided, however, that ` s nothing. in this Section shall permit or be construed as peramitt .x�g \ - it a n £'Xtensi 1.03� of the stated maturity or reduction in the principal r"�ttCtoun� of, off' reduction in the rate of extensionthe t m » of .of � paBnt of interest on, or reduction of any premium payable o t t+ de npt ion of , any Bonds , without the consent of the >Holder e} k of Bonds' and the Insurer,, , i.n s�.yp remedy 2-- y'a ��er��u{�c �ry��3'uondy ".{ �"'or/*+�yy(b) `ucttyi ��,7+r� +the #S'tid air y�,,r�atek#1✓ S+S�I..S. RlOtou+ti'f*.iiid ;,i#.�ii1d.LdiwiR V'�Yw — 5 ark eguired to consent to any such ;supplemental indenture, W�thot3t 4 - E t10, consent. of the Bond insurer and the molders of ; all the Bonds at " tY'f 1 hj M �TT v *lowS}4?i�`f(SS-«4iH•/iifH- t2 + r+i nit AWI—PIC,T, E X III ,. AMENDMENT OF R.�tEM i T ;sty— r { d . 8ECTION 1,101 ,, AMRNDMENTSo ETC. , TO AGREEMENT NOT REQUIRING �- HSENT OF BONDHOLDERS. The Issuer and the Trustee shall, without /y31 to anyayry d - y yy to -h Bondholders, consent �h cogs n of ornotice 1n+hautmodification-of e ar the a`greeSEiPnt as may be rega.red . by the �proviiions of the Agreement and this Indenture, (ii) for h � of ctng anti` �::'�biquity' or formal defect car omission, _ in Gi lii t oil -with any other change therein which, in the _- ud ent ,of the Trustee, is not to the prejudice of the Trustee or the olc�e'rs of the Hoods. Any amendment, change or modification of =_ this: greLi rrneAt p zrsua t to clauee (ii ) of the preceding sentence ha .l r6 ulre the prior written consent cif the Bond 'Insurer. t , = SECTION 1302 .� AMENDMENTS, ETC., TO AGREEMENI REQUIRING CON"- "ENT `BC i i H LL�ERS . Except for amendments, changes or modificad t .ons, a8 provided in Section 1301 hereof, neither the Issuer nor � the Trustee ehaI1 consent to any ether amendment, change or modi- {z fication ,of the Agreement without notice to and the written appro- valor coni'ent of the Bond ensurer a.nd the Holders of not less than. ►=thirds 3.n ag eg to principal amount of the Rands at the time tandiil- given and procured as in Section 1.202 provided. If at =Asany. "f time ""the Issuer and the Company shall request the consent of Ghe " Trustee to a.ny such proposed amendraen change' or �noclifxcatiar� of .an, Agreement , thy' `i'x`ust.ee steal. , upon 'bung sa.t:sfa.ctcr3.iy' ... '.! D D f rya r ni .ed Frith respect to expenses, cause notice of such proposed aeb ent r change'ormodification to be iYtalled and published in the miner as_: provided by Section 1202 -hereof with respect to h su plemerita1 indentures . Such notice shall briefly anti c3 early het ` 7 , s yt r the atur� f such proposed amendment, change" . or=z6difica- shall state that coples of the instrument embodying the same�I} re on " f ile ' at the principal` off ice of the Trustee "`for ,inspection - at reasonable times by all Bondholders and the Bond Insurer. F: _ d Y i {j ��yQi}�bet(1[�1Mi1Ip`.4�iF. h/1M1%yq>tNl - { s y I I Rom' r t{ 3 Sf a`t t _ M _ t�4k `ihs ` 4F t Y S f�aJR'Is''aAd7_{,('`•"t'ji s5:' 5K`<yt S I f k ( .A:.3iX3.: Ow. AST CL,r: xi,,v S 8 T10N 14 Q 1 ONSE'NTS , ETC., OF BONDHOL DER S . Any consent, test, d xe on, approval, objection or other instrument r : ui.red by thin Iiideritur to b e g gneo and executed by the Bond- holders be in any number of concurrent writings of similar e = tenor and may ,be S.igrled t exeeuted by such: Bondholders in person or. . b enit ppointed in'ritin � Proof of the execution of any a such consent;ecueet, r3.reotion approval,,objection or other instrument , or of the -wri.t n appointing and such agent and proof of t1e>:ownership :any .of Bond not registered as to principal, or req i. tered_ as to. bearer. ;;may, be by`affidavi.t, and shall be suffi, Gent for any of the aforesaid purposes of this Indenture and shah. be Conclusive in favor of the 'trustee with regard to any action tak+sn.und, er such request or ogler instrument, if the fact and mate of the execution byany -person, of any such writing is proved by o+ertxf`icate of an officer in any jurisdiction who by law has power o' take ' cknowledgments within such jurisdiction that the person signing such writing acknowledged before him the execution thereof, ,orl proved' by affidavit of any 'witness to such execution. It ehall not be necessary to surrender or present any. Bond to the trustee for any of the aforesaid purposes. EC' ION 3402. LIMITATIONS OF RIGHTS. With the, exception 0 r:ights`, herein expressly conferred, nothing expressed or mentioned , ill o to` be imps ied from this Indenture; or the Bonds, is inteAded a .sha1l:b67,construed to give to any person °or company other than t%ep an and theparties Y parties hereto, and the holders of the Bonds, '. legal o ec ui table right,, remedy car claim under or , in' respect t -.g'-, Indenture or any covenants i conditions and provisions h re n contained; this Indenture and = all of the covenants, ccindi- "i:on� and pzvvi.�ions hereof berg intended to be and being for :the . -- s le an a eclu i:�re be iefit of the parties hereto, the Company and `the the. Rolders of Bonds as herein provided. 5E'iiO3 , SEVE BILITY. If any ,provision of this Inden- t re- ; shal l e held ; or deemed to 'be or 'shall, in fact, be inopera- 'unenforceable r tive or as applied in any particular case in any risdioti.on or Jurisdictions or in allJuri.sdicti.ons, orin all s be ate a it conflicts with ' ' - any other provision or provisio r any .o.t- [e r r easord, such circumstances stal l-nof have . #hp of` rendering. the provIslon in question, inoperative, o� nen- fcarcea.ble. i.n any, rather case or circumstance # or of rendering' any Qther, . rotvision or p provisions herein contained invalid; .in�era- t ve,; gar t caner forceable to any extent whatever. _ the ; a:nv; I idity of any one or more phrases, sentences, clauses - o.' sections in this indenture contained shall not affect the remainir. port'. ons of this Indenture, or any dart thex'eci€'. �:!nx�?'�4�s.:�)r7Y(Jhtw:ts�>t.xuasar00 f: X l 4 r ,a= r t ;y �,i 3.:...v...v�-_- ......, ..._...e-.. ,.,,,-....,-..:.x. >.,.,n,.,,:..,,-..,,,-; rn xvrzm.n r.....,.„m. ,. :'!t;•.-�.!."y,.. , . .. ..... n¢9.^'ran,.w+, , t the r context Alf n oa - es otherwise th e he ISSute r may appoint a departmentt,. or depart - meets of the Issuer As its exclusive agent to perform +�r�Rri+:&%SL OYdf �«. theduties _ �- r j required -hereunder to . be efr1ed .thIssuer by giving ps written tnp �4 notice,such apaotntment to the Company and the Trustee. Upon 06 f I i t of, sL2ch written notice the Company shall be entitled to rs1.y upon representations and actions - of such agent. in 9CTICE 1405_ REAS014ABLENESB OF Pursuant to this ndntuelu .APPROVALS, the Issuer, the Trustee and the Company are required to ve approval two various smatters- affecting the rights of each rather affecting the rights or the Holders of the Bands. In consideiinq-whether-to give such approval the Issuer, the Company an € the Trustee shall each be reasonable in making such determi:na- Y t ion.Y S9CTT0N 1406. NOTICES . It shall be suf ficient service of any i -0t .ce, requuest, complaint, demand or other paper on the parties ,r h eret o if the same shall be duly ma led postage prepaid, addressed ti as: follows; - Fy li ( } If to the Issuer, to 3500 Pan American Drive, Miami, Florida 33133, ,A.ttent�on: City Manager. k'b x r (b) If t0 the Company, to 10275 Little Patuxent Parkway, M m Columbia,,, Maryland 21044, Attention: General Counsel. } (c) If to the Trustee, to 225 East Robinson Street, Orlando, Florida 32801, fit tent ion : Corporate Trust Department . {dl If to the Band.Insurer, to 115 Broadway, New York, `York env 10006, Attention: Managing Counsel. E # k (e). If to the Guarantor, to 10275 Little Patuxent y F4xi e rJ ! w� l�y'�^y, y{ 1 Maryland y'� �'y �i+�( �1{ 2 �j d. Attention- )''} y+�y� General akwQy,. -,Colu�a,: i-rI�.AL �%�ii 4.i,'i�,-4E✓♦1�i./ii Y�i.J.Si +�L�.�V�J��dr i t ' �..........ro z, If to the F'sscai Agent, to Citibaak,i. At ,Q ;chi a Flare 16th Floor, g New York, .New -York 10005, Attention,: sy b�.pa1 Trust and agency Sery ces >Adrninistratic�n. t _ - A duplicate copy of any notice, certificate ertificate or other cc.cmunx ctiqre arbe'�� :.- to hereunder any of yY YhV- NNNMtiVs i� 1be simultaneously _given to the Issuer or the Bcnc:,nurr, ,1 Tate . �s$uex�, . ,t~he . Company and the 'Trustee may, �y t�ot�.�� given - �x3t ereun, er, designate any further or dafferent addresser to W�3iCh . . s bs *fluent notices, certificates or At er communieatao s ` � Pent bud C tACh notice of cha nge of .address shall be e��eeti e t�n1y. eceived 'he l .. , by the Trustee ,on behalf of the Bo dholders, and t)y ; i {, 1 .' ire Trustee shall provide the . ao d Insu er written notice of i. -... �- a .r :rpo! oceirency due to market ,fluctuation in the —_ t 70 �,, $1'pt!€itl�§-+N1lpnt lfi�slRa,?44t101n.. {: >tii y l s 1 i�t i IF f � aamount x"rustee shall i a i ondeposit Provide vir tteri not.ce to the Bend Insurer of the redemption, ether than mandatory Inking fund redempt�on, of any of the Series �.993 z Bonds Such notice shall include the principal amount, maturities ,arid CUS T V numbers of the Bonds stibject to redemption. ._ .. :. - - EECTION1407. `�RUSIEE AS �� . IST AND AS PAYINGAGENT. ,., s act�j�yays� bond registrar Trustee, naq+tied and agrees =_ ,,. k y� Sys ghexebydesic to an "'a � paying �agent for and -. di,. respect - tV the Bonds. SECTION 14 PAYMENTS DUE ON SATURDAY'S , SAYS AND HOLI - y '4 In any cane where the date of maturity of interest on or _- - x v r n ii, al cif the Bonds or the date fixed for redemption. of any nd shall be on aday not a Business 'Day, then payment of inter a or. principal (and premium, if any need not be made on sticks - date fiat may be made on the next succeeding business day not a - y Saturday, Sunday or a regal holiday or a. day upon which banking F in.�titutions are authorized by law to close with the same force and f of as made on the date of maturity or the date faxed for . 4;ption. ,3.. S27,- K , SECTION 1409., HEADINGS NOT PART OF INDENTURE. Any headings °{ re0ading the text of the several Articles or Sections hereof, and Yi any. table ofcontents Or marginal notes, appended t0 copies hereof, `1 ' solely' f.orconvenience - reference and shall - n�a� ty��oy'ons�t,i - ' .•y�-.-�y1M�ry- r , yF ; 1uG. ..b �+c{a�yf�r+ [+� par6� M. �f... this ndt�:..nt4A Indenture, nor ai.. sal they ±�,F.ti./t i1'7. meaning, k� •}'«� i FS •4t aFYiP' -t tuF�iJ' t on -oS. of fecL . - SETiC3N 4l0 . CC?IT'Et'ARTS . Thin Indenture maybe -ss�.ut3Gcn- :ous iy executed 3.r! several counterparts each of which shall be An r c ri Cina1 and all of which shall cons3titute but one and the same nsttument t { : ;,S`ECTI 1.412 4 APPLICABLE LAW. 'his Ind nture shall. be . gov- - Y erred- +excl.usvl.y ;by the applicable lawn of the State of Florida. ,,!SECTION 1412 . NO LIENS. Except as expressly permitted here- ' un P-r o Inthe agreement, no 1i fin, encun ranee orfather right - ;', slap' hs permi Itted:with respect to the Trust Estate: which isprior o on a -parity with the lien of this Indenture } SECTIOM 1413. INDENTURE EFFECTIVE UPON EXECUTION, This �_- a�ti n+d nture shall not became effective and shall be of no force and `P �Ar effect, unlei ss, and until it shall be executed and. delivered. f ss. 6N '1414. ADVANCEDNT OF COSTS. C TS• Prior to the filing or _ r+edo;#ng of `any, documents contemplated in connection h re i h., the = r tee mad Achy nce f unds _ to pay any necessary ryClos a�, g ; Costss - li 'Aud,jng without 1i nitati.on Florida docu +snta at mp to e,e and }' intangible taxes, if any, and recording costs. If for any reason . �- the ' sale of theBonds is not completed,, the Company agrees to _= x E✓i l 'T TseiTrustee for all such .disu sR}Mi•b .. t .a,,""'� ' 3F '�'�t�ASiTe�5AP�4iWherl:.*xitYiOMt : h - _ q WHERIEOF, The Ci'(--y of Miami, Vlorida, has caused WITNESS esento I its name behalf. by its City these prs tbe signed in I e- an 6 and its corporate, 00,al to be hereunto aff ixed and attested by itand to,4��vidence its aCCePtaftte of the trusts hereby s C er and Sxm,, Bank p Nation 1 ti-bn: has caused thene all ont one of s Trust -,name, it And:beh If by zs,i t 6 b Les rnt� h& _Atvz`:- f .1-C 'al sea to bre �htweiiht o af f ixed by th itui e i -otte _411-as �-ot_the d te-and ye �,ax first-abovL Written. al IDA THE CITY OF MAMI FLOR SAL By:, R Ti. city Manager ,Clerkl' AS TO FORM AND 'C 61kkkCTNESS - "Attorney UN BANK NATIONAL ASSOCIATIQN S as Trustee By:rt Vice Presid T ent STATE OF F�L()RIDA ?°S COSY F DAD On theday of June, 13 ,before me personally appeared Odio and i'c'ttt w11 thIhCM I am personally acquainted, residence x� addresses are- and �3 .�f` _ ... res 3ectively, and who upon their —_ S � l Q 1 acknow edged themselves to he the City Manager and La- er respectively, }f the'City,Of'Miami; that. they as such _ ki ff ,ders` b61kh 'thor'ized s� dog executed the foregc�i instru- F i� nt 0 the pure trier in c ' tained by signing the name of said ,that they. know the seal of said issuer, that: the seal. affixed to irietr me t i s c official seal., that it was so L a f . ed y order sf the lss`ner' and that each of them signed his - s .., . Ame 'theret6 by like order. tS �. IN WITNESS WHERWF, I have hereunto set my hand and official — r S OW `'� yea.L seal. �♦ E r yYa k iY • Notary Public — 3a '. My commission Expires. — Ra�+y». +�i' h' -_ ;- t l STATE. OF FLORID ) SS OUNTY OF TSB r u s an the ,day of June, 199 3 , before me personally appeared, ` 1— ,...r . 1 r { . i- and with whom i am perso11 �reCuanted, whose residence addresses are and respectivoo and — w on` th:e r several oat acknowledged themselves to he Trust = Officers of, the with .n named d �Ti'r T steer that they ash''. sucof being authorized so to dot _= aF a xecuted< the fore oing instrument- for the purpose therein contained x � t b ?. � nine the name cif . said corporation, that the seal affixed tea a d instrument is such official sealthat it was so affixed byoar. : -- -ti and heoosgnt 3 ... �j[ /per order ; .: N WITNESS WHEREOPI r 1 b have hereunto set my hand and official seal r T 4£� l �kh — .ry otaVub c ffL O6issin Expires: _ ; $.i_ }} X3t�iW73 titi��tsLre os�„,mj t' M1 4 Tr -� i It 3. " "Alt MATMITY SWUL Mums 7,7 Interest yr 111011 t .:i July 1 t JU jul wiwirrr 1. �R MIX Ponds daze n wrw.wrwr�w �i/��Iwrwrww�ror Jk� Mla�IRA S sn� � � r{ r 1 ad' abl, ..: - - +i. ri. n+R L✓b+�`MR r - - Ems djjL u v 64IYL V� s�xri, aw d 1p.l e 7� I NSr' 1�t }Y MAW901 l �fS% wool hi, t d <, r; +, x4 GTIT d,: R d; tI A ..5 .. ;: _. ... FINANCING AO6UANG MT -THE CITYKTAXI FLORID k . an BAYIDE CENTEP, LTMIT9D PARTNERSHIP 000 = r The d# df Itialta Floridae- " PMf�lM (�. Yr a iR1� Y e6 V t ,: Re yrenU M/ #1> 1Af, 'ihdi>ir%1 � � �i : e .9 v 11I B T de ��'�� ft:14 partnership Project) and'-, �d w # 7 ! $.7 4 1 I The-ami ldrida i astriai i e + Ref dia�g;' Bonds, T A abe� {Baysid Center L m' itedFar+�hetship PrOJectY 4; > r 1 Da+eci �, CA Jui'be i , 19,93 I r, , 1 �Fyt {' 'yr t sS r 1 y 7j!�+�^yt�y a�i +� + M ie'.. c,, iY. 4M48[r"iyl 1 7 ) s 2 r S "ection 5. o f r a,nce o i�rziticne nr�.er Indenture and Lease Agreement 2 eration and irtiariC: Expenses 24 ARTICLE V � � � t TAXES � IN LMANCi r e ta.-n 01 �" �1ainte anCe,:Modification __ a And ti N Add i i n• } ♦♦ A• tf ## i i P •f iP { 5 Lon X. 'yfJy+ ♦ ubtituaoxof'._i# Equipment Vyyj. �is �n V • ��4 �I�ns4A�u�riR.anncY#�e.s i l af Yi •# se et ♦O fl I,J Y .: 4r r✓isio1s 1 .'!j�or!. icy.Provisions c � rCton •0si } {► j^� east VD 4♦`. Pr 4✓ ii • `. ► ,� � �► , �t lit Charges - .ice 1W. sl \i'9 A•i .; wr •� • • ..� _ « R • ♦ rt �• • ♦ a �� ct�.cn . 0 w nforce rent by_ Issuer and "I'ru 3tE?�' • ct n c}7 . Release And InC�el�inlficatiQn : . JJ��+i�t tt yyyy!� y� jj.. ye�� 31 ARTICLE VII " DAMAGE, DVSTRUCTI— ON A C4N DENVATION Sect Cori 7401 # C�bl :gat i o in Event Damage pi' /I} Destru �� Z aedt ion 7.02. obl igation, int . Event of y�} Condemnation ' ecti�ra 7 ♦ . Subst.it"u'�tesci�s-yq Property Part of " clan.7.04. Applicatic�. of Certain Condemnation and .insurance Proceeds. 'scan 7 , 05 . Eleticn Nct. Tc restore Project, Deposit I��S�:ii A, lY. `W 1 • -M • • i T '1 • 37 .i 5; .. it �'1,. ,��.11��j�.,.tt +�� J� �"y �^ 1 _to y^�\t may♦ 11 �ty� _}�y �+i yi�.�y �j}}y y�+�/�4 ,�tTTy�y i�{�yY,�"��.+� P.4 vY.L iJ ii �2dV l,ki-iA3 -Con 11S�1[LIiat iWi#. • • E ♦ ♦ e 37'. ,'. .- •�-e4lw.�on ..06 1 SAC n 7.07, .rJ. Casualty To Hayside Specialty t n+� Center • 38 a ARTICLE 'VIII ectlon 8.01,..No Warranty Of Ct nd f •. ". - _: :. i� y +� .�tr. •may "� �y ¢. } *�' g� ♦� y+ - • • • • :... W i.(..i. ire Gib i Jfr ,i+ 1s` � s ii. i�7 6d,. .L. e _ • • e r • T y _ :a:. . ,t ion:* 8► :02.: 7/�yM �.{17i7} '`ri�wY- -,Of;: AC 0 pyoj eVM s .E- • •.• iL4{eFA # b • E.. # y _ t is fr �. . =5y #Of iy¢nS •.. • • •. •. • 4GiGn4g k • u ♦' E �. 4q, # e�+y{{i "$ect�On 6 4 T ete nat .can T axability • � • .. • 9 ; t 1 •80 Sale. OrL ase'fProject• E 3 C®• aaYJtlL7 �rdd • • r• S le7fi. ♦'�y 73 8..01. . -Request 70 Redemption E • •♦ n Ate ..y a r • • - z ect on CC pail r Purr ska Cert in t,Q - 1nioMmaSt Oy r o + I Covean. MM hibi.tingMxY s �� .. hT ; 1 �ttt� �^ +fit+ 1/^F>,T'i+.r��(i*9�r'.3ys�}A..,.gt • ! E e • • i b • f • - b b, ♦ V aii. 8 f �.10. on � Tax CoVezian �.+ • .. 1 N ♦ b : • - • # • • ;Y}4 ' • f f T ffi �i - � F Y 1 covenant TO operate Project FOr ` {-✓t,- 12 6..+ wmow t�.44.h ized .}�f��yy e „ra3 y�yqqr �y}..w �yjgj°Cardin{{g��''{ j�f,.rp.rra'�.�Y�.r enta,t .Yes • i - r • i ♦ A ii.. ! ! - i a r a 41 'ygry" yI - [may' I EVENTSLt 0, �LT A REMEDIES d • S Events a f��4 id t • t .f a i i O # ii�• f w t s ! M # 43 ...tea •1��,�" "'Se��W �^` � j � t y� O �.v� i 1l '.'{! yjr�{ {yymaty}vey. [X�.ai�y rY.�� r i k.1W 4 d * �r s +� n D.'id Wu J�- t i i i { R �jy, E t i i i • -]4 � :Ma �Yir •W "+�45 e t n /i+y�� as i 0 i /''� {� �yqr, j y 'q W R:.e� aedy Extl.� s ive i • i • i • • . • i • i.. ecti ri i { i C1 Add�.tional Waiver Implied by One .., Wai ♦. w • 45 , _, 05 Y : Reimbursement of Expenses Upon . t D e.._ Q L.1 l • V ♦ i .... w i �! i i Y i i lk i ♦ 4 4 ^T fit+. Section ..�M' ♦ 6 • ow`+ W ir.+ of Default +i • • P • ! • i r i A L ARTICLE X I Ai LING ADDITIONAL '�CIL��T�LE� PAR.IT~ OBLIGATIONS 3 Section U i I ♦ Issuance of Other: Obligations w . , « • r . 47 S � ion 10, 2. Issuance of Additional Parity }% Obligations e... -r • • • r i • �{ n r • e • 4 - i"kk ARTICLE XI PROTECTION LIEN :. t' ` C t ;eFs a� ....L L i en , r . -. � -. ♦ # ..' _ . , �i . i . . w # 49 � ARTICLE XII t L . 1 MISCELLANEOUS, v- 5 S4t ; nc?m �vipanctan w ... So `+. S _t12 • 2 i Agree Upon Parties A+11 Stp .?en:i , P �e .t .C;n' 0 03 r - Proh of Wien -:. y # i.i i.. i • r f i • i i MI• } yypprty.(yy'� , '�{ :12 r:V4 • Y R.eerved ! �:+y'� • Y yyi� q�[p' -� ire{ y��e_�y�) 5 •il�' b.F ' ♦ I! Q.. y� �'�} ma's y�''� y . �L 1+ �.i :�• �;1iof Yii 4', ainin •- pney i i 1 - f i 1 ♦ ♦ f/ ' hi _ � on _ ;jS�i]. ��`y' i 0 V ! `1yr)}'�.'�{'+ r /�F �w+tr iy f ,;Aly„� �'y y+ }�+ +yam }y. i 6d,I 1Cat i+'�JY tr-.:✓i6. ��AVMnftenR/ • i R - •.:. • 1 i t K 11 bM fir eCtj, n = .2 i 7r Reasonableness Cif Approval f • - • /L �� E t. i �( �• }j a 4• Y/n. }}.may 1,%i 'r/4R +# gyp'+{ '}' ry�tl �'y y�'�"' .ii:4ML %lt o Agent • # i'. 1� : • t< .. '. Aapip.52 • i ♦. i ■ '� ks . x� S`+ t: '10 I2 • A regiment, in Several C+ unterpartS e#�} � {�r�yj irT�1 'yyR . .12 r 1 0 i ' i i • y.�/ aY/�;/T�•) ' i , : • p l J: i i • Y Q } r6F 1. - s }A+ y �iacable, �` fw' ions# .S i .. 4i�Y: Yr J✓ .yt� rovis w P 1 i 1 i ?R - 4 - 52 •rr1 ' 'IA.,". + .: ♦ _of f t jb. it '4,�4r74ir bi B d Promissory gate - i hib_ Peim- fitted Investments 3 .t . v _ i - ,�{.iM�fi•�;#S+M i.l�iFi14��WW ,Pt�t �.QA4 � - - ' qiL ST i s :t ii -..- _vW..'.i .ae 4. airs.,,... _.. .AY,. ,....:.. v _+- .... . ii ., " ,. .. .. .r tw, 2 ,- .v ... .. �.....�..,.. t....« cf _ ,. c... •:£k,l ...}.._:. c, v.t ....� .-. *c�:4�"t1..... .._. .. ,u��Nsa. THIS AGREEMENT: made as of the ist day of June, 1993 x between THE CI" of IAMI a municipal corporation of the State of Florida{hereinafter cal Pd the r'silrf► } r and BYYIE. t "y a' d .mute > par{tngve sy�hryi+�p}«t authorized a# � "P* W9P, fr. d � �a 4 ks i.r a the R.+T Florida (he #., a t.�Q. Y 6i.9.: A. - called Ss t i JFny B, j� , ipita i ized words and. terms as us in this Agreement -- .:.,` 7� '. �+�+j,['� �i y^�- pt }'� �r a. t a y� v+� rat ti M i YA !"! R•'l}y #" 'l `Y gm A :, %a. l OV shah. have, t he melRi+i.Litg'^ s set �w �.i. �r{y` in the .}.-e.�.r13.tae&33 '1r liii Gs �:i+Ahr VF. wV rr.o A { and" n r cle ` hereof, unless the context or use indicates e an other or dlffe�"ent .meaning or intents and Yt� the : Issuer is authc �: i zed an empowered by the povi c one of ;Chapter 159 , Part II, FloridaloriStatutes (198 {hereinafter a3.Ze the r ot" >-, to enter into transactions in order to promote .;' ihdu. ial development of the State of Florida. and develop trade by -_ �4uduckng comer �. enter pr.ises to locate in Florida, and thug 4 z„ u Iire and 'employ the manpower, agricultural products and natural .'ecurces .i of the StTate and -- gg ; }" , the C"C,1irlpany-. 1 3 a p pri.etary entity ..eligible to. pr'71�'' r .�E' t .cipat.e . i financing and re;f inanci'ng the' const:ru�cti,on and C4, uii i.tion of the Prof ect as provided and pe�it~t+sd by the act _ .an WHEREAS in accordance with the proVisiorts of the act the - 1 suer financed the acquisition and construction. bar the Company �f _ s 000 The City of Asian., project through the issuance of $1i,010, da _ Development Revenue Bonds, Series 1985 {Ba�►sic�e - .c►r .Industrial inter Limited PartnershipPro ecti, dated as of October 1 #' 1985 � the "Series 1985 Bonds") , $16, 005, 000 principal amount of which = _ are resentMl outstanding (such outstanding principal amount +cif, p Y �- Series 1585 Bonds, the "prior Bands" and �SS�, the Is;aer, has determined, at thereuestf the, 4 Company, to provide for the refunding, defeasance and. redemption. Qf, - the prior Bands in accordance with the terns .cif that certain = �t nn+�i:C'C? first date idsof �F:,l .i.,, .i.8' (the,xaibr In +anture" ietween the Issuer and Sun Bank# National ; sociatio # �— - 9y = E $ t �r^�1 3t 'e the "Prior Trustee-") tee'" and that certain Financ � ''-y>t.s L .. �ry�yyrdated �3 T� /► ... h +w�%'1 t3 +q (] �} p �i �j ye+x� /� �w *�w��y �y� �y i ri+ir_ nii i'Fws+Ri4t , !«K. '++� as Y,0c � ob r 1 .a . - 1+ 8.5 .( the Fi for Agee eS,T�i+i�� F.lt. s td�. a �iet r en 'the Issuer aid t 1 �C©moony, pur'sua�2t: to rnich doC'.xii:::itot'h+ - -sri 19 5 Bonds were issuers and the proceeds thereof lent t~o the - c o ny to finance the acquisition and consttuction of the Proi.eet; s t rNA { end 4- c f: 4i 3 7r ��'t'�x- q a�;,:�,� - .ala.�.W.ii,.='J.._i . Wrl MM to, proviCJe -nc f unds to, . reir u defease and red-eem I the Prior Bonds and for incIdental. and related Cos I ts, will issue and sell the Series 1993 Bonds pursuant to the Act and the Resolution, the proceeds of which will be loaned to the Company to ,.-efund defease and 'redeem the Prior Bonds; and rider - :in consideration of the Issuer's WHERSAS, - the Companyi taking the financing. herein referred to and issuing the Series 1993 o,jj4s shallecuten favor of and deliver simultaneously with b: xe, i the execution and delivery of this Agreement and the cruet Its non-ne gotiablet but assignable, pro - Indenture, to the issuer 1 missory note in amount of the berates 1993 Bonds, to be secured as set tort blherein; iand WHEREAS, -'the principal of and interest on the Bonds shall be the Project, together with of payable solely from the Revenues other funds more fully described herein, at the times and in the 'Mannetbereinatter provided; and WHEREAS, the Act permits and the Parties intend that the Prior fonds be refunded, defeased and, redeemed as permitted in the Act, Proj ect be t the -Prior, 11ndenture andhe Prior Agreement and the refinanced as provi ded in the Indenture and this Agreement ; NOW, THEREFORE, in consideration of the premises, and of the ltsuetls, makin the loan to the Company in the principal amount herein,,.,set, forth and in consideration of the mutual ,covenants :of thegood and valuable cons ide rations it is - arties and other agreed by and.between the Issuer and the Company as follows: 93 i ATICL9 DEFINXTIONS �y �+} t! +`� �y Unless ess the context otherwise Soct.ion b f 6w .t+ ni'7 s requ res,the cc pa as1zed terns used in this Agreement shall have t ie meanings spe , f ,ed n this Article . Any terms def i ned herein by feren e to the:definition set forth` in the Lease agreement shall z h e the am m n ng s t forth in the Lease Agreement without amendment or moth Baton. ,ACCEPT► ALE OPERATOR" shall have the same meaning as sit forth. 3 1their€_ase Agree meat , shall. mean the Florida industrial Development Financing ACT r�..L 1ADDITIONAL PARITY OBLIGATIONS �f shall mean adr�ational bonds or = aril igati4ns issued in compliance v itl the terms_ cc�r ditions and 4 litticans `contained herein and in the Trust Indenture and which shall,'` have an ealual lien on the Revenues to be derived ka the Issuer lf.Xom the Financing Agreement, as herein definede and, unless E-- the termshereof and Elf the Indenture indicate ot.herW�sEa, rani �- eual'1 in all respects Faith the Series 1993 Bonds. t17 CRE MENfi" or , FINA 'CING AGREEIMENT" shall. mean th�.s Financing r - S Ag,re+ement, dated' as of June I, 1993,- to he executed by and between = � e s uer and the Company, together with any supplements executed k[r pursuant to Secton 12. 45-.- hereof. 3� } "AMORTIZATION INSTALLMENTS" with respect to the Term Bonds of r a series, shall; mean an amount .o designated for mandatorypxincf- - x al '`instal3ments , for =mandatory ca31 or otherwise) payable tin the Term ..Bonds issued Pursuant try the Indenture qi r nANVUAL BASIC RENTAL,, . shal.1 have the same Meaning asset forth in -the Lease Agreement " €f p"THOR I Z Eb COMPANY REPRESENT A"TIVE and "AUTHORIZED, ISSUER fi W iv REPRESENTATIVE" shall mean the persons ' at the time designated to aot on behalf o tie Company or the Issuer. =- ti "ATyrHOR.IZED ' OFFICERS". shall,,: mean the City 1 Manager of the Issuer an the President of the General Partner of the Company r r thara:zed byhaw or resolution to sign on behalf of the Issuer and Fri; S f Oe the GC` tl any. °, espect vel. or he Cl +er3 ar 'so etsry h r`+a,le.l.F r'ssp ct el '', a thorl ed to count r , Ji axitl attest 'to the ;s1.4nature s o officer6f the Issuer and -the Company, respecti rel , _ and to , nts of the Issuer and the, Company, res ectiv �.�� Cert1 do urr�eAs �xsed in Sect s on 2 3 0 the Indenture relating - to OXe. ut can � the ( o d ", uth r red f f a. cere " shall mean the Mayo and the Cl,er}� ;11 w q .:. zgfeenes ;tfl Mayor.and C'lerk shallndlu+de txeioe'aycr: the - 5l 7 :.'' QIM4+Fflfs.kti idM%1P4M!l�,hifltil l4 rµ� - h � y rG�p kf` y'#�i� '� � '. i .'. � S � �17 S .y t y..c � ,� �...r �y�e=y a•R. _ ,..-'ils� Y. respec A. Tscsuer and a-IlY 11)0-Put"V references to President, of +1--he ('"Ieneral Partner of the Cornpany and of the Company shall include any WE Secretary otf the General Partner Vice -President of the General. Partner of the Company and any saw - Assistant Secretary of the General Partner of the Company. "AVERAGE ANNUAL DEBT SERVICE gBOUIREMENT11 means as of each date on which a series Of B0nd-S is issued,the total amount of Debt - Sorvite Requirement to become due on all Bonds deemed to be Out such series of Bonds -h I I — diately after the isauance Of sta ding ir4ne i dVilded the total number of years for which Bonds are deemed to i'by boutstanding, except that with respect to any Bonds for which e Amortization Installments have been established, the amount of principal coming due on the final maturity date with respect to �by the aggregateincipal amount of pr such,13onds shall be reduced Amortization installments Zi -t are to be redeemed. from mich bonds that twithstanding the foregoing, for to be mado i n prior Bond Years. No purposes of such calculation, any amounts on deposit in a capit- anted Interest account hereafter created in either the Bond Fund or -the Conruction and Acquisition Fund shall not be included. st "BAYSID E SPECIALTY CENTER" shall have the same meaning as set f orth� eement. in the Lease Agr ds, together "BOND" 'or BONDS �;hal 1 mean the Series 1993 Bon y obligations 0 hereafter issued under the with any Additi na,1 Parity n... ..... tens,o rcnditions-and limitations conned ithe Indenture. "BOND COUNSEL" shal-I mean any natio nally' recognized firm of erform th e dutie s of Bond municipal, bond. attorneys qualified to p munic Counsel as set forth herein and ire the Indenture. Florida industrial '"BOND FUND" shall mean "The City of Miamit Dibvelopment Revenue Bonds (Bayside Center L imited Partnership Project) Bond Fund, created pursuant to Section 303 of the Indenture. ........................ .................. "BOND INSURER" shall mean the Financial Guaranty InsuranCe company$ -a New York stock insurance corporation,, and its ,successor or successors. "BOND SERVICE PAYMENT DATE" shall mean the date in any 'Bond Year Bonds are Outstanding in which any component of Debt ServiC Requirement becomes due. "BOND YEAR'S shall mean the period beginning with January Of extending for a period of twelve (12) months there each year and exte after. "BUSINESS DAY shall mean an v day other. than a., Saturday, unday or a day on which barking institutions locate d in the State of Florida or in the State of New York or in any state in which the 4 I Jim% 44044,Y4, Z _2 1 In - .