Agenda - Council - 12/17/1985 - Laserfiche WebLink

Home

I ,I I I I I I I I I I I I I I I I ! NOTE RESOLUTION BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: ARTICLE ONE DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS 1-1. Definitions. The terms used herein, unless the context hereof shall require otherwise shall have the following meanings, and any other terms defined in the Loan Agreement shall have the same meanings when used herein as assigned to them in the Loan Agreement unless the context or use thereof indicates another or different meaning or intent. Act: the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended; Assignment of Leases and Rents: the agreement to be executed by the Borrower assigning all the leases, rents, issues and profits derived from the Project to the Lender to secure the repayment of the Note and interest thereon; Bond Counsel: the firm of Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota, and any opinion of Bond Counsel shall De a written opinion signed by such Counsel; Borrower: Stillwater Partners III, a Minnesota general partnership, its successors, assigns, and any surviving, resulting or transferee Dusiness entity which may assume its obligations under the Loan Agreement; City: assigns; the City of Ramsey, Minnesota, its successors and Construction Loan Agreement: the agreement to be executed by the City, the Borrower and the Lender, relating to the disbursement and payment of ?roject Costs for the acquisition of the Land and the construction and installation of the Improvements; Guarantors: collectively, David Brandt, Gregory Johnson and Kenneth Pederson;