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

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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 Agreement 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 alaend~nents or suppleraents thereto made in accordance with its provisions; ~lort~age 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; Note means the $575,000 Industrial Development Revenue Note of 1981 (Alan C. Phillips Project), to be issued by the City pursuant to this Resolution to provide required construction funds; Note Register means ~e records kept by the City Clerk-Treasurer to provide for the registration of transfer of ownership of ~e 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 ~;hich are reasonably determined by ~]e Borrower to be necessary or desirable for the completion of the Improvements and are approved by the Lender; Principal Balance means so much of the principal sum on the Note which remains unpaid; Project means the Land and Improvements as they may at any time exist; Project Costs means the total of all "Construction Costs" and "Loan and Carrying Charges," as those terms are defined in the Loan Agreement; Resolution means ~is Resolution of the City adopted November 2~, 1981, pursuant to which ~]e 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 ~e 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.