��, remain Closed or on which the T- ew York Stock E�:bange �� ,los�d. "C DEr shall mean, 4s applicable, the Internal Revenue Cade of - or the Internal Revenue Code of. 1586, each as amended, together with any reoulat ions promulgated thereunder, +'C4 P� " ha r€ean Ba.yeide Cent£r Limited Maryland ' Limited Partnership, authorized to do business in ,the State of Florida, and any successors or assigns and a.ny.sur�riv�ng, resulting or transferee entity. ACQUISITION.Ft tL'" shall. mean City of ."CONSTRUCTION'� Mi a Florida; Industrial Development Revenue Bonds (Bayside �- Center Limited Partnershi Project) Construction. and Acqva:s t on Fund"., created -pursuant toSection 305 of the Indenture. "CONSULT TV, shall mean a consulting architect or engineer recommended by, the - Company,acceptable to the issuer and approved b ;tx Trustee or the authorized -representative. thereof designated to. the Trustee by certificate of the Company. CONSUMER PRICE INDEX "" shall mean that price index computed andissued monthly by the Bureau of Labor Stag sties of -Department of. Labor,.f C? ' all Urban Consumers (U.S. Average). BT EER'VICE . REQUIREMENT"" shall mean for.a given Band Fear the rerna.nder after subtracting any accrued and funded interest fear _ year that has been deposited into, the fond Fund p' from the sum .that of 1) the amount required to gay the interest coming duce on .� a Bonds during that Bond Year, (2) the amount required to pay the principal of Serial.Bonds maturing dur irig that Banc Yeah', and. �$s t , () the amount reC ulred to pay,' the ,A,mor��.2r'3t1C7i1 Installment - A- .� fr .: a.. series.of Term Bonds for thatcna Year "DEPiC LTt RATE" shall mean an annual interest rate equal to,the k lesser of one -hundred twenty-five percent (125%), of the rate of ,} interest on the Bonds or the maximum rate of interest,allowed llowved by "BETE iNAT.,�0N` OF TA.BI'LITY" shall, halve the same,meaning as � set Barth in the Indenture. r t "ESCI�1T�''1 AGE r � National 4�L3sM+�i�f�Lr��%n� �� mean Sian Bank. - its successors or as g xs, as Escrow Agent under the Escrow ,agree- t mp � , .: fireitGttf3-Kti'dt�f+t"eN.;svv_+,at�!.radfk! - t _ let G t l'�t `V ySfsf� J11 -I t Agre -el mo -It DePOSsup dated as of JI-Ine 1- 1-993 to be oxec-uted by and amOtlg the 1,,q-- -r, stee and the Prior Trustee the Company, the Escrow Agent, tho Tru-*on the prior providing f0t the defct,,Asance, refundi I nq and redempt of any A ceptable Operator designated by the Company, "NEB' EVENU8S" Shall mean revenues minus Operation and fntertarcepenses, *OTE11 shall mean the Promissory Note 1 "OPBRA'I`ION, AT MAINTENANCE EXPENSE;" shall mean alb. Annual Basic dental:' and all actual maintenance and aper�.ting costs 4f the riaj ect recurred, car charges made therefor, in any particular f eca year or period, but only if paid charges are made in - canforma.ty with generally accepted accounting principles, and e cl sive of depreciation or reserves therefor, amortization of r i:nt an ibles or ether bookkeeping entries of a similar nature, Oporation andmaintenance 'Expenses include, without limitation, or � dupl cation, generally, salaries, wages, fringe benefits, pension = k ccantributir ns, contract services, management carts and fees, ateri l`'s and supplies, Public Cbargesr rents, office supplies, ' t'a ese and all t the costs that are charged or apportioned directly tea the aperat ion and maintenance of the Project in conformity with p er a eptecl accounting `fir nciples . Operatidn and Maintenance r°t " B p uses do not include oasts,` or charges made therefor, fQr ` capi ai additions, replacements, enlargements,` ext.ensiong P rp vhe�ments to or, ret.rements from the rcject, which.ttder en roll accepted accc un inci princi plc s are properly chargeto ;- a r tYze capital account or the reserve far depreciation, and do not ,. le' abandonment re classificaticxx, _ include lasses from the sa eevalu t o � or other di pasiti on of airy' propertl"es included in the Proiect. "OUTSTANDING" in connection with Bands (or a series of Bonds) ll z sari as of . the time -in q�.iesti,o�, all Bonds {or t Band$ such of s aeries} authenticated and deliv red under the Resolution, this rndenture, except Age£'IAk?nt and the � I (A)Bands theretofore canceled or required to be canceled pursuant to the Indenture. k (B) Bands f or, the payment or redemption of which the n.eces nary amount shall have been or shall -concurrently be deposited wit t.iie'I `u to or for which pro vision" for the payment of which has been Made ix accordance with the Indenture; pra►v ded that* if such Bonds 'ors being redeemed prior to maturity, the required notice of redemptionshall have been given or provision satisfactory, to the _- 4t - Truste,_m shall ,have been made therefor; and - a (C) C, n,. i�'i,t . authenticated and delivered ptlt'x.:nde:e } i4 MANS - AND SP 1r �CcW IONS �, when '�sE�d with referencethe.Project � tbda cat a ct , repa ,estea can car relacer►ent c • prepared by the COMPanY t and spet:�.�'icaticns } an any prier to the k roved by the Issuer and filed with the Trustee, kir c anx i+ dz is tic xa, repair, restoration � re�a�acement � y h+s r t, the same mad he revised from time time in - 4 � I - a t3.rdc ce with the pr avis,ons of the ��r eme�t c"�nC� the Lease JJ pya - 5 f Agree tlell�t • 1_ PRIER= .YR �i ��T" shall mean the F�nanCing �� reen�ent , da.ted as 19850executed by and between the issuer and the 'bf. tc� er. 1 ant eu uto which the proceeds of the Prior Bonds were r p z ent , t.e t . e CampanY �r k <- x, 005, 000 in aggregate ,prin mean tre$l6,shallOR BS el' Prior to - - outstanding immia5 Bonds pal'at;e8vBonds.s 3993erie the nCe Cthe St 3 �� INDENTURE" shall mean the Indenture eE Txas 'ust , dated FF2I(�R end between the Issuer and the f tct b r 1, 1985, executed b� , Trustee, pursuant to which the Series 1985 Bonds were 4 iasue� pkior Tr p . 0 4 3 . sFR10R 'I' t3 ' `EB" shall mean Sun ,Bank, National Associations #► �, shah mean the permanent, multi -level urban p� pRt OACT nc,t leas than , 1200 parking _ spaces T t rkln face �.ity contain3. ing %?nstruC ..: , ofiiaitii Florida including the + r de relo e.d in The GatY ansian and rencWet�:on thereof b on mare t,tt in1pxtaVomeilt, ecp _ ul described in Exhibit attached t� than Agreement Clnless the f t nd cater otherwise, the term "Project" includes a�►�+' x, cntex , dd.iti.c x3 l'' par king,facilities financed with �,dr3itir�na�. l*ar�ty ' n ' 0lgai�hs , t' Ni1SS0RY tJT`h11 mean the promise�ry dote f rc�t ��+aah PROMg the - pa`ny to the` Issue 'dated as at JuneUl stantiall the formattached d+etr3:bed herein., which shah. be in a hezetc� ae b t} I R ES'� s 1all Dave the same moaning as set f c rth in sPUBLIC thecae Agreement IiRtC6RDDATE shall mean the i.f teent�h (.5h the x� oalehax° ,month next.'preceding any Bond Servicea►m+nt Date if sh ar is nrt a Busa.nes pay, the next. Business pay precedi.n SUP a Flol ride: tF shall mean "The c.it Qf Mauer �i �d s {Bayside e 'ustrial Development Revenue Band z $ L 8 ' Pa r N �c' Fund" create ps13`�3�:iant to met-�:,�_t i,-) � ' the .�i den ' r y a " EQ I: EMEN `" shall mean ana.�'r aunt eau l � the _lesser a of MaXimum Debt Service Re ui,re�ment or 12 %- of Average Annual Debt S tvicell R - irement, tekES LvUTI( NII shall mean the ptesolution of the issuer dated May 27 i 9 3 as the same may be-supplemiented. or amended, aut ac+ri.zi n x tie B nd anapproving- this ,agreement, the Escrow Agreement and ` rdenture ; tig Fes" shall mean . "The City of Miami, Florida. Indus- t aFf trim, Develc meat Revenue Bonds. (Bayside Center` L z:tited Partnership rQ e t> R+ enue Fund" created pursuant to Section 302 of the � j M : indenture. . s"REVVUES" shall mean all moneys at any time paid to the k 'trustee under thin Agr ez nt, p��rsuant to Section: 4.03 or any other sectaox or ps�cvision hereof, except the funds required to be b + ►' ction and Acqu si.tioh Fund and such sum as are auth>�ri.zed by the Indenture to be rate.- n d by the Trustee for, Not,_ its rvi.ces and. expenses in performing under this Agreement and - . ... t-',at% 7'r►Amnt-iirp. all 3n the manner provided herein. �SERIAL BONDS i1 shall mean the Bonds of a series which shall be stated, to mature in annual car semi-annual installments. "SgR,IES 1985 BONDS" shall mean the $17, 010, 000 The City of Miami, �lor,ida, Industrial Development Revenue Bands, Series 19�5 ( a~yside Center Limited Partnership Project) issued under and scux�ed ` by the Prior 'Indenture. �� 005, 000 The City of f: SERIES 1993 BONDS shall mean the ��, �i.ajni, FloridaIndustrial Development Revenue Refunding. Sands,,.. series 1993 {Baysde tenter Limited Partnership Project.)and ,the 000* The City of Miami, Florida Industrial Dev:eit�pment �e�ren'�xe . Refunding Bonds, Taxable Series 1.993 (Bayside Center Limited r - Partnership Project),, in each case authorized by the Resc�iurc�ra, ;one Indenture and this Agreement. 7 "STATE" shall mean the State of Florida. MEY tit "TERM BONDS, shall mean the Bonds of a. series, al.1 of which t, ... kaal .. be stated' to mature oxx sne date and which may be payable ��° 4 Mo �ti. ati on. Installments. "TRUST, ESTATE"'shall have t*h ' same meani n as set forth in the Indenture. u71,r P `e`�. �.mi nary t sub ' ect tta change. s t At a �$1xIi -{tt fll�LiH'+rMNi.4tta. t3.r»+'. r u5 ;. 57 *J�.A� j �+ 3d4`-:art 7f.ttts n��".�ta F.�:.3 .r t, �..:� �• �, ,' .:''" } Xte — �.. �.4...✓........: .... ...ce.....— -.a. �_ 1. .... „- ._. ... _.� �. u,..,. ..W—_>v...._.-__.... ��.. e...�......�. .-.�-t.u.-. :, t. w .. ...,�1. :' ,, If1� x fi � �:_s�.r-�l ^,i�^= a'�' -. ts �, S, T r corporate succ esso ` o any bank w.i t h trll t Owf. .:F ranrany tru8t Company ized and existingunder the othe United States L} or one of the states having its principal off t iee within the Continental united Mates and within or without the State of 'o id,a. t the time as 'trustee under the indenture iy;�jy�� yt{� �yg^yy yr g y Words. �{ Wards of the masculine t ii"$'•1W'YtY-T.F+00 'iaiVWd6. 57M Thale `' anrtstec tciux�lavards eizl ne aYat 90nceg . Unless the context der half. h e. ihd' ' words importing the singular number shall . 1:u e :` , �.0 al as: well ` as the singular number rieeversa and IN . the _ toad ►!persoto shall include corporations and associations, inc €13.ncubl ad ess1' as natural persons. r 1( : L 1 u+ m t _ �x $ r 511 y t 05 i 10 m �3i RY�(alit}�1{}dYlf'1�ltit+RBiaa{fi'?.s Af{6R9 x •=ate-3,z xF t F'= _ s ,. rp t i '.-r �. ,� �._ r ?a a; s 7,.�40 �. ;,•f_,rct'�� tvnv -° ,s �' t a ,,,,t, y 0 ARTICLE THE SERIES 1993 BONDS; CONSTRUCTI019 AND ACQUISITION FUND E . &Ad oliv+_ y of series 1993 Bonds. In { de ro de the funds necessary 'fear the defeasance, refunding and redempt .can of. the Prior Bonds as provided for in this Ajreei�lent, t'le�Iaur :..agrees._ that ..t W.1. Cc.u.$ the eries.993 fonds. be del iv red pursuant to the provisions of the Iindenture w eeti4n . Appl cation: of >9eries 1993 Bond Proceeds All tr I ne s receives' from the Ale- of the �� hands shad be z pc+ted, by the issuer l�2 ust with the' 'Trustee .tc�e app ied" u`rutee a.s provided in the Indenture portion of the rc�seeds of said Series 1993 Bands shall immediately be transferred ► the ru tee to thePryor ':trustee for deposit under the Escrow J e ret�eit rpv,'a,(�ed 3Yt shederiturt' i - _ �yj /��.y /ram_ �ry �y j� � r� �.y �rqy� and �. li +� `► � ai W4'i ViB �.s X� G7i.eructiLrn-fii�##rd Ac iditio �/yy yy.. /y «•� Application _ iT i"ii�t+i.Vi.[ ��yq.{{.yy gy: :The -Company prev #Ju #Zy a ► ►l ted the portion of the r ceeds'Cif the Series 1985 Bonds credited to the Construction and = ition Fund established under the Prier Indenture to pay the cC33t� of e;cqu ring, conStrLlctlTlg and installing the Poect. t it neys deposit d In the Construction and Acquisitiori Fund estab- i i'�".� {��7" '�}A'� —_ w■ �y `��$( _+'�y y�'+}��ryy}� {�+yr� the a*� �y /^y� yy }�' y y+��'q ♦��7 +� .{y �.g � �i7hi7r Ltie•:r' M++� «4 JrL4i dd 1.. LA J+.e sBiallf be' held in t'nL+ st by �tii�iii. T.inia ste rrl .{.��.j d penr in applit: 'oaion thereof to the `payment of the costs e pax sidn car rec�vnstruycyt' n of, the Project and/or issuance '%L45 ayyy r4nFM4s _ sh&1l be � subject to a lien on and. chL►rge in favo of the _ ` V 'd s` .t f.. the $one and shall he held' for the further security Of " such Ho.E''s until pa out as provided 2Z1 this Section.7'he � ruetee sha, 1 pay costs and expenses of i suing Hands, inc ud n — t btt r9t., lima.ted to casts Qf municipal bndnsuacance Trustee aceptane fees and costo; and fees of cox�ultant a2d 1e3. r:. tY}' , ice's. out cf the Construction and Acquisition Fund upon v.re+ce�pt .e t en order for such pa rrr►en from the Auchor3 ed Cc�mpa $ (ji ��/r•{/� }yam yp�� Fy { �(^� Rep.}. esent t i Y e . '} s i M other. transfers car payments from the Construct�.on +�11C� in the fllawf.x�g nre'. )tY'cqusiion Fund shall he Made ' �nonthY t - 3 $ y13approve°'} and:i.e✓rhra�w �.i.una."i ` and ;+ w ng on acco►Ynt of expansion and reconstruction of the Project on depo�3lt in the .,oii�t�uctioYl paid which ale payable from moneys � ua.si.t�.on , Fund by written carder submitted by the Company,, tthe 'rus+tee n�}d the T}ss{yue{r w�hic�hyrry{ the Try�."ustw{we�wre�•�'and IsgUal - - �{�upon �:ty�t�y{e j than. n`X�{rW �pwM-l;A■�yyy�� yy'�" the nd `' i hall3) pj�✓"rT�YM�rt`4cted- .-in re yin+g-' i Abe .`W'1 %h��ieii+'YAJna)fae�y la 'I !".4 ?Ir Mh. .month fi : 4ulrinq the SMr- course hN Y+Mrrniil �1riM �1 th, ..' Yh j clay, 4►e• wof the Pzca e t and signed by the then . A.ut ifl3" . d `- tf ! o any I�+ p esentative directing the T�'u8tee to ii�ake s�iCh �yi�erits� c� such;'rnerts the each such order shall state' with respecttr •Yr Y c+ cw' ng 'y �- ,�flfj+Lf6'#'S�#ti Ei��1t1•AW0,1.1 q*�..>tt�i � r � f r. 3 � S A ' } the game gad address of the person, f�. n or c€�rporation to ah m the a nt is due (:i nclud no, it applicable, the Company, And, for reimbursement tb the Company, the name and address of the pereon, fib o ci poratin to who the Company made the pad- ent for th ch . t * s seeking reimbursement 3 the Mount. to be paid; } that an + bl gation or cats in the stated amount and dead i tion hasr been incurred by the Company that each item thereof ie Ape and reasonable charge against the Construction and �.�.`ton `'urd"a tallied cast under the , Act and has not a previous en the reto�'ore �d or t therwise " been the basa.s a M ( } payment relates to expa where a. n a.on or reconstruction € tne; . Pri act that these has net be,en filed with oar ,3er�red uponthe vmpany any notce of any lien., claim of lienor attachment of etyting "the right to receive payment of any Of the moneys payable ' tc the prsar�, rm or ccrp+axat on n amed in such order which has nit sea released 'ter will not be released simultaneously with the a ant f such obligation, c� or which adequate prow s tari car p ym 3 sit Q other disposition has not been made pursuant cc haw or Paym Et�t t the sat s acs j oh of the 'Trustee and, in " the event any assignment z of . tine right toreive payments has been mace and notice th`ef his beeit 51ven ": to the Company and the Company has acdtptec!' uch , s gent- the order accepting payment shah. recite that fact an t that a ent shall be made to thessghee txeeof as.:shcvan -p x x py' the records Q the Ct�mpany; a= _` (6 � where a payment se ion 6 reconstructi:ox tad relates to expan thero3 act that ther€ has been lied with the Company a.ie wa e r any genera. contractor (with the exception of n, any Iie" which ttached c r the patents ret nested in'such r qu. sit t n►) where a payment `rela.tes to expansion car reconstruction �� sPhIt Pro+�ct', that after payment of the invoice suffc.exxtons Y ern in the Construction and Adquiait'on Fund to" pay_tie is �in n costs of`" the Project . w .there a payment relates to expansion r reco str ction cif the d4 r P c "act "each such raider mall s acco mpa�t3.ed by a c+ t i+ ate' n y tie t r da c i4 Onn car some other cam sags a tca► t a:.the r trustee in acccrdanc+ with the construct .c�ri contract. ct a scut d Yid" h : Cc mpari s i nc d " b�' the'' Consultant cert yir g teat an. h i.gat . `can t r 0st �.n .tie stated amount has ` been incurred,bythe C9EtpAri 'r that ..each item thereof is. a proper cast and char 'e against the Construction and. Acgt�isition Fund and has not been theretof re mid, and that, ins far as any such cblic�at�.cax� eras incurrofor,, 'A Work ateria,gu:preat or supplies, sut. work was acualr .1'flliilii#"�� ii }i4tiiNi .+rill: {i6AV9 . �� . via ��r s e o r r _ulppli -s were ract, perf med., or equipment X tuba -ie COMPlet 1 (MA Of are exPan rt he ran e c,,f t1 MW insta11F_,-,_,,d or stored in fulL ts discre- sion or reconstruction of the Project. The Trxistee in _J certificates tion may accept the c8rt t r equired by this paragraph signed tive and the Authorized issuer by the: Authorized Cornpaty Representa pa e.ntative in lieu of the Consul rant 's certificate. Uponreceipt of an and order and accompanying certificates, if any, as the Trustee an such inspection -of the Project, d upon elects tomake, in order to verify progress of construction, of the 'Business Days after 0, within -eight (a) -r Ject but -1 n any event receipt by:the -Trustee of any such order and accompanying certifi- ustee shall pay such y the the Tr obligationp if authorized b Indenture and this Agreement, from the Construction and AC quisition P und. r. ovided.,.however no such payment shall be made if within 'PI 6, Niue Business Days after re written receipt -of the wtten orderreferredto , in.. thesecond paragraph of this Section 2.03 the Trustee shall have received notice from the Issuer, with a copy to the Company, that the work for requis which such ition is requested was not completed inAVorkmanl ike RIMnner in accordance with the Plans and Sp ecifica- x3 tuns :: : r that such costs have been incurred for materials and quz meat oth er than in conformance with the Plans and Specifica- sFurth ion er, provided, however, no payment shall be made for any . n the. be physically located o item of material's not certified to stored in a of -the, Project unless (i) said item shall be site. foci. '�.ty reasonably satisfactory to the Trustee and (ii) title to t.the same shall pass to the Company not later than the date on which of any item in an hall be.made if prior to payment a such p. yment s order;: Company, should for any reason desire not to.. pay such item,; but should Goodin ood faith, desire to contest the payment of such, item the Company shall give timely notice of such decision dtaken to -contest such -payment) to', --the, - the steps being , a Idsu,erand, the Trustee,, who shall refuse to make such, disbursement until f urther notice the Company. In the event the Trustee e has, esting only set forth above cont on received.otice fromtheIssuer as 111 7, st �-,, �, -.1 � �: " - I- - I- ,ining uncontested portion shalli a;portlbm of said payment, the rema be id, provided that all other requirementsofthis',Section are pa FiR. stee shall deliver to the ,,In making any disbursement the Tru met ,Company, a check or draft for the payment thereof payable to the brder-.-of'- the -A Company or othewise'l as forth set fo in the order of the ny' comp a :directiriq such disbursement. moneys on d eposi * n the .Construction and AcquIsition Fund. At 3. ny which- 1 in the, opinion of the Trustee acting upon the recomme Lion sof: Consultant or the Authorized Company or , Issuer aepre. tft sentatives,, are not immediately necessary to:PaLy -' the costof,the Proect or a port -ion thereof shall be invested j � at the written d'rection of the Company i n the same manner as provided in Article V11 V hereof, Wt Ai, I �}�.�. �.� ` �, i:7 G i t� tid C .L .x.. vi-,v .4 � v s v u.... s ,M...a, •... ,r..._ .... r. �. _. _ a Nothi#g in this section 3.01 -shall restrict or,affect � a the ability crf the Company to effect far pay for repairs from any sou�`c�' and in any m n er ermi teed under this Agreement car the Indenture. Such ;sour er snap include, without limitation, in addition try the prC�� v needs of Additional Parity Obligations, operation and maintenance Expenses, and the proceeds of insurance. - t t rt . i Y f r� {f� f� t T { � s�{ia�{ {.i!Yi[I F i1/i� 1iY41rN •v.�#• I iJ {!t: r I rli 3 e y i section 4.,01 DefeaganCe Upon Payment. If the Company shah �- rt iilck-fithe payment's or make provision for payment, and perform. - th+ ' covet nt aid agreements required in the Note, the Indenture and her �.31 on J.t9 part to be made and performed, the Issuer coven - to a, ` :ag1ees thc3t sha .l cause the `�"ruf tee, as soon as pract - + ahie, but 1'X no event later than thirty (30) CoTtpany a. and days thereafter, to sufflciea t satisfac .- ut-e a.nd deliver t } -the. -good ofthe dote, terili nation - statemert:s and Such other releases _ and oocuments . or purposes of the preceding sentence, a dep osit in�.WM IST h. trust with the Trustee, for the sole benefit of the Bond- ' h e r of direct .: blictations of, or obligations the principal of �� Cquarante2 d �� the United States +G► C i3t `e (} Which, are America n such 'amounts as will, with the income thereon or the norement thereto, be sufficient to pay the principal ohs re elllp» P ion,pxem um, arf any, and nterest to become due, whether at due - mtu y or upon call. for redemption on the Bands, and ,mounts 3:t to the us tee hereunder, at: the time and in the manner stipulated j }� N y. herein: IOthn9 r} 3�y M �y y, yy�, �y hee%, ►.a iJ� Cails�derei +�poV�.£31C)11or payZnexlt" • to Se its option to -- t ehal l be deemed t(� require the Company exert the Outs tandizg Banda for redemption prior` tt maturity cl.l any;, ref r uant` to 'any appl i ab3e optional redemption. provisions � ° or to ` . the dcretion . of the Ccmpr�y in determining whethex' to ,.p. xerciss an such option for early redemption.VA e - +e iron 02. Prinaip.al Amount of. Loan. The total c ht< r ..' enured . to be paid under t he Nate far the Pro: ect is the principal of the sued, the interest thereon fat the date fir: ,mojit .Bonds If ed. a.�i the: $tj2"ds , red soli preiYiiialilE , if. any., ' and the: - tt rasonab.e feed, expenses and expends-, ureS Cif the Issuer c�:C3d, the , `u'3tee, in,.:p6rforming the Trustee's duties ender this Agreement or the "i ndenture, which login shall be laid ire such amounts a prcavi,ded in Sect ibn 4.03 hereof . To assure the payments of the amounts due ender sect ion C 03 hereof , `the . Corrlpaily hereby a zees tof depositor causes to beepGSlte.d with the Trustee for:; depof3at in tie Revenue mod, the ' revenues . derived from the capers t�.on of the p c� ect ae 'to a' a practicable,after receipt thereof, but no aster the the . mess pay, to be disbursed as provided in' the Indenture d -_ z, in" section 4.03 hereof, in which the Company grants a f�.rs�-lien rit interest under applicable laws.-Notwithstanding.the . o hg, n no a ,rent sh l l the inadequacy of, such revenues br_ th±e ,. ail:u 'e of the G axi'pany, to make the foregoing ing deposit''- 3,ixna�.t the t - e .gr t .oii 3 of the Con�pa.ny pursuarst tt? Section � • Cl3 herei�� .ice that + }a ' ' %� � �'y ry t" , eft y ' g +'' /� {.}y+ of the,Company to m k�e the pal►'men�+s ,.RVdreunde and in . M+he ob ,' at 10 .. - .. the "-Note awe general. obligations t3f the Company secured by th+e full 1. _ `_40t faith axed credit of the Company. The Trustee sha.l furnish. to the,_ Y p' _ Company, the issuer, the Bond Insurer and any Bondholder who shall- w 1 7 a� NAM so reques�- in writi.nq of e Trilst e , t refav(-!Iabl e j.1-tf_-T-4a_ 1 �°i not se eg eat y than annually, an accountA.119 of the funds expended out off deposited it and c n deposit n the Revenue Fund. Section 4.03. Payment. of Loan. Pursuant to Section 4.02 hereof the Doman has agreed to deposit, as soon as practicable after receipt thereof, but -no later than the next Business Day, all �- revenues re e' v� d from the operat ion of the Project. out of such r! a riue the Trustee shall pay perat,ion and Maintenance Expenses, 3 as rovided in the Indenture. Such revenues shall be deposited as tovided in this Agreement ,and the Indenture. In the event suffi- -- cert nays are not available in the Revenue . Fund to male the deposits re uited herein and in the Indenture, the Company shall { remit tYie same directly to the 'trustee in Imrnes�iatel� available urids prior to 1� 00 A.M Eastern. Standard Time on the date the payment is due for deposit by the Trustee in the Revenue Fund. To t&e _extent that moneys are on deposit in the Revenue Fund and - available for such purpose,'the 'Trustee shall cred�.t such moneys a ai st the payments required below, which represent payments to be made under the Note Until the principal of and interest on the zit � Bonds shall have been fully paid provision for the payment. thereof sha1 have been made in accordance with this Agreement, the t otnpany shall Pay to the Trustee in the manner provided above, an aMount equal 'to the sum of the following: on the 15th $usiness Day of each month, an _amount equal to, one sixth (Ir—) of the interest coming due on the newt Bond err ce Payment Date together with the amount of any deficiency in Srior deposits for interest. Can the 15th Business Day of each month on a parity with ' the deposits set North in (A) above, an amountequal to one twelfth of the principal and Amortization Installments coming due an the next Bond Service payment Date together with the 'amount of any deficienc .n prior deposits for principal and or Amorti zati.on Installments ()n the 15th Business Day of each moon.th after the deposits — L ' set forth: in (;� and (a) above have been made, after taking into - consideration the amounts on dep©sa.t therein, an amount not less than one -twelfth; (1/'12) of the difference between the - amounts �r currently on deposit in the Reserve Fund and the Reserve Require^- ent. on the 15th. Business Day Qf each month, after the j s3epoe .t set forth in (A) (B): and (C) above have. been_ made.. an t amount equal to the difference between the amount ` on deposit in the Operation and Maintenance Reserve Fund and the operation and - Maintenance xp rases estimated by the Company for the next' two }$... c 'l endar months. ..��..�. � ,.� ��n.��,��.��w.��- _�xn,a-�.,�_�.,�__ _ `M. (F) T a iluto � n portion the Project; on of thercr �amae i any part t ereq by Act of ..Gd Or of t many' a use orocn of ,a.`traizxici rocet3tlefn�i1t ,; i JL + i �L.r r IrC3�IC i T 31t�ai'leg r`� S.rtn�. a+ 4iI Cyrstatus; - Gbaig-y-' XIt or es of the PrC�j �Gt �� theC"oic�l�t�zl�i � �n�urer .^� n•. w i a 'a+ i. qn consent thereto by the Issu�'� , the �o�� r .t _ the `'rust L:• A� - a .,- teriil 2 atia�i2 f thl' s Agreement for any reason what.eo� f FJhticin >i shout ' '�.imitat�.or,erm�.nat.or by reason - r� .-eve , r. a:.einai�y hereunder L ideration Or cOmmero�.a� frustration �� yjy��w��.lure Y t\} of consJ. the t.?C laws reg'u�.at�.t�r�s or other iaw�S, t F.ox'.c� f America or CJf t,State f teC tat$ Cif -�rigion then t .nc r3ing the t r; i rd )Y „ ► 1►5 i E' c' t oil t. j,e part �f the , IaSue under' thsgr j7 �� l'4 A: 1 {��q{jj�. jj� +swa' (fa' fault }},,}}yyww ilaa Y. �.V \r..� iW M\✓,Y✓ sb�." W �rt nt iK a•ny `V E� T3M8�ee and -this f or any failure by the e~r tn3htoer y� ,er reef, the 'Indenture orotherwise k A� Kf ._ fv� } f G S �i- t r r� 1 4 1 l i :. 2 ' S ect.on a R%'*`nu� Fund The Company shall cause a.il of ,soon A� the': r '4`enu+es- deb ved from the Project to be depositeCc� i�S as ct, a ,e ter receipt thereof in the Revenue Fund, as required herein an 1 h the Inds-niture yy. fig/ ry- }Myyt Disposition of Revenue Fund# Reserve Fund end � t nd un Xoneys� . The Issuer directs in the Indenture that all m>neyss at and t.tne remaining on deposit ` in the Revenue Fund, including the accounts therein, the Reserve Fund and Bond Fund f shall ht disposed of as provided in the Indenture. � e t i on 5.04. Investment and Security Q � Funds. , Moneys on deposit in the Construction and Acquisition Fund, the Revenue Fund, the-Resetre Fund' the 4peratior, and Maintenance Reserve _ Fund and _ the Bard 'Fund may be invested as provided in Chis Section. Any and t all income received by the:: issuer from investment of the Cons true- — tiand Acc isit on Fund shall remain, in the Construction and tan rrt, {,cuzsition 'F,,ind for the purposes thereof until complets.on of any e ,paneion or reconstrnction related to the &project, where av)vli` �- ca e, or disbursement to pay ; issuance expenses, whichever e liter. Otherwise; any` nvest sent earning; cap rather moneys 3n the Cohdtructibn and Acquisition Fund shall be transferred, to the R vent Fund and used by the Trustee as provided �.x1 the Ihdentt�re Notw the tared ng" "the L c rega Ong y �.nves tment earnings on moneys n the Rene a Fund shall remain' in'' the Reserve -Fund until ` the:-, ReSerue k R6tirement shall ` he on deposit - therein and thereafter shape transferred to the Revenue Fund. The Trustee shall sell and reduce to cassn funsdts a sufficient ` portion of i:nvestmente under the p cav - rt sore of Section 80of � the indenture whenever° the cash.balance ss ` fiihd is insu f c3, a for the purposes of such fUxxd'� �?o inves�t� igents shah he reques':,wed, however, which may violate theL coven6ht h ` . prohibi.tinq excessive arbitrage contained in this Agreement. �3 moneys can deposit to the credit of the Revenue Fund., Bond }: Find, Rene re Fund `anc Construct can and Acquisition Furst shs .; , �t ' _ the telephonic request o€ the Company, (to, be confirmed in .wtitixi '4V thin tWo , 13uslness Days), beinvested and "reinvested the 'atee as spec i f ed in such request: in and of the o%.gat ions -se frtln Exhibit C:.herett, Investments purchased with `furde fan r ` ,epos.,t in `the Resere Fund -shall have term `to maturity not greaterthar five years ` f Moneys in separate funds and accounts may be comsmi gl d or — � the :erase cif investment or deposit to the extent per�ct�.tt�:d under app'lil le l`a�r and this Agreement • For the purpose of d :erm n Ag ` Vyx fu*nd, the i;ecuritie piirc asd;vt the ►�w, i}7i y such �-- S i s 21 t �' �nik��il^1.K��1ilf*, 14xAi.L4\iibt lxl.. k- 'P- 4 i - moneys- iri each f tind sbal 1, be %,ralued by 0 tt,..e (and at slachWE other times- as, shall be deemed necesiscary by the Bon-,J Insurer) at their market valueTustee shall not be liable or responsible . he Tr -qy for any loss reulting from any investment pertnitted herebor I resulting from the ritdemption, sale or maturity of any such invest ment., if, the Company - does not provide telephonic directions f 11 Owed by ritten .