HomeMy WebLinkAboutResolution 0941Ff - .
--ti I I cit, 4 i
LOIND "SOLUTION
0600,000
1NOUSTRIAL DEVELOPMENT REVENUE -,C---TE or 1978
THi"vSZNUA LAND COMPAIM/ PROjECT
exTy or mouNbs VIEW
oatabor 100-1979
---
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�V-� 7-7
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It, � ! ;r m I I, t I I I I, ! I ( I , It I I
(Th 1 �_; t h b I (_ C' To ' f- lo f�; 1 j-) P6, F I C, f L h
Rtrolutinn, but jq inriiidrd fr_�r crinvr-rlioI��m
T W- F I "
P 1, OF CONTY"TO
Mine
ARTICLX ONn
- DEFINITIONS, LNP AL AUTHORIZATION
MNL)
Pi.41;1i4cs. , . V . . V 0 1 . . 4 1 ...... 0 . . 6 0 4 . 6
1
boutioll
1-1,
V__.f inition# ................... I I. V
1
Section
ivw2'
L-04_�l AUthoriattion...*6666.u.0.
3
Section
1-3,
Findinv ...........................
I
B*utia�
1-4.
4utharization And natificAtLon
of ProJoct ........... 6.* .... ....
4
AldlCTJ TWO
ft NOTE ...................................
Section-
2-1.
Atithorizod AmAmt and Form
Of
Rectic ,
2-2.
The Initial Note .........
Section
lwt'
reliVITY of Tnitial Nate
13
_-Sot
WtWi
.......
-raman L74r -arf Now ft
ry ot T_
P
a
MAjl&t*d#' j4s� jr 'Destroyed
—V
jx; U -w
eiillt" r
I 07
on
zu
Am
IN FOR F )WM W
�Z 4.
Titimink tioji 6 f In ter -sit
PT
P-17;
r Wl
_01-REXA-le
Q'OftKAW 79
-0
WIFUSiOn
4-1.
Payment Of PrinaLpal and
4-2.
of and Authority
Of Obveliahts ........
1
Section
4*
_7M
of Covenants ........
17
_114OUn _44-0--
--RaUmp- of--Sacurlty,
P
Ak'l'j C J,P; I V P,
M I S, c r
ot i . . . . . . . . . . . . . . . . . . . . .
4 0
. . . . . . . . . . . . .
A 9
be -C tior.
5 - Z
Section
-11-3.
Ht-mistratiewn of 'It or
A
baction
5-4.
Author�zatlov. #-a Exm-�,ijtq
Agroementg .............. ........
19
. . . . . . . . . . . . . .
®r'.
IAX
--- - -----------
A I
DF F I - 1 Pf (I N -9 ------ -
AIND Y11.1DINGN
T)Ie_ te,,MS. wed horoin, "Iln=M thv- context hereof
Rhall roquire othorwioe rhall haVe th--frj
aily
ner torm., lull have the
� clatil- ,- in the Lookn Agre-o—e,,j�. ' � ._." -
DAIAIJ mcallingzs Whon Used !#Or d to tho"j. in tha Loan
Agreeme Oln 49 ammiqnv
. -rit 0011text or u2e t'horoicif indi r.-Itmet A"r,40—t-
Q-. ifitent.
L_ A
Ell
At t i tht! IIHMMI�_ioLi4 Nwilicil,41 jnLjLLULriA'j Develop-
MOnt Acto Westiegota S*
t4tutes, Chapter 474, an &mendedi
(2) AlliGnment, of Leases and Rentat the &jr#*m*n-t
to be
execute4-0
BY tha ]ROW76W7 and th rtgagge Assigning all.
the rents, i2s"ev and property derived from th'e
Pr; t tq the
ther -10 NO— And interest
g1t. tha_ U 'It
I -Of Sri -092--m --Mrq&r,
__' id
PrOUSsion,sAi --U.Oft,
ANSUciA -of SU, paUl
DPW WA -of ftne COAM481 xhma :be a vviv"n - in m: -
_6
Ducce"O ra asL1 LRnAi# ArA- any r J
�u v VU
tefUl-Uht ar :ttansfrree "Ain0sr Anvity which riA a
Y-a-sunle its
�v
under the L.**sn*A*qr-etmenFj
'164 Uwe city of mounds View# MjjsnegOt&, its
(6) Constr
be oxecut.-aa R�UcniOn LOAVI -Agri) amen t i tha Agreement to
0 F.;Ity, Borrower 4hd MortqAqea,_._rajA_tjAq__tq.
----acqui-Wition- -0 -,ttre -n--d
E
W
the cOnstruCtion and
installation of the Improver.antg,
_0) -PrOvOrnGntull the structures and othO improve -
ments to b 0 consUru-c'Te'd by the Dori
rr
-mer in ncco dance with the*
Plans and S-,ccjfjcm,,_iujjfj
L_ A
Ell
-1111 Jim Nei. 'I'll
U A r P em, t t 1-1- agreumcpm tc� ,;o , -
U�Or_d
tFic Cit -k
f
c) r r ov,, I, r UIILII�
mr! flnlu'
n act OrMAI:CL� WiL,
U JI ita PruvIgionmi
a2-
9 MLO J: t!f—a q 0-I f
tu
a m trio
Mortgagee, jNj-0Vj(]i nq for the 1110-r tal.ir n�, -,,f 1,ruijct
I - _41 tc,
Al
Mortvagert The- midway National sAtIP r -Ir St. paul,
ffinneriota, ito gt-�c.cpzsorz and Assignat
Notel the Diductrial DOV01OPMent Roverme Nots
1918 (Thasonga Land CompAnti,
.-f Projoet), Or NoWE ii.:
providefl therein, o be ijiLu two or More Notes m g
13"Orl LY the City pursuant to thir
R050lution to provide requirod armijai-
funds? tll�n mild 1&!0n_-tr,4Cf.iC.jj
Cl (12) Note Registers the records kept by the City
_w" `116
T
W_
to Prov far the rag-latr6tio n of tranofer of owr.erghip
of the Notal
4
jonst the plans *"a gpgoi-
th* Project
Pr?mN#cr,.._Whirh ire appra by.
