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of 5ection 103(c) of the Internal Revenue Code, provided, that _ ;
the Company shall not be deemed to have violated this covenant if ;
the interest on any of the Sonds becomes taxable to a person who =
is a substantial user of the Mortgaged Property or the Project or ~
a related person pursuant to the provisions of Section 103(c)(7) of 4
the Internal Revenue Code. `
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The Company further covenants that it will furnish
to the Issuer and to the Trustee (A) at the time of the
issuance of the Bonds, a statement of the aggregate amount
of capital expenditures made or incurred by it within the
territorial lir.~its of St. I,ucie County, Florida, during
the period beginning three years before the date of such issue,
(B) within ninety (90) days following the close of each f iscal
year of the Company, a statement of the aggregate amount of
capital expenditures by it within St. Zucie County, made or
- incurred during the period beginning with the date of the last
statem~nt filed with the Trustee and enc~ing on the last day of
the immediately preceeding fiscal year and (C) within thirty
(30) days after any date on which it has made or incurred the
maximum amount of capital expenditures permitted under Section
103(c)(6)(D), a statement of the aggregate amaunt of capital
expenditures by it within St. I,ucie County made or incurred
. since the date of the last statement filed with the Trustee.
Each such statement shall set forth a description of those capital
expenditures which are capital expenditures under Section 103(c)(6)(D), ;
and shall take into account facilities referred to in .
Section 103(c)(6)(E) in computing such capital expenditures
which the Company has not taken into account under Section~
103 (c)(6)(F) of the Internal Revenue Code.
The Company further covenants that in the event the s
interest on the Bonds become taxable (to persons other than
substantial users of the Mortgaged Property or the Project or
related persons, pursuant to the provisions of Section 103(c)('7)
of the Internal Revenue Code) because of a violation of the
capital expenditure limitation set forth in Section 103(c)(6)(D)
and (E), the Company will., within thirty (30) days following
the occurrence of such circumsta~ces as shall have caused
such violation of the said expenditure limitation, pay to
the Trustee as and for the balance of the full purchase price
for the Project, the principal amount of all Bonds then ou~t-
.standing plus accrued interest and all fees and expenses j
of the Trustee incurred and to be incurred for their services
; in the redemption of all outstanding Bonds and in the conclusion
of their services under this Agreement and as provided in the
Resolution, together with any balance of moneys owed by the Company
' to the Trustee and the Issuer, or either of them under the
i provisions of Section 3.03, Section 4.06 or any other section
~ of this Agreement, plus the sum of $lU0 and an additional amount
~ to be calculated by multiplying one year's interest on the
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j principal amount of Bonds outstanding on the date of the
; violation by the number of.years (counting as an entire year
i any uncompleted fraction thereof) which shall have elapsed ;
between the date of the violation and the date o~ such payment j
of the balance of the purchase price and all other.sums due
under this Agreement, which additional amount may not be less
than one year's interest on the Bonds outstanding on the
date of the violation.
Section 6.05. ASSIGN2~IENT OF AGREEMENT; LEASE OF
~ MORTGAGED PROPERTY AND PROJECT. This Agreement may be assigned,
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