-rect ions and instructions with respect to 6wdA investment of,. mi oneys n any fund or funds, the Trustee shall hold any,, suc h'. fund or funds uninvested. if at any time it shall become necessary that some or a 11 1 of the 'investments purchased with the oneysIn any such fund be redeemed or sold in order to raise ', moneys necessary to comply with the provisions of this Agreement, employing, in the the Trustee shall effect such redemption or sale case. of a sale, any cormnercially reasonable method of effecting the The Trustee may, but e,,not be required to make any and Sam, - investments permitted under this Section 5.04 through its own bond, -department, unless otherwise directed by th e written request of, the Compan y. Neither the issuer nor the Trustee shall be liable from an investment made in nsible for any loss resulting or respo accordance with this Agreement. In - making any investment under the Indenture or in accordance 'i with this Agreement, or in selling or disposing of nvestments as re ' ired'hereby or under the Indenture, the Trustee shall havetioqu dutiesor responsibilities to independently verify compliance with d the Code an evelopment provisions of arbitrage tar industrial d hallbe fully protected in relying solely upon the written diriactioniof the Company. Under no circumstances whatsoever shall, d Holders or he Company* an be liable to the issuer, t the Trustee of tax-exempt status of the Bonds,, or -xy,,:other. person far any loss any,. claims, demands damages, liabilities, losses, costs or eiTenses,resulting therefrom, or i, n any wayconnected therewith, so long., asthe-Trustee acts only in accordance with the telephonic directionsf0: llowed by written direction of the Company as provided All telephonic r in the Agreement. for., in the.,.Jndenturet o communication,from ,the Company to the Trustee rega ar rding investMeAts In writing within two (2) Business St., beI- conf irmed by the Company mu Days, of such communication. _01 Section -Issuer Agreement. The, 'FOS Enforcement of Financial w1th the: Trustee, to achieve -cooperate, I will,,diligently enforce:and nts and agreements on the part of the, enforcement of all the covena ill take:all 5 the Company that:are contained in this Agreement and �w ngs for the I rea- steps,,actions Land proceedi enforcement of, this 'Agree , the rent . and the collection of the Revenues payable hereunde.r;: to 'provided, ever.. the how permitted or authorized by law., fulL,extOnt Issuer shall not be required to incur any obligation or expense unleawthe Issuer shall have the proceeds-derived,by it fr .the , ., performance' ich shall -be legally ava,ilable .�t* of this Agreement, wh 'all be su fficient tea reim- ithe Issuer for such purposes, VnIch 8hi ,,, ti burse the Issuer for any such expenses, or thelssuershallbe otherwise, indemnified to its satisfaction against any and all :C08ts J T 22 14 M M zU �N r_ and expens5es--, b rsemen.trs, and aga. Oist all liability. i ectic�n .0naintena.nce of Tax -Exempt Status. The Issuer a hereby covenants w.lth the Company and the holders of the Bonds that it will not take or cause to be taken or actu�esce in the taking of any action or proceeding wh�.ch will result in the interest tCi be payable on any of the Bonds intended ` on the date of issuance , thereof toe excludkible from gre�ss income forfederal income tam ur`po es becoming includable in gross income for federal income tam 9 e j Y purp�ise s�Y _ � TeCt.it • Li f Covenants of the Company • For so long as any L of the printip�l of and interest on any cif the .Bonds2all be ' . outstanding,and unpaid or until there shall have been set apart, in the and ' 'uxaci a sum sufficient to pay then due the ►n ire principal of the Bonds remaining 'unpaid, together with interest accrued and to accrue thereon the Company, in addition to any other covenants contained herein, covenants with the Issuer and the Holders of any Article. and''all Bonds as provided in sections 5.08 - 5.10 of the Section. 5.08. Rate Covenant. After expiration of the Guaranty, the Company covenants anc3, agrees that so long as any of it use its reasonable efforts ` the Bondare outstanding will consistent with prudent business practices to collect or cause,to }je ca�llected, such rates, fees, rentals and other charges for the A use and',services Of the Project that will produce Revenues 10�a of all O eration and suffi.cient in each Band Year to Pay P ; . Ma i.ntena nce Expenses, 12 t of Debt Service Re.cruirement, 1p � f mounts requ ' red to be deposited during such Bond Year into the , Reser;re 'Fund, 1 Q of amounts- required to be reserveCi in the Operation and Maintenance Resew Fund during such fund Year for ` aeration andMaintenance Expenses as rcluied under Section 504f ` the Indenture* together with. 1;00t of all other payments required by this Agr And the Indenture and that such rates, feed, rentals u � ,ement and 'ether charges shall not be reduced so as to be insufficient for sucks purposes L _ Section 5 , 09 . Performance of Obligations Under indenture and } Lease Agreement., The Issuer and the Company hereby covenant axed r { perform all duties and obli ations required b them under a ►gre: to ' the indenture and the %ase'Agreement. To the -extent the indenture or the Lease Agreement imposes duties or obligations on the Company or the Issuer to be performed in addition to the duties and ©bl.iga- ti rhs set forth herein, Buck provisions are incorporated'as a part ,> t r v7 of this Agreement as though fully set forth herein _ e tion 5.10. Payment �f Operation and. Xaintenance E ens.00. X .For.,Sec s O. long ,' as - any Bonds shall. remain.... Outstanding under the t +�q, }� ry. �rq .fin ,use to be maintained,.at }+��y �p shall, nd not LL �+F iGw ', the indentcomplan {:7♦la�� maintain �►t .L. A.d o�L. c:.: Y all tines ii a depositary' ban% a3n amount of money eta l t the z c aniouInt required for the current month' s Operation and Mintenance 23 IN _'i fa} - �Ntjl — .,.i _ .. I ',,�l � ,. I .: f � I - — I - 0 1 . 11 t *� I I 11 I . . � 11 -1 — I � I � 11 ' " n €fin )nthl A for `dai tints in the m x�e �" "'V:t C3 ha jnCnl. },_, - , , -. - . I.. 5 ; 1. - .. r t L. .. .. .: - I, . 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I� -� ,�II : ��I_ , �� I � I . � � I II;- .-I I I 1I.1�-I� -I I �,1,,,� ,l,,.1.�� :,�: .'"__ ,�-,,� I,-"": 1!:. . -�_,'I .'' � . .�I" �,��!- II1OI I , �I Y IIIII . . I I I1II �:1 �I I �.. , __ ... � � - - � I L *1 I I I _� I" - ��'� � I I ,: I , � I I 11", I , ., � I - I - �. �li - -I,-- _ � - li 1, il � � I I I . I - � I I -1-- i I .1 I I I - . , I . I I -1, 11-1 11-11- 1, I -1-1 I, -I,--,' I I - I - � I - I _� I I . � I _11— - ,� : I - , I .,� i I I I . . I , ., �,, _1 � , - _ , , - L I L� I . 1, � 11 . 1, - 1. . . � . I I � : � -, �, � �� I I I � I � � I I ! I �1. I I I I �. .1 11 " i", `2 'i I � � I I . . I � .l.. _ :`_ � � . I ____ _ , I - I -, -_, __ , _ � , � - 11 �� - I - ., -. , I � I . O I . � . .. I � � I - ,� € It1 ., k _ i n ., I x�L. �a, Is ;, ' - }, *F t 7£ 1 7 x ,' ,. # - ; - _, f. Y S `.; ,. k T _: 7 r _ t�'- - l' 7`ar .1. �I t ,� ., , ` s , : - �C.. �_ 2I. rIf , I ._ . ` SjI ` t ,�, , ..,ryta' d- � .. Na �f �d n ,. . k* <CY_ s i'� 14 , 7* mv,,, � S r I:- ., ,. ., :.., t s kc�'} i z > ,5, % 1 1 Y 1 I. L t IF wi f I 511 f 1, V� r Y i�j° w� r s F `;Y:. gh IV s 4" ` 'k I lI F 1 7 —; � Ph' �4� - _ r .,h.; .tl 5r. ;fi( � rg M{< T '. 4rok ; �:i#bps-,1=�Si�4'l.0.,4+ anMi'i3,etrx _ _ F # e F• .�[i ks, S . x 7s r. _ ARTICLE VX � MAINTENANCE, TAXE eot oft d maintenances Modifications And Additions. The remain Outstanding t t 4 Company agrees that while and fonds shall 1 at a,t s _ awza expense (A) operate and keep or cause to be openvjil Y aced and kept safe condition as its kept the Prod ect �n as rea t o kept a.�`. r#`ral oprtt,oTi shallpermt and keep or cause i./ the Project in good. repair and ire i ,pro ►emehts fo in a part of good t pest ng, condition, makitg or causing to be made from time to time all renewals and replacements thereof as shall be reasonably Tn furtherance of the ccretnt of the Company to operate and in the paragraph, the maintain the Project as rcavid+ed. preceding tmpany shall retain under contract the services of an Acceptable } operator, ub e t to the germs and p ovisi.ons of the Lease Agreemente, ner the Company may, also at its own expense or in the man, prov,icled this Agreement, make from time to time any addi- in article of tiers rod cations or ortion of the Project improvements to any p it may deem desirable fair its business purposes that do not ad- integrity of the,Project. �11 such v verse y 'affect the structural,, adda bons modif icat ons and improvements: -so. madeb� the Company 4 t 3ha l : become a, part of the Project and shall, be subject to this to this Agree reen ent sand relevant documents executed pursuant met F 4xeept when are event of default as defined in gect.on.U1 fr0M aerss f' shall have +cc urr+cd and be subsisting the Company may +�, in to: time,, in .its sole discretion and at, its own ea�pen furniture, office equipmetit, auto „ Stt'�� 1 store or p ?ace additional er �pment and inventory used in connects©1'2-W�.t�ta the �xC?�ect t ' motive i or: t%e ays� de Specialty 'Center in the Project, provJd.ed that. sUdh the ....,.; nstallati .on, storage' or placement does not adversely affect Project as -a pubiic parking faclli.ty or degrease pre 'atic n of the th8 iu er;of available parking Spaces. All such furniture.f office spm rat , automotive equipment and ; inventory so installed, stored, the fir. placed In the Prol ct by the Company shall rem��.xa soli pact�p� be subject to any security in' r- ty' cif. the Company and shall not Est favor csf the issue,,, , the Bondholders or the = Trustee . ot'h ng c�ntihed an the preceding provisions of the Section shall. Prevent 'he, Cc�mpasly from 3urchas:ing, but not #skit Bond pro ' sfur :, -or, leasel.e tre and' eqn pment on conditanal sale contract or subject to Venders lien or purchase money mortgage as contract, security for the unpaid port'on of the purchase pr�,ce thereof, Qr` from leasing, furniture and equipment., The Compa�zy ,shall tag car or equipment in�tsll ` _.. other ise suitably identify all furniture interest or otherwise).Y it without, twhether subject to a security ' '• 25 ,• .:: L r ,:`. `,' -". `#Riii63t#{Iti.61M9l;Ylaa.d\Q.IidIV9 - � 1 r. M 4z } , S #i ?. t o i f ,z'_ ..h aJ such equipment, or :h :c `v f C h c ra .p � ng i � ere—o , the :�'?:icee from such sale . or the proceeds, it any, from such scrapping, as the case may be, { } n the case of the trade in of such equipment for other equip- Isn't tot 'installed .I'1 the Project, the amount of the credit received ;by it in such trade-in, and (3) 1n the case of any dis posit or other thin a pro vided in clauses {$} (1) or (B) (2) an �- ` r moux t ec gal to the era ginal east thereof less depreciation at l+.1c l-Ate in accordance with generallyaccepted accounting rates ca+� y y p1 owed by the Compa 33y , or at ' d � .� { } n the extent that the Company has a.cqui.redand i.nsta.11.edr priorto such removal and disposal of it+ rn of equipment from the Pro j eft other than under preceding subsection (A.) of this Section, an additional item or 'items of equipment or made additions, modi- - ications or Jmprovements to the Project with its,own funds, free o all liens and encumbrances , _ which have become part of the Pro— =_ j et, either; by .;virtue of the first paragraph of Section 6.01 or by tt`tte of not being aggpd or sustably xdentified pursuant to the f£ t irci paragrapki of Section S . 0� , the Company may take credit to the it '�- extent of the amount so spent by it against the requirement that ' either substitute and install other equipment having equal: or greater utility. or that it make payment into the Bond Fund. If .3uch the value of such equip- "e ' Jpment is already owned by the Company, for of determining the credit shall be the Company's iient purposes depreciated bock value . 'kr The removal From the Project of any portion of the equipment made a dart. -of the Project and the substitution, payment or credit therefor pursuant to the provisions of this Section shall not en- t itle the . Company to any delay, abatement or diminution of the - ' Financing payments payable under Section 4.03 hereof. The C�ampan F t mill _ prompt:ly report to the Trustee within thirty (.30) days of each ' calendar quartet each such removal, substitution, sale and other, — disposition: of any item of equipment having a depreciated value - (calculated in 'accordance with generally accepted accounti�� practice followed by the Company) of more than :lei, OQQ, or when aggregate of any $1iC�"1, removed, sold or disposedof ' aggregate :$SO , QOR abut in each event ad j�.sted of equspznent a3g _.tems . annually to reflect changes in the Consumer Price Index) , and in — addition will comply with the requirements of the preceding t garagra hs �) , (B) or (C) as the case may be. `dustments in this Section to reflect changes in the Consumer _Prise Index shall be based. upon the multi pl�ring �f the figure in c ion .by .a fraeti on, the numerator of chic x seal. be, the most recenzr�l y reported Consumer Prise Index after ;the ad test eft date 'for - andire ° denominator .shay: l be the Consumer :Price Index reported the ':;f.i.ri t dull calendar month after issuance of the , Bonds such annual i,adjustifients shall._ be made at the beginning of each : Ren Ye a : °ender the Lease. Aggreement.t as such team is d, fined 3,n the , eats.:er ent , 27 E- n 1'6$ RIF `$ . Kh ��...x.i _..:,si.._......_..1 +.s....�.._._.._..� _. u.. .. _ _. � ,_.. .. _ .. __ ..._ ... .. .,� ._ _ _ ......__. � __ .. _.� _ _ ,_. ., _ „_ .,. >.%�.,.i .__..:4.,r s..... .._,_.-„'•%i ;n ��Rtv'ii�--�8�?�,� m 0 n ur , ce Policy rovi.s i.o < The pr_ ocee .s Of the �:qt^�.��n �^ carried ^� �+y �'`'j{ ry } °9' q 'y y^� 'y �"" {[ ^� �'� i [ +y (`ry py s+c p'q pL- p°'y $#'q� (p+y� r+�( g '7 LL 4s i.E ?i. .k., dd C.. 1.+ y.6.. 3.G4.A 4.A..dr+ 4..lL .ti. kr i1P_ �..I�,.4:.1�4cR�.6^'9..a.a..:+'A.f.s. o Section W b C.I3 hereof shall be applied as p ovi..ded i n Section. 7.01 hereof. All such insurance shall be taken out and maintained in generally recognised x`esp nsible insurance c t f the statZWK ompaz�i es organized under the laws one es of the United ;Mates and qualified to do lcasiness in, theSt ate € f Florida selected by the company and . reasonably a oeptab e to the Trustee. M �11 such companies must he q- rated at eastfi is as to management, and. at least "Class X" as to financial strength in she Latest edition of hest' 9 Insurance Guide, �--- gubl i`s'hed by Alf red M e Best C01,. Inc., '1 Tilton Street., New York, _ Yoork. All policies evidencing such insurance shall provide that t the Trustee, the Manager and .l.bs6 shall be payable to the Issuer, -- "tae Company' as their respective interests may appear, and the pc li.cie or certi ficatea thereof shall. be deposited with the Tx- ustee. Evidence: -of reduction in or cancellation of coverage under and evidence of renewal of all such policies shall be furnished to .... n shirt (30) days before the policies' 4 the- Trustee_ no less t.ha' res enie reduction, caTlc'll.ation or expiration dates. If a policy p shah provide that the insurance benefits thereunder shall be 'able through any period of grace beyond the stated expiration date, for the purposes of this Agreement such policy's expiration date shall be deemed to be the last day of such grace period, if the Company is not otherwise in default hereunder. Seotiar� 6.05. Payment of Public Charges. The Company will pad and discharge before any fine, penaltyy interest or cost maybe added, as. >the. saute become due, all Public Charges of any kind hat t euex` that may at any` time be lawfully assessed or levied ainst or with' respect to the Protect, the interest of the Company r t under this Agreement, theleaseholdinterest in the land described - in b' and any additional lands subsequently made a part of ht ; the P'oJect eny installed or brought the equipment or ether prop by.ie company threan car thereon (including, i.thout lrni sing is 3en$alty of the `foregoing all ad valorem` taxes lawfully assessed 9F sn 'thy ,real and personal propertlr constituting the prajsr+�, all: r - J utility and other charges incurred in the operation, maintenance, _ Project and a Use occupancy and upkeep of -theall assessments and �ha.rges lawfully made by any goveraunexxtal body for pub :,improvements that be secured by lien ©nh Project, and any taxes 'which ,may lawfully be levied upon ear^ ` with respect to the "e'arenues car receipts of the Company, except that with respect to x` spec iai assessments or other governmental chargesthat may lawfully be' -paid in instal l meats osier a per rd of years, the .Company shall be abl gated;ty Pay only such installments as are current and required i.red to be paid whi le any of the Bonds shall it n ?utstandirg� Pursuant. to the Lease Agreement the Issuer has agreed that i will not impose any special assessment or oth r' 'blic Charges ( other than ad valorem real property taxes) against the ro ect ra.th respett to the construction, operation, repair and a i.ntenance a any the Dauer s obligated gated to con - improvements struts vursunt to the Retail Lease Agreement dated January 141 - 29 - - '+ ; ,i'.IYJj¢:fi,Y&-aSlMYt�lt}� .+,•u^, .•�� -: }s The. Issuer hereby agrees that any tax credits or tax sieduc- t.ns td which the Companymay be entitled under the Code or and } , applicable; rules or regulations of the internal Revenue Service with respect to any part of the Project shall be made available.to -- the omp ny; and the Issuer will direct the Trustee upon indemni- _- f1catAcsn as provided in sectson 6.07 hereof to cooperate and itself 11' cooperate with the Company in any offart by the Company, to a tail itself of any such tax credits ,or tax deductions but neither - fY}' the. Issuer nor the Trustee shall have any responsibility or ' liability for the bmpany ` s failure to receive any such tax credits or 'ti du+ct ions . a Section 6.06, Enforcement by Issuer and Trustee. In the = x Brent' the Company shall fail to. �} keep car cause to be kept the = Frtject in as .reasonably safe cditisn as its operating condit3.ohs , in goodrepair air and goad. will permit or keep the equipment, if any, 3 p ref opera ting condition, (B) pay or cause t4 be satisf ied and di s - 'filed _ d � s# ',tharged or removed any mechanics' or other liensor estab� 1`i.shed .against the �caject, ��} pay any lawful taxes, assessments - 4�r M}7 or Qth Y governmental car utility charges, or, (D) �lntaixx the {` regained insurance or provide evidence of renews l of such insurance r thirty ( 0 > days before the expiration thereof, the Issuer or .the ,'TrUste.e`, after giving reasonable prior written notice to the Com- any may (but sha11 be under no obligati. to} take such action as,, r he necessary to cure such failure, including the adu'ance nt,of eth+sr amodnts,. of money, and all amounts so advanced therefor together - 7, it and real nabla and necessary fees and expenses incurred with k res ect to such enforcement by the Issuer or the Trustee_ -shall p- ec+�rne axi ad.diti.onal obligation of the .Company t4 the caxie �na1��xg the advance, which amounts together- with interest on amc►ur is - dvhoed at the Default Rate rcar the respective dates of the �:kixig such advances, the Co pa.ny agrees to pay on d 31�1aAd. e iA i i— f ! S_ - Kk4Y>` 7 +.1 ..—, , ,, cl ... .... .. ... ... J . _ _. - -,.. - ., t. _ .. .tt • ,., i r. �F, l L.., Sir. $ � 6�5 ^1G�� CC)Mpany Iwreby co%renan'Z.s� ay�.d �iqrees to indczmnzity and 1101d he 71, e C e S - lij)st a,�y rieasonablr- Issuer and tile "trrustee reasonable sary advancest fees, costs and experlses I attorneys' fees and costs, whether suit is brought or not, and fees and costs on appeal, if any and r.incitiding attorneys' furthe enforcing this r of them as a result of enf any loss Slistained by eithe ie. t-and theIndentur Agre,emen lte,least and Indemnif ication Covenants. The mpany �releaseg the Issuer and the Trustee from and covenants and Co a grees that the issuer :and the Trustee shall not be liable for, and the,CompanY agrees to indemnify and hold the Issuer and "trustee rustee any lossordamage to property or any injury to harmless aqains.tl, br—,deathL of any person occurring on or about, or resulting from any he equipment or the other defect in, the property, the building, t constituting a part Of the Project, provided, that the improv ments con nly to the shall be effective o Audemnity provided in this sentence extentlomuY of any ss- that may be ssta4ned b the Issuer and the U-a 'Trust in excess of the net proceeds received by them from any ee insurance carried with respect p to the loss sustained, and rov*ded, indemnity shall not be effective for damages that in that the inden urther, of the he part intentional acts on t u t from gross negligence or int :res Issuer - or the Trustee or their respective agents or employees. 4 31 !a,? r,6 0 ARTICLE fit' DAMAGEt DESTRUCTION is Cow A" ION k? t .Qn Y1 Event of l .ge or Destx�.iCtion. -�- Section 1.014 - o long any of the fonds remain outstanding under the terms of g y of the equipment, if any, is this A reeMel-I , I f the Pro ' ect or an - d trc ed t n whole +fir in part) �r is damaged bfire or other casualty, the company + shall e obl, gated to Colltanu to pay the in ants upon the loans apecifi.ed in Section 4 .03 Pizac g �Then.ever the .'Project or any part.. thereof.. (including any AiL'1W.o M - ' p rs na.3 property ' furn.ished or installed in the premises) , shah hav' e been damclgedI or destroyed* the Company shall promptly make >, . woof f ? a:�s in accordance with the terms of the insurance -- p peliciei { If the claim for loss resulting from such destruction or (as adjusted peric�dical�� 3 damage =. is not g�-eate' ' tr�an 5 3 ; 00o repair, - Lease Agreement) the Company �a�11 promptly � prsant to the rebuild or restoretheproperty damaged or destroyed to substan- the completion date t F <,K ial thegame condition a �t eXa:st d as of t y the same ray have been expanded i:9r recon- a ' of tkaera act , as with. such changes, alterations and iIiodifa.catlons (a� 1Ltdb }t stru,cted, ing the sub'st itut: on 'arid addition" ; f other property and by Section g . 8 of the Lease d+sired by the ;Company permitted _ =a will n©t impair operating unity A reemen n such manner as g the value of the :Project as an urban pa rc duct :ve capac city or will be, - the costs thereof and facility- and the: Company wig 1 pay of a.nsurance in respect c�� such entitled to retain all proceeds `.. claim* (B? If claim for doss resulting fr such destruction or. r ' ama a is in excess of S J+D, ©Q has adjusted periodically .pUr uant c g Zvexi.tt�en sk�ai�. pr�ampcly g. tc the Lease Agreement] , the Company t3raless the election provided in r notice thereof to tk:eTrustee., tion 7.4 hereof has been made by the Company, all prc�cc�eds �� e insurance resulting from. claims for such l.osses� shall be paid to and Acc�aisiti.or Fund, — ?t - end held by the 'trustee in the .Construction rhexet�pon the Company wi l a th�r . (l) proceed promptly to repair, _ 'eb1il. ,d or restore the property harmed o destroyed to substan- the ccmpition date of tiaily the same ccnditio as existed as tad changes, al,terati.ons and .moda.f$cstion�s - the" groect, withsuch including the substitution andaddition.of other property as Val — be esi red by the Company and permuted by Se+ctian Qf the Lease _ e rat in ux I t car Impair operating Y Agz�eexnent' and as era ll not materially rroductive ,capaci.ty or the v l.ue: ref the k�roject as an urban parking s be facility, in which case the 'trustee will. apply so such a� .wry; insurance: to payment of the costs ' ` tecess.ary of ,the proceeds of such d jouch.! repairs, rebuilding or restoration either n compl+st iou ' resses, upon certificati�an day thereofcar as the work prog Trustee Consultant- or the Authorized Company Representative asthe for work in place as provided i.n ecti�� re ire, cif such costs y- 3 R. M • r the Trust,-C�e_ ba-S no knowledge of any 4.o3 iorecf and pmvided t;_ 1 0 detau'M which las occurred {1t'ider this AgreQTPellt which b,--4.s not'. been n- said insurance proceeds are not Sufficient WR remedied, in the eve 11ding or restoration, to pay in full the coasts of such repair, rebuff the Company will nonetheless complete the work thereof and will pay on of the costs thereof in excess. of from 'its own funds that portiere ry to complete said work amount of insurance proceeds 1-1tico.9sa the amo 2.03 ts by the Trustee pursuant to Section prior to any disbursemen hereof - or, (2)upon the TruStee-*s being -furnished a certificate by theAuthorized. Company Representative or the Consultant, as the , Trustee may require, stating that (a) the property forming a part or damaged is not essential to of the Project that was destroyed and if the security of the 'Toiect, the.Cornpany, s -rase .or oc-cupanc y e remaining Project is, in the far the Bonds represented by the Trustee not reduced thereby to less than that -Trus opilnion of. the date of damage or destruction of exigtin4 irmediately prior to the theProject, or (b), the Project has been restored to a condition : substantially equivalent to its condition and value as of the date , -such destruction or damage, or (c) improvements have been ' acquired which are fully adequate for the Companys operations at result in the value and in the opinion of the Trustee r the., Pro ect, 2". othe Project as security for the Bonds remaining at least equal f the date of such deStrUCtlon or to the value oftieProject as of ,upon the Trustee' s avi h ing no knowledge of any default by t been remedied and the Company under this Agreement which has no upon the compafty having furnished to the Trustee and the ISSUer a certificatestating that in its opinion the Company is: not in such insurance. default the provisions of this Agreement, oce eds shallbe paid by the Trustee to the Compa ny subject to the prri,of or,, if the - ghts- -,,the Issuer pursuant to the ,ease Agreement, the Bond Fund ny*shall so direct the Trustee in writing, into a e the manner provided. in, thin para- C%papplied by the Truste a t of any of the payment The Company shall not,. by reason, graph, excess costs under clause (i) above, be entitled to any reimburse ment from the Issuer or the Trustee or any delay, - abatement, or - diminutionof the Financing Payments.,,Ipayable under this Agreement or any ' _21 other,sums�payable by the Company hereunder. Any balance of such insurance proceeds remaining in the Construction: and -Acquisi- n_Fund after the payment. of all the costsof such repair,, -b� rebuilding. or restoraijon shall be: paid into the Bond Fund, and shallbe used within �twelv e (!2) months of deposit therein' bythe emptio ; � 'Trustee for the purchase or redemption of outstandingBonds as provided in,�the Indenture. In the event ithat less than all of the 15Bonds are to. be, purchased or redeemed the, Company shall. furnishI,to.. :, as .the the Trustee a certificate of the Company Consultant, or the 0 L"f Ormijag apart of stating that the :property Trusteemay require� ed is not' essential: to.�the ject that was� damaged or destroy the,Pro of the Project car to Protect has.been iskuse�_or.occupanc COMPAny on restored to a%condition' substantially equivalent tolts,�condi,ti as 0 f-the completion dateof the Projects , as the may .have "been expa railed or recon structed, and improvements which are fully r adequate �f or the Company's operations at the Project have been 33 75 • �1 and in WlY CaS t V p, of p-ocfter Uch ctiori or P artial repair i not red).cedebelql# s that existing can completion date of the Pro the Same. May have been expanded or reConstructed, or the 'he -date of such d0struCt•iOn or damaclep -whichever a greater. T 4.03 hereof shall be dS#*_ction Financinc, pal nts e'scribed in redeemed under the of; such Bonds purchased or reduced t 0 tht, ext en t -Pro"vid ligation of he ob i I paragraph. ed however, t p OV S r ision-. of this hereof to Section 4.02 the, 6Mpan to pursuant y ' shall-4 n ot: be' diecreaged (C) if, at the time insurance proceeds for such damage or destj-uction are paid no Bonds remain outstanding under the terms of thisgement or any insurance proceeds shall remain in the : , �k.re id hands'of the Trustee after all OutStanding ends have been pa in full .01� provision for payment made andall expenses and fees of thee Trustee and Is-,quer -have been paid, such insurance proceeds will ad theompany, subject to the rights of:the Issuer pursuant t&, � C. to the Lease Agreement* (D) Any moneys held by the Trustee as provided in this Section at the telephonic request of the Company followed. 