Resolution - #85-227 - 12/17/1985

Home

Councilmember Cox introduced the following resolution and moved for its adoption: I~ES~LUTION #85-227 BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota as follows: ARTICLE ONE DEFINITIONS, L~AL AUTHORIZATION AND FINDINGS ~he 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. ~: the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended; Assiar~ent of Leases and Rents: the agreement to be executed by the Borrower ~ssigning alll the leases; rents, issues and profits derived from the Project to the Lender to secure the repayment of the Note and interest thereon; ~k.~l~: the firm of Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota, and any opinion of Bond Counsel shall be a written opinion signed by such Counsel; ~;/.r~: Stillwater Partners III, a Minnesota general partnership, its successors, assigns, and any surviving, resulting or transferee business entity which may ass~e its obligations under the Loan Agreement; the City of Ramsey, Minnesota, its successors and assigns; cDnstruction Loan A(~r~men~: the agreement to be executed by the City, the Borrower and Lender;-~ela~ing to the disbursement and payment of Project Costs for the acquisition of the Land and the construction and installation of the Improvements; ~]~q~~: collectively, David Brandt, Gergory Johnson and Kenneth Pederson; ~: the personal guaranty to be executed by the Guarantors in favor of the Lender; ~: 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; ~q~: the real property and any other easements and rights described in Exhibit A attached to the Loan Agreement;