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<br />� � • 76- 005975
<br /> � ldIiGRIiAS , [ he Governl,ny; I3ody has considcred reports , intnrmal' ion , daCa and
<br /> matesials respec � ing L' !ie f. air market valuc of the G�isL' ing 1'ropertp , the need and ctesir-
<br /> ab� lily of the Yroject , the financing oE the ProJect through Cl�e issuance oE indusCrial
<br /> development revenue bonds uuder the Act , the financial stability , credit standing , scature
<br /> in the industry And the qualifications and experience of the Cotnpatiy � tlic desirability of
<br /> �;� the Lessor ' s leasing Che llemised Premises (as hereinafter defined ) , including the Yroject ,
<br /> to the Couipany and other matLers as required under the Act , and ,
<br /> ';;
<br /> ? WHEREAS , the Governing Body has determined that the acyuisi [ ion of the Existing
<br /> Property at the purciiase price offered by the Company , and L-he rehaUilitation , improve-
<br /> ; ment , renovation and equipment of the Esisting Property as proposed , and i [ s financing by
<br /> � Che Lessor Chrough the issuance of: industrial development revenue bonds pursuant to the
<br /> Act , will promote Che industrial economy of this state , increase opportunities for gainful
<br /> employment , increase purchasing power , improve living conditions , contribute to the pros-
<br /> perity and welEare oi the state and its inhabitants and effectuate the purposes of the
<br /> Act , and ,
<br /> � WHERL•'AS , the Governing Body has f: urther Eound and determined that the Company is
<br /> r; financially responsible and fully capable and willing to fulEill its obligations under the
<br /> Lease , including the obligation to pay rent in the amounts and at the times required , the
<br /> ; obligation to operate , replir and maintain at its own expense the Demised Premises ,
<br /> including the Preject , and to serve the purposes of the Act and fu1fi11 such other res-
<br /> ponsibilities as may be imposed under this Lease , and ,
<br /> 1JHEREAS , tlie Governing Body has determined that it is desirable and in the
<br /> � ;: public interest to lease , in accordance witlt tlte Act , the Demised Premises , including the
<br /> h , Project , to the Company and there has been executed by the Village as Lessor , and by the
<br /> Company , as Lessee , a Lease and ,lgreement , dated as of the lst day of October , 1976 , (said
<br /> � Lease and Agreement and all future amendments thereof and supplements thereto being herein-
<br /> , after called tiie " i.ease" ) , leasing the 1'roject and any and all additions , improvements ,
<br /> exCension� and appurtenances and all Additional Improvements as hereinafter mentioned
<br /> ` being therein and herein collectively called the "Demised Premises " ) , and ,
<br /> ;
<br /> s,�. . :. . . . .
<br /> � WHERGAS , L-he Governing Body has further found and deterMined that the provisions
<br /> � of the Lease are in conformity with the Act and are necessary or convenient to effectuate
<br /> � the purposes of the Act , and the Lease provides for the operation , repair and maintenance
<br /> ; of the Demised Premises at the expense of the Company and obligates the Company to pay
<br /> ; rent under the Lease , consisting of ( i ) 13asic Rent , as therein defined , which shall be an
<br /> amount sufficient for the paymen� in full of the industrial development revenue bonds
<br /> � issued under this Piortgage , including interest , principal and redemption premium , it any ,
<br /> less Che amount of other funds available for the payment of such bonds , as provided in
<br /> this Mortgage , and ( ii) Additional Rent , as therein defined , to cover certain costs and
<br /> expenses incurred by Che Lessor as are not paid out of the proceeds of such bands , and ,
<br /> � "s WFIEREAS , the Governing Body has determined �hat the amoimt necessary for defraying
<br /> the cost of the Project and paying costs oY the Uond issue �aill require the ciuthorization _
<br /> and issuance o [ negotiable industrial development revenue bonds of the Lessor under the
<br /> � Act in the aggregate principal amount of 'It.o Hundred Ninety Thousand Dollars ( $ 290 , 000 ) and ,
<br /> i.' �.-�;� � .
<br /> � -; WlIEREAS , said bonds shall be payable solcly from revenue derived from the
<br /> Lessor ' s ownership , operation , leasing or sale of the llemised Premises and the proceeds of
<br /> said bonds shall be used for the payment of ttte cost of the Project , and ,
<br /> IdHERGAS , the Governing Body has found and determined that based upon reasonable
<br /> estimates of the revenues to be derived by [ he I.essor from its oumership , operation ,
<br /> i leasing or sale of the Demised Yremises , such revenues will be adequate co pay the prin-
<br /> ` cipal , interest and redemption premium , if any , on the industrial development bonds to be
<br /> issued initially under this Pfortgage , and ,
<br /> ,; WHEREAS , the Governing Body has determined that the bonds initially issued
<br /> ' hereunder and in[ crest coupons to be attached thereto , and the certificate o [ authenti-
<br /> cation by the Trustee , and the provisions for registration to be endorsed on such bonds ,
<br /> shall he , respecCively , substantially in the following forms , with such variations ,
<br /> omissions and insertions as are required or permitted by this Mortgage :
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