'by a n withi t n two Business Days (based.upon written �#rit c e 0 n., nfirmatio l and ide!ine fovrrxr�inestentS given by the company fromime to tine s .- �,approved by the Isu ser$ which approval shallnot be VnreaSonably withheld) shall be invested in Such investme.ntg:as 'the pro- pursuant.to investment of fund moneys' h lized for are'Atit Or turingnot later than. thia, s-� of, A vision rt Cle VT f thi agreement, '. hich such moneks_shall e'i,or date$ _�,speci fiedl by the Company, on w rofits heroin provided. Any earnings or, p be needed for the.pi�rp purposes` f ths*:�,insurance considered as on:Such inVestments shall be invctstments�ahall be proc_eeds`l:sand-„thy, amount of. any losses on such ompany4 it:hrembursedte by the C fokthw i: o the Truste on -of Condemnati :SO i:1,1'005 Aga tion in Event ion 7.02-0, 0b,1 Se dt ,a on ny_.:�;, B ds:, remain Or utstanding,�unde:the:terms of this Agrteum r. . art thereof �shall be'taken ;U r the Proj�ec J-:f,:. title..tot gar Any p power n of eminent dortai by any gove'� t ion,; acting under ,gOVe n f y by any verso i-or obligated'to 1,,continue C ..authority, -the- ompany shall -beL aid -al_ -L I � e ified in` 'Settion 4.0,3:%hereo xz cingPayments,as �sp c Make, the,:Pinan to Section t the s with the,, Trus tte, pursuant Revenue to", epps proceeds continuinghereund def lt�Asl er the, hA�r e, Of., :,I. f no aU by the Tlmatoe, fr6m, any,� Bud C nmation-which shall be',received h onde Corn 0 lr_respaco d.the' vany'd hereby,�assiJqn. thei -th Issuer: an ed & Vith, Vhotn e tive, in an awed' made in eminent domain, prode,. 44. y,,:awa.r haI I be d o ,t epositf�d i�n t :"he.. e-ct tot. any of the Project, reap.. st' Constraction and Acquisition Fund for, application by the True,6in .one or more of the following ways as shall be directed in writing� y the -Company: b:; t w, To — r e ' id as they - Project t a - t value of such 'proceed�.n e ist d immediately prior to the date of the commencement.. gs. In the event such condemnation proceeds ... condemnation cos shall be irisu f icient to pay in full the costs c� such restoration, .� � the Company will nonetheless complete the w�rk thereof and pay from fCyr Such completion, and prior -- its awn funds the amount necessary to d�:sbrrsement of such proceeds to the Company)y the Trustee, the _ �— . Compa:ny or the Consultant as the Trustee May require r shall furnish the Project has been t the Trustee' a certificate stating that m dition substantially equivalent to its condition restored to a and value as they existed on the date of the commencement of such cvnriemrxation proceedings '} To the acc ui sition, by construction car otherwise, of improvements fully adequate for the Company's operations at the the Project to - Project (which improvements ehall be Made a part of were specifically described the same `extent as if such improvements herein ail 'subject to this Agreement and which shall be available - for use ` and occupanc by the Company without paymentor expense ; p o�rided, that such. improvements shall. - other' than herein provided) be acquired subject to no liens or. encumbrances (exceptingliens roved b the Trustee) and prior, to disbursement and encumbrances approved � the _ of such proceeds to the Company by the Trustee, the Company or require, shall furnish to the Consult .nt,: as the Trustee may Trustee a cert:ificate'stati.ng that the Project has been restored to accndi t`ion"and value substantially equivalent to .ts condition and of such value as they existed on the date of the commencement condemnation proceedings. (3) To deposit into the Bond Fund for use within twelve (12) '.itttcnths` o de c sit therein by the Trustee to purchase or redeem Outstanding Bonds as provided in the Indenture; provided thatno. be applied for a9uG'41 pii "". = r part' of any such : condemnr t:].on award snag redemption unless (1) all of the Bonds are to be purchased-- �{ chase or or redeemed in accordance with: this Agreement; oar, (2) in the',-evdnt �gvil'Y that less than all of the Bonds are to be purchased ox rededt may require, shall s the:Company or the .Consultant as the Trustee stating that. (a) the property �- furnish to trio Trustee a certificate f c ng a part of the Projectthat was taken by such condemnation 'of t proceedings ie not essential to the Company' a use ar, occa�panay been to a 'cvndit an r the Project, or, , (b) the Project has restore3 substantially,equivalent to its condition and value �s +e��.sted'�n - thedate of trio commencement of such. condemnation p o+ceedingot or _ (c imroveznents which are fully adequate for the Cody 'trustee operat ions G"'t the project and which in the opinion of the anaxntsin the vai of the Project at substantially the same value condemnation _. s they existed on the date commencement cif each ,;�„� h�in accruired and 3Yd3de a part the 'pr+�tjeCt, _ F N e ni ,a , or Outstanding Bonds shall have been paid in ful' or pro; is..on. for I v prt t having been WiAde and all expenses of the Trustee �� the issuer have been pail d, Mien to the Company, subject to the rights o theIssuer under the Lease Agreement. The Compa.ny shall within ninety ,t 9 €J) days from the date of :r tr of f inal order in any eminent domain proceedings granting co-ndsaticn but not: prior to the ep.ratin of the appeal period s- applicable to such is order, and iri the event of an appeal ; in:excess of ninety' 1,90) days from the date of such f ina order ,then .within ten. (10) days of the expiration of such appeal priod f di -rest the issuer and. the Trustee in writing as to which of ways specified in this Section the Company elects to -have the condemnation award applied. A y moneys heJ d b the <Trust�ee under the provis'ione, of this An 3 SectiC� at. the te1 ephonic. request of the Company followed by a written confirmation within two,:Business Lays snail be invested or s reinve6ted :biy the Trustee in ;an investment permitted uxader Exhibit to thy. Agreement, as.specified bC. y the Company in such request, fi and approved by the issuer, in such investments as are authorized vestment.of fund moneys pursuant to the provisions of Article for in of this Agreement, maturing not later than'the date or dates the Companyon which such moneys,,Shall be specified- in wait � ng by Ns n ede fer the purposes herein provided. Any -earnings or prof its x ` a such :.nvestments shah be donsidered as part of the condemnation 4 P roceeds'. :The Trustee by the Indenture.agrees to cooperate'fully with r3' the Company in.. the handy ing and conduct of any prospective .car p� ndi ng condemnation proceedings with r�:sp€�ct t o the Frc►j ect or any _ a art thereo and, to the extent it may lawfully do so, permit the r` p tca control the d.ef'ense of the proceedings, but in nc svet cnpany . theCompany. voluntarily, settle or ;consent to the settlement of >xtlprospective" rar peni.ng Condemnation proceecng with respect to �} the project or 'an; part, thereof without.;the written consent of the,_, a _. 'rustee and;the Issuer. sir - If no default is continuing hereunder, the Company, subject to tlae, a is of the issuer pursuant to the Eerie Agreement C 0%a�.�. be Y �4 nt .tl d -to: the proceeds of any condemnation award or portion !r h eo separately awarded for damages t or takizag o ids own {' or for damages on account of the taking or an inter�er�n�e prop't , wit% its right to possession, use car occupancy of the prpjedt.,. far, fn -,bus ness damages {or moving expense, � ction 7.03 Substituted property, Park of Prof 't. l oa rt.r,.real and personal, required. by the provisionO of, thus ,rt c e 71I to be substituted or added to theprC�ject forthe pu - Et aos o restoring the same to a condition substantially equivalent t> to .i`ts eon t on prig to damage, destruction or t.a-Xi.ng �u dl r the e erci s r_ L t axe POWe _ of etranent dom ill, or to ,a: condik ion. fro ectr, shall ;a fu ,ly ad u to the COMPK any's Opp ations attwee become a pant Of she Project Ste-`7. 04 Application Of Certain Condemnation and . 1��1r�9k C proceeds. Upton the occurrence of any damage or b the perils insurable against under fire and destruction caused h chshall e a tryng in a@of use which suance t re w nd � yylry Y1ANf give rise to pay7ielits proceeds of use and occupancy insurance, e and provided the Company is not �.n defauI t under this Agreement, be by r the, proceeds of any use and occupancy insurance shall paid Company, subject to the rights of the IN 3. .. the Issuer and Trustee to the .. , In the event° t o he temporaryp T t r ursuan . tthe Lf ase Agreement. AN s - use f the i�r. nj ec t or part thereof shall be taken under the that r exercise of the power ,, of eminent domain, car in the event Project results in a loss of use which arna a or destruction to the shall give rise to payments of use and occupancy insurance and the ' . the proceeds derived companyis in default lxndeL this Acgreement, such of use and from any such condemnation award or praceeds insurance shall be promptly deposited to the credit of t occupancy the Revenue Fund and applied in the same manner as, payments thereof Section a by .he Company are applied -pursuant to the provisions of z,r 4 A 3, of - this Agreement. Section , 7. +fib , 'Election Not To restore Project, Deposit to knd BoFund. Upon certification by the Company. or the Consultant as Project shall have been damaged the Truste may require, that the destroyed and (i) cannot be replaced or restored within six (6) a ' r months, ar wit , in any longer period during which the proceeds shall be payable and sufficient to pay „ y use and 'occupancy insurance all the' nancng Payments maturing during such period., or .n `the reasonable judgment of the Company it shall be a�nsuxta�ile or op�rat ot�{ then r { for restoration for the Company's continued use h approval shall with the approval of the Issuer, whic.. the Company, not be unreasonably vait`hheld, may elect not tea repair, substitute ` or reconstruct the damaged or destroyed property, an the manner provided in this Article VII, and in such event the Company shah. credit of the Band Fund such sums which, r 3` forthwith deposit to the together with the insurance procIQ,eeds , shall be sufficient to pay r the principal of all the Bonds then Outstanding plus accreted eat inter ' terest thereon and interest to accrue thereon to the nett Section 702 of the payment date on which notice pursuant to be reasonable Trustees charges and expenses E4. Indenture can given, in ol d ng attorney' s fees, in which event all of the Bonds then outstanding shall be redeemed by the Trustee on the next Succeedi.n least sixty (60) ys after interest payment date: which occurs at the deposit of said funds. in the Bond Fund. Such redemption: shall be effected in the manner provided in the Indenture. Section 704 I-ZCit3.8 on Concerning Condemnation. Upon certi- fixation by the Company or the Consultant, as the Trustee may bar the exercise of require, that the Project shall have been taken .,, « 3 r '� �'YNV.GiA•';a}L%1i1'SAU`..M+M3.i.lflRf lif'i.➢ ry r atioll be J c, n sa the power of ed -rrient dor0ain, A- I I h cert f with respect to a substantii-o al portoii r the Project, that imade t shall om'cally unfeasibia to effect restoration, then the Company, be econ i not be approval of. the Issuer, which approval shall with the Ueasohably withheldo may elect not to replace or restore the nr i4er o prope-tty taken by the po f eminent domains in the manner in such event, the Company shall oiled in this Artc ile and ich, the fond Fund such aunts wh rorthWithAePosit to the credit of toijethe t with the condemnation award o shall be sufficient to pay at par plus accrued nte �the,, principal of all the Bonds then outstanding A e thereon to the next to atcru est, there on eon and interest i nte 'es pa nen t date for which notice puirsuant to Section 702 of r - t - yL the Indenture can be given, and to pay reasonable `Trustee' a charges he Trustee shall redeem all of the its attorney8 fees. T including .Bonds then Outstanding on the next succeeding interest payment date which occurs at least sixty (60) days after the deposit Of said tion shall be effected in the the'�p Bond Fund Such redem funds . int o nner p rovided in the Indenture. z Brent Section 7.07. Casualty To Bayside Specialty Center. In the yside Specialty Center id ion of the Ba 1 all or any port taken by pover of eminent domain or shall be conveyed to avoid suchti troyed by reason of fire or any proceed ings or is damaged or des othercasualty t 10and .11 .6 9 y pursuant o Sections of the Lease : d d Agreement, respectively, and is not restored such that, in the goo- fAitb,opin ion of the Company, it shall not be economically feasible ouse'�nd enjoy t -athe Project, the issuer shallt at the request of the Company, but solely with funds of the Company redeem all the " outstanding Bonds s provided in Section 701 of the Ind enture, a M 38 93- 346 SPECIAL COVENANTS Becticn '0 Warranty Of +�+��xt�$t�.on Or Suitability ty the Issuer . t pt otherwise provided,in the Lease ,Agreement, or implied, ato the - Issuer makes.no a rai ty r either express d. +� ;may �ye, 1� o pars or that +� is suitable for the t �� tiis:r Project, krtr i�d. it,is =� t�t��: �L 1�.r F��t+i ri.��. i�✓� e r co arpogeIa r needs, except that it warrants it has created company s 7 rights �h rd parties that will � Tlterf erg with the Coiit�:a�1y' s has created certain - - ©f the: fro ect except that. the I;�slAer TomBocc � the owner of an exclusive concession {� r . hts .iz faVtJ f) cove n .the sale of cextain. food items at Bayfron:t and ag/r`1yyyy��r!•�ej� R {yiy i eiA c'ia+cis A arJD8 R- F ++� �y ��yy Company agrees i ht c�c s To Project. The �9tstion 8 M 02 o g J {..hat the Issuer f the Truvtee and theirduly author-, zed agents shall 4 times to enter upon the Project as 4 - here :the :r ht at all reasonable Ana be necessary. to carry out or determine compliance with this of J ., reeri exXt , ;but ' such -entry will be subject to the giving execution. of reasonable release of ea o able notice and to the iabiJaity agreements and similar matter. eCt*1+r�n � 3 Maintenance Of Existence. �'h � Company agrees maintain its tha.t. °,. " doting the term of this Agreement It Will limy ted partnership, will not dis�c�lve ar bth� i�e existence- as a tipae of, all car substantsa.11y all of its assets, or partnerships, 'into and 1.. not c�axasol idate its or merge another cc�rpc�ration or p rtnership,- be permit one or more other corporations or partner- into it, -unless such change shi , to consolidate with 'or merge had l be', approved � n writing by the:Issuer . Nothing herein 'ahal 1 be s _ { ee ec to i tit the transfer of partnership interests which are �yyY pyq r#1.ttd ursuant , .to the LeasrF�/��r Agreement section . �4 , Det+a nination of Taxability. Upon tie occurr` Company deposit once of- a Determination of Taxability, the within ninety ..'{90}days there Y } aTrustee_.1cient '. funds with the Trustee a l Bands then Outstanding pursuant to gectioh afterto redeem ' #)(4 of the Ind-entur� at 100% of the principal amount thereof h plus accrued interest.- Section 8 . Salt Or Leese Of Bros ect • U�Ztii payx�+e�t tU1 of the Bands and the : interest thereon the Company, coven X1ts - that it will not se11 r lease, convey or oth rvise dispose 0f �Y Of busineas, .t propertyor assets except in the ordinary course of and to the extent perm.tted in the L:ase3eemet. - and except as +c'ticn♦'4 i.eeaae and Satisfaction. f at any, tim t;h _ ��j }, }. Bond Fund by tbe' T r.�astee aqq egat_+ , ney lief& on ..' os L �s `sufficient try the /m i au i"Li Agreement sham, be pay principal the t me C eatstanding, and the . 10terest Qxi the i of" a . the C3iTd: at C3nti s to maturity or to the . f�.xst date on which* such Bonds:,may. �, t 39 t �tu1,�a4te=su Y aew. iwr�w .atin�, a a,r+ , 5,- SF _ .e tl � } .. .. __....t"•.L.fi .ems„ s& redeemed prior t � ma t ey s au � hog . zed by the indenture, in.cl ud - f and to a a.11 fees ing the appi Ji-ca.ble redemption: prerm u , an. ' and hargs the Issuer and the 'retee due and to become due thro h the date on which the last bf-whe Bands is retired the C€�mpa.ny eha l 1 be ant itled to.obtain n a satisfaction of the Note and = any secux ityinterest as provided by Section 4.01 hereof, the lnderiture, dr taxis Agreement, and neither the Feuer, the Trustee nor Holder of any of the Bonds have any rights hereunder, ' cri �rtit and `Xce'Dt inthose that shall ha Q ve theretofore crested . �{1r. yR �y i �jl� +�s et x d tion s The Issuer shall at the rewire =— request and di section at any , time of the Company or as; Bonds teen redeemable, . upon the Issuer or - e winder, and the are the T' ustee being furnished the requisite funds, forthwith take all steps that may be necessary under the epiceble redemption fed t redemption of all part of 2. pAr:sians of the Indentureto of them t-anding Bonds on the earliest redompt ian date on which fi the such redemption may be made under such applicable provisions. evtic� . ti8 , Company to urnish ;Certain Informati�r�. The the fonds have �- 4 Campanyc�ver�ar�ts .and agrees that, unless all of callable prior to matur�.ty and have been duly been retired, or are called for redemption and payment of principal, interest and f a applicable premium duly made or provided for, it wall furnish to the following doou� r bhe Trustee, the issuer and the Bond Insurer hundred and twenty (120) days after the end '`.f within one .each _f Kcal ;year an income statement, surplus statement aid , a by any �. balancehet of theampany'ftar such fiscal year certified public accr�unta.nts acceptable to the T"rutee. udependent;cQrtfed ( within ninety: ,;(9Q) day _ after the end of each t aaxter the - s quarterly Company. prepared .financial statements, and (C) such t�t�h� the Aract that t i, nancai data regarding the Comparsv ..or with,: reasonably:request.,-— Trustee car the Bond.Insurer may t el very of financia:l state;nents, requ�rec y Clauses (�� and �th.e k . the Company gill deliver to the Trustee a certificate signed by Company Representative stating that , there exists. lie v Authorized- vext of default or default hereunder or if such event of default d or defalt exists, stating the nature there�a, the perit�d 4 existence thereof anal:wha.t ,action the Company is taking or proposes such oertafi ate .hall be s to take with respect thereto.,A copy. of simultaneously ftr» shed to the issuer «"he 2ruste is hereby - 4 authorized by the Company to deliver to any regulatory .body �av �g this transaction ux diction,over Trustee with respect to data furnished pursuant to the requirements f tcpis of anynacial of this -Section. T -te Company shall. provide the . Bond Insurer with a copy cad the official statementter Other disclosure, . f any, prepared in Connec , Parity C�b�,igat vns tax` Gth�� } Lion with the issuance of -Additional d tedness cif the Co�npany or the City that may be secured . by a _ .a ledge e of tie Yet Revenues , whether or not -such, � ndebtedx�ea�s;.. � s ; on p g a party with the Ber es 199 Bonds, within thirty. ( Q days after 40 L_ ,'� '-.iAl44Mttiy,-.s,.t tMf1111L+r'+a.t.s u11141" � ....— -} - — `a..].t_.i the sale of St.�Cll �ndebtedne.ss, The CoMnI 11y s) -1.. provide to t4h relating to the ' c►I d assure u13 transc°r .pt of all prow-edings of any supplemental indenture orFinancing Agreement execution The a p ny shai 7 ovide to each rating agency rating the Series such supplemental Indenture or Financing 199,3 Bonds notice of each greement and a `copy of the proposed farm thereof at least fifteen (1� day before its eaecuta,cn. A- �ti�� 8.09. Covenant Prohibiting excessive Axhitx8c�e. With respect to the Bonds the interest or1 which was intended on the date income for federal G3f issuance thereof to be excludable from gross the Company covenants to thesscier, the `F J ,nobre i ax purposes tee and the urchasers of such Bonds provided for herein that M .. f the proceeds of the Bands at t e rnpany Dili: not direct any use t►ru which, if such use had been " an tirn during the term of the Bonds Y reascllak ly expected on the date the Bonds were issued, would have _ caused suchand to be "Arbitrage within the meaning of the ` - -. cam an understands that this covenant �m ases an c�b� p '1yy�y �y �y Company Cod s The C p' y cif the issue to comply ' NP gation can the Company throughout the term ,the requirements of the Cade in directing the investments bf with. funds held by the Trustee under the Indenture. The company hereby and instructing the u ndertakes full responsibility for calculating, due an owing to the United States t V Trustee to pay all amounts pursuant to Suction 148 of the Code and hereby agrees to indemnify and held harmless the "i'rustee and the Issuer with respect to any that such such payments to be made to the United States except shall. not apply with respect to indemnification to the Trustee ailare of the Trustee to pay any amounts due and owing to the United Stites pursuant to Section 148 of the Code after receiving _ the written instructions from the Company to do same; provided have on deposit funds ` however, er, that if the Trustee does not • the Trustee shall notify the company available for such purpose, and the Comp it the necessary amounts.any shall immediately dep with the Trustee. The Trustee shall have no duty or responsibility calculations or to 'Independently verify any of the Company's instructions with respect to payment of the am, due and owing to the United States pursuant to Section 148 of the Code and shall intructii.cns be fully protected in relying solely upon the written in this regard. Linder no c .r uxnstanoes whatsoever of the,- Company shall the Trustee be liable to the Issuer, the Company, any Molder or any other person for any lass of tax-exempt status of the Bongs E, or any claims, demands, charges, liabllxt .es, losses, costs car therewith, so . .' expenses esu tang therefrom or in any way connected Trustee acts only in accordance with the written long as the instructions of the Company as provided hereunder Seet3+n.i4* Tax Covenant. The Company and the Issuer or hereby covenant and agree that neither shall take any action.nor d© Hail to take and action and to the extent that they may �o,, which, if { ' p it the Manageror any ether party to take any action taken or ` not taken, would, adversely affect the exclus�.c��x ' either - frC Ii� ,ass income interest for federal income tax purposes with g i 4. 1 .:-. x,' .. `A'�,psq[ast[7a14}a�va.bin7{esrr_ ' ■nr `� i w < t i►t i an ;e ' :t 4 -nabi 13 t . (The setIt'lem 'nt of duri d. a � not e ' t strikes, to kc� ats and other industrial d' st.urbax�.�.e � chat th, the d �scret ion of the Company, and the _ deeme 0 3 � nt. xe y }IY1pc Tl i shall notbe Cleertled to be in default within the meaning of i� � this paragraph if It shall refusto make settlement of strikes, by acceding to the lockouts and other industrial disturbances or when such cour �.s t indet Lands+ of the oppos 1 p aft pa.rti.es favorable e of the Company, unt7 the Company.) -- sole_uCgitl'nt �`- (E) Tile o �pahy shall file a petition in ban'-ruptcy or for an futurefederalban CrLtptc J arrangement. pt rauant to an t.. p]"esel t or federal ter state law, car shall have an { act . ter under arty similar against i. t in an voluntary car involuntary order for relief entered a,gai �' bankruptcy ease; or shall be adluda cated a bankrupt or insolvent or the betefit of its creditors or tcha� 1. shall..nl ke an assignment for i A its _debts generally as they in v ri Lino its inability to. pad admit 3 eoome due, br if a, petition r r ,answer proposing the adjudication future federal f the Company as a bankrupt under any preset car law shall be filed in any bankrupt act or any s mila.r or state curt and such petition or answer shall not be discharged or denied .thin ninety (90) days after. the filing thereof, or a receiver, x trustee r 1 iquidator of the Company o� of all or any substantial ca pointed in any proceeding brought Project shall be app y p rt on of the '- be discharged within. ninety (90) against,the Company and shall no,r the c lrs after .such appointment or if the estate or interest of " thereof shall be levied upon or - z mpany, in the raj ect or a part in any proceedings and such process2a,a1 not he vacated attached or discharged within sixty, (60) days after such levy, car attachment o t% Company ,shall liquidate (other than as.a result ref amerger, a :or or,,. consolidation of the Company into or with partnership cp rpvration under the conditions permitting such actions contained i u in cti on 8 . n3 h--areof ) - The occurrence of an Event of Default under the Inden Event of Developer's Lure, the defau t under the Guaranty, or an as defined in said docuw Defat It :under, . the ,ease Agreement, all but only after taking into. consideration. any applicable - _ en brace or,.cure periods contained in any ©f the foregoing agreeriente. �i . _.. (G Failure of the Company t©. maintain on deposit in the i ecial account referred to in Section 5.1.E hereof an amount' which Issuer, equal to the estimated ems, in the reaisona.bl.e opinion: of the the next two calendar months Operation and Maintenance Expensest or after five (5) dais wry tier not ice from the Issuer or the Trustee peci fyi.ngthe deficiency. ;. �Tptwa.thstanding. the fcaregoing, aayments received by • the v tee ursuan�. to the +Guaranty shall he considered Financing Payments for the purpose of Section 9 -01. (,A) hereof. r Section '9.Q2. emed es on Default. Whenever any, event of } S default referred to .i1 Section 9.01 hereof shall have occurred and. '. 44 {QllNQii€#-16[#4Ri lQ'SYn4.0t16}i-{r9i 1-1- be3 i € f '€ '�W'3:or � i t.tei,'i ColS�-nt Cif- the Trustee, or theTrustee, may, to the extent peg itt�d by law, but in each event with prior w: itten apprc�al of the Bond insurer, take any one o more of the f of lowing reznedi al step {a) If sheonc3s sha11 be declared due and payable pursuant to the provi ions of the Lndenture, as an.acceleration of the pay - denture, nts ayabl e under Section . 03 (R) , (B) and (C) hereof an amount eiqual to allamounts due and payable on the Bonds {whether by acceleration of maturity or otherwise) shall thereupon be immedi._ a el dui .a c p yab e, without other or further action on the part of the Issuer or the Trustee, with interest thereon (to t he.xter�t permitted by law) from the date of such acceleration until. the. Bonds are paid in full . a.t ;the Default Rate, provided, however, that if such. declaration of accelex'atxo�i of the Bonds shall thereaf the fter be rescinded pursuant to the prca�risi.ons � payments Indenture, then the acceleration of the purchase pride p pursuant to this paragraph shall likewise be rescinded without ` other or farther action on the part of the Issuer or the Trustee.. fib) From time to time take whatever action at law or in t it appear necessary or dinq esirable to collect the Finax�c equ y payments and any other amounts payable by the Company hereunder, then due and/or thereafter to become due, or to enforce performance and observance of any obl Lgation, agreement or covenantof the K f lj Company under this Agreement & nts collected pursuant to action taken under this. Aj amou rtaon (other than amounts collected for the payment of fees an in agents) shall be i expenses of the Issuers the Trustee or any paying �3 ;applied in accordance with the paid into the Band Furxti and pro signs of the Indenture, Section 9.03 No Remedy Exclusive No remedy conferred upon �. . or reset,, to the .Trustee or to the Issuer by the Indenture; or existing a law or in equity, shall be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given r in r under the Indenture or now or hereafter existing at law o w equity or by statutomission to exercise e + No delay or any right or shall impair any such right power accruing upon any default or ower or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time as of ten: as may be.deemed +expedient., In order to entitle the Trustee or the Issuer ,. to exercise any remedy reserved to it in thisAgreement the 7ndenure, or existing in law or in equity, it shad not be necessary to give notice, ether than such notice as may be herein +expres s ly raga i rid 'Section 9.04.No .Additional Waiver i �.ied by OneWaiver. In the event an agreement contained in this Agreement should be hr€zar-hed by a' nv party hereto and thereafter waived by the other 45 � # ,g.3l�yplilp•kt,1�4lU}xh#.W4(l AJ �i/k3. _ r 5i lv`t t AAW IMMMW party, such ai er shall he limited to the particular bread so waived and shall not be deemed t wAive anyother breach hereunder . Section 9.05. 