12-19-2007 Council Agenda - Laserfiche WebLink

Home Browse Search

State of Minnesota and the respective agencies thereof and the political subdivisions in which the Project is located. The Borrower has obtained, or will obtain in a timely manner, all necessary and material approvals of and licenses, permits, consents and franchises from federal, state, City, municipal or other govemmental authorities having jurisdiction over the Project to acquire, construct, install, and operate the Project and to enter into, execute and perform its obligations under this Agreement, the Mortgage. the Security Agreement and the Pledge and Security Agreement; and no violation of any local ordinance, laws, regulation or requirement exists with respect to the Land; (5) the proceeds of the Note will be sufficient to prepay a portion of the Project Indebtedness, and together with other funds of the Borrower, all costs and expenses incidental thereto, and the proceeds of the Note will be used only for the purposes contemplated hereby and allowable under the Act; (6) as of the original date hereof, comparable private financing the prepayment of the Project Indebtedness was not found by the Borrower to be reasonably available, and the Project is economically more feasible with the availability of the financing herein authorized; (7) the Borrower is not in the trade or business of selling properties such as the Project and is undertaking the Project for investment purposes only or otherwise for use by the Borrower in its trade or business, and therefore the Borrower has no intention now or in the foreseeable future to voluntarily sell, surrender or otherwise transfer, in whole or part, its interest in the Project; (8) there are no actions, suits, or proceedings pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any property of the Borrower in any court or before any federal, state, municipal or other governmental agency, which, if decided adversely to the Borrower would have a material adverse effect upon the Borrower or upon the business or properties of the Borrower; and the Borrower is not in default with respect to any order of any court or governmental agency; (9) the Borrower is not in default in the payment of the principal of or interest on any indebtedness for borrowed money nor in default under any instrument or agreement under and subject to which any indebtedness for borrowed money has been issued; (10) the Borrower has filed all federal and state income tax returns which, to the knowledge of the officers of the Borrower, are required to be filed and has paid all taxes shown on said returns and all assessments and governmental charges received by the Borrower to the extent that they have become due; (11) no public official of the City has either a direct or indirect financial interest in this Agreement nor will any public official either directly or indirectly benefit financially from this Agreement; (12) the Borrower has approved the terms and conditions of the Note; (13) the financial information supplied to the Lender truly and completely discloses the financial condition of the Borrower as of the date of such information, and there have been 2I10583v4 7 - 2 5 -