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FROM BRIGGS & MORGAN ST, PAUL 612- 223 -6645 (WED) 11. 03' 93 16:23/ST. 16 :09 /NO, 3560836350 P 5/9 <br />"Assignment of Leases and Rents "). Pursuant to an Assignment <br />dated November 1, 1993 (the "Assignment "), the City will assign <br />all of its right, title, and interest in the Mortgage and <br />Assignment of Leases and Rents to the Trustee. The obligations <br />of the Company under the Loan Agreement and the payment of the <br />Bonds, are guaranteed by Kenneth L. Larson and Barbara J. Larson, <br />husband and wife, pursuant to a Guaranty Agreement to be dated as <br />of November 1, 1993 in favor of the Trustee for the benefit of <br />the Bondholders (the "Guaranty "). The Bonds will be publicly <br />offered by the Underwriter pursuant to Official Statement to be <br />dated on or prior to the bond closing (the "official Statement "). <br />4. Pursuant to the preliminary approval of the <br />Council, forms of the following documents have been submitted to <br />the Council for approval: <br />(a) The Loan Agreement; <br />(b) The Indenture; <br />(c) The Mortgage; <br />(d) The Assignment of Leases and Rents; <br />(e) The Assignment; <br />(f) The Bond Purchase Agreement; <br />(g) The Official Statement (not executed by City); and <br />(h) The Guaranty (not executed by the City). <br />5. It is hereby found, determined and declared that: <br />(a) the issuance and sale of the Bonds, the execution <br />and delivery by the City of the Loan Agreement, the Bond <br />Purchase Agreement, the Mortgage, the Assignment of Leases <br />and Rents, the Assignment, and the Indenture, and the <br />performance of all covenants and agreements of the City <br />contained in the Loan Agreement, the Bond Purchase <br />Agreement, the Mortgage, the Assignment of Leases and Rents, <br />the Assignment, and Indenture and of all other acts and <br />things required under the constitution and laws of the State <br />of Minnesota to make the Loan Agreement, the Bond purchase <br />Agreement, the Mortgage, the Assignment of Leases and Rents, <br />the Assignment, Indenture and Bonds valid and binding <br />obligations of the City in accordance with their terms, are <br />authorized by the Act; <br />25077. <br />3 <br />Page 9 <br />