Agenda - Council - 11/25/1981 - Laserfiche WebLink

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I I I I Land means the real property and any other easements and rights described in Exhibit A attached to the Loan Agreement; Lender means the First National Bank in Anoka, in Anoka, Minnesota, its successors and assigns; Loan A~reement means the agreement to be executed by the City and the Borrower, and the assignment thereof, providing for the loan of construction funds to the Borrower, including any amendments or supplements thereto made in accordance with its provisions; Mortgage means the Mortgage, Security Agreement and Fixture Financing Statement given by the Borrower, as mortgagor, to the Lender, as mortgagee, providing for the mortgaging of the Project to secure payment of the Note and interest thereon; I I I I I Note means the $575,000 Industrial Development Revenue Note of 1982 (Alan C. Phillips Project), to be issued by the City pursuant to this Resolution to provide required construction. funds; Note~Re~ister means the records kept by the City Clerk-Treasurer to provide for the registration of transfer of ownership of the Note; Plans and Specifications means the plans and specifica- tions pursuant to which the Improvements on the Land have been installed and constructed, which have been approved by the Lender, together with such modificatiOns thereof and additions thereto which are reasonably determined by the Borrower to be necessary or desirable for the completion of the Improvements and are approved by the Lender; I I I ! I I I I Principal'Balance means so much of the principal sum on the Note as from time to time may have been advanced to or for the benefit of the City and remains unpaid; Pro~ect means the Land and Improvements as they may at any time exist; Protect'Costs means the total of all "Construction Costs" and "Loan and Carrying Charges," as those terms are defined in the Loan Agreement; Resolution means this Resolution of the City adopted November 24, 1981, pursuant to which the Note is authorized to be issued, together with any supplement or amendment thereto; and all references in this instrument to designated "Articles," "Sections" and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed. The words "herein," "hereof" and "hereunder" and other words of similar import refer to this Resolution as a whole not to any particular Article, Section or subdivision.