Laserfiche WebLink
NOTE RESOLUTION <br />BE IT RESOLVED by the City Council of the City of <br />Little Canada, Minnesota, as follows: <br />ARTICLE ONE <br />DEFININTIONS, LEGAL AUTHORIZATION AND FINDINGS <br />1 -1. Definitions. <br />The terms used herein, unless the context hereof <br />shall require otherwise shall have the following meanings, and <br />any other terms defined in the Loan Agreement shall have the <br />same meanings when used herein as assigned to them in the Loan <br />Agreement unless the context or use thereof indicates another <br />or different meaning or intent. <br />Act: the Minnesota Municipal Industrial Development Act, <br />Minnesota Statutes, Chapter-474, as amended; <br />Assignment of Leases and Rents: the agreement to be <br />executed by the Borrower assigning all the rents, issues and <br />profits derived from the Project to the Interim Lender to <br />secure the repayment of the Note and interest thereon; <br />Assignment of the Loan Agreement: the agreement to be <br />executed by the City and the Lender assigning the Loan <br />Agreement to the Interim Lender; <br />Bond Counsel: the firm of Briggs and Morgan, Professional <br />Association, of St. Paul and Minneapolis, Minnesota, and any <br />opinion of Bond Counsel shall be a written opinion signed by <br />such Counsel; <br />Borrower: Lancaster Associates, a Minnesota general <br />partnership, consisting of O. Larry Lee, Gerald Guimont, Robert <br />A. Carlson, Paul Pribula and Steven W. Fighar, its successors, <br />assigns, and any surviving, resulting or transferee business <br />entity which may assume its obligations under the Loan <br />Agreement; <br />Buy -Sell Agreement: the agreement to be executed by <br />