'torieti-tr s4ith-much' 'Modif Icatkong thereof and
adIlit-'-pry thereto. which -are. T**AJA4bJ7Y -4-09ritinad --by
-Im n*tVf*"Y-- Ora "i able tlm -c0-,qje7t10r_
-thu -Improvements- a-ne-frc! wp-prove-C-by-tha jjor�;Uqsef
I - i L
-t nc Wq BA -1-41100-1 DO- much of the prlmocl
f
#UM o 01 06 wo- w i W� m F-1,
-TUR 0 to Lims rmy hAve be#.: atw_410"- to
w _11b� tho -c-
-he- "Sti-L, t of- the ity and r9MAiAA: Ulipaidt
34) 1rOJGc`tt- t1t8 Projqct Primistj provem
they —any-timIg �entg as
lw-�V &F exist,
(16) P"30ct ErOM Beat the laild and any other wage-
Mthts ana rights 4*60ribed in EXhibit A a'aChfid W the Loan
it
Resolution-, this R0#91ution Di Ci d Pt d-
October 10 ty a
_Puffu&nt to
f-IT7T which tho Note is Lnorized to be
iagu*df together with any Supplament or amendmaenut theretol and
all referoncei in thirp inatrilment to derignatod "Articluit"
a2-
Author iz"t.101-1-
f S t a r I -
Y a a P 0
T) )#� `.' '
ta Ancl i v
of Miilr.evao -, allthc1ritod under the Act t- M11 t ia tv
Tavanue prodklcirj prc, here rplerred t0f and to
t,j@
In the form of A 60�t j.j%tx:ument
issue and sell bon&A I d upon
suct- an the N ta- fnr tho purvo-Pa j iF. the manner an
a -1 the ACt 8' Ain 16his
the terms and coniiticjrS Sm " forth 4in lid
Resol'atiOn.
1-3... Findinan - . __
The City cin ' uncil - 11,1p j1pratninro. dutermined, and
atnen her* -by determine, 6M
(1) The CitY ig authorized Jj the Act to enter intd
a Loan AgreepAent for the publ.lc purposes expressed in the
nts with
tht ner8a5urY arrangime
0- tbti ty of
ro-i-ect--consistiAg Of cq:�taln reoporty all an io% t
4ha Loan Alreal"O"f� with Lho normimr and vh-fth
-doz-orUmd i'n _. - -A- I ------
a _41M j=rvmpj4rh the- p#q-
Will be 0 0
3 'his Re. clut'an U_
644- by the U t, jlt� CIO tY i h& 9; bl'
th glk
Lot n
-j6dt- j14e
gUVtWri-zvd the- $Iia
t N�'te -&AA nst Uction-La,
hr. tarms and cmittio" -if the "CiUL-
LWOW. 14
-caniotruction. Inrid. 14=10.
b incladgi 40 the Frc�*Vtf -
tw'Jivammi, vs
in 4athor-."iing: the rrojOct the rity' 5 purpose
f
judgmAt - -the -vf aot
peomctg tht public wolfara by
the attracticn, 4
M"*�_ and de.,lopment..0f.economickily souni.indus.try and
X2
so an to prevert, so tar as Pousibldi U14 Qmqrg"
d - maryinal lan4a and area* of chronic
of blighted an
i,iont-AM4---t*-a44.-4r4--the-re-d*Vwl*Vmtnt Of areas of
--unew-1-0y persistent unemployment,
existing blight, marginal on
cing enterpriava to use the
vovenuelwwodu . � — - - t- -
L I I t I
11 L�ci v J,
�F tionn
a Tit"
f . WoL'Or
I Tr"I A I I I L k
'k
-thur
C' c
1! AlP. v! ri I till
W t. 10
Author iz"t.101-1-
f S t a r I -
Y a a P 0
T) )#� `.' '
ta Ancl i v
of Miilr.evao -, allthc1ritod under the Act t- M11 t ia tv
Tavanue prodklcirj prc, here rplerred t0f and to
t,j@
In the form of A 60�t j.j%tx:ument
issue and sell bon&A I d upon
suct- an the N ta- fnr tho purvo-Pa j iF. the manner an
a -1 the ACt 8' Ain 16his
the terms and coniiticjrS Sm " forth 4in lid
Resol'atiOn.
