Resolution - #81-191 - 11/25/1981

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Section 211. Delivery of Initial Note Before delivery of the Note there shall be filed with the City Clerk-Treasurer the following items: (a) copy of ea~] of the following documents in the form finally executed: (i) the Loan Agreement; (ii) the Assignment of the Loan Agreement; (iii) the Mortgage; (iv) the Assignment of Leases and Rents; (v) the Disbursing Agreement; (vi) the Lease; and (vii) the Guaranty (if ~e Guaranty is required by the Lender). (b) an opinion of Counsel for the Borrower in scope and substance reasonably satisfactory to Bond Counsel as to the standing of the Borrower and the authority of ~]e Borrower to enter into the Loan Agreement, the Mortgage and the Disbursing ~Agreement and other related matters; (c) an opinion of Counsel for the Borrower in scope and · substance reasonably satisfactory to Bond Counsel as to the existence and good standing of the Tenant and the authority of the Tenant to enter into the Lease and other related matters; (d) the opinion of the Bond Counsel as to the validity and tax exempt status of the Note; and (e) such other documents and opinions as Bond Counsel may reasonably require for purposes of rendering its opinion required in subsection (d) above or that the Lender may require for the closing. Upon delivery of and payment for ~e Note, the Lender shall, on behalf of the City, hold the proceeds of the Note pursuant to the terms and conditions of the Disbursing Agreement and advance funds for payment of Project Costs upon receipt of such supporting documentation as the Lender may deem reasonably necessary, including compliance with the provisions of the Disbursing Agreement. At the request of ~]e City, the Lender and the Borrower shall provide the City with a full accounting of all funds including interest earnings thereon held pursuant to the Disbursing Agreement. 12