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constructing and equipping the Project as provided for in
Section 2.01 hereof, the Issuer agrees that it will use its
best efforts to cause to be delivered to the initial purchasers
thereof its $1,000,000 aggregate principal amount of St. Lucie
County Industrial Develapment Revenue Bonds (TreeSweet Products
Co. Project) Series 1972, to be dated as of December 1, 1972,
to be issued and sold as provided in the Resolution, and j
maturing on December 1 in such years and amounts and having ~
such other terms and pr-ovisions as are provided in the Resolution. ~
Section Z.02. APPLICATION OF BOND PROCEEDS. All moneys i
received from the sale of the Bonds shall be deposited by the ~
Issuer in trust in a special acconnt with the Trustee and held '
and applied by the Trustee as follows: ~
(A) Accrued interest shall be deposited in the Bond
Fund.
(B) All engineering fees and all other similar costs
incurred by the Comgany, the Issuer~or the Trustee in connection
with the initiation of the Project and the authorization and
issuance of the Bonds shall be paid forthwith by the Trustee
to those who shall be entitled to receive the same.
(C) There shall be paid into the Construction Fund =
created under the provisions of the Resolution the balance ~
of all moneys remaining after making the deposits and payments
provided for in paragraphs (A) and (B) of this Section.
Section 1.03. APPLICATION OF CONSTRUCTION FUND MONEYS.
The Issuer has in the Resolution authorized and directed the ;
Trustee to use and distribute the moneys on deposit in_the '
Construction Fund only for the purposes and in the manner
provided in the Resolution. Any amount remaining in the
Construction Fund after payment or provision for payment of all
of the costs of the Project shall be deposited to the Bond
Fund and used as a credit against the purchase price hereunder
by the Trustee (A) purchasing, if possible and if requested ~
by the Company, outstanding Bonds at a price not exceeding the
par value thereof (or at such greater price as the Company in `
writing may consent to), with a•corresponding reduction in
affected subsequent installMents upon the purchase price `
de~cribed in Section 3.02 hereof, or (B), if (A) is not
possible or is not requested by the Company, applying the
amount upon the next installment or installments due from -
the Company on the purchase price. If more Bonds are offered
for sale to the Trustee than the Trustee has funds available i
i to purchase, the Bonds offered will be pvrchased in inverse
order of maturity and by-lot as to all Fsands of the same maturity.
ARTICLE II
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COtJSTRUCTION OF PROJECT
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Section 2.01. DELIVERY OF MORTC',AGE: CONSTRUCTION BY ;
COMPAt1Y. Prior to or upon receipt by the Trustee of the proceeds
from the sale of the Bonds, the Company will execute and deliver
to the Issuer the Mortgage encumbering the property described
in Exhibit A attached hereto, which Mortgage is described in
Exhibit B attached hereto, and the Issuer will assign said
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