'Reimbursement Of XxPenses Upon Default* In the �= event the Company should default under and of the provisions of . this Agreement, it will on demand therefor reimburse the Issuer and x' the reasonable fees and expenses of their attorneys the. -Trustee fo= Y S` Cher' or not suit shall have been broxight and also including reasonable attox�zaeya, fees and casts on appeal) and such other j expenses as may reasonably be incurred by them in the enforcement -of performance or Observance 'f any obligation or ,agreement herein p c't nta ned or ythe collections of any balance of the Financing Fayreixts. or,other sums due her under b the either or s all Of them; and it is hereby agreed that the Issuer has an .nterest in the full and 'appropriate performance of every covenant f and, a reem�ent herein contained for the payment of money by the g - Cgmpany to the Trustee and the Issuer shale be entitled to reizn- burser lent from the Company for any expenses incurred by the Issuer, together with interest thereon from the date such expense was ' incurred to the date of reimbursement at the Default Rate and - 9 expenses caf' c4� letting the same, including reasonable attorneys r }} fees whether suit be brought or not, in the protection of its ' interest in this respect. ; :ctior 06 Notice of n�fault. immediately upon either of the: issuer' s or the Trustee's obtaining knowledge of the occurrence of any Lvent ` of Default it shallire written notice of s�xch - j5 occurrenceto the other and to the Bond Insurer, the Fiscal `Agent end to'the, Company and such notice to the Company shall be in l° the notice required by Section addition to, and not in_zeu of , _g 01 or any other prevision hereof . r z -- —7' t r 5 - 46 ��i BttE\6tttS•R►f J4PJti3µ".IrraY .H44r11iJ4J �. zsw'a�33.,�:.i .. n:- ,-.r ..>, .. -; x,. ..n--7 � ..,... -:r-._::,-.,x-_>r c ..r ..._., '.'.... _ ., _ ':' �........: *,h_n. .ts::.. �,.Y _: tx._ .7... � .-._._ _-..._..?� . .>, . _ _Yd y . r :`,...z.�_ � ».., -'y a,. �,....•. f.s �e „^. �,k - - . aANCINO ADDITIO T FACILITIES PARITY 08LIGA" ION ua ce of other` obligatit��ts . Tree Issuer rill e not issue anyr other Bonds or obligations payable frt�m the �te�ent�+es, any debt, lien c r _ nor voluntarily create or cause to be Greeted a.ssignMell encumbrance ,car other charge ova theTrust state e p` + d in the X1d i tLire .having priority to or being on a. parity and t with the inn of the Borids issued pursuant to this Agreement said �e�renues� �xcep ' the radenture and the interest thereon, upon manner provided in Section 10.02 under the Conditions and in the nt y� rant.. a: ,may y� o +� n Company he f�S.1k, e�i,.Ji il� �t the Li�ili aii� flR�� grant }� '7 �w �t }«� y� the .�yt� all �.#� ,NO.. .�ri .1. UJ R+r r k✓i„+.WJ. L.hw-'i. below its leasehold,estate in the land on which the _P'roJ_ mortgage in: ect Agreement. Lease re r_ v ocated as provided, in Sera ion of the section10.02. ss ►x ce Additional. Parity obligations. additional ohligaw. -: ` 'Issuer hereby :re rves the right to issue b�: the Company, such additional obli_ .. , tiog n p n rer zest for same it�.tans passable on �a parity with the Bonds described in Section 2C�2 y the Indentfor the purpose of t a. financing nancing the accuisi.tior� facilities to be trade ccnst'ruct; ic�r� and installation of additional (i i� f inanc. ng completion of any expansion ' a art of theProject, t r construction.of the pxoject or (iii) repairs or capital from casualty Y }•, 3improvements,try. the Project of a �rna�or nature arising of the Prb��ct, but ' unanticipated cone itxons after rcompletirn be required or compelled to issue and such 'Txi the issuer may not one , bl i at ions. 'The proceeds of any such Addi ions l Pari.ty Obligations. k . shall, be loa:ned to:.the Company upon execution of a prc�missoz'ynote the Indenture am this ; prop riate'u.ementatiox of and .upon thel p P'. Addit iona.l Parity Obligations, payable on � parity re rn�:nt:. No, dram the- Revenues with the Bones herein authorized shall. be 'issu�t� the ;t 1 after issuance of any Bonds herein authorized, except upon r . .th+e and tions and in the manner hereinafter provided: ! Made s"� ` t tc this ,agree ,e�3t and t-.h indenture. :fin ca.lcu- ce Re .cement in connection with the tin the a:i -im Debt es set issuance of the Addy tional. Parity Obligations for the purposes forth in tij and (iii) abv,.le, the Feasibility Consultant may take to on - iderat on the rates in. effect on the date of such eat cu� m car projected rate :iti.oh, but aha11 not j.-,4clude any proposed incree The Issuer and the Company shall enter into an agreement e to he issuer's t le -enting. this Agreement, in farm aoceptaab�.ent b t. the Gc�mpany att�rn�'y and':. �ohd Caunse�: , :providing :for the p� Y- U 'the rr tee of additional sums sufficient: to pay debt service a enses with respe t to such Additional Parity bblicga- avid any,expenseof this t ,. on the same basis as provided in Section. 4 . f�3 providing { regiment with respect to the Bonds herein authorized, p Ag F fc'' oov pants in connection with -the construction of suoh improv+s- F to b e Ended with he proceeds -of such Additional ar ty h: Obiigation and making . all of the covenants herein contraired l cable to such Additional Parity obligations except where different provisions applicable, o such Additional Parity gbliga- o 1 5h li its Tlo adverse effect upon the interest of the holders F of the `Ronde herein a�th.ar. .zed and then outstanding. t Neither the Issuer nor the Company stall be i default in E � 3 asaurned hereunder, erfor-ming any of the covenants and UY�la.gatzon. and alb. ; paymer�ts required herein to have been.- made into the ` rovided hereunder, shall have been. made to 'accounts and finds as p �4t : nhe;full exten required. - () Bonds Na .Adthe ditional Parity Obligations sha3.1 be issued if the Issaance thereof. . shall result in the ateinto f issuancrest. of e ther t�f t0 ntrere:at on which was amended on the d be-,€�x3udb1 f rc►m gross income for federal -income tax purposes is andin. becoming includable in gross income for federal then ou g noo►eaa purposes , `z 5 The Comaar�y and the Issuer shall have delivered all t�} 1 items required by Section 208 of the Indenture. 'yy �j t J . ` 4-8 +� . ��yid♦Lafe'1Ui i�t1�9YPv{ �IIS!#ry7fiiil9 . •� 3 . r rr A � �5 ARTICLE X1 PR OF LIEN OTECTION Lien. On the date hereof, the pio 11, Soction 01 rotectno Agreement, or a financing ny shall Cause the.; Compa -rand the ed, in such manner issue r fil rebating thereto, to be recorded 0 igt&ttment relat me to time, as by law. From time may ,be :required aud-'At such places as ma shall furnish to he Trusteae the company 'requested by t keasonably reqU 4 forth what, if any# setting opinion of Counsel should be taken to Trustee an by the issuer, the Company or Trustee tions ober I of each Bond n or before Oct M such lidn and shall 0 all actions Ares ery opinion of counsel that ar.furnish to the Trustee an Ye h lien. The issuer or the been taken fully to preserve such all further be executed any and A. 'Coitpany. shall execute or cause to 9 may be required Including UCc financing statements a instruments I d by the Trustee for. such or as shall reasonably be requeste b lam. s of the Bondholders, and the Company protection of the interest an -- the Trustee of filing - d atisfactory evidence to nt up shall furnish ents and of every additionah instrumfiling of Suc n of thgreement On re the lie y to preserve principal of and which shall be necessar thereof until, the t Sotate or any part, the'�Trus- nds issued hereunder shall have been paidThr rusts' e interest on the Bo fue n in the execution of any such execute or 301 Tin the filing thereof at shall e or join or additional instrument and file it may be advised place or places as and in such h time or times tu, the lien of this Agreement counsel will preserve A. -opinion of co e an by an part thereof until the afor said Estate or any pa -upon the Trust principal and inte rest shall have been paid. 77771 -4i Section 12.11, fSeverabil.ity Of Pr sio .eta I f any one or more of1the n, agree ter is prov si ns herein contained shall, head contrary to any express pro�i�icns � �� contrary to the po Icy of express law, hCi11 h not expressly prohibited, or z g ns publicpolicy, or shall feJ� any r�ascn {��Iat s+�Ai�`er be - inv id then such covenants agreements gar prow sions skull be yr ll eryeYm1�eyc��} sq�ee"par'�ys++bl`e nu1l and -void +� }f� .o wayaffect �y yand {s yy++�� y �y iiS nt-.i:- as r tents oS. r V �7-r�7. .k. VLJ. #7 and shall wL A# Lvi �d TY Giy i.�..i,. 1� Lr 6r,6i - "+,�t' [c ty an Cif the other prC3V� L�� C��1s `hereC�f , { ,IN, WITNESS ` �7 ', the p rt a hereto have caused this Ag 'e :: .� tM ne it to e E'? cuted in their respective cax-�ac�rate orindividual r , namies- andr t%eorparate seal Of ,;thesssr tc heiereuntoaffixed ► attested y its duly authorized officer all as of the ate first above w �t�n, buy. actually executed and delivered this 18t -- day, ,af June, ' 1993, c � C CITY OF MIAMI, FLORIDA �f By e City Manager r } ATTEST e - 1 5 4 74i S r Clerk BAYS IDE CENTER LIMITED :PARTNERSHIP (SEAL) a� By: Rouse -Miami., Ix�c. , its y sole General Partner t Hy: Its • Vice President ST. e f l € may /^f y }. !.� y� - TT}' a(�� 'q +y'� }- Secretary - 0 } t fi } }} M iffil Pvll s rQ S FLORIDA } F { �tx 4 + OF DAD oft t he d June , � 9 3 , before .me me.persona i y appeared y 1 :' -. ,0 i ,.M�tt I��rai� W1t�1 Whom c�AYt �t'�'�1QY3ally ac.3tain♦♦ hiN - esidenco addreeesare and #..-.whose respectively and Wh.o, .1, pon their several atknt tr101dged the"elves to b .ty Manager and Clerk, r, espe tively . 6 t31e ty ; Miami, Florida, that they as such Y'�I aO Y ♦ e i e ng a t3 r d ® t*odv, executed theforegoing ... _ 5 n 1t or the iur 3Cyee therein contained by signing the name of that they know the seal; of Said., SBtuer, that °txeea bald ingtru:ment is such `cif .e a1 seal that It was ,fed .by order of the Issuer, and that. each of a them signed his r r IN na m etc -by ` like cider. �= „.;;th <,x lei t 'i s WH R C F d have hereunto set my hand-, and official _- lit t_ f, r 4 NOTARY PUBLIC, STATE OF PL09ZDA " i3TI RY 'PUBLIC fill RAL 1. OF OFFICE (NAme of Notate+ Public, Pxint, SwnP or Type as C' iuimW.) 1� 5� Q Personally known to me, 'or ,. 0 Produced identification: �^,fr d'6 �r DID take are oath, or El DID 2+T= take � �t A k � t r r r - �Y # r Y yr Y - 4 y ti:t_ t— y Ni r 4, m On 'y, x _ .�. $XyA`.4'3�i�.:�Yv�:S "'h �._ ., t - .,- ., -, r ,v - ... :. � 1 ,'._Y" .}N •^'�.4'�3: _.r".it�h F.:-'.tiAi'^S'di -OUNTY OP DADE 3 n the day of June 1993 before me personally appeared with wham, I am personally acquainte , ,jrh�e `edence addresses }pM�a%�r}y 3 Jt ¢�yfpy�,. �y�t yy' tau/w��M{ rL((��wyA : yy+�! a4/r+��+ r Y.�bte '1w ive M�`>M!d •i 1 V r upon +FYI!• WYA+it �.V r iT MF Vim _ a kn t t ed thcrose to to_ be and - '. rtepect vel of Rouse -Miami, Inc. the sole en :.. ; PA rtr+ r_ f e t r <i..Inited: -Partner that as such officers-of,:, #Nae,,Gen r p r r 3 e .t g au hor a ,,so to ado, executed the faregoin� n r contained by signingthe name of . a d t6trume-ht for the p�itpose therein �. A } tlt d '. ' a -trier- ship, , that they, know the seal. of sai limited ` ! r; N rtx rghi' that the a ' f'fl e aid is s official: i 4 s s Oe ' that. it. vas so -affixed by order of the General Partner, and that eyl si ned' the-ir names thereto by like order. Yf IN, WITNESS WHEREOF, I have hereunto set my hand and official i 1 seQy}} a t: , I { F f ; . 25 ! NOTARY PUBLIC, STATE OF FLORIDA,; :1tl` k ♦ VM1w f ! i } (Namo of N�ry-;#�u�M1fAstit,'f Typo at:fh3lRti'�) r 34 Person Ily known to me, or 4 0 Produced identification s 0 DID take an oath, or 0 taD Nar ta}C� a Y:_ i 4 TY i - i Z Y v. ins i r. A} , 4 } LEGAL DESCRIPTION GAP.A E PARCEL r o ence at the Northeast oorn r of Block 61 North of the L[a :,g�T the XN.OWLTO MAP OF MIAMI as recorded. in P� at Book �� Page 41 of Records of Jade County Florida; thence run North 89 0 58' 18'° East Publicalong the Easterly prolongation of the Northerly line of Block 61 forth said L. 1�TOWL"i'ON MAP OF MIAMI for a distance of 703.43 feet to a point, thence run South. 00008 11" West for a dastance of 100.40 feet to point of intersection with the Southline of Port Boulevard as recox•ded official Records hook811 at Page 240 of the Public-_ Records of Dodo County Florida; said point being the Point of Beginning f the parcel hereinafter described; thence run South 0000S`ii" Vest for n distance , of `181 .4 00 feet to a point; thence run South 89Q 51' 4g East 'blest j tE int; thence run South 00008 a fora -distance ncc of 3 .83 feet to a p1.1" h for a. distance' of 41.. 50 feet to a. goy nt, 1 X thence run North 89051149" West for a distance'of 23.83 feet to a point; thence run South 00a08' 11" Feet for a distance of 174.50 feet to a pant; thence run South 89 °5V 491T East for a distance 3Y of '23.83 feet to a point; thence run South 00008' il" wept for a distance of .41.50; feet to paint, thence run North 89°511491T West for a f distance of 179.58 feet to a point; thence run South OCt°oS' 11" West 'far a distance of r nn foot- t-n noirit c thence run North 89 ° 51" 49 i° nest fora distance of 157. feet to a point of intersect with a line 210 feet Y Easterly of and parallel with the City Monument line ofBiscayne Houlevar+d (North) j' thence run North 16,o51' 29" West along: said line pita.l,lel with the City Monument: line for a distance cif 33-8.5£ feat try a 3.nt; thence run North 12057,137 " West for a .distance of 7. 35Fl-feet to a paint intersection with the South line of said Port 13ou.levyard;' thence .of rUn ' North 3 9 0 01,19 " East along the South line "cif said Part Boulevardfor. d+ :s/tanoe 'S s 4 to a�j poi.ntof cu.rvatA�uret^'- of concavefire 4t t �a},��ourve} y�^�f �et�`}- .. h�i.+41€�ti radius of .M feet.- thence Northea i e.l.� and easterly. }a'� heir having . it Wuth al?il said curve through. a central angle of 50°56' S9" for an arc s r distance of 193.85 feet to a paint of tangency; thence cont3 nun alcn - the o th line of said Post Soul, c and North 89� c' 5 8 � 18 � fast . for a > f distance of 203.501 feet to the Point of Beginning, containing' 3.7772 Acres moreor less t j - ,. s i'higti[.•RtTi#W\tYhNvl.MiYfid f(i4"t - f Y -��'�;~ .. � ...... ... ) S }S. .... .. ... .. er ., _ _ ...v .... _......� . . ._ .. .. .. .._.. .. ..... _,. . .. .. ... .. ..�.. ..._. _ ... a e.._y +... x ... S 1 � `"Y ill � . : � . I I I 0 . * . .e ?� . � governed y t P- . w Ofhe State t 1-br- 1 t why c , "ors ghal. e applicable i the �:nter,pret � ion, �� - _ p m AV -is .,' .,. =- "t't t - .. `,�+v.� ene �: -. ' .. i" F F ( 1. - 11 -' - By s- I'{ }4 k.7 - t I 4 5F `� s 4 ;: I :, 1. .. , . .' ,' _ L :.. -- ._ .._ . 1. '. - -. ... -. - .. - _ - - , 1 _' _ 'v ' _ _ i _ J3 .. :'I %Vv,:. L fl s M _ Y i r� f £ .. 4 r G§ _, .. _ -• - , '. > - �{ ,�� , . .., �. ' , -,� _ k — .. 1 . �. y! :-A 10�1 :> i 5f;, x: a., :S'� kN i } 'I-, 1t `^ ,. ,• F i 'f .. y 3 �i izly' L 5 ry.,'. 3 tI, 1 4, I z '�; tt r x; a h ihk. Tf - ,,r^ t - :. } 1 F� ¢�` t I - - - in J. r yKS �' ks. ', e - _ _ .. 1 ''L fix, TJ _ S ts# 1t7 4 t r: . f L, `+'n t d k.Sy 4 } $: -. - .• Nry+ FW. tiff '; r 'st ht Y Fp Lt F F I tT a,k } ,. .• '.. I :' �r -, : _ x k-'i t�y�� Sj�c- F - Y a F +t� �•; s f at![e;�yy�y •!K. I' �G7 "4 4T TTA,iw^ti•nT"!. i..^. �k",'ini{ .i'f� ,"i 't A " :a Y i.. iY:S$ .1. 3 t f t -: y t`T t5E a 4 7777777 seq.in such securi is created for the ben6fit of the Ttiastee , and rop4rchas, has a te rm of I 80 days or 16, Ahd the :.:TMste0 or the Agent will value the �tly 11a lei Alsecurit es. no less ftequen than awin q idate the U - collateral securities Weekly td if any, deticiency, In the rectuired collateral per.. .cen d within two business days of Sudh Va ua and 0 .ties relation, t v-'lue f the recur 1 the"I ir:�MAtke a e.. a t f.the rdpurc haze, obligationtinclUd- to:tbe amoun, o Interet a �t , is equal to least rincipa'l :and i ing p 1A, iA IS rZ5 �41 1,* t Ql� gk NO R ..... EA . I 3 ��r�1. - ,, - - - I . # I . 11 3 �. vftLF - � 1. �Nl�� ) Y - ie.. ^'_xs r YL - r - _ - :. , F ¢ t �i'lir, i Tom. .. a t �r; _ 55N•• F .. - 4 t3 Y:)' a3;b {. I" 'I Ty.- =yyi22�yyII - �a , n 5 hl 1�#'} - } .1 �3F ii_ 3 - - - 't_ - 'af'M4.'tC� t _ p N' ".. . y } - =M J '� �` fj 41 �1 Vim.: �t_ 'yLYiTi „� ,' .1�. +tyq� 4 i �. i� ..' +fit�yy++��gq�j�yy�! �y �+�i�kriJr�JI.iu�rf. f �� s 1. v -ili �, .'��,�:,�__4,'�,,,_ _Lt _.� _ : , ,� i- I , .� - _. 1. � I -1 I I � I I . I , � --li; �tif 1. : _ r - i e': �.Si) R S j 1 T} �,Yt i t _ f 1. .. 3 Y, ..� ,. .,_ . i `.,w t tY4 f , - _ - t r SF } _ P J'h�' id c IF �,. § ram" ) ' rt r t + k �j k. i 0 Y „4 ! 5.i } y ...t. i L ,Y )i _ . ,_ n - Y h Y ". ,t �� 1.' F R y, l ',cr r, r 1 45 4 sf :`. i'. :'t'{+4... ,... . ,., �,: , c _ -. ,- r I - , ' `.r .�-.. L..f"-7.4 i��i ,-'�... i . ,.... ,�.'f � any .an 4 32 h �. attached. hereto, a ysgw qM�f y/� ^ be dscr�d IPRIR®f� the pity and.. the of pant' have entered into this �- reeMtnt with the so mu.taneousy with the delivery of - that the procedure �'e u�.red A.the -- Ref ndin nd :n t r 4 to ensure,,that tion ' of the Refunded Bonds will x`edeipbe the pa en, ' fled in eon iderati.on of the foregoing and the i the . tual�ein'set forth and in order to secure redemption premium, any, 'payment principal :arid' .if ` Reurxded ,fonds according tot ear tenor �� interest on ail of the fe ' the' pity hd the Company do by these presents hereby grant, alien, rr {. six demise, release, convey, assign, transfer, pledge, Escrow Agent and to its successors Set over and 'confirm, unto the and to -3,t and its assigns forever, all .n th e trust hereby crenated, and s the property' hereinafter described, to wit: - .ngular - r DIVISION I' All, right, title and interest in and to derived from the proceeds of -= ed With thescro Agent and deposit deposited with the Escrow the, efuxdng fonds and $ ved from funds head under the Prior Indenture,, in j h Y on . d ex issuance and. delivery of the Refunding Bonds and Y each case upom e recut on of and delivery of this Agreement . DrVISIo II x3 - AAllr�.g`ht , title and interest in and to the Federal_ Securities_ hereof, R R +described n hedule `attached hereto and made a wart ;= together with the income and earnings thereon. DIVISION III ?a 'Any and all other property of every kind. and nature from time kind, cony yed, _ n }ssi b deliveryor by writing of any to; t �e hereof ter, y_ and for adc.tional security i pledged, signed or transferred as : its behalf to the Escrow a hereunder by the company or by anyone on Age 't t©r the benef it of the Refunded Bonds. DIVISION ISM Al.l property rich is by the express provisions of this Agree ad xti.�anal ;.- iced. to be Subject to the pledge h.e ?of and any mexxt rem by debi.'ry ' oi" by y■�{y�/�.r�hereafter,, ��y{�yr J('� tiMT�i4�. s = •': - �/�) J�wYyi�ry' f r 6m tMv,�� a to property, that may, of ''any kind by the Company or, by anyone; in its beha f , b k- - r - writing sib ect to the pledge hereof , �� :• , r ne+i+tlk�Af�a�.�srsri�la� - ra� ,.:" Ljt._t't ;k£.'v��1S.E'.k3C1.#�i.b _ g the Trust sta�.e (as �� x.�r is, here by the ina.fter de'flned) ., including all additional property _h subs eat to the encumbrances of this terms he eof has or may become tale E --tow agent and its successors and assigns, t re l'ttent, unto - tri s howe ert for the bewe fit a:nd security of the per vet owners of - sons mho.► under the Pr. br Indenture deemed to he the of, redemption premium, the in, if the efu ded ends but Pr d Bonds �sha.l l be f �1l �.y and sly. the -Refunded nde any, and interest on • " t .pal.d n due whether at tur'ity or upon the redemption this Agreement tI` ere6f �.n aoc`ordance with the terms thereof t them no, further force and of f ect � of se �- shall terminate and he Of I remain � tul �. force and effect and upon the trusts .� the same shal .n and suh' ect to `einafter set forth. the covenants and conditions her - a ... ARTICLE DEFINITIONS , In addition. to words and Leis eotson.. fl�iQ�• followin elsewhere defined in this Agreement, the meanworin s�, unless in this agreement shell have the following � as ,used- om other meaning is plainly intended* rX .r `ede al Securities" shale. mean direct obligations ations of R or s r } i' . L«1.d 7e8 t "1 t.i.Tti 3a iilent o irint'ipal of and interest on = which are,guaranteed y� the United. States of America. - "Trust estate", 'trust estate" orpleded property" shall described or referred to rieo erty r�.ghts and and mean t p - r} under ' vis ions and 3V , above. -� ' Words of the Masculine gender shall be deemed and construed -to include correlative words Of the feminine and. np?11ter genders. numb shell include �:nelura.` nor `Wt�rds importing the singular axles the context shall otherwise 'indicate. and vice versa " ersCiii'� shall. include corpora � aSSt7ciat1.o�23, natural := ,N or ersc ns and pufalic bodies unless the, context shall` otYiex�ise person shall - indicate. Reference r to a person other than a natura3. Jnc lude Its successors, � t _i� I►# ' I ST LI � Op ESCROW DEPO IT .TRUST i r- - FLOW or YMS, w J. JLT Sedt, ion 2.01 �Tru Thete is hereby created anal e t ]� a led.. a .tk f= le trust the scro r Agent, .a special and irrevocabfind deed gx atecl "Escrow -.t Crust ' Fund " � t� = the �a row deposit Trust Fund (the Depos , or w agent axed accounted - f'separate and, impart Y . be held by the sort fro a-�� other funds of the i ty � -tie +G'oiclpany, the prior TruSteer fi - tee and the�Scria�v Aq# ent w 3 L �. 7n- i iga ,. `c'' .r mz _ '�` ,ivu��vr .._... Aq ,.-.. r: •, l f 1i tier - r ... i � mue r gre��ent the Cit > c with the d" ' €�c�n�:ureni�� - thrr �sgh the Coznpa,n , herewith causes to be deposited with the Escrow .gent and. the Escrow Agent acknowledges receipt o� immediatelyava.i.lable moneys for deposit in the Escrow Deposit Trust. Fund in the amount Of cons sty ng of r derived f roin of proceeds of the Refuiing Bonds and- - fund previ:o►.sly' held under the Prior Indenture, which, when tweeted in Federal Securities (as directed herein) , will provide i the moneys uffieiexxt {wi.thout further reinvestment) to pad principal of and redemption premium, if any and interest on the payable, whether at Refunded Bonds when clue and maturity or upon the redemption thereof , as more .particularly described. in Section �46 hereof and fiche ule attached hereto and made a part hereof. Section 2.2. r B The Company hereby determines nes and. represents that theRefunding Bond proceeds receiued b the Escrow Agent will. be sufficient to purchase $ par am ount of Federal Securities, all as listed in attached hereto and made a part hereof, which will mature in prin i l amounts and Lain income at such tines, all, as describaed a c p so=that. sufficient moneys will be available to p y► the same : ma.ture . or are redeemed and be -come due, all principal of, redept'ion premium, if any, and interest on the Refunded 'F accordance with Section 2.06 hereof and �:� �'.� attached hereto. tandin the foregoing, if the amounts in the Escrow Deposit otw the 3 Trust Fund .are insufficient to make said payments of principal, -- red Lion.premiums and interest, the Company shall deposit definticiency z p the Escrow Deposit Trust Fund the amount of any de �e Y imm diatel y. upon notice from the Escrow Agent. { •�voc bl Cre to . Except as provided F S€:ctlon. 2.03. 1�....�.-�- in Sections .t 5, 2 06 2.07 and 2 t?8 of this Agreement, ��' deposit of moneys and Federal Securities or other property - Lx in the Escrow Deposit Trust Fund shall constitute an hereunder ix`revocalale deposit of said moneys and Federal Securities and other 'Hereunder for the :benefit of the holders of the Refunded property holders of the Refunded Bonds shall, subject to the Bonds The=- provisions' - of thin ,agreement, have an express lien on all moneys and principal of. and earnings €gin the Federal Securities and other property in the Es. Deposit Trust Fund. The moneys deposited in the Escrow ' Deposit Trust Fund and the maltured principal of the. Federal Securities and other property hereunder and the interest - thereon shall be. held in trust by the Escrow Agent, and. shall- lied to the pa went of the principal of and redemption premium, PP =_ if any, and interest on the Refunded Bonds a8 the same: became due andpayable, whether at maturity or upon the redemption thereof, as more speczf icall r set earth in Section -2.46 hereof and .��' hereto. r.- dgrAl -Sp The., Escrow of EQ Section 2.04. plarcha Agent is hereby directed to purchase the Federal. Securities listed on the date of issuance of the Refunding Bonds. The ' ?I yrd y� 0 gerat s.� ,d. - L. .t.. +4s h e the Federal �? 4:= 5..i. J1. ,4.: � L. L� f::" �3 �`..f .1:.. 'ti >�., � � �. i.�a.5 s �.a � .Y. �' Escrow eposit '�° .:,�st. F�..�nd as provided in W111- is ne s depo ted in the hereof The Escrow A en shah apply tY e moneys ectlon t e into the . L s row eposit Trust Fund and the Federal. Secur- deos q yns earn =- , o e or R all income ewdbf together with purchased. they the hereof a The Escrow h r c i o orc sn e w .th provisions held here - have no power or dut y" to invest any moneyss — g eat shall heal. here Y�j y e isuf sat tutions of the�n�'+e�de�yray�l Securities �+y Federal po1'7 rw. of thT".r �.f+ d id tIMF he w.iase under wry to �lsell,,, _ -- idi under....3.: to. �u .d..J 'Err nsf 4d held hereunder except as provided in this Agreement. - ga urit.es - f Section 2o � �- If so directed by theampany` at any time during the term of of the the - _ - this Agreement � with the prior written conse _pity, receipt. o� the opinion! and verification Agent shall, upon ecrwbelow,sell, transfer, by 1} and (2 } respectively, reu red all exchangeor otherwise dispose of , or, request the redemption Escrow held...- in the 5 yj r a; p�arta�c�n of the Federal Securities then,_ 'gust fund_ and shall. substitute for such Federal Securities -- �- i t by the Company', and acquired Dppa designated Federal Securities,_ .hex e, trans y the Escrow ;gent ,with the proceeds derived from Chanehe l Qf, ,eu�h- g for, d ,spbs tion or redemption of or by the exc held in the Escrow Deposit `rust Funds _- Federal, Securities Prior, to any substitution transaction described in the preceding -paragraph: f an opinion �1} The Escrow Agent shall have in field xele �n the -_ �- nationally recognized counsel. municipal. h substitution ting bonds stating that suc to ill not'adversely affect the exclusion from gross in©me w. the w Dees of interest on for Federal income tax, purp Refunding Bonds and is not incon- -- Refunded Bands or the >z istent w.th'the statutes and regulations applicable to { the Refunded 'Bonds and the Refunding Bonds; and ( } the Escrow Agent shall have rece.ivec�. verification from an stating that the independent certified Public accountant the, substituted Federal principal of and interest on p Securities, together with any. Federal Securities end ,a �- - st ted = dollar amount of Cash remaining in the ,Escrow any, be sufficient without } fie bait Trust Fund, if will P when die the remaining principal of to pay x� ...- reinvestment,, • interest can the -Ref unded redemption ion prem. s� � are ,and p p . } Bonds as set f crth inc a ul.e � hereof . of such opinion and v rif:idation shall be addressed to tie Copyenure to which Bond Insurer - (as defined in the Trust end pursuant being issued) and f urnished to the Bond t _ .the Re fundin Bonds are co at poraneously with their being -furnished to the Escrow - n ux'er Agent, s t' 1 ! J h� C . . _ _.. .. : ... t . .. s _ r . . .. .. _.:_ .. .. .. .. . ..,., ..n . .. .. .. 1x- .... [ VV 7 A i L• S . __- r ...-: ... �.. F. .. .-.. _... _ - m.. �. bxR�`3L ..,=.,;;a-, .,�«am�nu.. tip,,.... _�.,.,,.��. .... .. _,__„ �. �. �$ � � ;� ,: i y F 1 ,, � , ,;,,:y- , , , , , � : . ! , � - � , I I I I I � 0 � . , 1, .�i -, , � : :-- �, ", 1 , - , � �, I 1 � 11 I I I I - � . � I �- i 1 1 1 1 . , ... . SDI �- - - - iR _ yj _ -. frr ' s- S :: .. - - �' rfr 3 '. .s, _ , ltp�, - .1.. s :y jn .yam+: ` `3�y + - } IWa'�e"�r+$S' +i�j �7 a BRAaiw l I f� iEr7h4ri�i +7F�-i�:a.3..ffiE } 1. .y . I I '. as I�Gyt rAi��! ki # it ., .-. + t/, j4Yly� .,. i i V 9 5 jyl�} 32Y OOO is S . so //'y� �y flit v ., - _ -4 `.' a u.� 9 r±+ .MR�j �—T i JE{{.w �R'M�+i►r.{�j 1�M [j1�1 (�1{j ' V , f Y �r(. .. b/^�L I. M jlVgJ� {V\ (�� {/M�� /df�aylo�'�V{ �J0.�Tj {jam) �� 014 4. 1,. p .Q v1 - .. .i :. c9+ f - x 1 , i t le^ l i ' '��}iY - f .. - _ i k . r _ .- d , •i. - 'f 6; t - - x N ' ,y ' x .S ' - _ } w T S'1v 6�'', " i 'D t x I'll'y'` ry `3: 5h..11 t - t L ' R{' t s a is RW A i - 3 i 5 t- "�s Y V "h '1 �"F + i �"'tkf T J �, e rb1 ��r 1 l .'Ty S ,j ,& t ?.. .. t. J iV hK ,t y� i i. V, �x -. Y r h t � - t _ £.t y,5 -A 1 t . F s f k' 4 �ntiN r t" 4 &,4, i - i { Y, - to f - 4t R' l ` 5 !' f i ,4-, r - l .. g 4 ,li .. r f ¢_ 4 J i 1 F t:c5�'z n F 1 t N% Z t-, .. ,� i i f 4i tee+ ... S{}}� xtom'= '� f qTk' - f .( Y fit 1. ff , ;. r } ti t, - Y � q 5 ifi�*'�s# �t3i {. . .� 5 r }.W{yl[.� it. �b a s " ON — yv� J Y S "'-Sy 4� pb`ry� i t sTr IS ME I i �} Y, r y �T t t s 3 3 ii f v s 'NIS g r r i a` k '• _ ii F At Y ;VAM FOUR f. } tr t- > j it z , i Mil f 5S5�T t 5 Ulm�5. tt iT Y a �Cz f e a i mum ti ygi�rt Ar Y �] p5 t 5 �! 5' ' ;ywa itself and the other several Underwr°it t Purchase Agreement and that the Manager s authorized to execute this t rid, Purchase g�eeMent an d to teany t er actions which y be required' ihtreby . on behalf of the ax�ar�ef anma d the other subs ect t r the terms and conditions and upon the 'es tl�o repr`ent tins r` warranties and crenants hereinafter } s t.. or h, the Underwriters, ointly and severally, h re agree to z ur haso from the City, and the City hereby agrees to Sell to the :.. , ` Tnder .tern, all. {but no t �.ess ,than all of the Ca ty s $�.6, 0fls, Qf39 F aggr'�ate 'Principal amount of Induet.rialevelc+ex�t'een�xe r artnership f d n ..Bonds, Series �19;93 (Ba side Cemteac Limited,Partnership F Pr ct) ( the ''Tax -Exempt Bonds,,.) an $74t3, {�CiO Tndustr�.a�. r Taxable series 1993 (Bays�.de az T m nt Revere e .efur d .n Bonds, , ent � ited Partnership Project) (the "Taxable Ho��" 'Ca..'G.'Ve jt the ni.C3TiS") , dated tLit' 1 r r� the kr 'plus accrued interest on ,aggrega, e purchase price of $ F Clasin theres 1993 Bands from June 1, 993, to the 9 Date heiiafto defined) (the "Purchase Prue") ` (b} The series 1993 Bonds shall beas described in a esoll�taon, f the city commission of the City duly adapted on �y } k 99 s amended and pup lemen dx fixing. -certain a the terms ndetrix�c' certain other details in c3.uding conditions .to the award of the Series ]993 Band, ; Underwtiters the "Bondsto the . and, ,-in the case of the Tax -Exempt BC�nc�s, as described .n the off cial statement (hereafter defined) and, in the case:.; cif e ``aabe Bonds, as described in the offering 'Memorandum (h+aa:ter defined) The Preliminary official . sta ement . of the 1993 in6luding s i relating ng �a the `aac - Exempt Bonds-, .,.