1-3... Findinan - . __
The City cin ' uncil - 11,1p j1pratninro. dutermined, and
atnen her* -by determine, 6M
(1) The CitY ig authorized Jj the Act to enter intd
a Loan AgreepAent for the publ.lc purposes expressed in the
nts with
tht ner8a5urY arrangime
0- tbti ty of
ro-i-ect--consistiAg Of cq:�taln reoporty all an io% t
4ha Loan Alreal"O"f� with Lho normimr and vh-fth
-doz-orUmd i'n _. - -A- I ------
a _41M j=rvmpj4rh the- p#q-
Will be 0 0
3 'his Re. clut'an U_
644- by the U t, jlt� CIO tY i h& 9; bl'
th glk
Lot n
-j6dt- j14e
gUVtWri-zvd the- $Iia
t N�'te -&AA nst Uction-La,
hr. tarms and cmittio" -if the "CiUL-
LWOW. 14
-caniotruction. Inrid. 14=10.
b incladgi 40 the Frc�*Vtf -
tw'Jivammi, vs
in 4athor-."iing: the rrojOct the rity' 5 purpose
f
judgmAt - -the -vf aot
peomctg tht public wolfara by
the attracticn, 4
M"*�_ and de.,lopment..0f.economickily souni.indus.try and
X2
so an to prevert, so tar as Pousibldi U14 Qmqrg"
d - maryinal lan4a and area* of chronic
of blighted an
i,iont-AM4---t*-a44.-4r4--the-re-d*Vwl*Vmtnt Of areas of
--unew-1-0y persistent unemployment,
existing blight, marginal on
cing enterpriava to use the
vovenuelwwodu . � — - - t- -
!hl�r arruaL 4iaa L11�1;1
r"nnu v L: at, i I Jhum an
UC- 10L 1-11OViiA Illy gLjVer11;;1(ArcA 1.
#erviues and fnciliti&S; Lht- V-nviffl�jn Qf
mt Drip.)rt iln i f- i f
C,
luxilanvalu" Of ad -equate tax bA'sou to Lnancu thv'int�rp,4"q
in Ljjtv ajnuont &nd coat of nr�
I A J vu 4L ily
ed=4tiOnsl --- " 4-"
,ervlcea for t�'% Rahoo
GOWIMUnity In Whilch the Project ir aJt11at0(;1
(4) the 8103unt 4fitituated to bQ n0c"HOnrY tO financv
the Pruiftdt ('03tv, JACI'Minq th- coaLs anf, grotim&tfid joat3
permittQ4 by SdCtJon 474,05 Of .-he Act, will1rd-
quirt tho
1s*'iAftcG Of the Note in tno principal Am-oq-qt of- sfiaot000
an h&ruinaft9t, providedl
-4-
(5) it is desirable, fO&hible and conelatent with the
Ot'jects and
purposag Qj tht ACt to islu* the Induatrial
04"l-OPOINnt R"*nufi NOto of 1978 for the
purmas mf
f1G&44;14#v Lisa improvements tO the ProjWUL-i an'd
(6) the Note and the intetoqt acariling thereon 4
401h6tit'StS On 1nd#bt6dn*v* �f the city within t
Meaning of afty constitutional or 4tatutary limitation and
-00-,-not- constitute Or give rize -to li# -ty or
b4li
sh-
a ergo against the general. credit ing powers Of
the My and neither tht full faith or tam
_--t
ard credit not the
Lap -the- -C1ty-4z--pl#q*4--tQr--Ws----
pa)ftont of
the W04
4 Of 4Attr*gt thereon.
-4.
IV in th__thQ__ rov4"ervw of
Act 4nd u-b)ect t4. tim.-tarvu _gfid
-d6Ji#t"ot419ft Wan r*GM*At tq pr-uvid* Im
th"Oft-9-t 1*V*ftnts- inclAod-
A--- Ag- -
GV - th*T Plane- -and Vpoci�ficjti - _h__
I-
U b6-aVAi14bl* t6 BOYrOwev-And bi Nwzmahner
determined bt:tht enrrneer, Ajid WjthoUt_*.Ad_"'rti4SM*nt
W _M___ ___ — — --- - _ft, ____h_ ___
H1
ry r t a construction and adquLaition O -f -any
faciliti011 Uty-here0y
A"4 the ratifies,
appro V05 all actions brarat C
9-0is taken by the
r WMAIAtent with and in antietpa
And in COMILAA04'With the Pllla�nn a**nd*-$ * tiOn Of such authority
-4-
uo4r-Outic�h �4o. 041
AjWIIk-�-j,z 740
-5-
NOTE
Autnortypd Amount ni-I rorm of Note.
The Not* ir-tu-Id purnuant LO O)LU RoIsIJILILIUji
aria l I be in substantially the ft) -rip got forth herein, with
stuch ippropriate variations, ominsionx and ina6rtions an
AT* "rM -ad I�y thir ftsolutlft, #ad. in
;tt" or requir
MccorJann* with the further provisoinns, of this ArticlOy
and the total priac(pal amount At th4 tg that nay bt
outstanding hersandor ig exprossly limited LO $600#000
unless a duplicate Nate in issued pursuant to G*ction 2�7.
