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Note: the Commercial Development Revenue Note <br />(Grosslein Project) in. the maximum principal amount of <br />$550,000, or so much as is advanced thereunder in payment <br />of Project Costs, to be issued by the City pursuant to '.. <br />this Resolution. <br /> <br /> Pledge/Disbursement Agreement: the Pledge and <br />Loan Disbursement Agreement, to be executed by the City <br />and by the Le'nder; <br /> <br /> project: the Land, the Improvements, the <br />Fixtures and the Equipment as they may at any time exist; <br /> <br /> Other Terms: Unless the context hereof clearly <br />requires otherwise, the terms defined in Section 2 of the <br />Mortgage shall, when used with initial capital letters <br />herein, have the meanings ascribed to them in the <br />Mortgage. Without limiting the generality of the <br />foregoing, the terminology used herein may include the <br />following terms as defined in the Mortgage: Act; <br />Borrower; City; Collateral Documents; Commitment; <br />Completion Date; Construction Contract; Construction <br />Costs; Construction Documents; Construction Fund; <br />Contractor; Counsel; Date of Taxability; Default; <br />Determination of Taxability; Disbursing Agent; Equipment; <br />Equipment Costs; Event of Default; Fixtures; Guaranty <br />Agreement; Holder; Improvements; Land; Land Costs; Lease <br />Assignment; Lender; Loan; Loan Agreement; Loan and <br />Carrying Charges; Mortgage; Mortgaged Property; Note; <br />Organizational Documents; Permitted Encumbrances; Person; <br />Plans and Specifications; Pledge/Disbursement Agreement; <br />Project; Project Costs; Project Lease; Resolution; <br />Subcontract; and Tenant; <br /> <br />Section 2. <br />that: <br /> <br />Findings. <br /> <br />It is hereby found and declared <br /> <br /> (a) The Project constitutes a "project" <br />authorized by Section 474.02, subdivision la, of the Act. <br /> <br /> (b) The purpose of the Project is, and the <br />effect thereof will be to promote the public welfare by <br />the attraction, encouragement and development of <br />economically sound industry and commerce so as to prevent <br />the emergence of or to rehabilitate, so far as possible, <br />blighted and marginal lands and areas of chronic <br />unemployment; the retention of industry to use the <br />available resources of the community in order to retain <br />the benefit of its existing investment in educational and <br />public service facilities; halting the movement of <br /> <br />-2- <br /> <br /> <br />