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2-2. The Initial Tax Exempt Note. The Tax Exempt Note shall be payable at the times and in the manner, shall bear interest at the rate, and shall be subject to such other terms and conditions as are set forth therein. 2-3. Execution. The Tax Exempt Note shall be executed on behalf of the City by the signatures of its Mayor and City Administrator and shall be sealed with the seal of the City. In case any officer whose signature shall appear on the Tax Exempt Note shall cease to be such officer before the delivery of the Tax Exempt Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. 2-4. Delivery of Initial Tax Exempt Note. Before delivery of the Tax Exempt Note of this issue there shall be filed with the City Administrator the following items: (1) (A) an original of the Loan Agreement and Assign- ment of the same; (B) an original of the Mortgage with evidence to establish that the same has been recorded in the office of the County Recorder of Washington County, Minnesota; (C) an original of the Disbursing Agreement, Guaranty Agreement and Assignment of Life Insurance Agreement as described in the Note; (D) an original of the Assignment of Leases and Rents; (2) an opinion of Counsel or title insurance indicating that the Company has good and marketable title to the premises described in Exhibit A, free and clear of all liens and encumbrances except encumbrances approved by the Lender; (3) an opinion of Counsel for the Company in scope and substance reasonably satisfactory to Bond Counsel as to the authority of the Company to enter into the Loan Agreement, Mortgage, Disbursing Agreement, Guaranty Agreement, Assignment of Life Insurance Agreement, Assignment of Leases and Rents, Company Security Agreement, Parity Agreement and other related documents and matters; 14