► r s s the.. cover page and appendices 'there ty ,; .and any a�ner�c3ments ''Or em+�nt thereto - a�, thor zed for,, �tse w .threspect-tc� ' the a xem t' Bands (the y tem nt j attached. er�:tc Prel�.�ninar Official lc a" $ . t B as am ended to delete the preliminary, minary, � az�gu�+�e � ' reflect the date of 'th ,s Bond Purchase: A.greeth t and aw, fur,at , ' r . e d c t reflect the xr�aturities, interest ra.tes,: reden th isions and reoffering terms of the Ta'x-Exempt .Bonds and . such: addit i Qna� changes and , amendments' as shall be appprov roved �y tie n er. i here x�af ter .referred to an the ,,Official tat+ Rent • 4 Prel r��zna y L .mit'ed Of fer g Ntemv andum the pity relating thy;` a al:ile ends, dated ._, .,..1993 includ x� the �av ., , t i�ente thelreto end he a endicee thereto. and any. a endmer t �r s pp 'authorize d - frr use with respect to the Taxable ��rids �� * ,Preliminary offering fi�emarandum" attached heretoa,s B�hih�t.�, .md to de.ete the preliminary Language, reflect the date �f 2 (Lq.oFaPPz�-i -f TheCj,ty herebckjo., I edges ]MEOWE f -Ile Ma.naqer in ti, s., L. - - ,Ie Ttount of receipt of a corporate check o ()o the "t)eposit") as security for the performance by the -0 Unddruftiters of > their obligation to accept and Day for the Series visions of this dance with the pro 1953::'g n.da at the Cilosing in accor ibhd-VurCh-ase Except as set forth below, the City shall ' po It unca-the-d if the -city does not accept this returned to the Deposit shall be immediately Of to- r the sderwriterS. 'In the even :of the City's failure to deliver the 6r es.,1993 Bonds at the Closing; or it the City shall. be unable at r, ior to the Closing tO satisfy the conditions to the pr oI iggations of the Underwriters contained he rein, or if theb tions ofthe'Underwriters shall be terminated for any reason : the Deposit shall be itted�by this' urchase Agreement, 9 Bond P p ent by the itmediatehly returned to the Underwriters. Upon paym return the the City shall retu thiderwriters Of the Purchase price, t) O"t to the Manager uncashed. if the Underwriters fail (other ep sl and pay for the reason permitted hereunder) to accept t'hgn for a re 4 Seri 1993 Bonds upon tender thereof by the city at the es retained by the be cashed and herein provided, the Dep osit shall as for fu 11,liquidated damages for such failure and for City and and a 13. defaults hereunder on the part of the Underwriters, and nT full release and V the rLite i nt*on of such funds shall constitute a h failure and rights and damages for such g of all claims, 4ischat e :.for ,-any and` alb :such defaults. (a) Before 2:00 p.M., prdvailing Eastern or later 1993, or at such other time or on such earlier on -June the ly agreed upon by the City, shall have been mutual date as be the City will deliver, or cause company and the Managers# definitive Bonds, in delivered, to the Manage rs', the Series 1993 Bo City,s behalf, together with the other o3:�mdulexecuted onthe -,,, y , behalf of the h mentioned; and the Manager on documents ereinafter e Underwriterst will accept such- delivery and pa y the.Purchase Pric a in immediately available, funds payment s,�..set forth in Section b shall e. -f or, and delivery of the Series 1993 Bond s as aforesaid of Greenberg, Traurig, Hoffman, Lipoffo Rosen made at the offi6es Quentel, P.A. in Miami, Florida or at such other location as - Such _Shall: be agreed", upon, between the City and the, Manager. 0 "herein called the oClosing" and the date f Vmenv 'and dell.very s rein the Clos,:ing is herein, -a lled the ,Closing Dat e The Series �.1993 onds in denominatioas B s- wi 11 be delivered as fully:registered bonds by the `and if requested thereof, of $50000 and integral multiples there be registered in such names as S hall be designAted Manager, shall by-the'-Manager�td the printer of the Bonds'at least'five buSi J" and �will be made��available:to tile ftys:prior to the Closing Date day than one business 'Manager for checking and pa ckaqin g not'less to -the Closing atplace designated by the Manager .prior .a b) if the City is unable to deliver the Series 1993 , . m and delivers Series 199onds 3. B e Bonds in definitivfor the City shall temporary orm at Closing (the "Temporary Bonds"), f N TW?M` u ing to such transactions, ` t n a t 1 t T h 9 duly authorized or ratified M the adOption of the Bond �esc�lution and the execution, delivery and performan e of this Band ;purchase Agreement, the Agreements and the Series 1593 Bohd (ii) the distribution of the Disclosure, and ' (31 .' the taking Cif any ,a d alb , ,tech action as ,may be required on t ive effect to and consunmte garr the part3 tG^'"lt to cy but r 3 the 't i saction: contemplated b� the.af o� e�ald instruments, and .:t "befcare the Closing execute the Agreements, Ce the Band Resol.ution, this Bond Purchase Agreement +� ys�'�``j� ¢� +� y��+�y the4+W .�.rs _y^�y }y+#. �,y j+� - yry. �y }�' �y ('+� anddelivered and the Ag:L. C�sl{.#Tr i4+A• s f when exec 1yGW6 x..i: i,l �+i.�vCw .M �.a d•- b .�"r parties : thereto. eto will, constitute ` the legal valid and binding obligation cif the 'City.. entor eable in accordance with their t.�erms, except as the of rc ment thereof may be limited by bankruptcy, insolvency, c rs 'Ora.um orc►ther laws affecting creditors, rights generally;v tf):" the City has complied, and will at the Closing be in ddmpl i.ance , In all respects with the Bond Resolution; (g) the Preliminary Disclosure has been deemed "final." # 'by t he i fQr purposes of. the Rule and. as of this date, the y kr Discl�3 ure I deemed "final" by the City for purposes of such Rule. (h) when delivered to and paid for by the Underwr3.ters Closing." accordance with the provisions of this Band } .he tr as Agreement, the Series 9 Bonds will be duly a thar. d0 execute issued and delivered and will constitute legal,' valid and } isnding " ob�.igata.c�ns of he Cit . enforceable xn �ccor�snce With `as".`* th."r terns axed the "terms cif the Bond Res©luticn,.xcet Ohforcement thereof may be limited by bankruptcy, insalveiicy, } mn xtrac Jum or ether laws affecting cred.itcars' rights generally; L, r y apt the Closing, all a provalb, consen an orde"��> caf` •and, "filings w .th any governmental. authc��.t or agsncy which wt�uld cons it a..ccnditaon p decedent to the issuans+sf tie" Bands - Zig" or the executi on and del ivery of or the performance by the City of its" obi. -g :-i.can under this Band Purchase Agreement, the A.greeme , `= ie erie�. 1.993 Bond s or, the Band : Resolution w? ll have �eeri ,fit eci or made and any consents, approvals and carders so -re oei.vo:d t ins so made will be in: full force and effect, 'provided � iTt W' '�, � hat no representation, is: made concerning compl �.an'e with the ,federal securities -laws or the securities or Blue Sky laws of : he ` arious states; _ ., —x { j the adoption and performance by the city of `the Bgnd Resolut�;on and the authorization, execution deliver '.mod iiee. o� this Band Purchase. Agreement ' the ,�ea� es. 1�� o�e��►� . tie:`" t ei�te is and any Other agteer�tent or instr Bent to: v+t4 )i t e C.ty i a party, . used car contemplated far use in cns�ioa"' 7 s. f} F k }>� �. �:..� .r �• ..• llo v, �i; `x.,. _.,..... .. :iY:, ., .. _ ... •... ... .... .. .. ,- , .- ,.. ..ac ..7 s:. _...W. ,. 141 s . :.1.: `: f l " 1. w ' other documents of ' errianc€" f �w.j� Company a deed ' r�I st, .ease, nC tel Or MEW t under any indentare t mortgage, o er nst merit ob 4g ti n t h i ch the Company is a party or which the.Company r any of its propert�r is bound, or ender and lbw, 'u reg .ati n ` or an dg nt, order or decree to which n is subj ect or y which any ref its property �.� bound the p ;_ The Obligations of the UndP a. y*. ry..w ?� may+ ; g }y yw �y �}Y to the �y �y performance �r �y i .4A.' L3A«i.k.33t{. u'fhCitY al L b Efu 1.itt#.G+,:.. fwh�irh• - t obligations be performed hereunder at car pr C,3r LU } Of Cosnga,theaccuracy of and compliance with the representa- t.o e werr nt.ies and covenants of the �i:tlr aril the Company herhas i z eech case as of the time of de' livery of this Bored Purchase reetnert and as of the Closing,and are also subj ect in the scrtan cif, the i�ianagr, to the follawing father. conditions._ { a} at the closing, ( i } the Bond Resolution shal.l, be in full fb`+�e and and shall not hate been amended, modified t�7r - sa:emeted, excepts may have been agreed to in wx•ting key the t p -_ {l4 Manager,. and the City shall have executed and there shall be in f l force and effect such add' agreements, and there shall s hive .hewn taken n connection +therewith and in Ct�rineCtiQ with the , ... suente of the Series 1.993 Bonds all suchaction as shall, in the .....;n`en of dine Jacobs Schwartz Nash and l�anul Aloriso-- ("Bond Counsel n) , or Greenberg, Traux`ig, t ffmaxr, Miami, Florida Rosen Quentel I P.A. Or ,��.pl n, Hardaway, 2r herein f ter ref erred to collectively as "Underwriters* Co�xnsel � } " coax s l to `the underwriters - be _necessary in connect ara with .the Ser �.n:s�c�.�.c+ne cantempl�ted hereby, +e=ies 1993 Bonds shall (ii } the �- - he been dui. authorized, executed and:delitiaered, ��ii. the FCX t ice .t s r shall not have been amended, ��di� ed ar pup le�ent�d� r except s may have been agreed to in writ.ine key the Manager, and a i�r , the G.t and the Company shall perform' car have performed alb. .:.ts `obligations under. or -specified in` this Bond Furch . 3e r gree Lunt and the Agreements to be performed at or prar to the closing' (b� at the closing,# the. Underwri.ter's shall receive the T City Attorney, dated the r opinion, of A. Quinn Jones, ITI, ESq. y �>< Cljos rig Date, ` �n subst+�.rlt al�. +` the or attached hereto a4 Exhibit E` c}: at the Clos rig the Underwriters shall. receive the t un alifiec aarcring rapin3. on of Bond Cnsel, dated the f ink :Closing' -Date, IMP - Most ME in ubstantially the form attached as Appendix es the Official Statement; r the Underwriters shall receive a -_ W. at the Closing, < sir lemental opinion of Bond Counsel, dated the - Closing date, in - ...:.,,-; �f n fnrm attached hereto asxh.a.t', rl _L � 4 a- W.'3i5'+d32R'�s'P:i3j.5�S"�ii`:R,^,T-Sri?-.?�-'Fs"wvi`.`S£::•;., il,:*44. ......._F ,..... 11 • within the Stat sona le -)p� nion o the Manager, materially affects she market for :. .- the g3 Bonds sale, the contetti�'►late d offering Prices, by the Underwriters of the Serles 1993 Bands to be purchased by th6tt or { any amendment to- the Disclosure is proposed -by the d ." dt�' ear de e e�3y�yrn}ecO_t+ ary by' u`n8e.{l, or° Counsel ta�yie� �+t� yry�c� «�t�+� .ter "•sari. .k.S L.i .ir.ii4�.�'i111r 7n:+ e4a i+Vi i J.ArV- {YMa+�' .6$� the t r+ asa nabl.e clainl6h of the Manager, maternally affects the market �- ` t} a r.the series 1993 Bbndo cr the sale, at the contemplated offer'ang y rit , ?y the Underwriter', �?f the _fonds to �e pLrGhased by t�'1�'ii4F - (d) any fact shall exist or- any event sha.l.l, have ' o u red which, in the reasonable opinion of the Manager, makes: the i n the 'fc r c as r r3 gi.nall.y approved by the City, contain -closure, am untrue stat,6ment of a material fact or omit . to state a material fact necessary in order to make the statements, made therein, in the �z light the circumstances nstances ti ` nder which they were made, not znsl:eadi:ng¢ or - _ ' { e there ' :shall have occurred any outbreak or escala-. L on cA -'hosti. iti.es or any nat.ir�nal or` international calamity or A cr :0is ; financial: or otbervise,, including a general. suspension :cif. t al on an ' . any national s�curitios exchange, which,L in the e sInab .e' tapir ion of the Manager, materially adversely affects the rl et. °f•br he eries : 993 fonds or the sale, at the contemplated afferix g' pr oes, by the Underwriters of the` -Series 1993 Bonds' to be — - • y them; ar urc Zase'' .b leisation shall be enacted or, any actiorx shall be �yf7i teen by, off` on behalf of the Securities and exchange Ct�m�niseiQn - n" the. reasonable opinion of Counsel to the Underwri,terO' _ { ° : the c�x�a/t�/e{mplated ,d(��i�as�tril ut . „ the: of}}�p r�ae�Mclua�r# n �- y}t�p{he(*�effect V1n pyf� �9 to e.. ri T+' K+,�+ 151 a the Vfir lemur •� �7 '.::f aI�V YI•: f : 1 rf .. .. R�, th 4— " +de tiire is be-qua.li.fied. under the Trust. Indenture'' ,act of 1939� or any.,, ; l'A .azlal.c�gou thereto relating to goverruneantal bodies, and — E ' compliance therewith cannot. be accomplished prior to the Closing; orr- tg} a general banking moratorium shall have been jr' +declarer3 by, the Unit d Mates, New York or Florida authorities, nk� ' ie .icb i.n the reasonable opinion; cif the Manager, materially adversiely af fects the market for the.Series 1993 Banda or the sa" la at the contemplated offering prices, blr the `Underwriters of the #k series 1.9'93 So €ls to be `purchased by them; or 1€A x •;, '.:7,iy national securities e+l'lf,ce,. .or any goY i�y,si�E�« ::`.• ,t 24.-� xi ental author�.ty, shall. impose, as to the Series 1993 Bond or ` f r 'Obligations of the general,giEineral, character. of. the Series 1993 ands, any rk n teri.al restrictions not.now �a force,'' increase ma all y ;A 16 3 �. wit ; , i yJ)`iy)'. k Y ` 9.�'�,.i_ ,.."t+:.. wi " .:. . . - . .:. ,. r, -_: .. .. .. s .- ., . .. e . .M1'ic �,a. ✓i x. ..uFa3J�l;iSrt �1tC. Cl Accepted cEirst above written OF MIAMI , �°LO1� �� t MUNICIPAL 'CORPORATION r t N AMON 1 l�TY1,1,3 y CESAR ObfO + CITY LITrM. I F ie C LtRX t APPROVED AS TO f {p FORM 1� RREC' E�� ; 7 jy �f1 PARE APPROVED Y i fi j'1 r L.i S�i�6M �wit�i, CITY ATTO RXBY ri.4 eL c d L i E 34 ry I�ltl Z'i ANT 5 r 4�7 v " van YfsS ( �: tY V r ? a " i " r C 0 TDIT A o ated Xnco'rp r tu Ag �01 , oll- im rb <3f MMORANDUM z Cd ; •TS ��Z>w7nl ,,. 3 x ^f AIN { 5 1 ITT UK S , soon R� Q tit low 1 Skid r g j•g4 3iie 3.L r �. lfi f Y fi 4i 4 ! S iy ti SI i f ib 4 l - byp Kill,4 01 r y'`alw•l wo-1 'AAW 1 IF solo i 4 x 1 i-,ygry i {;xk ar< r:v 4 gp Y 1 I OR sit toot 4 � •'�.�5 7� t 1y �s b! r a, �o � 1,�! 3 3 MR OAKf 41, •� { ,�.,g �4 r tti . ,. !_ .. ,_ .. , - ... +I i. cu. +'. 1 3 . ui �� }J `a` - - ttrt , Y :, • - • ._ - J - .. J ou ;' 4. i l Yl� 0, � i t "�.C�� , 4 z .:. x. i ?. truly yours, Y — �,, ' .,, .. _ Ba . a � a _ '�+� yy++ w w 9 {} " .': ,: r . - is 3 1 ` �{. ;?rj } '. - t� d S t - .. E ,�`r` t% �? " - _ . .r ,& .: h�" 1, r Y$ 3 r ` , a }', 3"ie . t$ { k,M - ; n Y , i �1 t - ,k : 1 it ,+ht- }.? 1 T r r t� �a n n 3 e' Ya {2. i i j,, 2 `S k - .- .. t ; Y 4. t n pt �ll (1 t' �Y EF 1 i Svc '11 r . g 2%{L } k' f - f - 5 i , '. : .,:. .., , . :: ei �A L ` r r • i :1 t s 4 i r i' , aYt p 1 pie r r ti ' t�TAy fft �, 1. i 2 Ifi, 4. 1 MS }-: 1 t i i fi`xyt a _ '_ f i. t yjf . # , 1 ', a � { t } 1 ;y'2'r a 1Fl k #� � n � �H b f hr 1R s r , sv XL } } : f :: , : -, _ m2 T.�N_15._..,r .-, ,t -, -. . , .. . .. - � - .. o.,. r�. 4. Y.. l,_Lt ... fii ""�i_ Zl_Y�s...e c ,-£, .-.... �'tt2.li�K'1Er� � .it:fi'�i11�S �F}:� i#,.'3?^:• = { III )MIN _ value thereof'. exclusive of accrue interest. LE deposit nand fund i i e'ficien+ ies in the amount oti a decline �.n market vat ue account u t hg om shall. be rsord nr liter thin tke succeeding hall. be luaio ra e . Finas4cinc Agreetet�t Investmerit purchased with • revise d accodin» de dsit in the Reserve end shall have e } z finds c tent i atur itY not greater than five years R , « ' dBo'd lnsxrex shall be pra�ided with the fl fed l o ing information: x , fica.al statement or other di$cl osure, if- f with the issuaYrice anyl prepared in connection a itlona�l., debtwhether or Snot it is can a of t parity with the insured issue withn 3 dais after the sale thereof; _ - 11 Notice of any draw upon or deficiency dale to ' lln 1 any, Can x p/� 1 yq�� market 1L C �1ati �1 i I1 the ,Y•lEYlt kTY depCislt in the Reserve Fund, k j,'� jj� {y7 : ypy� • Notice of V '2 r+Lt e'iCi. ? ionr other 8•�:n 'Cte nd. }+- p'� f a.I i f the Bonds, u w s ,nk ng fund redemption, of any o the ar•� gaunt, maturities and; �:r eluding Principa� CU51P numbers thereof; and ; (iv) Such adi ticanal �.nformetian es "the Bond, � from, tide tc insulter "may reasonebl. Y request time. f es f e) Ther�denture ha 1. provl.de that the bleeiutds to the ex tent'there are.no other avail the remaining Bya.{nds.yi'neW■ hid Hereunder, use r�i�ci a� '. adntereVlt �n _ 1 construction fund to `p�5�' p p the Bands `o the bondholders in the ev+nt df a Y parrent default. _ ... b� � iyY J --alabi I.AxcaVh�d�rMd one r { and t,e United Staes of Amer a ans States� uarante,ed as tv the time ..atmen unconditionally of 1 3C i + �-" Ild intere bythe n :d ! �3e or Xi e ., c►ar a,. t which direct obligation g�tic"kr+c of the United S'tat a 0 full faith and ,cred ahasfcrp.ntcipraat srdiSAmerar�bo�ddReo s"# CATS, 71GRS, STRP$.r or def£asedIuni., _ -{ gated � by SAP or Aaa'by 'aiy s fir any sae use to +��`�� c t2ibll t .C9 thereof shall the Bohds .unless tepid"lynekr . F'> defeasarcc ' of C?ternleV''M • In tiVe11t .%+f +advice de ed ref. d g t � 'I$suer tshal .a�ve independent nataal. vrifcation rec�rt t a recog�ai,ze Ere it ,ice i.�iR� !�' ,R accountant + 1 1 sty ``.W --mr,"M --17 i The Bond Insurer shall, to the extent it makes the 'payent of principal of or interest on to the rights of the Binds, become subrcga.ted ` g en of gLlch pia eats in accordanceth the te'.s of the Bond Insurance policy and, try = evidence such subrotgat� t�lCi, (1) in the case of 1 br tiori tocia�ims for past due Trustee shall note the Bind Xr .terest ,the Inux ° xihts a 'subrrgee on the maintained by the Trustee n - regi.stra.tion books receipt fr�sr the Bond Insurer of prof Of upon the peytent of interest thereon to the ' Bondholders of such Bands and (2) in the case ofsubrogation to claims for past due note the Bond prncp� 1, the Trustee shall. the A i1 k� err 'rights as subrpC, ee (: n registratat books for the Bonds maintained by a the � Trustee upon receipt of prcaf of the payment of principal thereof to the such Bonds. Notwithstanding Bondholders of anything in t,hiS Indenture ` cr the Bands to the co2ltr.r," the Trustee shall make payment of due principal such>parst true interes - and past directly to the Bond Insurer to the etnt ;. � that the Sand Insurer is a. subroge with respect thereto. _.. ., ti.. (J} The Bc►nd Insu�cer shall be deemed the sole 'holder cf 1108 and. 114 . the 'Bonds for purposes af: sect on.s anoticeaddresses for, the Band t ? Tie new Insurer and ja the Fiscal Agent shall be included. Financial Guaranty Insurance Company f 115 Broadway, New 'Yo.rk, N Yorks 10006 .,. (/try�f0+�O y6�(�Q }� i mans ing counsel _ Attention,, .. t C.ta.bank, 3,A. 24 Exchange Place 1 f th Floor S New Y. , New'York 1Y 0 3/ 3 r Attention: Municipal Trust and .Agency ;} Ser es Admin is t ra Lion 3 - is `the".nanc ng Are+ment {arc ' 29, ` draft "shall . nc11 the following terns and conditions: Section Si shAl b-e, reva.sed 'tc 1nc�lld�' tha cants cf, addi t ona3. a e .xem+e t .0f, i00% cov rage ssfi{� nsce r ► ' restore d�+a"fic�.encies in the a o'unt On the Opera��n� And n M1 depositn the serve Fund ,an:d ntenance deterve nd� s No"K tTicii3t`it:� � r�}:st'=lC3i� �Et-�SSf;:'!? �: �,.��#2i�seiti{ 9}4:lE;i1# Sia!`i}x;s'i} 9sT5lltt.'i, Nor_--- (the -'Trion Bonds") shall permit the deposit solelky �- c f cat h;r d,� rect non -callable obligations of the America, Refcorp interest strips or united states of ec tiedf l .y and unconditionally guaranteed as e� f tothe timely payment of princ va. and interest by - the the UnitedMates of America, �itei, that full faith anl. credit of the und States of America has, been pledged �os.ry such direct --- obligations") and obligation nation or guarantee ("Direct shall permit substitution of Direct Obligations for �- other Direct obligations solely; upon the receipt by verification of the the escrow agent of {i) a new _ the escrowed securities (assuming sufficiencyof such ' sunbstittltion has been made to provide for the with the payment of the Prior Bonds in accordance agreement and (ii) an opinion of terms af. the escrow bond counsel to the effect that such substitution shall not affect the tax-exempt status of interest can the Prior Bands or the Bonds insured._ modification of the Escrow Agreement shall not be permitted unless the holders of all of the Prior x Bonds consent to such modification: ' (b) At least three business days prior. to' the proposed of the Pclicyr Financial Guaranty date fur delivery shall receive for its rev ew and approval t ) verification by Independent certified public accountants satisfactory to Financial Guaranty of the the accuracy of the mathematical computation of to provide fo adequacy of the escrow established the payment of the Prior .Bonds in accordance with - - the -terms and provisions of the Escrow Agreement, (ii) copies of the subscription farms and purchase and issue of U.S. 'treasury Securities - state and Series" which have been stamped as Local C;ovexnment Reserve Bank and receiv ;d by the 'ederal - the _ form of an opinion of band counael addressed to Financial Guarantor (or a reliance letter relating. of the thereto) to the effect that, upon the making _ required deposit to the escrow, the legal defeasance of the Prier Bonds shall have occurred, executed rwarded Itonancial=- be fo COPY of suchopinion shall . t— Guaranty, together with. the dacuraer�tatic�n requested .. by Condition 5 (a) h+ereof, The Bonds shall bear a statement of Insurance i n the farm = 10.attached hereto as Exhibit B. PROOFS 5E G. I PPRoFINANCIAL GUAR TY PRIOR TO PRINTING. 11. the preliminary official ataterent andh raffi+ca.l - statement Shall tad besatisfactory in form and substance' E•Yy ,. to Financial Guaranty and (b) shall contain the language,.: ,:. n Vinod representative of,.Alex Brown & onss r underwr ter The oject) (the Center Limited Partnership Pr :, ace that ifhe -ns aye: d by a policy , 'ns� � .such inturance shall �� rc��i��d � ' e Companyin accordance with theterms d., c ;ComitmeAt for Municipal Bond Insurance ` yid bY. nanialuarar Insurance F , t the Bonds BRfl SONS B ' t 1 el D e+� : 4 , 4 Y , ,+ , tt i. Y. ,•r „ .1 , n . Y't1.•1�'f3,{i N?,5?.�.,cF. _ ,�" 'AR'[-ttS7»Zz',`s"7F£%?C`-Sa:T,e�Vn"cli*�Wswd"r%A9e�+' ;�,°;.,w:...-..na.-...._... . ;� vmifr,t `-m.-Y.. .-ar,t... -- 2.C.. _ .- _ _ -, i y "� U{ ir , . Yg t4 fi6T L.;�J. �: S. 4ii 4-E1 S,-tir.Riui44_... -. RAV, tt. .� I - ' i3E�y�w TE}Y�Si� �.{{ t t� _ '. -- ! ` r � � ,� I .. k.t. ''' _ , i c _ ' - �. . ' - 9 Z - _ _ :`. ,- If 1 . ' . , ZAMA _ . Sumn _ `? - a r r _ , 1 �� t ;, .• ' j}qi�cy yyyp R.�ii[i1L�41Fs S1�Jry0 l �{ilDKt[ �.,- .�' :,�. 1. 1. ,s., _ j #SF . �,r ' s 5w.e` . ; a }yam;�4{ �{; }�. - / }}qp g�.y� _. j��}, tf ! ��pty�. ,. �.p�/' �_y �y}�yyi ytil/' �yy �y W� }♦ ��.1� +`i ��fl��i R.•Ifig i�rcA�r��.-+VCi 4'4FfiV 1�SsfiA �l lr Q�rFI�,i rIMT.+! , :5 t F,. 3i' �� 1 ]{��i�E{Sif�Flll.S.r{Iw► nr teas to' 'A�dhc by car r b+ h 1f o� tht� issuer +af �h n r s rear , .. ttr p��q j j" i _ :� r ;t7uW:.t f{i 'ii 1�i 3.� 7ci 4'7.� ili' r �.+rtT�t :. �� i.� r;? i .i 'ii f. , f3� o-3a *Y_ -- ' } R fi^�'a`W, ♦py�}^��y}aya ��yyy��}�y��y nip�q /y(' �.y dye ��.y p}�q y��y jyv�yy� yi �,�y " � i#B13 :.#4iRt{1: 8:61�{e r of 'a mart i3R -inn 4'lJ,i P MR1# � e7li ��' 4 �i � �r s .. t L: } t i tt ,y/�'�} t}}y��y,.�y+wy �y �yq r/y_ y�yyy�ygi� {yy. _`�y, * Hd� i iF i. , i•i:I S�43i� Oi Rill A.€ Ril Riifii S� � �:a!a n1- 'tsI F `r * . `t 4 8 ,� : . at�j t � by its &, Iv,. thb6zed W, psi `�c t+u , ff n binds uean t t' r t� by vidw, of t f'fMlfl i 4ufe �� i?St t t# l t�Y£ S ¢} , t S ' +, Rtt: 4 t t �N �! - lit -� - _ 11 OR .y SS 14d t g�`-t 4 , 1 )h 'xib VF -, tt1� .o��t tY 1 - 7:1 s� rt n ts., as 6�R e EMoi, We Eie� . T4i� _ t - I , t h , illy i } -EK. �. ... ' 4'r ( .t �- r. i P �� r i gy 'Ri-fi !�. �VW 11 r _ v }.a� 'iV ''} k$ .— '1 } _ au }0b M l ib iMe� t ;E �'c— t : �:. �Ir Fx.rI 1.11 �. , y a rll ..: Li '`�! t�' .t y #4 g. 4 3dRt: e - _ _. _ -. .. _ L f E r j 1 Cl ' 4� ..N fl$ S i _ 1 ¢ { i ..1-. . 1 , . .. . _ .. , . _ _ , .. .. .i_,,r.3'R t _,_,. , l ry c , ?`4i. sac#.«'+S: 5.._i� 3.�n ,,, _ a...., tXHI%I wisclosure :language For Official Statement) ^9gt3��ti iFi� S iYiiii'x1i1Si �Cr-Etf ftltt Cs{a?ante i �� _,stone. ement d T Logotyp wifigur non. g , hisu.. - inancial Guaranty hisurance any i�t+!' w. {wi4 by �.r 4L0�affiVoted � uLipi,, C,o�rrts}'' J 4 r r al uarmt 7hisurance CCC Commn'a wc amnpw t Financial , s Tnc r ILL uY+e owk sod by FWwA Gvm ' bfiwwge C4mPdny- a pr f"" �a a tir�ped Uri• t' Y• ., �t IN i k � Alt ; r r i f Ems. y r of ugobyFWiio",G+�%$WONW �; r j +/ sR • �r H RAW rt AAN RnmCi +ir0l N IV F Y�Li.n,v..vh�ti Fi; ' L - V° :: . ; p .��, �� r:��rs# �-�,drsrs€�r,�r� �► ? e r r � ¢ -). a *t d r yen %rpn +` M 4his a � y it rnt. K is4t rns ofi �aa nt ► r error avnm a +e r it n� & ask 000Va,/ Orr VMW A" - rrett, tru"cerrr spas, tea. d ° 1`aorssst Arrvrtr+, ems! ito Off 01" 1ly vVVNSuHffuP AMon TMMI montgordalry county# Pennsylvania »lar it t d st i er Re�ana Bs�i a a i sI iarant t + ` 'c ar te jai' i awer Pot grove) ttytetpttdt a�t►yttb«: Mto�aeoabe�e Paws ptaearsb� 1t'I<�1 rim lariat Payment: May 4. 1991 priwapol pants Nnv►ss Wr` I. aai t 'bstoar .000 (the *80nds1orlhe Lows "ems6ioa+tse� "$*wetat"MS l90"d � �ie�e�otlift.ink a�gre�ent � tonneity smam�wi 1 bq � and r vam to a Trust IrAsrawr¢, i euara re Te�tt► Authority � Epp arty ;• loos"ea in Mrtnt�c r7 t:tsaa y. y dastd of Of Fiova nbst 1, 19910ho •1non+ars°) %sCtwetn the Av%hotity and the Truing tisemsne tler defireadt an aawabte es Bally rejtetert dd s - e, w%thout Ya ponAe #h dtnrtmiraatians of $1,000 *ad ony intsgrst etwttiple thereof. �'ritutipet on the **We is peyaata onNatrrsrt�ret t, in the irate Est fiwM below, upon ptt"Ousiton &M sc+rferder to C�ntirrjt�st Aerat. located in Morristown, Psnnsylvani�a in iw esposhy as trustes *0 "n s e,�tntYr+dei ahe tn0ea+tunt td+s'Trvstsa'}, S4nV'anaWat iauerest (payebte May 1 and November 1, cor 4 dturtent� 1h%T'rvsass (Mtn tivs Baride will be pod by ohak rrs 40 to the teyister'ad osrne�s of the bonds ee of the Aasord i3 #� peiaxipal sa€ trt trust tat'fic+t #n Norwiitoww, P`smsylvlais. nt BOMB an subject to eldprrrsptiot prior to maturity is give 14atly a6aasr:bad L�— bsnia. I IT NCitt T1tA TAXtt+iC I+(iYY 'It Of TIIK COUNTY or MONTC�3� ERY OR Tl1P: �- NIEITiti"si TIiB C:t POLITICAL 5Ut11titV1Sti?Pt TIt.RF.Of IOTIi:R TIEAH 711f: TOWNSitlP - OQhtNt+L?NW At,'iit of PF.NNSYt.VANiA 014 ANY IPOi, -- OF LOWER POT •ROVFI MONTGCf!�ti:ftY COUNTY, pF.NN,riYt VANIAI to Pt: lPCiiiY F�Utt Tll6: t'hYMF:AiT 09° Tits ARINCIPAI. t3F, Tt4F: iNi"l RF;3`T {?N, t1.lt TI1F; I)FA4 TIoN rKmium or ANY) ON. `i'ttF 110"S: NOR ,fi►tiAt,1. T3ti: BONDS BE PFt:MED AN 01111 t4AtiUN .Or ,TIO: COUNTY Jr MQNTi:nAtt:ltY. t)it TlIF COhU'►40NWFAb.Tlt OF pFNNSYLVANIAt OR ANY POLITICAL SUDDiVISION `gIIEREOF 4OTIIER THAN Tilly TOWNSHIPor LOWER ' rorrSGRO nt vri11 bs Psyn Tent of principal *(VW 44erest on the ObiiletiOns whorl Do for psynssert s+d4iRA is t�irgaid by teaessre of Nt �tesrsnte�d y a enieipal bond lrtnursrets polity to be #aun+ed sinwitsneously with tha dslivsry of the Obliptions by F#rssite#al Civaraeog iatwrance Compar+x. _ Financial Guaranty Insurance Maturity Schedule _ Prks or P'At�cipal latar�eal Price Interco Yet.Egg d Y" t '" - d _ - 1993' a283.004 �4.65 % 100 % 2000 $410,000 6,00 710t? ii 4 90 100 . 200►1 4351000 6.00 b.O� 199�4 300,000 -- 5.10 M 2002 4i 00O 6.10 6.15 1995 3a®,000 — 1996 330,040 .30 100 2003 495,000 6.20 b�� - 1997 30►00i1.55 100 2044 515,000 6.3G 1998 365tWO 5.75 100 200E 5501000 6.40 6.50 1999 383,0O0 S.iS 100 $2,580.000 6.50% terra S*nds due November 1, 2004 (Price: 9gPG� "0 15.O00 6,70% Tot Roads due November E, 201b (Price: 9g.b23l1� (Plus / ccnad 1t3ton att) lu so*## an offend wbon. ae and if Iowa. subjget to withdrewat Of **6if"estioa of tkia otter av#t#rout miss, led eubjsst 4019a 1ki#wort of an •pprtrviq hjat op#aiant of Rhoeds 4k hewn. HsMsbvrf, Psransytvanis. I £our►eat. to tse tlsrr+iahtd up" ds##vsry Of ties - �` aa�rsda, t atrtrin kPat a+actsn watt bs p�sutai upon by tlirtder, Ystis 4 Proctor. pottAowA, Pettnsytverms. Ittslishory io tha Aµommy stud for the - ttndsrw>ltara by if4web Arslct3old lecktarrt,iti O'8rten. tNed'e Penz►sylren+s, Wrdsrwriters' Cetrriatt. It is sstsd that Ow 11Maodt will bs etraElabb foc detiwry is d+rfifthivs form in New York$ Now yoft Of swNt tiovsrrs61 310, 1"1. Janney Montgomery Scott Inc. Butcher & Singer - Ar hurl Ustrange & Company Incorporated r _ U i +Clctokwr 1:. 19 1 "� �93'- •34 "R IF F V � _xev2.y fMLIP rp't x it;s In the course of our rating pr , issuers can also expect S&P analysts to call/contact appropriate officials tit resdonirtt'o aucrt�b s is the s t s and requests for additional 91. rating s1fiiei . , info tion is1{ not made available, P reserves the right to ttdratthe tut d' or meted ratingts onbe tininS rid debt. f tie En ure t atior� is not on parity vrith or t tither meted ouLttanding debt, S&P still y s it sty of the insured obligations Con an underlying basis) as a past of 's o i it uoo of l* It_'s insures portfolio. a t�ult, may periodically tc require additional infonnition Concerning the l obliga am, { 1 STANDARD & p'OOROS FEES FOR INStIAM ISSUES s 1Fees for rating services for insured debt obligations are determined on the same basis as fees for ,t non-insured issoartm. Information about fees can be detcmuned, for specific obligations or a bred do g;fieral "rartges�' of f b ► cailir g I�Ir. `Vincent Orgo or r. Michael Grnitro at (212) .