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

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I I I I I i I I I I ! I I I I I I I I Guaranty: the personal guaranty to De executed by the Guarantors in favor of the Lender; ~.mprovements: the structures and other improvements, including any tangible personal property, to be constructed or installed by the Borrower on the Land in accordance with the Plans and Specifications; band: the real property and any other easements and rights descriDed in Exhibit A attached to the Loan Agreement; Lender: COsmopolitan State Bank, Stillwater, 'Minnesota, its successors and assigns; Loan A~reement: the agreement to be executed by the City and the Borrower, providing for the issuance of the Note and the loan of the proceeds thereof to the Borrower, including any amendments or supplements thereto made in accordance with its provisions; Mortgage: the Mortgage, Security Agreement and Fixture Financing Statement to De executed Dy the Borrower, as mortgagor, to the Lender, as mortgagee, securing payment of the Note and interest thereon; b;ote: the $350,000 Conuaercial Development Revenue Note of 1985 (Stillwater Partners III Project), to be issued by the City pursuant to this Resolution and the Loan Agreement; Note Re~ister: the records kept by the City Clerk to provide for the registration of transfer of o~ersnip of the Note; Plans and Specifications: the plans and specifications for the construction and installation of the ImprOvements on the Land, which are approved by the Lender, together with such modifications.thereof and additions thereto as are reasonably determined by the Borrower to be necessary or desirable for the completion of the Improvements and are approved by the Lender; Pledge A~reement: the agreement to be executed Dy the City and the Lender pledging and assigning the Loan Agreement to the Lender; Principal Balance: 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 at any time;