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I.I I
ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, pursuant to ordinances (each an "Ordinance") enacted by the City Council of the City (the "City Council") on the dates listed in Exhibit A hereto and published in the Journal of Proceedings of the City Council for such dates at the pages listed on Exhibit A hereto, the City has previously made certain loans (the "City Loans") in the original principal amounts listed in Exhibit A hereto to certain affiliates of Senior Suites Chicago Corporation, an Illinois corporation ("Senior Suites") (such affiliates of Senior Suites, the "Borrowers"), for the acquisition and/or construction of apartment buildings located at the addresses listed in Exhibit A hereto and of dwelling units contained therein for low- and moderate-income senior citizens (the "Projects"); and
WHEREAS, the City Loans are secured by the junior mortgages on the Projects listed in Exhibit A hereto (the "City Mortgages"); and
WHEREAS, the Department of Planning and Development ("DPD") has approved restructurings of the City Loans (the "Restructurings") in a manner which: (1) will not alter the principal amount of the City Loans, (2) will not alter the interest rates on the principal balances of the City Loans, (3) will alter the maturity dates of certain of the City Loans, (4) will alter the repayment terms of certain of the City Loans, and (5) will either (a) subordinate certain of the City Mortgages to any liens which will secure the new senior l...
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