Said Not* ahall be in SUInItantigily the following forms
W
�4
---- - -------
-
T
"A
kz
AV
'17
-5-
I tit I f ; t i ! 7 r ; . 1 i :1 1
01N1*VFD STATE11.4 Or AMERICA
bTATE OF MINN"'UTA
COUNTY OF XAMEY
CJVI' ue MOU141j�; 71�1__.i
Lif 1178
(Themanya Land Company, Project)
$600,000
FOR VALUE FZCEIVED the City ot moun0a Viow, HAM82Y
County, Minnesota, hooreby promises to pay to the order of
Midway Naticiial Bank (the *Payee"), St. Paul, Minnesotat its
successors or regintar-:4 ansigns, from the antirce and in the
mannk..e hereinafter arovided, the Principal sum Of Six Hundred
Cmusand and no/100 Dollors ($600,000.00), otj to much thereof
-umay have bion *dvanced to or for Wn benefit of- the City
and r6awins unpaid frin time to time (the 'Principal
balancw*)t with Interest thereon at the rate of eight and one
quar-toc percent (E 1/44) per annum# in any coin cr currency
nd for tb*
-*idvk -at the -time --or times of paym_t is lejal Aw. or
payment of public or jirivate debts in the United States of
Anewtoat and in ac4ord&nve With the terms heroinottor set
forth* ------
1, a) Ivrolfi- -n-4 attor the date h"s" affd
1 if, toenth do- - laf-thcz
-caleajev month next suacteding emletion of the Prejeft in
Wr
W-ve -ion. "Wriv
reterrAd to-f-6ut tn- _Gq�_1~nt_no- later then 00 tQh#r 175-f- _a7-0-
ext#nd#Nd by -the fave0t the: My #boll P4+ Interest-
ont 4 A/") � per 7 Ann=:#- so"-: initiresi "An
-1 -4fter 1W dr -ti - of 4actr -And - ##A -A
10 OM*t this Nc)t*. and shall be on ZKY
payable he fifteenth A
he wnd&r Alow
Ats t�_ouac*"Uag
first advance is made# and an th*.fifteanth day of e3ch and
..ev*ry mor6h thereafter,
.?raw and after the Amortixation Dat*,,, thin
Note- Shall W.amortised and-paidin 240 equal monthly install-
ments of Pive Thousand One Hundred Twolv* Dollims -and sixty
---cents 115 #_112 & 90) more- or --- I-**#, _pay.Able on the fifteenth day
of each month comroncing an the fifteenth dayof th-e-cale-ndar
_6�
E�
month noxt nuccet-diny Uw lutioi Li�raLi,j;i DaLo mid cutif,liming
until the Principal jinlancfa and accrurt! intere%t therean
hav# boon PAid ("a uvipAl, Maturit.- Data"). PaymanLg shall t*
applica r1rat to lAterov.t due on the Principal linlanve and
Lheroaftftr to roduct-if-,., e_t Ui, rrincik-al
%,2) If thty InLer"Ot on thim Nootet shoula
b#coma subject to federal or Minnesota state income taxation
purmuant to a *D6terWaation of TAXn�ility' ma that term LZ
Wtna,d in O"tion 4.07 of the Wan Aqr"mant, upon ruesipt by
the Rcrrnw*r from therrnk of notie--o of the "Detemin4tion of
TagObility,n the Intu a t ratr aht;�. 0-9 imm*dOiattly incrtaited
to two mij one-half ptruent (2 1/2%) over the yield an 74
V.nit9d States Troboury Bonds ef May 1S, 1998, which noto 811811
be Wasted each month according to the yield quoted on the
first busineas day of 6ach manth by The Chas* Manhattan Rank,
N.A. (or if suoh bank cvad*a to exist, or 044403 tc quot* Our7h
yield, by such oLher bank as the Mortgages shall ahoose) and
eath month!y ivrt-�llmert thereifter 2hdll
4eco r4a__ __ ____
r-"Iy Ina � asad Lj amortile the r&maininq Principal
Balance by tha, Final Maturity Pat* with interest at said
-1fvv#amW- rat -vi aind in addition fto Payavi shall be entW40 to
receive, an mount equal to) the aggr%gau difftrenct between
11 th* mont "I
-pa m Payee on this
___y__ ent4--theretafove mWe � tv the
defln"_
y
in the Loaft -Agreement- and the Offtatit'* date of 00 rat$
-4nmmase-s" UY Whe monthly-paymen -0 wh4ch-waulChave- bmm- -
wadw duvl�v such period- it th*_ inareased rRt* had been !n-
-f imt v au-- U_ ed- in- Section CADI of the loan -Agreement
7 AMINU47 on- - th* - t441 &.-of -
'Or"t UJ I !J.
- A -
_W C pa- f'-- M_ -i U
ft- W--'& 44jr Nob
YOOrt U 4
U -"ald.
-3#- Af - lihs. �Iayft*- shoul-d- 416t Im Vle--Af-
A I -W- AWy I= _0AA__vf___thMv prin-01*41- Ara IntafWAhm
_A9 tht
it--ths- Zty- ShOUW 4"Unuv to - bo
arrears thircuOh thi last -'.ay of raonth, then, in-addltLon
-due ttroaftoori --tAt lay" A"I - W#"1U4d
to recOve on the first d&y o6l LlAw nekt* succr.6diftij month a
servics-clarWAqual-to -four _p_&rAaent__(AL&OQ%1__of the-delingue t
and interest.
