11-12-1980 Council Agenda - Laserfiche WebLink

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Note Register: the records kept by the City Clerk to provide for the registration of transfer of ownership of the Note; Permanent Lender: Ministers Life - A Mutual Life Insurance Company, a Minnesota corporation, its successor and assigns or any other lender which may purchase the Note from the Interim Lender in the event that the Permanent Lender does not; Plans and Specifications: the plans and specifications for the construction and installation of the Improvements on the Land, which are approved by the Interim and Permanent Lenders, 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 Interim and Permanent Lender; Principal Balance: so much of the principal sum on the Note as from time to time may have been advanced to or for the benefit of the City and remains unpaid at any time; Project: the Land and Improvements as they may at any time exist; Project Costs: the total of all "Construction Costs" and "Loan and Carrying Charges," as those terms are defined in the Loan Agreement; Purchase Date: May 1, 1981 or such earlier or later date on which the Note is purchased by the Permanent Lender; Resolution: this Resolution of the City adopted November 12, 1980, together with any supplement or amendment thereto. All references in this instrument to designated "Articles," "Sections" and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed. The words "herein," "hereof" and "hereunder" and other words of similar import refer to this Resolution as a whole not to any particular Article, Section or subdivision. 1 -2. Legal Authorization. The City is a political subdivision of the State of Minnesota and is authorized under the Act to initiate the