-. .. 412-0355i Standard do Poor'sWunictpal Finance epan i ent billing &fees policy for insured L A debt ,is •s as follows¢ .. in full b _ 1 ured obligation will be billed a rating sere fm � zre payable..full, ,in the `issuing entity , underwriter, financial advisor or pub insurance - ti�nd2ng u n t structurin of the debt obli won Multi le insurance' policies niay be a bass - upon g � F for additional ;fee nd normal f=. tied do an.. issuan r�vher+� SAP' his not received an appiicatien- � n insurance i s .,crbta for rating on a uninsured basis, the invoice for t tin services will be billed and forwarded to the ►urch str of the in nee, DICE t�therwi e. 4 (see attached. If 4 r n fws are to be paid by other than the purchasers of the insurance, S&P MUST plc .r NornFIED WHOM ''TO BILL. 't �1n 1 issue S i i+k an -has S&P tit ng on an 1Jnlnsuri� basis and the issue en . - sub quently is in tired at the time of sale, S&P will bill the issuer or tither appropriate of the debt withou any additional chMeS for the insured rating ('AAA" or "SP� kit party 1 F - GTH DRAFT 111A PRU ANY 0, FFICYAL STA'IT e r,.ref set n trr f:aFaspa a€ fix ct va s nts, €xatr -t eta t T : r nt fat ';r rc xrl�rc s fsrVT �rtax- IDS the t'Slmnion of 5,147onf !%#. 1 Jtff'tt r i 4 #?n t'€ �€fi&€?a' S1i#€t t ", al'�R aCl t° r1P ±lE ia'ltrta ,fir,_ f r ipr£t '4 t5dk ?& — inc«rre tF fhe iiat lers the roff for federal lnen Per -Ton n ao, it%in sFt e r �xxairs o e on :i 1, 3i of the Infe-M01 RrVrnm Exact, t,and for crny perjay daring wl►ich such 1,'O d is !Seta 11V a p�.. � e person ". "ee `fir .F �t�7ii?a�, herein C o,� ,9S 1 is a "srrbsranfral user of th, ��atdt t tiaaeecl #y such �t�t^� f Bofrds or ra 'related Vie- ,ear for rz dtscrlFrlo» of rhe. attet»aiave rr nI tax �'sed on c`��s � eertain v4hd e jai a torts q rn e r ` vs rrshi cad' n tder * l is tthhes as the op�,inizrn that ote - e t Bonds Mtn' theinco?m thereon are exempt taiicrtlora der Est nonds. 13 Counsel ! .f pjoK law, exe to estate r=es sited razes jn yvted by Wirer , F10" Statutes, on irtrerest; itccorree car prr�fats on debt nl llgetteonr ntvned by eorpora. ons as t j ed in " rer 220. Rsw€ixkt Mootly's; NEW ISSUE Standard &Poor"$ �- AIC Insured) $1005PO OF FLORIDA TM CITY��9 Series 19'93 htdustrial Dcvalaptttent'Revenus i7.cfunditi tfonds, - - (B ayfij& Cuff Amitad Partnership Project) Dues July 1, as shown below side Centex 1.imitecl 1'artner6, 1P Prt►'eec) _ The City +Gri MigRtti, Floxida Industrial Dev+el ent Revenue Rofundin$�Aonds, Series 1993a Pram (i} certain t sivenuea generated ram {tiiffi "1`,a r= em1*e $crud "} we s iec f +obi#g io�ns+a�'iise City of b4iatn� Fl ea" Fkr 0 Oct")"City*) owned by Usyside, Center Lirrtit 3 Fmrte� rshi find rs with roximately 1,� ( ' the Operation Of a multi -level parking g , 8F ## the oral attate of t hick is itauses-TMisutti, inc. and (ai) monies on deposit in i in fun sand - T�artn4rSiti: }, Maryland itrottai ptn+arsittp, Sen P 1993 " _ accounts o blis#sexl puts to an Yndexitisare of �t4 Apt the same times iM as of June s issues the Tau -Exempt Bonds, the City will � issue under the Indenture Association, Orlando, Morida, as trustee (the Tru ) Taxable: Series 1993 on a Mari�y therewith 5740 'a in a rs+ " e principal taniioua>t of its induste-isl Development Revenue Refunding Bands, gsde titer ;l,tm�tecl Farb€esrship j (the "Jaxable Bonds') (the. Taxable ands and the Tax-Fzempt Bonds collectively hereinhfier, the 'Thee Taxable Bonds ere: nit being offered pursuant to this t3ft`tcW Statement. ' The Tax -Exempt will be issuable as fully registered bands in tits denomination of S5,000 ar any integral multiple thereof, interest can the Bonds .shaEli be Payable semiannually an Danua try 1 and 3raiy 1 in tack year, commencing January 1, 1994, by check or draft a ' mailed to the registered owners there+af at the addresses' shstwn on the registration books kept by the Trustee, as Bond Registrar, Principal of the Bonds is payable upon presentation and surrender when due at the principal corporal$ trust offict of the Trustee. t Bonds are sub'esct to redemption prior to maturity as further described herein. The 'lax-Exestn 3 . p r 1,t ds received from tYio sale €the ?Janos will be used (i) to current tofu the City's csut ndingSisS,i�f?S,CKid nd.ustrissl povelaptnextit Revenue Elostds Series 1995 (Bayside Center Umk*d Partnership Project) and {ii} to pay rcrtsGin of the costs of issuing the $ands. P"ayrnens of flit principal of slid interQst an the Bonds will be intAire d by a municipalbond insurance lai�t�yy to be issued by Financial c�aosi with the delivery of the Bonds. See *MUNICIPAL BOND INSURANCE" her+eim Guaranty%surance Comp"y simultaneously } Y - THEtt NDS SUALL NOT BE IDEENWD TO CONSTITUTE A DEBT OF � CITY OF RXiAMIi AND THE CT'liY IS NOT CtFWD IN THE f A'li'l~wltl Tt PAY THE BONDS OR THE E"TA'EST THEREt�N EXCEPT Ei1l�ED TO THE liF�l, OF� PRINCIPAL r INDENTURE AND TB,E l�AITH AND CREW OF TIC CITY ARE NOT PL OR �,* VMREST (3N THE BONDS.ANY THE ISSUANCE OF THE BONDS SHALL NOT DW EC T LY OR TNDiREC'iL'!f AI�t t k D Nl�ENTL1't S3Li+GATE THE CITY 0 LEVY All TQ PLEDGE A�tD' TAXES WHATEVER '�itEl�Q►tt ORTO MAKE ApPRtiPR1A' 'ION FROM � REVENM OF THE CITY FOR THEiR PAYMENT EXCEPT FROI►� S,+�T) Fti'1VDS. 1. '. _' MATURiTiIES, AMd}UNTS, 'F.REST RATES PRICES OR YIELDS OF TAX-EXEMPT BANDS* Serial Bands Price o s hen t Price or Inte rest Yi 1 MakuritAgWnt 9 MtRam el 4 ►.save J;� AmAunt h % Term Bonds due duly 1, Price to 'Yield "fig "us accrued interest firom Junese I; 1993) ig ed val as le cfl 7'raac- tltctnds are erard when, as ararl if issued and receikW by the Undenw iltrs, subject to the % A for ,f $ Fine Jacobson Schwartz NashBlock a7w Manuel Atonsv-Poch, P.A. Co-B+cd Caunao�t. Cate nu�teru v�Itt brarar! t�a _ by seed r the Urtderiwiters and tine Con�pasny, by their c a-�uetaeJ, Oretzkb�r� ,Trig. c' a ' A I~3raratt ,icmea, �1, Esq. , Attorney � y Mi rani 1 orir#tx Rosen & Queanrel, P.A,, Miana�os to � Siplin, Edardaway, Miami, Florida.dHawses! Cory � , sk Aare r irttta, Inc., St, Petersbarg, Florida are serving as Firacaxcial,advisors to the City. 1t is egeetrd that tlhe Tcax-EXc t S Pi , be delivered in New York, New York ots or about' June 17, 1993. - ' OWN + SONS GZM + W� ted bworpon ARGYLE SERiOFO", CO OR"* ,1.9/ fh f- , sable a tea Win$ , - t a ,q;�� ,, u, ' i141�'^l4�gh►�4+:�+64±1�41�#. '' }: rn`r yk� a ' •x q SUAREZ Y t'a t r . .� - Vk*-yor +� y7 s r, # Mfu x{ ti r l�t�►Tte1*7 �t cl C }tri i e6itOr V f• ^' ^3 a' THEti'\.i•1X�OR sBy�y�.�/{IFp/y■�•ti�i•�/P�y} yP ViliAlili�T3�N tt CM OTC � ry Com:$}a 'til Vll�R .x .. t P ,. :l t Y ♦ 1 t a • �-� l rf i P R P M P i. i P 1 • i i a f 1• P- .P t.•„ . s k �Q*,� • i�, �.aT�� i f • . ,J 0 • f -Y f'{ t s •,Y t w � \iT.�T�w ,. F 4V® •YIf la X�7.zi'`a b t 0 8I"o aWOUNMi+W' j=pbm 'wartz N B oc c Fuse " Mepad AlOWr-POCb l''f t • f U t' i � 2 • v FWN Howad GuyADVWRS x 1 y}•fJ y��y�f�� Aa•�PMM Mjj} AR , Flo R _ w a� ssod t3i Inc.•z ii d Jams & AItA y d bri �.r� urg, � .�i �7 ! • 1 3 V. 4,��'}• iv i'¢!'W�r!#tSn'T'n`.1$it�i`iI'^ t i t MUM. .'..�,i N dueler, bryker, fern r tber g a#y the City, # I'.rrabi Affiliate proms---=_ Pf the p' ner ip car the ;ude °w'iters to dive any information or to make any re }�r cntati�ar�s otF��r th�� .� e itained itet in. And, if iv nr ode, ch nfo ti or rept� tiaras must not relied upon having t��tl by any of forejning, This G'f1icia1 Statement does not cons t}rate offer to sell or the solicitation its any jurisdiction in Whicb it is unlawful c - to y, not sW! theft any a �f the byan y person for to nuke A li r�ffer, solitita#lon or sale. 11te infor tion contained herein ender the headings �e "SI iMI +I ' TA I+dEN'T pus Citym * and, as it ttlate s to the +C;.`ity, 'iiGATI N", h been Iurnisltesl by As not iey tether inf�vrma�ti+rt conta».rexi Train, not attempted to verify such otlae; 4 the `T3ty-h orcompletenessof such other information. Ccrtnin other - infortn�ti and btu'► n0 �M.�biliy fhr the ar+y- infor + eoa t i h a obt ed foam the I'artmrship and other sources which me believed to be ie ti bi , :t the ac i y ter. co t o +, nfor"tion is not g�uamteed and such information �.a not to be — itr to �a tnti n of the City or the I.inderwriters. The infc�rmativn and expressions of opinion stated = • a g without notice, and thither the +d lip• y �f this official Statement xuair any she made ` submit li tion that the has been no change since the date hero€, shalt date, u der ny'circumstst a, any i 'ems official S atu nt is in a. form deed dal by the City for the purpose of SEC Rule 15c2-1� g+roomuig�ated to der the Securttte Exel ge � Act of 1934, as amended. 3r tN C+CIt Et `ION '�'I'I'lI THE OFFERING, THE UNDER TES MAX 4��TERALLG'i` OR EFFECT MARKET PRICE OF THE Bt�tdf?S AT LEVELS TRANSAmONS'I`I�1,�AT STABILIZE OR MAIN'I'AxN 'I"IlE - AIIt"#XE NCH MIGHT OTHERWISE PR- VAILIN THE OPEN MARKET. SUCH STABILIZING, { TE C0MM[JaNCED,`MAY BE DISCONTtWED AT ANY TIME, -- THE TAX EMEMPT BONUS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES A1939 F 193,31 I R Ii[ THE INDENTURE BEEN, �LI A�La[FIEI) UNDER 1�E TRUST IAII�I✓� A It+t ILEI fAP + : L N ir. lid Ol*d C0NTAJNED IN SUCH ACT-S. THE REGISTRATION CiL t tJAitFICA BONDS IN ACCORDANCE 'WfM APPUCA13LE PR C3VISICbNS 4F THE TIGN OF, TEE TA C-E�CEM vvul RANDS HAVE 't`T 'T` E ti '' I ►WV Car TkI ,IU IS ?Y+ ' iC►I3S, l ANY, IN tt IICiI - -"I1 iON C3R tltsAl.�iI CATIC)N IS' ' It U t� R QUAURED ANiD"itE EKENIMI ON FROM 1 A" � I R Sf3'iC 1ONS S14OULD NOT BE REGARDED �S A RECtJNii�sl'�CL�ATTcDN r COMAIN. NOR ANY Of THFIXAGENCI�S HAVE PASSED USN T IL E, NI T'HER T�IESE JURISDICTIONS UPON TEE PEGBABTxiTY OF ANY v ETtI"%`S F' � TA. E CEMPT BONDS ;AS A INwESTMENT, OF TINS tIFFIGIt+ii., STA' CAR. UPON THE ACCURACY' OR C4MPI�a� 'ENESS � +�5 `'! €EREC►N CRR3CtMINA1. OFFENSE. ITT. ANX REPRESEN"iATiCJN TO "I'ILI C,C1N'i'RAItX MAX BE a k , b refe�cce to such documents and agreements ;are qualified m tTlerr C31tttty y _ �3, All suttttctes born of _ herein of the Tax -Exempt Bonds arc qualified in their entirety by docuumis aid re nurzta, and all summaries �' y f r to -'the form the reof included in the aforesaid documents and agreements. - rt Ifs rt . 0) ��nrui.ts-wate4eav�u+l.slu�,{strsa � — 31,y z _ A At the sam tirr�� tt �� tlae "��F�c �t l suds, Elt ft t? # es� under the lndc'ntu on A parity ' tf�i ► lint + # its Industrial Development Revenue Refunding € tads, 740 in a Ot O p th�ith. side C ttr flit ;�axtnnrsl p f*i�*t) (the "Taxable Bondsl, 'Tbe Taxable %— nds am o evedpuants Sit$�nt. No tlt wit of the sty a not Pled far the pa nt the finds d e ids do not n- ' octnatitutibnal yr statutory provisic��s or ]of the �� ' �it�in � 3�1 1�eg � ari t1 ittd ted4t+ n hail not t bli to tlt6 � c* of yr ih r the $+c �� 31f �7�i4�t �S� 3��t� itt t�1�t iy� ti . fide ailable therefor under the Indentia I�lt� balder of Bonds 7. ecet rewtu► y metxt of ci Of, Of interest on, i erg ' ha+ a the nit to ` e lei t-f � fort taxatiaon for 1 l ti rod or to Yts rided fair in the iesolutiQri. The maids shall not rtcrnsiitue lien n a► OYMbb the it ,car its egeneies or idr{ theilit itie8, or ,t& St a of Florida. a k , t d5 are subject to redemption as morn WHY described herein. See "1��?5Gl~##IP�i"E�l"rt C➢l"JJ 51.,A � BONDS ♦ HE Ts .j t Additional- Parity Bonds `ire City ,may nssu additional bonds n n parity withthe Tax -Exempt Bands and the Taxable '$ands subject ootiditivnsE forth in ilia Relation. See "SBtJ1tTT FOR THE BONDS - Additional NiN t'r, iiaip�cce' wishe rEain ;> TiAly ligationImumna 23� `1 {t inanc`tal ua�rant : In ranee Company has committed to issue, effective as of the date on which the Bonds a policy cif insurance which guaranty the paytunt, when due, of principal and interest on the Bonds. °Annici'Iist+irce" and Appedix Ll attached hereto. wt Standard & P'aor's COrparatiOn have assigned �etipal bond xatings off" b+Ioody's Inireat rs Service and "sus ei�Qij, to tlst $ands, bad on the issuance of the muni ipay;i�e�b/�angd i policyy��p!*} )�fA+t't$ �j'nn ♦}*u �n►yy �i f {iWt V� i�M� iL 17f. 5wh ftdng - le t of the prirnGipal of and intearest on the Band when d1le. �1G ratmp y See. .. pa agencies and explanation of the significance the ratings may be obtained only from said rating ncics. a t , � t 00 b 1 Pr wS"k'-1' i ?' lea . : ..' .. , ,;.: .._`..i_........... . ....r__.._...�....... -- �..,.w>_.�...'..�-,az......L*.1, ..." Ql_ .✓re,,:i' ,,..A..i, i'��:' _ e SYSt ` for the, 3!RR>ing i1TiiTtjile Wf ESR, r E.E'4L�lS7LSC-Mc- LCf! saving" Cuffelit Au 1 '1be to refund the Refunded Bonds will be - -_ , tiia lip d cer financial benefits for tile: CRY, monies regair+ the ale o eBonds,, together with offer a�oaliable f mds: Such monies will der ve d fmw the proceeds ctf Son Orlando, Flotkda, as escrow agent for the Refunded reably it Qr�ent dated as of ,line 1, 1993 (the :Deposit t' t to in -Escrow � 'Trustee . it ent") a�iig the city, the crow Ages the Partnership, the Trust and the for the } the pt greet ay�4unts Refuq,� ry j pr�t� y� it Agreement twiriims this F rog agent to u of America (we +dife-t obligations of She - escroved th under to pd � direct` obligations of Uft ted States of collectively to is - reh� by the �ro'w Agent with such monies shall 6n referred loud vely Ur itei l t of l� ierie"a g such htic�ra �'). 90 � t `fie Government Obligations will hues at such ti,t�s and i as the nv daent;t)bli wits interest %come frcim the ' together t wilt bo a�railable from such noturing principal, 8 ' ' that monies Government obligations, and h balances, if any, to ,make pay �� of ixtterest esn ttie Refunded Bonds, � they first options s b n>e dots, d tci' redeem die Refunded Bonds within thirty (30) days after their respective be awailable tca fray the principal of, ref taon date an July 1, 199?1. The oareriime nt 0bugutions will not R r ieiil t on pt ixiiiim, if any, of int t on th6 Bonds. J V LF HaC • 4+ +.v USES OF FUNDS ES a� l i .l.A�.Y �a./M Tax-Exetlet Taxablec►mbinett 4 Bondl Issue Bond Woe Total $I6,00a tJ00 $740.000 $16,745,000 ' Bond Principal: 57,bI7 2,417 60,034 Accrued Interest: t Tr, fer from Reserve Fund for 1,732,972 Thindel Bonds: 1,732,872 .� TrMsfer from Revenue Fund for 8£iZ,832 982,832 -- - 4, RefiW6d Bonds-' } Transfer from bond Fund for Z3fa,48I ReAw led Bonds: 2.15,48i = Proceeds Tisferreci from N7 'i'a=bI Portion: 7 I .. ...�..- ,M� S yryj��.14W♦ T Ny■ VMu $17,028,003 --- 17,028.063 — f l cost of row: - - Y AcciUCd Merest Deposit 2,4i7 6E0,034 57,6I7 - = W Debt service Fund: Pro ,Applied Toward 7 �10,�00 710,000 'current - Refunding: �. 190,5o0 19o,S00 eserveFund: t,3�,38 1,385,308 ..� It service Reserve Fund: 562,657 16,009 S78 f t Bond, Insurance Premium-. p*000 204'QC+() Costs o f lesusnc+e(1) s ZUtI,t�G3 g# 209,313 _ Underwriter's Discount: Cciating6ncy: 1 80 7 TOW UM i l litdes; i►mang`otl other thin counsel fees, registrar atxd payiri$ agexit fierce gi eaium for matia icipat boa �) - 4 inxurance policy. { -q -Zw _ y ., i?iAfrtl l'i5t1x Al��,iSiYY. SrI�I�(AY q` X 6131 - tr felt• of retail space, " a eontiection with tine "c nstntction of the Bayside Markot lact and adjacent thereto, the City has �s�ie ern imp ' e e is to the downtown area including the cons of an amphitheater with 3 +OAo live p rk. .seats sd,+re�* hoed its, astage, anciilar+ theater iliti+sand or 2fl of passive per. t., C at st s ion. of the ft air g has b w fameed from varir vs sources, including £e�deral goven mrent grants and sr6vate `sector ceding. Y T Prtr a +t beset ri t +u�ct l of cast -in -place concrete and is a split level garage with the levels on one sacc and l+trur leva�ls on, �e other. fide including the roof. The structure is Oonstiuctc a as to provide for the additi n o . ra "w chi i£' added at a later date, would expand the Project's c"city to approximately t, 900 n Vehioti OW:40cm to the Project is provided by a it easterly exteasion of N.E. Fourth Street and from g Project iy�clude fcnir elevators and five sets of stairs aad, at the third level, two kstrian �� t volt t ulevacd. 'lie � " bnidg 'oar n m ect to t e up s level of the retail urea of the Bayside Marketplace. 1 f V 3 l` f d fonds d € r ll e r dw� ,pt on ,6 € r deposit at the place f pk�rwgt Ot tll�t t'rneY a,� 'l A-EXtglt will Ase to bear interest on the specified te�iempiion date., shall no lotrg�r tv, ads so called for rodempti-on loads all riot be deemed to be outstanding, undet the provisions of the Wenture. o p be. mailers unless there are roteet by the Indenture, and shspe sal Mandatory Redemption sltatl scut An no notice of snob redemption shall sttffrci tit moneys on deposit ith the ` xust for such redemption set forth in the Indenture. WE „ Notice of Re&mption - notice of the l fair red sptia�n identifying the "i'ax-Exempt lands to be redeemed shall be given by mailing "first days (except for a Special Mandatary u. b ctass lil at l+tst thirty (30) 0opy oil t ��lott atottceY y' less than days} but not more, than sixty (fiCl) days 'prior to the date fixed for i t ption, in which C486 not l on to the molder of each 'Tarr -Exempt Bohd to be redeemed at the address Shawn on a registration be oks; hall affect the validity pro id l; however that failure to give SUCK m ite by sling or y defect therein not ` far the redemption of tht ' `i' -Exe mpt Bonds. 'lax-E temPt loads to be rradeec d pursuant to raf any t%s Al Man datary Rederrlpttcar! + 111 be selected on a proportionate basis from among all of the Yi�turltleS of the by the YTtvatee by multiplying the total which popartiona to basis shall be determined clearly as practicable to redeem Bonds (,or portions thereof) on the redemption date; by the ratio which the uqt of moneys available aggregate principal amount of all Bonds in each maturity then outstanding bears to the total of the aggregate "Appendix SUMMARY OF CERTAIN D(�CJ1�,�IE "S" pacipial amount of all Bonds then outstanding. S A -- for a VWM complete description of this provision of the Indenture. SECURITY OR THE BONDS rr 4 'The rinci al of and interest and prerluuixl, if any, on the Bonds shall be payable and secured by the proceeds p of the following: r ,p 1 • Payments to ode by the; partnership to the Trustee pursuant to a FinanciY►g t�igree ment, dated as "Financing Agreement"); to which the w ofucte i, T' by sold between the: City and the Partnership'{the put'seaant of interest and premium, if any, on the Bonds moat with the ' Parue�p has covenanted to pay theprincipal and fps �} expensesend expenditures of the Trustee in�►rred in toruti�tion iv�th the Bin x FuIIdB on deepostt in the Reserve Fund, The "Reserve,IZequiremetat" 3� an a�maunt exlua3l to the lesser 125 % of the Average Annual Debt Service Requirement. 'The of the' Maximctu T3ebt Service Re=quiren t or l~uhd initiallg� funded frgm moneys transferred from the: t�tve fund for the Refunded Bonds. in Ret4er shl.be the evestt the amount in the Tteserve Fund is less than the Reserve: Requirement, the pa rship is rrquiroci, pit monthly deposits to the Reserve fund the Agrinstallments, to +e t,` to eke, in n `s� more those t relve consecutsve equal t6 at least 1/12 of the Reserve 'Requirement until it is met} and Funds en de sit in then Operation and Maintenance Rmrve Fund, which is required to be meuutained Expenses estinr�ted by the Company for a period of two calendar s In rr�eunt �tlai iktti 4 ration end Maintentnee f F n.i i _, ?. f�f � � .' � �,. ,. .=a. �,y _ 1. i 'k � � 1:t�" _ 4 . n .. -." -- �� F tt mdomitit i� tt ate w York � bj'�O to -gul�t" tly IgQ2 the, total piW and mzaplus of Financi l the state of New YOB In��c €ant. 'PA r,t�+ �'�iiRy pry ani1tattn tuts of both t o t ti � ily, ep� .*cmw rts iple , c"��pi s aF such � , t � t WCOW 'Ya�rtct Ie1 w York 10006, Attention: R a®, of lass can the sale: or ether dis sitl an ref such `f'ax- xempt Bond, The federal incot tax cL'�ntumitlen es €�. the purcbksee, ownership and redemption, sale or other disposition of Tax -Exempt bands which are not purchased in th c initial offering at the initial a=fferin price an y be determined according to rules which differ from these above. mrs of Tax -Exempt mtds should ►nsult their own tax advisors with mspect to the precise deter ination for '. foderal incomt tax pub t of interest scented upon sale. redemption or ether disposition of 'Tax-Exenmpt Bonds and with respect to the state; and local to consequences of owning and disposing of Tax -Exempt ends. Except as described above, Co -Bond Counsel will express no opinion regarding the federal ift*tne tax consequeneft r sating from the ownw*p of, receipt or sac nW of interest on, or the disposition of the Tax -Exempt - Bonds: tive purchasers of the;Tax-Exenx .Ro s should bar awarethat the ownership of the Tax -Exempt } y ess $bna�s may remelt � other collateral federal t consequences, including (i) the d�si of a deduction for issdebtedn incurred or continued to purchase. or carry the Tax -Exempt Bond's or, in the case of a financial tnststutson, that �. ` a portion of the owner's interest expense allocable to interest on a Tax-lExampt Bond; (ii) the reduction of the loss reserve deduction for property and casualty, insaaaance companies by 15 percent of certain items, including Interest on tha+;'T`axrExeanpt Ilonds, (iii) for taxable y beginnixsg before 16, the incltaseaa of ingest on the Tstx-Exempt lands in modified alternative minimums taxable income" for purposes of the en�rironrnental tax iaaaposed on corporations, (1v) the inclusion of interest on the Tax -Exempt Bonds in the pings of certain foreign corporations doing business in the United States for purposes of a branch doing business in the United States for purpoaft of a a branch profits tax, (v) the inclusion of intent on the Tax -Exempt Bonds in the passive income subject to fedejal income U.xat'son of certain Subchapter S corporations with Subchapter C earnings and profits at the close of the taxable year, anal (vi) the inclusion in groans income of anterat on the Tax -Exempt Bonds by re+cipients of certain Social , unity and Railroad Retirement. benefits. _ VERIFICATION OF MATHEMATICAL COMPUTATIONS The accuracy of the mathematical computations of the adequacy of the maturing principal amounts of and interest on the Government Obligations to pay all principal of and interest on the Refunded Bonds to their respective n aturity dates or earlier redemption and the mathematical computations supporting the conclusion that the Bonds } , are not *arbitrage bonds" under Section 148 of the Internal Revenue Code of 1986, as amended, will be verified ,. independent public accountants. by Causey Dcrragen &Moore, r, LEGAL MATTERS "The propose l Earns of opinion of Co -Bond Counsel is set forth its Appendix C to this Official Statement. Certain. legal matters will be passed upon for the City by A. Quinn Jones, III, Esq., City Attorney and 'or tits Company and the Underwriters by their co -counsel, Creenbeig, Traurig, Hoffanan, I,apoff, Rosen & Quentel, P.A., Miami, Florida and Siplin, Hardaway, Miami, Florida. RATINGS ' 'Bonria have been rated "" and "� _°' by Moody's investors Service and Standard and Poor's Corporation, rattan, tivel :The ratings are based solely on the issuance of the mauniei bond insurance lie Axa resprc y $ y P policy. y desired explaartaticm of the sigtiificarnce of such ratings should be obtained frc►tn the rating atgewy finishing the gam. Generally, ritting agencies ban their ratings on the information and matarials furnished tothem and on investigations, studies and assumptions by the rating agencies. 'There is no assuraace that a particular rating will n be mginulzied for y given period of titer or that it will not be lowemd or withdrawn entirely if, in the judgm nt k4= of the ad eney o i inally establishing the rating, circumstances so warrant. The Underwriters Dave wtdarta}ten no mspo>aaibility either to bring to the attention of the holders of the Banda any propose revision or withdrawal of the h T#'�po r` wi S fp , Any sut', c Sdtl e �d� Of withd �L�ta of r€d idl t 3# the I A f x f34 � i d € n the markeA price of the Bonds. For �y additional description �f t1�c � iucfi tm & $ adverb effwt bi $ rattt?t� shs;old he contacted. *Y f rd ratings th r m6aning# M�Y l e t s, t Ltd. a �LLIUS %lud dvierilrt urns of the tcYCns of the Tax-Exetx pt BOWS, e Lnded�t the $ iit certain provisions of matte and fc�era idtCdrg Aunt the R+ltzti ether agnents,d and refemo th��r�Cto are elation. d ripts d6 olurport to be compl+ all suchdescriptions fd'osn the City, the a l fled theirentirety by re d + each such documont, of �� way b8 obtadidl5 �e In Alex. Br�owrl Sans �ncor�r d, Naples, Elands. �{ r 4tC, dUXttti{@� � period of the offering, front compiled from official d other souse cctttairt+od es in this t3cial Statement has bow ', inrrcti is believed to be co,r�ct � of this date, but is not gtda� anteed as to accuracy or , dft to be reliable, and as a repres xtstiodt by the Urtd rwritcrs. pteten ss by," is not to co stnied Official Statement involvitdg matters of opinion or of estimtes, whether or not At1ty ternet�t made iu this of fact, and no presentation is made that any ly tom, ire s`orth as such and not as reprtntatiar of h8seitb are subject to change without solexgi o: tau atitstll be rd = The information expressions op'ucdiQn Official Statement nor any sate jmade. hereunder shall, under any circa®� d nexthar the dc. v�sry of this in the affairs of The City of Miami or the partnership, fees}t'eate"any it,nplicatirsn that there has been no change k y of no Rouse Company since the date hereof. Rhu IVii Inc. 'Tho official statem+at has been duly authorized by the Commission of'Thr CRY of 14�iams, } tsxe cion of this }, �VIiY#!6 �i3Y'X610 -L 4i}: i THE CffY OF MAW FLORIDA b a By: # , Mayor I AYS1 ► CE+ NT'ER L TT'l D PARTNERSHIP 3 !+ BY. ROUSE-MIAMI, INC., GENERAL PARTNEIR r,. - j By: Vice President V{ js i k - kr TV }i' L -- 57:.'f,s}..,Se..M...,t , .i,.. .' ..z ..r ..:..-.. ....... .. .... �.. ....-...:_ { #T _ y _ t� IX POST r , lit„ it r } kna 4i� } s r �1 7 - t N } d. „ to 1x c - <j� j �x h , s '�3 FSr�y$ Sx'M +$t �. S3 �J r p 2WNW mom 04 t= TY s o- 7 JL� i 1 , - r. C 7 t +., f It t �ma 'LSrs^�` _ .. ._ _ - ... „- .: r., .., .. ,, ., .;.. ru„ , .. . _ s.-a..,.r,.-.-.,,., -., -- ::1 - . _. v r , 1. . ,� ,. �i - ,�0.-:.. f ,Fa .. .: - _ I'kt - ob 'T r COWANY ilk {■ ��!Ri�� A,'� ,s. F k _ .. _ V �n -. - t.._' I ' it 5z 1 I - I F .. �3 _ - .. ,� : is �-�. a r - - .. Sx . - n - '. ., ', 1 y, l , Y } - + 5 -1&} Y= + 4 F s - . ' � .' ' - ,:. :t . - - ' r .. 11 F - - t - 51F - .. 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I , i, Fa ,," I I 1 � � 1 �,;,--,` -I "MWO, ��,-, I I � :, -, , ! ,%, , , I I ,�� . � I � ": _, � . � :, � I` 7 ,:" .�� -, . , ; � i, � .. t =t 3 ,r, i xy E' �3� . . .._ S r s £ + 4' R'a �z. x i ty rR r_ �� i h��ra,G .. _ .. _ 1 ry ¢1 i i, ,,ii; - r" li I 3 �� }, V _ d } ,` �fP 3 `y# C4 .. - ri I:' p'T Vic. '¢#`',3, k c - ,9 � ` ' '. ' i shrr••wy �, t k. { i - Y.-� t t ] ti 1 r p x a 4 n y E �* 4 # - J - _ �� -5�'6 - A r! �.?.' �. 4v. i ;Y Fes,��'r } Y Yi6,,}i - v - i .., _ ,. {fit: - :. ,f i - -" _ - - -e Pt x 3� f t 4 W-=-------- - -vt{` _ - _ _ f 1 1 - 4 I, z t b i v y,�, - r r -a .. S t -. z3 y7 x a a..`r 4 �., , >_ .. ti_r t E •�4, 1 f. y - d i Y "", r- Si -i{ a -� - "WANY1714" * , { - �:-�,,��i,.,: ` �� } :. ! r �1 i G e t 1 k S 4 1 r�: }4 Gr �} i / $ G'Yi jix4 `, itofR7�4",4''1`-`! iN r k; -�,,--�. F a 4 SAY} 3 k ! , T; ,ti {4'�F,5,,�q�� .� 4{iW -11-,,- ,--, - .4-1��,0- ,I,, - - ,� ah¢ .sE ii�'F'��... s'. ,., �.z- - .% . . .. _ ..... ,.� �, ,. .� _, _.. w. ,.. - r. _ .,. ys ,7. •, -_. ..-.aC}r: fzh� ...�..'�` f„'Y. Y-f_�:_ miE "F 1DRAFT 1 P. R-FIAMINARY-1 -'A�WJRV 0FfffRJ_Nr' " r are f�eist €x rwrd e r3f ta± �ttrc rrdir tt i va stors" . as dt#reef in I C, F, R' SertiO jai€ r a rs edan r 10 an ire cin r..e �t rm f stir t n glider the , a#t tie ?#rt of l ' a n a� l'ota� atX f i�„ crew e s +. T rs . s,,.�l. air f i " a : In �a don, rdir (s?