------t,—Pri-ricipa"nd-Ant-wr-oat -and--any- jmnalty�or-
premium due hereunder thatl be payable at the principal office
__49 -the- ftyo* t � or-- at - such other pl so* Ass - the PAyste may
desic.sts in writing
-7-
4 1
1 1- UA I
S I
This Note la isnued by the city to provide
futoda for a Proinot, as 6&f*rjed In Gituti-Gii 474.02, Gubidivi&ion
;(a), Minnemota "�tatutc-m, corifii-tin,4 of, tne mcqui-01--irm of-
roal estate, find the constroutiOrl i'r on orrict. Ana worfdloumq
.-icility thereon, under a Loan Ageeement, of &%!Aun A^to
herewith, betwoor. the Payee, tho City and Thasanga Land
Company (the "Borrowar"), a Minnesota partriecahip, and this
Nota to turthar iAsuod pursuant to and in full compliiince with
the Coartitutl.on And laws o! the St%tq of Minnesota,
parti4u'&rly Chapter 474, Minnesota Statute.j., and purmuant Lo
resolution bt. the Lty Council dul.y adopt4d an Octobte 10, 1978
(the *Aesolutionw)
.4, ThJs Note Le secured by an assignment of
thg Lr= hy tha ri-ty to the Payne, by a Mortqaae of
baLween the 3orrowne, as Mortgagor, A;d the
*van dalt's' he a
Pay49_'_aA*Mcrtaaaes and W Ar Assignment of Loanes and Rints
from the Borrower to the Payee, The diabitra*.-nent. of the
VC60,448,0f the loAr, covered by this Noto in subjact to the
'21Rt Loan
_t A -an-tr Agra4ment, of even
dato hsr� Lth bat"an the Payee# City and Borrower,
a# Pam -VW-*XtWW: Vw- Was -of
of ittarest And/or principal of or any punalty or premium due
an _W" Vote # Lft4IWAnj_WW _ data Of the Fi-rAl MAtUV"Y Utd,
mithamt � r9t iaq - tri 11F M-ALlyn t --at - n -n -y- _V_ 4--V-V—y -1 L dibl* harr6on and
WIV&V* re"WoOW a squh. 94"Vert in no VV*nt W
-law-ty My
jimd Maturity Drte he extended -beyola October 12# 2009,
_W- I�_Iftts_*Ay_bW_M t AM--timb" Githn-
Z7
An- - Sm a th*a- th*ril --SW.I-- aitv b J-
99 - WAST
-Dvo- -sj2d-. 1-thw v"Sor -t
-at j&.,& i X in, at-- th*� tift ofl! *4flh--
I: WVF_
"saimm k -b
ff in" -m--this. Note ow -sat of tho. ind
99 Min Note to further nublect io prepay"l-teit
.,without a prtmium#-in whole or in part# open the accurrongo of
-be condemnation to the
events at dMdestruct an
�414 'In. Who pot in. 1part# mpan --the - 36'riv"T -
from the Payee that the Lrit—arest m—the
1W subith diral or Minnesota ntats income taxation
curnuant,- to *Ratan_ in-ation, at -Toy thili-tyup-all. &I OPecif i&d
the Loan Agreement and Resolution.
-a-
''. ".|x/ i'.o 'w. ''1|
transferable up -on the books of tne Cit nt tne offico of
the City Clark, by trio P&yee in person or by hip agent
surrender hereof together with a writtan ineatrument of
U L7 14
the City Clarx will note the date of registration anti the
name and oddrose of the now r"iotored Poyee in the regirtra-
At the requent of the Payee And at the Ptyce's expense
issue now notes in a9gregate principal amount, equal to the
:"d -oFf like tenor -
except as to riwtber, principal Amount, and the Amount Of
d L a ad.. by Payes. The Vit met- m and treat the
are f,iihlathar-or M" __U vznrduo 1.
VA
Mti AM 4AAchazVe. the liabilit
ISMISM VU the 111,1M. 99, SUM- lock- Void lland- ths, CJ*4,-. 0all. not -
$#tq#Saj Assignment of Losses end Rentai Loan Agreement
4M. Vanstrulult made. -A part of
affect an if they were fully set forth herein.
13. This Note and internnt thereon and any
penelty or premium due hereunder are payable sololy from
the revenues and proceeds derived from the Loan Agreentent,
the Morwage and the Agstqriffiont of Loan*# and Rents and
a rl - r. uf
Jil n ri 1 n 4 1 i tut - Ii - I f i 1 '� I C i t wx� Ill ill L,'.[- - i. - . .3
.1 - 'I an
twonstitutiorial or statutorl limitatiori, i,,ry not payable f roTri
tir a ciiarqu, upon �oy tund:i othor tliwi ti-,? ruvenues and
procoud- pludgod to fhu payi-aunt; t1je-ruot, afia ju ILjt- 9;v,- ti.-,
to a p"Cuniary liability ')[ tho �'jty lica, tc� L.Itl t 'X ('i-711 I-
purmittrd by law, of any of ils (-Mct�rg,
nnA rn hnjoj�vr or
any exarcixr of the taxinq power of the City to pay this Note
or the interest thereon, or to enforre pam.ent thor(ion, or to
ontorcle paymont theroof %q4inbt any propi?rty o! the City, and
this Not# drion not censtituto a charge, lion or encumbrance,
legal or *quit.Ablm, upon kny property of the Cityt 4nd the
agroom*nt of the City to perform or cauaq the performance of
thfi covenants and other provisions herein retorted to shall be
6ubject at all times to the availability of revenues or other
fundx furniahod for such purpose in avaoLdanp.e with the Loan
Agreement, sofficient to pay all costs of such performance or
, the tnforaement thereof.
14. Tt in 4greud that tim& is of the essence of
thiz Nctn. in tho cvont of failure by trio CI,Ly to pay any
monthly installment of principal or interest witoin ton uays
after the du4 date, or any premium ov Penalty due hereunder,
or upon the failure to curt an Event of 00fault shall occur,
im th* lortgagiti, this Aimigrau.,it of L4"08 and-
ftntst Or in the Loan Agreement, all of ever date herewithl!
then the Pay" shall have the right and option to aselate,
thirty -(201- written naiiatt al - a remaining
U d;y &I &nd - - Z.:
rettedness, of un agid princi AAJC interest,
..'-ItAUshood bv this Wait* *--A? Q ""j &""'a
ft-wWratse Oftion at any- tim-awl -not cowst- Itu" A*
waLver of the righ- to exesrcine the same at,aay__sub2*IjLWAt
IS* :The romeddLim -of the ft"tri; to %�v�vjdod
ht tom -W.
