Fort Walton Beach Resolution — 82-22-Ind Revenue Bonds-Gator Distributors — reading text

or other instrument required by this Guaranty to be signed and executed by the Bondholders may be in any number of concurrent writings of similar tenor and may be signed or executed by the Bondholders 15 r t ... 0' Q TABLE OF CONTENTS Parties 1 Recitals 1 Article I Definitions 3 Article II Construction and Acquisition Fund Section 2. 01. Sale and Delivery of Bonds ................... 7 Section 2. 02. Application of Bond Proceeds ................. 7 Section 2. 03. Application of Construction and Acquisition Fund Moneys .................... 7 ticle III AJ:" Construction of Project Section 3. 01. Delivery of Mortgage; Construction by Company ................................. 10 Section 3. 02. Insurance During Construction ................ 11 Section 3. 03. Cost of Project .............................. 12 Section 3. 04. Action to Ensure Completion of Project ....... 13 Section 3. 05. Covenant to Complete ......................... 13 Section 3. 06. Warranties Extend to Trustee and Issuer ...... 14 Section 3. 07. Covenant to Convey........................... 14 Section 3. 08. Establishment of Completion Date ............. 14 Article IV Loan and Payment Thereof Section 4. 01. Defeasance Upon Payment ...................... 16 Section 4. 02. Principal Amount of Loan ..................... 16 Section 4. 03. Loan Payable in Installments ................. 17 Section 4. 04. Prepayment to Redeem Bonds ................... 18 Section 4. 05. Obligation to Pay Unconditional.............. 18 i  o o Article V Covenants of the Issuer Section 5. 01. Covenants of the Issuer ...................... 20 Section 5. 02. Bond Fund ..................................... 20 Section 5. 03. Disposition of Bond Fund Moneys .............. ' 20 Section 5. 04. Investment and Security of Funds ............. 20 Section 5. 05. Enforcement of Financing Agreement ........... 21 Section 5. 06. Maintenance of Tax- Exempt Status ............. 21 Article VI Maintenance, Taxes and Insurance Section 6. 01. Maintenance, Modifications and Add it ions .................................. 22 Section 6. 02. Substitution of Equipment .................... 23 Section 6. 03. Insurance After Completion of Construction ... 24 Section 6. 04. Insurance pOlicy provisions .................. 25 Section 6. 05. Payment of Taxes and Assessments ............. 26 Section 6. 06. Enforcement by and Trustee ............ Issuer 27 Section 6. 07. Release and Indemnification Covenants ........ 27 t:. Article VII Damage, Destruction and Condemnation Section 7. 01. Obligation in Event of Damage Destruction ............................. or 28 Section 7. 02. Obligation in Event of Condemnation .......... 30 Section 7. 03. Substituted Property Part of Project ......... 32 Section 7. 04. Application of Certain Condemnation and Insurance Proceeds ......................... 32 Section 7. 05. Election Not to Restore Project, Deposit to Bond Fund ....................... 33 Section 7. 06. provision Concerning Condemnation ............ 33 Article VIII Special Covenants Section 8. 01. No Warranty of Condition or Suitability by Issuer .................................. 35 Section 8. 02. Right of Access to Project ................... 35 Section 8. 03. Maintenance of Corporate Existence ........... 35 Section 8. 04. Event and Determination of Taxability........ 35 Section 8. 05. Sale or Lease of Project ..................... 36 Section 8. 06. Release and Satisfaction....................... 36 Section 8. 07. Request for Redemption ....................... 36 Section 8. 08. Company to Furnish Certain Financial Documents .................................. 37 ii  0' o Section 8. 09. Covenant Prohibiting Excessive Arbitrage ..... 37 Section 8. 10. Covenant ~ egarding Expenditure of Bond Proceeds ... .'. . . . . . . . . . . . . . . . . . . . . . . . . . 37 Article IX Events of Default and Remedies Section 9. 01. Events of Default ............................ 39 Section 9. 02. Remedies on Default .......................... 41 Section 9. 03. Authorization to Foreclose ................... 44 Section 9. 04. No Remedy Exclusive .......................... 45 Section 9. 95. No Additional Waiver Implied by One Waiver ... 45 Section 9. 06. Reimbursement of Expenses Upon Default ....... 45 Section 9. 07. Notice of Default ............................ 46 Article X Financing Additional Facilities Parity Obligations Section 10. 01. Issuance of Other Obligations ................ 47 Section 10. 02. Issuance of ~ dditional Parity Obligations .... 47 Article XI Concerning the Mortgaged Properties Section 11. 01. Additionally Secured by Mortgage ............. 49 Section 11. 02. Protection of Lien ........................... 49 Article XII Miscellaneous Section 12. 01. Notices Deemed Given Upon Mailing ............. 50 Section 12. 02. Agreement Binding Upon Parties and Successors .............................. 50 Section 12. 03. Prohibition of Liens .......................... 50 Section 12. 04. Agreement Effective Upon Validation ........... 51 Section 12. 05. Disposition of Remaining Moneys ............... 51 Section 12. 06. Modification or Amendment ..................... 51 Section 12. 07. Agreement in Several Counterparts ............. 52 Section 12. 08. Applicable Law................................ 52 Section 12. 09. Severability of provisions .................... 52 Te s t i m 0 n i urn CIa use ............................................ 53 Signatures and Se~ ls .......................................... 53 Acknowledgments ........................~...................... 54 Exhibit A- Legal Description Exhibit B- Machinery and Equipment Exhibit C- promissory Note iii  o o FINANCING AGREEMENT THIS AGREEMENT, made as of the day of , 1982, between the City of Fort Walton Beach, Florida, a municipal corporation and political subdivision of the State of Florida hereinafter called the " Issuer"), and Gator Distributors, Inc., a corporation duly organized under and existing by virtue of the laws of the State of Florida ( hereinafter called the " Company"). WIT N E SSE T H: WHEREAS, the Issuer is authorized and