11-12-1980 Council Agenda - Laserfiche WebLink

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the Borrower, the Interim Lender, the Permanent Lender and the City relating to the long -term financing of the Project; City: the City of Little Canada, Minnesota, its successors and assigns; Construction Loan Agreement: the agreement to be executed by the City, the Borrower and the Interim Lender, relating to the disbursement and payment of Project Costs for the acquisition of the Land and the construction and installation of the Improvements; Guaranty: the personal guaranty to be executed by 0. Larry Lee, Gerald Guimont, Robert A. Carlson, Paul Pribula and Steven W. Fighar, in favor of the Interim 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; Interim Lender: Fidelity Bank and Trust Co., Minneapolis, Minnesota, a Minnesota banking association, its successors and assigns; Land: the real property and any other easements and rights described in Exhibit A attached to the Loan Agreement; Lender: prior to the Purchase Date, the Interim Lender, subsequent to the Purchase Date, the Permanent Lender; 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 Interim Lender, as mortgagee, securing payment of the Note and interest thereon; Note: the $525,000 Industrial Development Revenue Note of 1980 (Yorkton Industrial Building C Project), to be issued by the City pursuant to this Resolution and the Loan Agreement;