#qqI As A -at -2
ic t
V=
.4M�ftn*truwtL*n--Loan A9v4~#-- shall be -
AM _Zonc arx"t And may -be. puvsijjA - 4140gi, P
OT, toq*thor# at the sold discretion of tA4
May �ba
-Shall bacurl ind the failure to asarcise any such riqht or
r"My shAII.Ln no event be conptruod As a waiver or
leave thereof
The . F�4 -hall not be deem2d,...byany
yve a -*at
or ammission, to have waivVia"T of its rights
or- remedies hersundec unless such waive a n writing. aA
signed by the ho-Id-er and-, -then o-n-ly-to-the extent specifically
H
_10-
t
i . 4 F - , , - f q
--vt-- foe�Jl in 111v wri f -i nel A wn i vi�r w 1 4 h. rf-filrtr�ry tr,
ovo lit T-In't yj(; t 1-1 U I i-, C 1 0 j- t '�' 6 Y
whiver ot any right or remod-v ff�_ to A
17. The Note haq )?ven im-stied wittiolit. re(jistra-
tion jilnr rl-at- or other ,..c�iA lawl;, purpt
-.a 4t- t A I,
exeraption for swuh isiovance, and accordingly the 140t.a 1110- net
i J
be aspigned ,i. t.-,-jnqfpv-rw1 .4n w'-Init- or pArt, neur may "
particir-ation ' �ntarvst in the! -Into be giVen p u r g U a n t *10 "ny
PA.-Iticip4tion aqlaemehL, avleopt in a�.�uordance with applicable
ragistratifin requiromente or an applicablo ogompt.ton from #u4h
registn"tion roquirtmto.lta.
IT TO HURFAY CERVIPTrD AND RFC-TTED that all
actta and thinus raniflrod in 0XI-e.t, h-rppen and bc
peffOrMed pre6edont to or in tho isatiance of this Note do
eyist, h&vu Aappened and -have been performud in ragular aM
due fom. as requir-d by Inw.
IN WITNESS WHHREOFf the City has caused this Note to
be 4uly executed in tts name by the Manual Signatures of the
and City Clark arA the corporstsk "al to- be afftm4
hereto, and has caused this Notis to be dated October 12t 1978,
cm Or
I— RT
7-7
_4
DO -TtW 14T. 1 (11,141
'The nf, f 11 f th e u I i,
an t, viri there -On it; rogi s tv-re n. n
rp
utj 1 the tm) d.qr
! r
4pt noted bv.lu%,,.
Pate of NAMV off Signature of
t ic, n d 1. 14 t- F= F e Cl A U- f rl U- r r,-* t Atl
.AQ q
Cc -tabor 12, jEj,/p T11f, �jidwati J�A*, jo, R a n
4 i
of St. Paul
L il I !�rj t I,.
t a j � J
ITIT4 ) i I w i F
tL3 L U01 otht-r termt; a -,Li ur-,nAl
- - - __ . _ - v
�-J- Exoctm !-()n.
T No to 1-1 a
t hu EI of Lf-�Q city
ItS MAYOr eNd Clf—k rjnO tih,111 ),C- fAealed WX;tb.
the �PQAI of tIlL. C", t%,. 1 jL
w1jor:v
a ny
P -Pu -1 r 4�_ -_
On 00 NQ a 1. 1 Ce �E Lh bC- SU 1,
C.
.
the delivery of the Nott!, SuZ;h allu'riaturo Mall ncve:.th-IvxA his
Valid ai.� a--,_jrricjert fo
Pt'-rP0_e,6, t:hf) Same at 11 he- had
re-moined in off1pe- Uhtil delivory,"_
2-4. Dell%ciry of initicil ntEL.
Baforo ualivery of t -hu Na�e- thr,re -t-jdli bf- filr
ng JtOMS I
witb the City Clork tfj,,
(A) mn originai of the LOAD Aqreem�nt and Assigil-
ment of the Bamel
oriq�.nalm of the mortgage and Assioment of
LO&SA4 And Ronts with evidance-to establish th4t th@ B e
I - am - ha vtj
behan T_ cordEed -4-w -"e
WL*jWW nt county Recerftr of Ramsey
County, MinneiptAl
Oricin*1 V4 the Construction Loan
Agresmenty
04,01 4_00nsel for rhe ftr1cm -in scope
qrA 8440unce vatiabOct(Ay to 40nd CUU,15#1 as to
44T
-th
raver to erltpr= irkt_6� __ 0 LO*n -Iiqxeemhnt,. MortqA ftnd�
0An AV02MOnt And othf7,r r9lated mqtt@rgj-
thu manua
MY migred npinibr Pf Bond tMt
Sol &A
to the--vaudity -and tax Q"Mpt Statuo Of Che Note -insusim
pursuant to thi, Assol�timlj
F
UCIvvtIver--dacum*ftx aild opinio-n-I As
Counsel
----- -- I"Y roamonably reo,,4r@ for purpee-es of rendering it# Opinion
required in subse.. ion (3) bove or that th*..MortqaV#*___mGy_
-rG4Wrm-f,or* the closing.
-13-
Punt-Aution �io. 941
2-5. Jusuanuu c -J Now iinten.
flubject ru the provisjong c. -.f f2rctiun 2-9, 1-1-,v City
t4ball ' , a t the roq Ilog t a 10 eXpOliM4D 0 f U141, Mlk�l r t11.(JFVjVQ i & & Lit- VIOW
notes, in arjur"ciate c-Ltetindlt�i prinf�ipnll omount croual to
that of the Note surrendered, ond of like tenor except ag
to number; prine-ip&l amount, And the Amenont of the inonthly
in.4tallmento; payable t1wrout-140r, alid reyif4tured in the name
of tn+ iortgagoo or Auvh trannejerOa an may bp desigiiated by
the MrArtgaqO0,
2-6, RoqistrAzc.�Iori of Trannfrar.
