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(17) Principal Balance: so much of the principal sum on <br />the Tax Exempt Note as from time to time may have been <br />advanced to or for the benefit of the City and remains unpaid; <br />(18) Project: the Land and the Improvements as they may <br />at any time exist; <br />(19) Resolution: this Resolution of the City adopted <br />February 6, 1979 pursuant to which the Tax Exempt Note is <br />authorized to be issued, together with any supplement or <br />amendment thereto; and all references in this instrument to <br />designated "Articles," "Sections" and other subdivisions are <br />to the designated Articles, Sections and subdivisions of this <br />instrument as originally executed. The words "herein," <br />"hereof" and "hereunder" and other words of similar import <br />refer to this Resolution as a whole not to any particular <br />Article, Section or subdivision; <br />(20) Tax Exempt Note: the Industrial Development Revenue <br />Note (Lake Elmo Hardwood Lumber, Inc. Project) to be issued by <br />the City pursuant to this Resolution, to evidence the loan of. <br />$820,000 made by Lender to the Citv; <br />(21) Company Security Agreement: the Security Agreement <br />to be executed by the Company pursuant to which the Company <br />will grant a security interest to the Lender in and to the <br />Company Equipment to secure repayment of the Tax Exempt Note <br />and any and all indebtedness of the Company to the Lender <br />(including the "Promissory Notes"); <br />(22) Sylvan Security Agreement: the Security Agreement <br />executed by Sylvan pursuant to which Sylvan has granted a <br />security interest to the Lender in and to the Sylvan to secure <br />repayment of the Tax Exempt Note and any and all indebtedness <br />of the Company to the Lender (including the "Promissory <br />Notes"); <br />(23) Parity Agreement: The Parity Lien Agreement between <br />the Mortgagor and the Mortgagee making the lien of the <br />Mortgage equal and ratable with the lien of the Existing <br />Mortgage and the contemporaneous Mortgages (as the latter <br />terms are defined in such Agreement); <br />(24) Company Equipment: "Company Equipment" means (i) <br />all items of equipment, machinery, inventory, furniture, <br />goods, leasehold improvements, accounts receivable, general <br />intangibles, chattel paper, documents, instruments, motor <br />vehicles, fixtures, trademarks, tradenames, patents and <br />related personal property now owned or hereafter acquired by <br />the Company; <br />3 <br />