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2 Borrower means Boulevard Apartments, Limited Partnership, a Minnesota limited partnership, its successors and assigns; Event of Default means any of the events described in Section 5.1 of this Agreement; and Property means the real property (including any improvements thereon) legally described in Exhibit A of this Agreement. ARTICLE II UNDERTAKINGS OF THE CITY Section 2.1 City Loan. (a) Subject to satisfaction of the conditions set forth in Article III and all terms of the Grant Agreement, the City agrees to make the Loan to the Borrower solely from the proceeds of the Grant. (b) The Loan shall occur upon receipt by the City of proceeds of the Grant pursuant to the Grant Agreement and the satisfaction of all conditions thereto capable of being satisfied as of the date hereof as set forth in the Grant Agreement. ARTICLE III UNDERTAKINGS OF THE BORROWER Section 3.1 Terms of the Loan. (a) The Borrower acknowledges that the City is loaning the proceeds of the Grant to the Borrower in the form of the Loan. No interest shall accrue on the principal amount of the Loan. (b) The entire principal balance shall be due and payable in full as provided in the Note. (c) The Borrower agrees to use the proceeds of the Loan solely for eligible costs under the Grant Agreement. Section 3.2 Conditions to Making the Loan. As a condition precedent to the City’s making of the Loan, the Borrower shall (i) deliver to the City an executed original of the Note and the Mortgage; (ii) the City shall have received fully executed copies of the Grant Agreement; (iii) the Borrower shall have complied with all conditions set forth in the Grant Agreement capable of being satisfied as of the date hereof and provided evidence thereof to the City; and (iv) all filing fees for the Mortgage have been (or, in connection with the closing of the Loan, will be) paid by the Borrower.