12-18-1984 Council Agenda - Laserfiche WebLink

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that the City assign its rights to the basic payments and cer- tain other rights under the Loan Agreement to American National Bank and Trust Company in Saint Paul, Minnesota (the "Trustee ") as security for payment of the Bonds under an Indenture of Trust dated as of December 1, 1984 (the "Indenture ") and that the Company grant a mortgage and security interest in the Project to the Trustee pursuant to a Mortgage, Security Agree- ment and Fixture Financing Statement dated as of December 1, 1984 (the "Mortgage ") and to further secure the payment of the Bonds and the interest thereon, enter into an Assignment of Leases and Rents dated as of December 1, 1984 in favor of the Trustee (the "Assignment of Leases and Rents "). Payment of the Bonds and interest thereon is also secured by a Guaranty dated as of December 1, 1984 in favor of the Trustee given by O. Larry Lee, Hammon T. Becken, Donald R. Rue and their spouses (the "Guaranty "). Disbursement of the proceeds of the Bonds will also be governed by a Disbursing Agreement among the Trustee, the Company and Title Services, Inc. (the "Disbursing Agreement "). 4. This Council by action taken on May 23, 1984 gave preliminary approval to the proposal and prior to closing the Minnesota Energy and Economic Development Authority will give approval to the Project as tending to further the purposes and policies of the Act. 5. Pursuant to the preliminary approval of the Council, forms of the following documents have been submitted to the Council for approval: (a) The Loan Agreement. (b) The Indenture. (c) The Mortgage (not executed by the City) . (d) The Assignment of Leases and Rents (not executed by the City). (e) The Guaranty (not executed by the City). (f) The Purchase Agreement. (g) An Official Statement prepared by the Bond Purchaser (not executed by the City). (h) The Disbursing Agreement (not executed by the City) . 6. It is hereby found, determined and declared that: 2 15