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(8) Existing Facility: the existing hardwood lumber manufacturing facilities of the Company located on the Land and any other building, improvement, fixtures, and personal property located on the Land as of the date of this Resolution and used in the business operations of the Company; (9) Guaranty Agreement: a Guaranty Agreement to be executed by Joseph D. Rogers, individually, Sylvan Products, Inc., a Minnesota corporation ("Sylvan") and to be delivered to the Lender which relates to a guarantee of repayment of all amounts due under both the Tax Exempt Note and all indebtedness of the Company to the Lender (including the "Promissory Notes" as that term is defined in the Loan Agreement); (Sylvan and Joseph D. Rogers shall collectively sometimes hereinafter be referred to as the "Guarantors"); (10) Improvements: the expanded waste disposal and lumber drying building, including related pollution control facilities, additions to the Existing Facilities and other improvements, including fixtures and personal property, to be constructed by Company on the Land in accordance with the Plans and Specifications; (11) Land: the real estate described in Exhibit A attached to the Loan Agreement on which the Existing Facility r is located and on which the Project is to be located; (12) Lender: Mid America National Bank of Roseville, Roseville, Minnesota, its successors and assigns; (13) Loan Agreement: the agreement to be executed by the City and the Company, providing for the loan of construction funds to the Company including any amendments or supplements thereto made in accordance with its provisions; (14) Mortgage: the Mortgage to be executed by the Company as mortgagor, to the Lender as Mortgagee, providing for the mortgaging of the Project and the Existing Facilities to secure payment of the Tax Exempt Note and interest thereon; (15) Note Register: the records kept by the City Administrator to provide for the registration of transfer of ownership of the Tax Exempt Note; (16) Plans and Specifications: the plans and specifi- cations for the construction of the Improvements on the Project Premises, which are approved by the Lender, together with such modifications thereof and additions thereto as are reasonably determined by the Borrowers to be necessary or desirable for the completion of the Improvements and are approved by the Lender; 2