12-19-2007 Council Agenda - Laserfiche WebLink

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Project: renovation, new construction, improvements and additions to existing buildings, including any Equipment and tangible personal property, constructed or installed by the Borrower on the Land, constituting generally (i) the construction of the St. John the Evangelist Catholic School located at 2621 McMenemy Street in the City and (ii) the acquisition and installation of equipment therein, financed or refinanced from Note proceeds. The Project specifically does not include any facilities that may be used as a chapel or primarily used for religious instruction or worship, which sectarian facilities have been financed with other funds available to the Borrower and not from Note proceeds; Project Costs: all direct costs authorized by the Act and paid or incurred by the BolTower, to acquire, construct and equip the Project, including, but not limited to, interest on the Note during construction, architectural fees, engineering fees, contractor's fees and all costs of labor, material and services; Project Indebtedness: indebtedness incurred by the Borrower on July 31, 2001, the proceeds of which were used to pay Project Costs; Resolution: the Final Resolution of the City, adopted December 20, 2007, authorizing the issuance of the Note together with any supplement or amendment thereto; Security Agreement: the Security Agreement, dated as of even date herewith, by and between the Borrower and Lender securing the Note and the Bank Note and any amendments thereof; State: the State of Minnesota; "Title ": Stewart Title Guaranty Company, issued by its agent, Land Title, Inc. Treasury Regulations: all proposed, temporary or permanent federal income tax regulations then in effect and applicable. Section 1.2 Rules of Interpretation. (1) This Agreement shall be interpreted in accordance with and governed by the laws of the State of Minnesota. (2) The words "herein" and "hereof' and words of similar import, without reference to any particular section or subdivision, refer to this Agreement as a whole rather than to any particular section or subdivision hereof. (3) References herein to any particular section or subdivision hereof are to the section or subdivision of this instrument as originally executed. (4) Where the Borrower is permitted or required to do or accomplish any act or thing hereunder, the City or the Lender may cause the same to be done or accomplished with the same force and effect as if done or accomplished by the Borrower. 2110583v4 3 -21-