11-10-1982 Council Agenda - Laserfiche WebLink

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Construction Loan Agreement: the agreement to be executed by the City, the Borrower and the Lender, relating to the disbursement and payment of Project Costs out of the Construction Fund for the construction and installation of the Improvements; Guarantors: R. Robert Matson and Curtis M. Forster; Guaranty: the personal guaranty to be executed by the Guarantors in favor of the 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; Land: the real property and any other easements and rights described in Exhibit A attached to the Loan Agreement; Lender: Midway National Bank of St. Paul, in St. Paul, Minnesota, its successors and assigns; 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 Lender, as mortgagee, securing payment of the Note and interest thereon; Note: the $240,000 Commercial Development Revenue Note of 1982 (Flameburger Restaurant Project), to be issued by the City pursuant to this Resolution and the Loan Agreement; Note Register: the records kept by the City Clerk to provide for the registration of transfer of ownership of the Note;