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~.~: Cosmopolitan State Bank, Stillwater, Minnesot, its successors <br />and assigns; <br /> <br /> Loan Aareement: the agreement to be executed by the City and the <br />Borrower, providing for the issuance of the Note and loan of the proceeds <br />thereof to the Borrower, including any amendments or supplements thereto made <br />in accordance with its provisions; <br /> <br /> ~: the Mortgage, Security Agreement and Fixture Financing <br />Statement to be executed by the Borrower, as mortgagor, to the Lender, as <br />mortgagee, securing payment of the Note and interest thereon; <br /> <br /> ~: the $350,000 Commercial Development Revenue Note of 1985 <br />(Stillwater Partners III Project), to be issued by the City pursuant to this <br />Resolution and the Loan Agreement; <br /> <br /> ~9-~~: the records kept by the City Clerk to provide for the <br />registration of transfer of ownership of the Note; <br /> <br /> plans, and. S~ec]fications: the plans and specifications for the <br />construction ahd installation of the Improvements on the Land, which are <br />approved by the Lender, together with such modifications thereof and additions <br />thereto as are reasonably determined by the Borrower to be necessary or <br />desirable for the completion of the Improvements and are approved by the <br />Lender; <br /> <br /> Pledas Aar~ent: the agreement to be executed by the City and the <br />Lende~ Pledging-and assigning the Loan Agreement to the Lender; <br /> <br /> pringi?al .Balance: so much of the principal sum on the Note as from <br />time to time may have been advanced to or for the benefit of the City and <br />remains unpaid at any time; <br /> <br />the Land and Improvements as they may at any time exist; <br /> <br /> Pro,act Costs: the total of all "Construction Costs" and "Loan and <br />Carrying Charges," as those terms are defined in the Loan Agreement; <br /> <br /> ~: this Resolution of the City adopted December 17, 1985, <br />together with any supplement or amendment thereto. <br /> <br /> saeuritv _A_~raement: the Security Agreement to be executed by the <br />Borrower in favor of the Lender securing payment of the Note and interest <br />thereon. <br /> <br /> All references in this instrument to designated "Articles," "Sections" and <br />other subdivisions are to the designated Articles, Sections and subdivisions of <br />this instrument as originally executed. The words "herein," "hereof" and <br />"hereunder" and other words of similar import refer to this Resolution as a <br />whole not to any particular Article, Section or subdivision. <br /> <br />1-2. I~al Authorization. <br /> <br />2 <br /> <br /> <br />