...... a-- .. — ---
The City will cause to be kept at the Office of'
Rcy�aLar in which, rubjcct to nuch
�hq City Clark a Note ix A
reasonable r*Vulations no It muy prescribe, the ity shall
provide for the registration of transfers of ownership of
Note shall be transferable upon the Note
that
RsqLstor by the Mortgagow in person or by ito attorney duly
autherived in writing# u n ourrander of the Nnt* together
PO
With &---wrttten tnotrurient--of traiiisfer-as-tisfacto,ZY-to---tho
ii�d by the Mortgages or its duly
Cit ClerY. duly execu
autnort-30d agM, Upwr. such trans -for the City Clark shall
�.___ratd the A&U - ef. r-Ogi atr*tioa and � the- Awn. a nA -AAr@@---Qf - -
*�h* row Mortgaloo in th* Not* Register and in the ro7isurs-
Appearing cii tha Note.
komt —Or P-411trui—vi LOW
in aasa:any Nnte- iffiBilate hereundeir shall beciome
-or- bp dowwod or lost -p �!,v D i q, shal-1. it rrft
ther, prohibited by law, causo-to ba executed &rA doliveredi
-A--Aaw Note- of like outstanding principa nur-t* numbar and
tenor in uxchangs and subAtitution for and upoo cancellation
of such mutilated Note, or in lieu cf and in substitution
for--
-*- destroyed- or -lost, upon the MortgaVes-la- --
sAjoh Not
paying the reasonable expo"-ov mr4 charges of the city in
connection therewith, and in the came of a Not* destroyed
-iththe City of e(i1_d4nce*satisfkct6iy
or loct, the filing w
to the rity that such Note was destroyed or lostf and
furnishing -the City with indemnity -%at�sfactoky to it. If
-14-
t 1 t
1 d I
t Jai
-1
p i I an
c w t n tn� provjf�ir.
o� I'l.
n F
lq-tim zi� j t
(, i 114't'i f4
till I
aCTU-01int i TIq nf- a I I
f uncim ri I nhurnt-d for Py-wirct
CC-) 6 t
2-5. Jusuanuu c -J Now iinten.
flubject ru the provisjong c. -.f f2rctiun 2-9, 1-1-,v City
t4ball ' , a t the roq Ilog t a 10 eXpOliM4D 0 f U141, Mlk�l r t11.(JFVjVQ i & & Lit- VIOW
notes, in arjur"ciate c-Ltetindlt�i prinf�ipnll omount croual to
that of the Note surrendered, ond of like tenor except ag
to number; prine-ip&l amount, And the Amenont of the inonthly
in.4tallmento; payable t1wrout-140r, alid reyif4tured in the name
of tn+ iortgagoo or Auvh trannejerOa an may bp desigiiated by
the MrArtgaqO0,
2-6, RoqistrAzc.�Iori of Trannfrar.
...... a-- .. — ---
The City will cause to be kept at the Office of'
Rcy�aLar in which, rubjcct to nuch
�hq City Clark a Note ix A
reasonable r*Vulations no It muy prescribe, the ity shall
provide for the registration of transfers of ownership of
Note shall be transferable upon the Note
that
RsqLstor by the Mortgagow in person or by ito attorney duly
autherived in writing# u n ourrander of the Nnt* together
PO
With &---wrttten tnotrurient--of traiiisfer-as-tisfacto,ZY-to---tho
ii�d by the Mortgages or its duly
Cit ClerY. duly execu
autnort-30d agM, Upwr. such trans -for the City Clark shall
�.___ratd the A&U - ef. r-Ogi atr*tioa and � the- Awn. a nA -AAr@@---Qf - -
*�h* row Mortgaloo in th* Not* Register and in the ro7isurs-
Appearing cii tha Note.
komt —Or P-411trui—vi LOW
in aasa:any Nnte- iffiBilate hereundeir shall beciome
-or- bp dowwod or lost -p �!,v D i q, shal-1. it rrft
ther, prohibited by law, causo-to ba executed &rA doliveredi
-A--Aaw Note- of like outstanding principa nur-t* numbar and
tenor in uxchangs and subAtitution for and upoo cancellation
of such mutilated Note, or in lieu cf and in substitution
for--
-*- destroyed- or -lost, upon the MortgaVes-la- --
sAjoh Not
paying the reasonable expo"-ov mr4 charges of the city in
connection therewith, and in the came of a Not* destroyed
-iththe City of e(i1_d4nce*satisfkct6iy
or loct, the filing w
to the rity that such Note was destroyed or lostf and
furnishing -the City with indemnity -%at�sfactoky to it. If
-14-
i is A
Ulu Li 1-1 LL: il, i i t Viiii— % 1
T
q 1 L L Lm i i—,
i
fl- 8 , Owner -�!j I ��j (j f "0 Lij
.
"he Cit- mqv "'r I F1 whose
1141110 O"Ch 'J(Jtt-� in la ---t roviRturnki in thr-, Note and
by nbt-It"o r.
n o P. t h ri N, n t v w thhr (--r J)C)L mue)i 1. r-, t e n�iraj-1
QvQrdQO' As the absolut'v DWP.5F of nuvh Note fQF the Purpoad
I
of receiving Pa7mant of or on ^o-ount of the PrincipAl
Balance, redemption price or intarost and for ai). othar
vUfPbAe9 whatnnever, anei thc city rsj,,jq jl riot bt� If feLitvd by
anv notice to the contrary.
2-9. Lifil tatt, on Note Trnnsfers.
