CCRes_84-37 - Laserfiche WebLink

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Guarantor: collectively, Dennis E. Hunt and his spouse; • Guaranty: the personal guaranty to be executed by the Guarantor in favor of the Lender; Improvements: 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; Land: the real property and any other easements and rights described in Exhibit A attached to the Loan Agreement; Leases: all leases now or hereafter affecting the Land; ~• • Lender: National City Bank of Minneapolis, Minneapolis, Minnesota, its successors and assigns; Loan Agreement: the agreement to be executed by the City and the Borrower, providing for the issuance of the Note and the loan of the proceeds thereof to the Borrower, including any amendments or supplements thereto made in accordance with its provisions; Mortgage: the Mortgage, Security Agreement and Fixture Financing Statement to be executed by the Borrower, as mortgagor, to the Lender, as mortgagee, securing payment of the Note and interest thereon; Note: the $1,400,000 Commercial Development Revenue Note of 1984 (Bullseye Golf Centers, Inc. Project), to be issued by the City pursuant to this Resolution and the Loan Agreement; Note Register: the records kept by the City Clerk-Adminis- trator to provide for the registration of transfer of ownership of the Note; Plans and Specifications: the plans and specifications for the construction and installation of the Improvements on the Land, which are approved by the Lender, together with such modifications thereof and additions thereto as are reasonably determined by the Borrower to be necessary or desirable for the completion of the Improvements and are approved by the Lender; Pledge Agreement: the agreement to be executed by the City and the Lender pledging and assigning the Loan Agreement to the Lender; 2