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Section 2. Authority Approval; Further Proceedings. <br />2.01. The Authority accepts the assignment from the City of the grant proceeds under the <br />Grant Agreement, as extended under the Extension, and agrees to be bound by all terms and <br />conditions of the Grant Agreement and the Extension. <br />2.02. The Authority approves the Note and Mortgage in the forms on file in City Hall and <br />authorizes the Authority President and Executive Director to execute such documents, subject to <br />modifications that do not alter the substance of the transaction and that are approved by the <br />Authority President and Executive Director, provided that execution of the documents by such <br />officials shall be conclusive evidence of approval. <br />2.03. The Authority further authorizes the President and Executive Director to execute the <br />Master Subordination Agreement, the Master Disbursing Agreement, and any other documents <br />reasonably required to carry out the intent of this resolution, all in forms approved by those officials. <br />Approved by the Board of Commissioners of the Lino Lakes Economic Development <br />Authority this 18`h of December, 2006. <br />ATTEST: <br />2 <br />drr <br />GEORGIA A. WOLTJER <br />NOTARY PUBUC - MINNESOTA <br />My Commission Expires Jan. 31, 2009 <br />