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11-14-01 1. INDENTURE OF TRUST
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2040 Wayzata Boulevard West - 34-118-23-21-0036 - (Orono HRA)
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2040 Wayzata Blvd Land Use - Dunbar
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Dunbar Sr. Hsg. - Finance Doc's - Mike Gaffron File Cabinet 1
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11-14-01 1. INDENTURE OF TRUST
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Last modified
8/22/2023 4:55:34 PM
Creation date
10/4/2021 9:44:21 AM
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x Address Old
House Number
2040
Street Name
Wayzata
Street Type
Boulevard
Street Direction
West
Address
2040 Wayzata Boulevard West
Document Type
Land Use
PIN
3411823210036
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Bond shall be paid only an amount equal to the purchase price of this Bond due on the Mandatory <br /> Tender Date and interest through the Mandatory Tender Date. <br /> The Bonds shall be subject to redemption prior to maturity only as follows: <br /> (a) Optional Redemption. The Scrics 2001 Bonds maturing on or after November 1, <br /> 2007 are subject to optional redemption in advance of their stated maturities, in whole or in part on <br /> any date and in part on any Business Day on or atter November 1,2006,and if in part in accordance <br /> with Section 3.07 of the Indenture, in Authorized Denominations and stated maturities, at the <br /> direction of the Borrower,at a redemption price equal to the principal amount to be redeemed,plus <br /> accrued interest, plus a premium, expressed as a percentage of the principal amount redeemed, as <br /> follows: <br /> Redemption Date Price <br /> November 1, 2006 through October 31, 2007 102% <br /> November 1, 2007 through October 31, 2008 101% <br /> November 1, 2008 and thereafter 100% <br /> The Bonds shall be redeemed the following order or priority: (i)first, the Senior Bonds; and (ii) <br /> second,the Subordinate Bonds. <br /> (b) Extraordinary Redemption. The Bonds are subject to extraordinary redemption on <br /> any Interest Payment Date as a whole but not in part,at a redemption price equal to par,plus accrued <br /> interest to the redemption date,upon the happening of certain events of damage to or destruction or <br /> condemnation of the Project or change of law rendering the Loan Agreement unenforceable or <br /> impossible of performance, all as more fully provided in Section 4.06 of the Loan Agreement; <br /> provided,however,that any Net Proceeds received from casualty insurance or condemnation awards <br /> used to redeem the Bonds shall be applied in the following order: (i) first, to redeem the Senior <br /> Bonds; (ii) second, to redeem the Subordinate Bonds. <br /> (c) Mandatory and Scheduled Sinking Fund Redemption. The Bonds are subject to <br /> mandatory sinking fund redemption with respect to the maturities through operation of a sinking <br /> fund as provided for in the Indenture. Series 2001 Bonds maturing on November 1, 2036 shall be <br /> redeemed without further direction from the Borrower on November 1 of the years indicated in the <br /> Indenture in the principal amounts at a redemption price equal to the principal amount thereof plus <br /> accrued interest to the redemption date. After the Mandatory Tender Date, the Bonds shall be <br /> subject to mandatory sinking fund redemption in accordance with a schedule to be established by <br /> the Remarketing Agent such that the scheduled annual debt service on the Bonds will be <br /> approximately level,taking into account the interest rate to go into effect on the Mandatory Tender <br /> Date. <br /> (d) Redemption upon a Determination of Taxability. The Bonds are also <br /> subject to mandatory redemption upon the occurrence of a Determination of Taxability <br /> (as defined in the Indenture). In such event, each of the outstanding Bonds shall be <br /> subject to mandatory redemption and shall be redeemed on the first Business Day on <br /> which proper notice thereof can be given, and the Borrower shall cause notice thereof to <br /> be given to the Holders of the Bonds, as more fully provided in Section 4.07 of the Loan <br /> A-4 <br />
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