# rem inar.stemt in the %x�'•_'aPrle gar�fs and are offered ,tserel�y t '�f'l'orxdra to �i.;`aie� a�`�Fit6�ararxi i�,�ratitrn fr trams et btfity e the tes rl � $ ragsta let ad and t:� 7`r tee sill not effectuate ar transfer of f Taxable 1?c�nci a�►�le;s there h a_s first been .i l t ray thy' effect ow Bch 7`at xJhre aaacf, aid relaeed "ae rtar� reeuri tv stradon is reqVired under the Securities Act cfeiirerr ito i# an a )in ion v, inde�drnt cr n eret to �'as },,,�or that no sm wed ear the ec�urisifs Act ��" ��+��, rxs f�vndf . strd arcita elf �t w�atfx era=tetra to e ramble Bonds or an related strafe lasts n e�i � r T'her Ci d $ n> 'Intend soft � ecnrae'rna, j�#' s� .. Sri &e JJ)Wtr5D t>FW1?W 4f TAXABLE BONDS* herein. In c `tits of ec�-h€ a a rt; mterert' on a 7'awbk o" is esciuclil,;tc fin grass inec}rrae of she tsw rs ncerea�,f�r fed'e earl inca teritea. Lek-Btand.nef gs freer of #yen that 7i�rids farad the air�cr Cherea��c are net fram uxzctt�ia» un€aRrtoridti ed meter 2 Set ea, on interest, income or lsrn�rs on ,atei�t obligations vwnarrf ',. Pt as to a re tx3Xr°s s its � �— dee r rxts as de C,la ned in t er 220. See TAX IMMEW hrra in" Ratings- M dy's: NEW ISSM Standard & POWs: - (FDIC insure)TM C OF MIAMI, FLORIDA rry s Refunding uds, Taxable aeries 1993 zaa e {Bayside Center Urnitcd partnership Project) Due: July 1,199S — Weed: June Florida Industrial I}evarioprratnt Beve ue l4 ofuttding Bonds. Table Series 1"3 (Bayside: Center Limited Partnershiip - 'Ii►e City of Miartti, Florida (the "City") payable faom (i) cetuin revenues generated from - j ) (the'Traxable 800"") "W obli atio sat`fiia+s Ciry Of Miami, with approximately #, �a {tine' project*) owned by* Baysides Center Limited Partnership {the e the,opa%tion of n multi, -level pa rking gMge app aerte ship"), a Aiary#nerd limited psraaarship, the general partner of which is I$ouse Miami, Inc. and {ii) monies on deposix in certain farads and accounts established p rsuaatt to im Indenture of `'#'nest dated as of Jo .time it (es the Teaable4l�nbd between City will City issue and Sunder the Bank,un Indenture AMC Oilando, Florida,yt�yas truster {the 'l'rtastoe ). At the sashe r�,y; Series 1993 (laysi+de a _ on a parity therewith $16,005,4atid", in aggregate principal amount of its Indni ria# I3eyeiopnxeh Revenue Refunding Bond Bonds, Ceni+er, Limited partnership rc�j+act) {the "Tax -Exempt Bonds") (the 'I`attable Bonds eatld the 'I qac»B empt Banda collectively hereinafter, the " enter ") *the Partl�xshiP Bonds, are not heing offcred pursuant to this Limited Off'eKring Memorandum; they are being offered pursuant to an _— offlow Swettnent (the 'Official Statement"). r. The "taxable Bonds will be issu&ble ias fully registered buds in the denomination of 5,t#� or nary integral mult'aplo thereof. Interest r�tt xhe T,b,leneds shall be pa3h# saemiarenually on Ja»uasy 1 and July i in mach year, commencing January 1,) 994, by check - ed owner thereof at the addresses shown on the registration books kept by the Tru , as Monti ftc istt` - Wincipal - or +dra#i taileeci to tree register } of the TAXAble Acasnds is payahlec upon presentation and surrender when due at the Pr£ncipa# corporate trust office of dnen ru tnoa prior to maturity as further described herein. _ 'Fie'iab#e Bonds a subject to xemp ' p ' y Proceeds recniv�ui €mm the sate of the Bonds will be used (i) to ecur etjt refund the City's outstaosiing S16,CN7S,t100 Industrial llrlved+aianstt�t eaftil ai to eCtettain cal the ClsSta tsf iasuiu9 the Bonds. 14tevdCttup Bond, aCsries 1995 (lkysido Center Limited Partnership Project) (') PgY = paS+meGtat of the prin+c'apal of and interest on the Teaxabta Bonds will to be issued by Financialll be insured by a municipal bond insurance s iu ty Inx tofte Company simultaneously with flea delivery of the Taxable Bonds. Sae the Offnciai S�teraaasnt, "MUNICIPAL BOND PiSt3i7KNW. :s Mow] THE, BONDS SHALL NOT BE DEEMED TO C(DNST`I'I3TE A HEST OF THE CT OF MIA►Mi AND THE CITY IS NOT -_ eI7tBL)<CrATIEI? TO RAY THE BQfi OR THE Dr THEREON EXCEPT li:'btQl►1! T CERTAIN �S SI�+PRIN O IN THE � , A THE FAITH AND C EDIT OF THE CITY ARE IVCi' l<"1LIsDED TO P!►Yll'T OF THE PIit11dCI>Pf�I. Q1F b 'I'14 E #li+i", 4" ON T1 BONDS. THE ISSUANCE OF TM BONDS SHALL NOT- I►iIiCEC'rLY fi3I1 I1VifIlRli'ri:TI.Y ' COR i "['1Li' ti l l ATE THE CITY TO t aVy OR T+l;}3 Pi, IE'i GE, ate'' TAUS WHATEVER, TMAEFOR OR TO MAM Ap "1r' APPRe "I'Ct �l FROM THE REVENUES OF THE CITY FOR THE PAYS+ I° EXCEPT MOM SAID FUNDS. - f T►`t40,OW ., % TOCIM Bonds due, July 1, I"S-� s Yield ' � 1"3) �� , (pb►s �tCcxotod i�setetrest from Jurtt'i, ' • • ed approval o le Taxable BEuadar are offered , ax d to eu d and t wived by the Underwriters, xa�Fiject to the ' ' f ' ' _ ,l ood Cease!. Certcaira r1rcr# w passed t +t, Or tine ' Fine Jtvanbson schwarrtz Nash d Black ca»reel A.mtso-i'oeh. i°,ei., erJiefrca-�ourtsel, Grcatnberg, 7�Fiwdg, HVWan, d�,�, ,�, , /ui a► x, Ile, Egg. , efr`Jq /'�ttOmy ands dw erWrite" and fiat cry, by - �, . Rosen Quenxarl, P.A., Ufurrsi, Florida wad � esndne as F � e}la�dmAt a tlsc d i �� a�f�� f s - etsarrc>iatex, Inc-, St i'ereerrburg. Mrdafca g will be l�C�#t+tmd Kira New York, New York on car about June 17, I D�3. �.;. GUZMAN & COMIPANY AI,,cr X. Inwrporsted ,RYU C [ CORP. WARD# BRADF► Ct illo to cbm. V. SE r h0 e4�'4AtSs att� l ' s x MEMO MiS OFTIIEOMMShW Of M, Cal a :iTA4atl'�U$iJG��yy dWt EliZt�✓ dt 14THEEFNO Lai : I TtJRl� ! .0 '' Id4 :r ,. + �rRTR*ilSkdM�i4� I THE li E`a L. P llrr4►t�f3.NIER� �rtr 1 CComo 3v76Vne Kv MY 0MCIALS H. �.w!' city�,ia�qgLl V i • ♦ VYVQl - A.. Quin, III �'i tt #p MY ♦ E.��'Vt)t Carcis, WS V.7 D 6f6 bi Finance i ! t . i 1 M� i W ♦ ! -t�( .. - [/�( �{ City V ♦Y, i ♦ Ar/QUIN 9L AAyy Y Mnci Alo s(>�Puch, P.A. 3 �y'Tt t �A# i ��F�.O �2 t'4" Hcywglld , G 4♦M 'M+♦"Y am C Raymond lama Associates,Inc♦ 1 t t L NO *UStT t �f t hir► deter, 4irs key, Aes rson , rsths r £ier n h ti auth= c'tx d rg� T of l i mi Bayside Center Limit Partnership (the "Far er'ship" ), any affiliate of the l�san�iilp or The Underwriters to give information or try make any ropteftntations other than as evri .ined herein any inf , and, if given cif dt, Rwh ticaii or representations must not be teiiera rup�m as having been authorized by any o f the foregoing.r}vr shall mf Limited Offering. Men t durn not Constitute an offer to sell or the solicitatir�n of an offer to y, them y she of Taxable ble >sds by any perms in • Jurisdiction in which it is unlawful for � person to oitat lscitatin ENT headings or 'ale. Tf�e information contained in the C}1Pfieis�l Staff furnished �er ed by the *S MBA i`fi` STA - The+City"" ;end, as it relates to the City, LUIGATION , has been a: tied fury father 3�>afcirtmrtic�tt container herein, has not attempted to verify such outlier City. Tte City �A sibitity four the accuracy o. completeness of a+uch other informhtis�n. Certain other ibfor fiott"d*mores no. reap ft ' • . to be, intertiara stained herein has t n'+o#�taihed fmr�n the Partnership and other �ci such infortnationam is believed to be retiable� the ar�curaoy sar c rn rleteneas of such information is not guaranteed constraied to be, a tlor► Of the City air, the UnderwAt . The information d expressions of opinion stated sa Clrf#iciatl Statement subject to change with21 notice, sand raeather the delivery of this Lirtutel herein and in the - C �ffc ring Memorandum' nor any sale made hereunder shall ',ate;, under any citcuinstiunces, any implication that there , %ri no +mange since the date hereof. This Limitexi Offering Memorandunn is in +� fc�rnr deemed final by ' ar the u' of SEC Rule 15c2-12 promulgated tinder the Securi Exchange Act of i934, as the City . f F '� - amended. IN CONN9t~"T'lON wrat THE OFFING, THE UNDERWR1"MRS MAY C)IrERAit.O'T OR EFFECT SACnONS THAT TABIUZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT LEVELS T AN SUCH. STABILIZING, ABOVE THAT W CH MIGHT OTHERWISE PREVAIL IN THE OPEN �• IF Ct MMENCED, MAY BE DISCONTINUED AT ANY HME. ABLE BONDS HAVE NOT BEEN ItEGI�' ERED.UND ER THE SE�� ACT OF 1� � - THE TAX AB HAS. THE INDEfiT'iR.IRE BIB' N QUALiTIED UNDER E TRUST INDENTURE 1939 OIt CE UI 1 E EMMoNS 'CONTAINED IN SUCH TAXABLE ' `OiP'l('I:IIE s�NDS IN ACCORDANCE WITH APPLia�ABLE PROVISIONS OF �- r IN ICH TIME TAXABLE BONDS HAVE SIEt�UIfI'I7ES I¢AWS CIF TIDE JURiST)IC"TiONS, IF ANY, BEEN R� *CII I O QI IAF.I31 NU' ' ifi E1 E 'iON FROM RE�GIS i R,- IION OR QUAI iCA.ION N CERTAIN: OTHER JCIRISDIC'TION5 SHOULD NOT BE REGARDED As A RECOMMENDATION THEREOF. NEITHER THESE Ji RISi�IC'IiC3NS N+C�I ANY C ► AGENCIES S HAVE PASSED UPON T T MF "S ©E E TAXABLE BONDS AS AN I VESTMENT, UPON THE PROBABILITY OF ANY E. EAPNI�+GS THEON OR UPON ACCURACY OR COIbiP�N OF "ITS ��5'RINCa NCEM�►RANDU VI. ANY R,.EFRESENTATION TO THE CO Y MAY BE A +CRI� AT. sections of the Official Statement, which is attached Ceem' hereto as Exhibit A, are incorporated into this -' Limitad Ofc�:ritig Memorandum by specific reference thereto. Section of like Official Statement which are not - ecificafiy refened to herein do not constitute a part of this Limited offering Memorandum. r . All summaries herein and in the official Statement of documents and agreements we qualified in their t = ens b referenca to such documents and agreerxae¢�ts, and all summaries herein and in the Official Statement Of = y reference to the form thereof included ai the aforeid the `fxabte Bonds are qualified in their entirety by documents and agreements. i 3 340. - i fi a iZ 7a o.ow HE CITY Of I I, DA FIS 993 3NUEp BONDS, TAXABLESEW y✓p L INLUtMd?i ' Wr L1mitedl `P PrsJW0 i.., ATEMENT . lA4s>rd�t �t Vt�.t i4'�i�M �s furnished � V'47X#�3R#iNL� with the adl1Aering bJ +^-e City of L*RiA71lii} �' Private �- t This -�Yat.+id 7, Florida (the "City") of its $74ti, tom* Irtdustrtal Development Revenue Refunding l�atrds, 'i'aacable Series 19�� Trust (the y tl #Taxable3 Bonds"), punt to an Indenture of Ys*de t ttt r Lattiited pProject) (i Orlando, Florida, as l� l3etwe t the City and Sun Bank, l�attonal Association, Indetl re"") d8t l as of lam Ig BorEcl l e (the "'Trustee"). �t the same tlLi�t" it issues the ia�talrle3 Bonds, the City te;e Pit to Agent Arit'1 grstm Indenture a therewith $i,t,?Q► in aggregate Principal amount of its Industrial vvlll. isstae under she parity 'Bervenue: Refunding Bonds, Series 1S'3 side CenterI.imitekd Partnership project) (the "`Tax - 'Tex- velap►xte# test tidy") the 'Ttable Winds and the `l'a -Exempt Bowls collectively hereinafter, the "Bonds"). "Official they are not being are being ONXMI Puramt to an Official Statement (the Statement"), e�rtg Merrtorandtlrrt, o�ffe t purawt. to this limited Off llNemds a 3lrig 1 sul by the City mw on behalf of Ba side Center Limited Partnership, a Maryland ltrnrte�td to r +cttt�t it# refund the +�:i#y'a outstanding $16,005,000 Industrial Development {thy "Pership#), (+) Iamited Partnership Proje(the Refunded Bonds"); and (ii) pay erveantta Bonds, Seri, es 1995 yside Center r certain of t costs of issuing the Bands. f 7 `ihe I11 be issue pemsu t to the auth0ii of the t;;Citl #itirtrOil and"laws of the Mate of Plarida, City commission of `Ihc:# (the,"City ptttta�y f' l5►, Florida Sutattsryandeltttlon adtsgtoc# by the , - rmmisssan)Iay Zip I94 (then "Resolu#aosn ). Y"e constructed ,tag proceeds of the; Refunded Bonds a multi4evesl gaming fkcility with 'rhe p tie "Pru'eci" Ynor,�t�caan with the; construction of the lyid$ h+arceiace. eppr+nx'rna#e#y' I ( 3 ) ` ,fit twenty dtvel the Baysides Market e; on a sift+ which in the aggregate consists of approximately �� Street in dnwnt rn Miami. Pp-' an 'lcaestcd at tits uthmat coiner of V=yae l�oulesvard and N.B. Arena. Vie. Bayside Marketplace, iu addition to `1 Pr©'+e # 1a taea d `;appresxpmiate ty fiver blacks from the Miami 1 uare feet of retail space. the project has, been in operation since 2I8,4J i k 3i j+cca�t�, mists of iProxi�ma.tely P s�} summaries ref s antes, da cur tits cir law cerntarned in this t� offering fli ifie their �•� N iF� Lsi l,E/ifM'3+. lIM .Q4�Mh �4F , difiiMi Nt iia 7/ sub # t,L ail MJM {R/7 iM u i6iiO N L{A bxein ids $te'l`alend8 am gU�al:fled' their esctt.ty by refct to tht docuts aDd awe, atnnElf+ercttc 'faacab of wktich is awaible from the City. Arty cagitaliradd term u herein fo ii of r� Rort s, a . :. "Signed eel ' to it in *SUMMARY OF CERTAIN a not of a xwi s riafihtVd ereKin l have #his Ong t 1 h "I'S - Definitions" in Appendix of the Official Stater st. , K AN OF REFUNDING SW the Official Statement, -PLAN oil REFUNDING". A Preliminaq, subject to Change, �c�rerms�l �roev+6.sr�aSJs*!ea S E 1 T , , St 14 a �"� ,: F.,« ,, �� ------ - -- ----.- --------- -- ---------------- ----- -- I ----------, . I I I - , I A - � I I I I I I I - � - I I I I I I I I I � I . G TH DIRAYrF 1: 1A - . - .-GIA, t , I I I I- ��"7 . ....... - Al -P' I -1 -.1 �-'- I - - I - - I I ' _1--, ;-1 -- BWEN-. s1�1- - 0' - . --i"? %-, ,. 'l-. ' -'go'us g I " "'- �`--' *' - I I -1-t-l"I"I'll -11-1-�--' i " I '. . I � I i-';'.'�, - �:. ''. . I � . 11 '' � 11 .��- -;�.'i I ,-A - . I . iA��'�.' :� �' --- , ,- : , ' ;: , : - , I , - I I � '. ,,, , . I I -- ' , � r � . I � I I I . I I- - � I I - . ' Q '11, �' I , I I I I I . 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I , ; IT � �' � ' , _ I :, �, I � �11 t 5z , . - �' :� : � - �' � ��' : : '- : ,'i I, -1. i- ' -'� "' "I. , I z,�' , - 1; - , - � :: : : : , � . r '!� � � ,. � - - - 11 �� I � I � - - - , � ' I � r I I I - � I � , , - � � � - k' : , , , �z I � 71-'�' : -1 - - 7 - "n, i--- -, '' �:: I - , - � � I , , , , , I � " I . r' � �' : , � � ,� -'�, �. ' ��' 1 �'�' . , 1. � . , � , . � � '� '�"': , ,� , I , , . - , , - . , , . : ' r ; . . I , I � , . ,: I , i ". �� , , �� , . I - , I .. I ` �' : 1 E Y 11 - '` J �, .y ..rf. ?f U k k _S .v.'vSsl. � _ ,,.,.-.,3 0 . y+tw�.....�.. _.. ::'ivGf5fYR83YA13`Y' ...4.F;u .:-1 , . � _ �} - [ As the e Areeent� t2ts uaan y.e ethec"ynent required required Def i its means any �s�lants rsuant to Section .0 3 cif the ��reem n� the Company to be made by Y Ito p erati,on and. Maintenance Expenses"which are, at the in excess of or t o pay time the same become payable under _ the Agreement defined in the Agreement. It e ez u , tf quoted terms are as such �: heretothatthe Guarantor w it not �e s understood by the arty es n.ts in excess of the amounts set forth u �- at"i atk`iol obiigated to pay rSuaIt to the Indenture.. the Bonds pu aboveU�o�.� j "�} 'l'he obligation of the Guarantor under this y� successors a� J:: aL r r '4'i'` - y�}�y..�� ©1:L �heGuarantoriAts + uar r ty shall be binding ul r train r., full force and effect ix`respect ��e of - i ns and, shall ass g.� cb,igatons of the Issuer or the Company, or of the power or any -the issuer or the y uthc►r'�.t or the lack of power car authority of authority bl.gati�one and Y am an to issue or incur said �wive of the validity y)�� ]� ioc:xlmex�ts a anti irreSet ]y �Aa Yh4�. lr �naii. deliver forealy+fid obligations, car of and defense whatsoever to the payment of _ Ot e ht have that the issuer or the. Company may or dig if any or to r (principal, interest st and preznu�n, the a�c� ob ligations e o max ce car obsex*vance of any of the conditions, of t:hece of the tinuan cQnaid 1 r _ , . or the existence or Agree anent or the Indenture, obligations a lea entity; nor shall s 4 Issuer or the company as failure or omissitan impaired by any aft, #" be discharged or ron : the part of the Trustee, the issuer or any holder or the following . ..; wh atsc�e�rc :' of said fonds ,including but not limited to h olde /n /� f ilure$ . oromissions acts, an failure to present any obligations fdr payment anyGuarantor notice of l'}. or to demand F a thereof/ car to g.ve the of said obligations or the ih.terest apper- `. ` or cr non•paymen c�il hon become due and payable.,:or when anal as the same may taming thereto Trustee, failure on the :dart o the Issue air Qco 4 once of any ke an ©ndh6ider to do any act or thing or to perform p under the ` nant or agreement by it to be done, kept or performed o� r ;'. • term of said F'.xianc.rlg Documents, { ,i the acceptance of any aecurity or ©thee guaranty, issuer, and j the a dvancaf additional money to the Company or oblig'at ions or the interest :. -� extension of the Obligation.of said etherndf indefinitely or for any period of aper i Wing thereto, dification in the obligat3ozas� or oaf the }< an other me t or Y or Issuer thereon, or ih of the Company Financing Documents or the sale, release, substitution or h therewith, or connectz.o_ Y exchange of any security, or an action taken under the Financin Documents in (ii ) Y thereby conferred ox' ax�y failure . exercise of any alight or power the Boni too the of the Trustee or ,any holder of y or om es .c n_ +gin part a right security given under' the ,Agreement g failure., or. enforce Y Documents : or any waiver of an�r fight or ax�y a '.nancing of the holder of any ` } omission an the part of the Trustee or any k 4 w r w $�N1'.Ill''A-l64 I'A*kI)moo *NOW 1A#43 Ls z t ions covenants car a � s is ot; the Issuer or the Gli r antor_ con- , tairied in the Financing Documents or this Guaranty f ' the extenS ion of the time for payment of any �- princ�.pa, o or interest or premium on any Obligation or any part the �'�1.naiZC�.ng e -- thereof siring or a ''4bl on bath Bone off' under L scumente o under 'this Guaranty, of the time for performance of - any +ether ob igatic its covenanes or agreexnent;� under or arising out or of the PinAncing Documents, dr this Guaranty or the extension the renewal.thereof `► }, { f } the modification or amendment {whether material or - the wl se} of any obligations t covenants or agreements set forth in the '.Financing Documents or this Guaranty, L (g) the taking or the omission of any of the actions re- k= ferred tol n the Financing Documents or the Indenture or any actions under this Guaranty, a delay or lack on the past of (h:, any failure, omission, - the IssUer car any holder of the Bonds car the Trustee to enforce, assert ter ecercise any right, power or remedy conferred the on the Issuer, such holder, or the Trustee �n this Guaranty or the Finano ng" j ocuYCtel"Jt , or any other act or acts on the part of time or'from time = issuer, ,he Trustee or any of the holders at any { o time, of the Bonds; { 3 the voluntary or involuntarylcluidt.on, - Lion; sale or rather i r sition of -all or snbstantiall y all the assets, ` mar of assets r{e�cecreditors,,ive�s�hi�, :. 5 tgandr+�r�nl.iabpilities,}. iAil. r�7 ven�y/.:� bankruptcy, a$s ..gnment V.6.. -'the benefit Q+L, : — reorgsn zatson arrangement, cc�mosition "itb creditors or readjustment of; or other � similar proceedings affect�n� the Guarantor, the Issuer or, any of their assets or any -allegation -or i contest of :ehe'val:idity of this Guarantyn any praeeedngs, to she extent permitted by law, the release or discharge of the Guarantor or the Issuer under the Financing , Avct t�ienes from:he perfor rice or observance, of any Obligation ..� covenant or areemet'contanedn the Financing D+�ouments or this Guaranty', by operation of law or otherwise Ck) the default or failure of the, Guarantor to duly r er orsr+ any of its obligations set forth In this Guarant *YV 1) - 'the ae le se of any collateral orsecurity pledged to = the Trustee under' the Agreement or the Indenture; (my any Invalidity or unenforceabil ity of any of the - Pinemcing.Documentsi Ft' M 3 3 Fs ti �j M - .,..�_....r 2..5.. ,. .e.. ..,- ,.,_ A.. s e existerMle of anzy defense based, or, election of �. o remedies, including any election t ccept a d1m Guar - il1g other action which a.f fens the �'x1i��_� �..x°; h tc' 3f fore, cl s e _ c ftt br Is. subrogation; m ( ali t r destruction to or taking f , through arlyi^� ''nel.t ya+ 4J�3.ax 4T d.h�'�`�r.. 17F� r" ( ..-h+G�:°'R i7 - _(p) any other conditi,on or contingency whatsoever,.712 1 t er arnil off:` ,dissimilar k r Notwithotanding the foregoiyng this Gi3 r n:tywillterminate on M� S - Augut 1J , .V SJ V.�5Lf , b,,,11IIii�.�l��.wF t1:1Mjy MpyC��TW!n��y{apw�d�, M.��rM�yhi anniversary `tiFLM ._ Ld W�o k1Ml tion Date - s .�ef ned in he- +YeMFSert , Ag eeme � iiikkF Pt. CTI 7 The Guar hereby consentO to all of the terms Y conditions tic ris of a .d `manning ,Doctdment� and hereby consents to y exte r n or extensions of time of,any payment or pay�taents �� holder >3 i any`. her apt Or thing Which the xrust�e or any o� consent tQ, �� the h holders of said Sonds or the Issuer nay agree either expressly, by acquiescence, ar request of the Company, otherwise. - SECTION 2.5. 8o eet-off, counterclirn, reduction, or dirriz- which Lion of a r b3 is a a n.h', r any defense of any kind or nature against the Issuer or the 'Trustee i> i theurantcr has or mayhave of feet, modify or impair the Guaraaxtor' s obligations her _ 1 4 sha3 a ent b the Guarantor hereunder shall not impa.iz a y' L1Y1d-er . Any ym y rrastee cls ms r rights that Guarantor ,may have'agastngt Issuer or . , ,SECTIti32.6. In the eve x of a defaul t in the payrjctent ofri. -, ,,. c al of car premium,a f any, air airyord when r'�nd tz the dame shall ., thereof �, a.cc��.��.� beccar a ,due, whether at the stated, maturity _y t 2 i1 �a for' del1;7t .A 1 ' or. othf�z"W - . ° Cyr 231 �t t"? , t . de auit in .the 'payment cif- any. ir�ter�st OnAny Bond ,val�aen and as e eX ire the p�erfcbe !te ;� ` same; s�al.� became due, or default 'trustee, and if requeSte�d so .tc. �a the m:ay, • rinoi mount t tha�x a ma.� ority i aggrega.te g �► 3 k illers ; of. >lI{ < .ess f `orris ten outstanding, and upon indemn.fidtn, herein :h after pxoua.ded Shall, be obl gated, to proc*ed tt� �nfc��te the �b�.�.g.. � action:_;here . h} Bef taking P .*� y�•�'ye} der r ore,- s`' .lost Lri�. V41GI68j K'�✓iL. ii 6r ►w"f•1,�n1i r'w a7s Y';f�A,':.Mi�1#� 4�ni,..,.. to a �i y }y {�#a� y �y�'`or ' tee require that, satisfacta r �.hd�ity. b� �u�- and the ru . nsnd by tine holders'requ+�st3ng such a.ctizi ftr the reim urent ,1,.,expenses and t protect against all liability, neg.3.gen car lity Wi?�1h edudicater to have resultedr .ts : :. w1llful default b reason of any action so taken. :. +M M� iV t i ♦ .. The, IYI P.1=9Y11Yto h +reby : V�'M P/. M �lJrf to the to . the Trustee all �finaricial dataX�uquir� by. Section� ♦ �� Agreeement { /// s +WF ECTI •8 • TI-je Gvarantor hereby expressly waives notice the h ld r time Writingy ar tithe wine, from the Trustee ar of the hands of their acceptallce and ar f rom is to t a it1� of aiy lace, an th fivarrnt.y. The Guarantor` agrees to pay all coSt8 re attorneys ]� a C? ab e e cell es and' e t including all reasonable of legal action or otherwise - — "'bier .ncurr- A a a result (w`het incurred in any appellate a� .hc .udirig reasonable attorneys' be incurred �+ the Trustee or holders of the p a ;eed�.n � which ma arcing r attempting to enforce this Guaranty fcallawthe in. g the � - r :,Bon gA i e rif yY�• yyy {y ��iy art of the Guarantor hereunder, whether default Wsn. the:: and whether at trial or 4k ��jt1P shall be enforced by eu t or otherwise { o, ,-:appeal. . _ SECTION ,9,'This Guaranty is entered inter by the Guarantor Sands and the Trustee and any f o the benefit, of the ha3ders cf the trustees and their.respective C311c- successor trustee flr successor assigns under the Indenture, all of whom , shall be and J ceps ors -,and eht.t lei. to en1force perfor tce and observance t f this Guaranty herein contained to the sane of -the uar nt es and other p ova signs signatory ,a extent as if they were parties ss.F Y s r SECTION 2.1o. The terms of this Guaranty may be enforced a.s... to — i an one or more breaches either separately car cumulatively. x° ARTTG�lE; ;III A • ZAEM; - SECT1rT �. , The guarantor covenants. that it is ,a proprietary in standing under ' ration duly >Orga, ized and existing anc3 goad corpo to suit of Ma land The. — the the laws o f the State and of the State o + -federal in the statany. Guarantor, ..respect to this Guaranty . Furthermore: the+ Trustee �gaihst o ' eta.on to the venue caf, any action filed. by of sa the Guar ntor and waives any claim action to any other court . — - trhsfex of any such _ , The Trustee shall provide immediate �writt SECT I4 (en a default undi er the y ki' n s - i1Qt .Ce' .:to the Guarantor of the occurrence of . rovided, how- the Financing Documents p `- "tee f this Guaranty o th+� the Guarantor receive nct�icertao�re rex failure of ,to y.�scyh 1 3a affect, .�t1C>t'��.fy .or roil pair the � d. t'3 .0 n 1 Y - Trustee, #hi' n x s and erg eeznent� of. the, Guarantor hereunder.. plead SECTION a , 3 . y not ice, , pnacesa� pleadings or rather Paper, at_ the sane t .Me, h►e i wed upon any tie fcrregoi g agents shall, se: PThe registered mil to Guarantor' at the fe1�.wing addrae. �- sent Y • 1 ''S Litti, Patu exit Parkway,, Columbia', Maryl�,�d Genera.. such ot,ner address as .may 2iQ44, Attent3.,on; ,Counselr furnished by the Guarantor to the Trustse ,.nrrtg - x d 8 _ ` ,p,H+\1:llflr•ki.f 1ltt\ql/tF4t.iS;t'S/1t93 ,... +t �6F L3 } 'tti < sh3 , SECTIONAOL- 3.4. The Guarantor agrees that during the term othis Agreement1��.nt- ain ite corporate existence.. wigl not, .. , .�.�. without the Written consent of the Trustee, dissolve or merge into, —= idate v i t or tr nafer al +or a substantial porti.oxz of its assets except sales in the,ordinary course of business) to any rather` . entity un ess sudh merger, consolidation or sale shall not 1pahtthe Issuer hereun�er,ir the rigTi E T F SE C' 'IC ♦ t o endment t change( modification, alteration or ' of the Agre6Ment Ot the Indenture shall be made which �. ' ,termination would, in , y w� mate,ri.alaly increase the Guarantors s_ obligations } thl uarant wi. hoist obtaining the prior written consent of un' tie Guar%ntQr; provided, however, that failureto obtain such con_ , n _ s aal .not effect the Guarantor's obligations hereunder except to the extent ,of any hcrease in such obligations., - LCITION .2. The obligations of the Guarantor hereunder shall I , +absolutely, unconditionally and irrevocably when the Bands { sha . has green issued, isold and delivered by the Issuer. SCTIO 3 • No remedy herein conferred upon or reserved t+Ci 7 3e i'r rust hereunder i.s Intended o -be exclusive of axiy' other x k a railable remledy or remedies( but each, and evez�r such remedy shall, } he cis nt l .tiv,' a and shall.. be in additi6 to every other, remedy given �n R wirier this " Guaranty or now or. hereafter . ex� sting 3 t law �r e ity -or b statute. o. del y of om �s3.s�n to, exercise any or we accruing upon any, default, onli.ssion Or failure of performance "JUoh round r e,hall impair any such right or rawer, �r. shall be�- F cent ued to be a. waiver thereof ,' but any such right and power My T be a erc cr ied from time to time and as , of ten as, may be deemed. - _ a editnt .. ,The Guarantor hereby waives, the benefit and aduaz�tage �+f _ ,Y x i ` t ► ? e; te.% sion or Moratoxiurrc, off' any ,r�c�hts ©f red tpt�.C�n 4r h = . c sese c n pursuant. to, am law, + ourt degree: or othea�w�.se which 4 ugh hi nde dela.yr or. ; xropede the exercise of the rights Of the Trustee.,;In order. to , en"t .tJ6 the rus e+e O e�coi.se arty remedy ' reserxr d, to' i.t, in this. Guaranty, i.t . eha3.�.. �C?t be neoessar�r tC� give - s any notice., other than suchnotice a� may Yee herefx� ex re }, qutred.♦ In the event any provision contained n thi Guaranty = 'h'►'uld' be breached by any party and thereafter. fully waived�y the other part, so empowered , to act, such waive shall be limited o r Lid elµ the parti,culr breach he, No waiver, ame m+er�t, release or � modsfjcation of this. Guarantgr, shall be estab�.ish�'.d by . conduct, ,5 5k custom ;or course o� deal��g, but so�.ely by an inst�nent �n writi.�g 4 duly a eouted by the parties thereunto. +�thia�g herein col�t.ained r shall be ti�;e�ned to exclude any acti. n or proceedings taken by any ..:. ! - = rk Q cier of any: song$ agaj st the GL1i ;C'C'�c�ltor► t 11e eve Of }, nonpayment of p�. �.nc ip�,l nterest or pre u tt ae a'fc►resar i d ( but'and L q�1 ..... .. �iN§$/bt5,•F[1 lbys`�lFrerl,i1tF67 A4J(i .. .. F Judgment or, roVry so bad by any holder of and Bonds shall be deemed .to ;thereby re;dtice the amount of any recovery hereunder t which t%o Trustee my be entitled, and such holder shall thereupon, to the extent of such recovery, be excluded from participating in 1 any amount so recovered by the Trustee. SEC ION 4.4. This Guaranty,. which includes incorporation by w_ reference of the terms of the Agreement, the Indenture and other - .nanc�n ocu teiiks, co, titutes the entire agreement and f _super- $edes a prior , agreements and understandingsboth written and. - oral , among the parties with respect to the subject matter hereof a, and I may. b6 executed simultaneously y a n several counterparts, each of " whith shall be deemed an original., but all of which together shall. 'T co- natitote one and the same instrument, _ SECTION 4 • 5 ► 'The invalidity or µ.kienf Vi,. R,r S:. a,{„i J..i. .pit of any one WJ t more Pbrases, sentences, clauses or sections in this Guaranty con.- A tainedr shall. not ,affect the validity or enforceability of the _ — LL y� rema r1t.i�p�E portions of this Guaranty, or an thereof.The sE 3. � i part br�i��s 1i'i W'r�� ♦ i hii+� �rV - �- f b a of this Guaranty shall be governed by the applicable laws of the State of Florida. SECTION 4.6. Except... as hereafterprovided, the Trustee shall not consent to any ame.ncbneht or modification of this Guaranty or _ L` walve any Of the provisions hereof without the priox �rritten ppro�ras or'conse'n't of the holders cif not � ess than seventy percent �= b he '.gggate principal amount of the Bonds at the time ouc- — }t etanrll.ng t agether with the approval or consent of the Issuer, which fi s l apbr6vaor: consent shall not be unreasonably withheld, The Trustee _ hal; , withoilt the consent; of or notice to the Bondholders consent �- e " n �► to a!qy ehdment, change,or modification of this Guaranty as may be zi t requi,rec .far the purpose of curing any ambiguity or formal defect F or' omission or :in connection with any other_ change herein which, in. - the - judgment of the Trustee, is not ` to the prejudice of the -- fTru tee. SECTION 4.7. This Guaranty,shall be binding upon the under- �=- signed Guarantor and its successors and assigns and shall, inure to = the benefit of the Trustee and the -holders of the Bonds until the ":--earlier of: such time as i } none of the Binds . remain outstanding end `unvaidt during the term .hereof or (ii) this Agreement shall. ��-- expire in accordance with the terms ,hereof. 1' y Fps+_ f i 10 f\fd EbN:E .'i#Qbf if i)k ' x 14 4 Yas� z�. !..�?��:..i':,, �....:.,.1.! ?„ W. ....-._. s .: .... ,_?::..,.id4..... , .: ,; ' ,<l3 . .. '.:.. ,... , " ,,..'. _: . , _. I . ' •- , ; _F , i , . _ , ttr::,z-:i�':'+ NIESS WHE Q ; ' ntb has used this Guaranty o .} � 3 o the datefirst