The Note has btan itt-tied without regi4tration
vr other securit.'as laws, pursuant to ar
I
exemption for such ipaiiancel and occordingly the Note mAy
not ba assigned or transferze4 in whole or partf nor may
t
Vhvti�7ipativn interest in the Note be ijiV*n puA;SAI&ht- to
1-1
any_participation agreament, except in accordance u�th
applicable registration requirements or an applio&blw
OF-
F -1 - -4 P--_ -_-- _--_ "'* * ** ** *
I UL-
(1) in the event of ia) to or dr-structior, nf
t.1101.6of And W if rr . It. V- G Cl f C1 C 'I cit requirLa or the
ii�'rrowor doen not aluct to rof�torp- tho Proloct parrwant to
SuCtiOn 2 , n-- 4 o F tile �ior the -440 tf- r -ha 11 Ei Illi -j Cc t
to prrpaymtvit by the City from funds furnished by the
Darrower at the- timo, tij tile ev.tr�nr and in thr mann-r -�:lt
forth in Soction 5.02 of the Lo&n A-reement.
(2) In the eve..t that the borrower should roce-ive
from the Mortgagav noi-lice th&t 4--F
-*'I. intwxcst Or the Note
is uubjvc;t Lt) Twit -,j 1 jL ljwuiw�-
taXation pursuant to a "Determination of Taxability,"
the Nute shall be oubject to prc-payment i�i whole but not
in part an provided in Aeoti6h 4,07 of tho Loan Agreement.
(3) The Note may be otherwise prepaid in accordance
with the provifilojifo of the Note.
5Z
Upon day**
,it of tht� redenI)tion price with the
ManAa-4vise- ard- the- qivin - of any notice required by law, Vie -
amounts prepald shall, aftar ouch datif ceavo to
uf_ti�, !tit i t-��n no � tj 4 1
1- - - - ' ' ,
(7 i t v W I j ......
tit the 0 r) t1%(I 11 Uw MA, 7' AV r
A r 0
l
hervin
-ALI roii. thE
PAYM)lc- Sololy r�_A'iLM-IIIIPY' �Ind pr�lcf-elq (let 1 '!�
Loan iiiprooment, M-1 ti'69P i'vid ol� ""E:of� a lid
h f va I ly
Htntg, which rcvvllklv�_ WIG V!��du a Prc-by eVecl
pledged to tht payment thereof in tile mallner and to tile
Is : — � - I lil 'iij -L-- nt , !10f tf�O-V
uxi:ant 4paciLled f Ill j-jjjd Ilothing it, tile Note
and A&,,i9nMQnt of Lodnea a�fld Rentsi
u,Ic'n &h"11 bL, csp
or in thir a- assianinci,
plodging or otherwisw enewmba ':., 119 an7 funds or assets
of the titv.
4-2. Pertormaner Olt mi,4 AtnUizo, j �_ y Q
r I f - r Cove i1a nt,"
The city covenants that it W'11 faithfully P*rtQrm
at all ti"es any and all covenants, Orijiertakings, BtiPula-
ons; contnained in thin Resolution, in ale
tions and provisi
Note gxecute4, Authenticated and del,vored nerounder and in
all proct,edinVP of the dity Council pertaining theretot that
the -Constitution And__laWA___Qf_ --the -
Otste of Minnesota including partioularly. and without liMit-6-
.0 issue the Note a-ithorited hereby, pledge the
tion the Act, to - A nd to-
jeVqnU**- and assign. the Loan. Agreetnent in the manrier
n -I 1h*
the extent set forth in thim Revolution, the Note anu
k _* j O%n
- ___ ''_ - 4� ma S,
md AN11.4ment. thorki'z. - V 4'4
Avese-ment- a..
p&r4 - -for the i suance of thf, tiote a -E
nd for t". *X AUti A
its
__ V - c t&k&n_I
d 7 ViLly
and delivery thereof hai been ldJ�Y an 0
M_ hands 0! the ottvagoti. ill. and A
I
Nots n the
b* a %AIAd -a*nd* imhr,.�r.doabld obl%gation 3f -the City. #a%iturd-ing-
tcf tb# terms ther4oli
PerfDrimappv qf,.�_Qv4W4.ntd.
4-3. Vnfa-cement
Tho City Agrees to snfcrcd All covenants and
ovii-qat-i-ons- of --the Demmer Laidor the LoAn _Aqieement -and
L pettorm all covenants
Construction Loan Agreement, 4Ad � -
and othor provilsions *ontained in thu NoUt the Loan
4hd the Construction Loan Agreement.
-0-
1 i 2 1 t
t I V n r) t 1 1 !if, J -I
!,4() t j qnmrl 11 t f i,tT p� el rilf !;Iv 11 t
C. jr An- C-1U'r-'r (locumont rr.1 rri v di t, 1 j, F, t it i, n I t" t lit -
7
Flo,"
A I f U h fe ho t
f,tj t f�
IVO payable f rGiR or be a ch-ariju OVAL;') ind b of Lhe C jc LY
other thavi the rovontiol�-. Al -Al PrOCOOdra PiOLIC14od tu I the PP�Imnt
- J= I
-1 L . .1
ill t-t,#e Cit -y bo sub'eu to any ObI tY
theroolo nor. rNh- , LI -
thereuno nor 6Y.All thu Note otherwise cortributo or givc
rIVO to a PO'CuniAr.-I liabil-lity of the City or, to "Ahe e—Ift-drit
permitted by law, Aity of the Citylni officeis, eirployOGS 40
Agentil. No holaer of the Note mhall over have tn righL W,
compal any taxirg power of thg City to pay the
exorcise of
tit t,ioraof
Note or the int9rarat thoreon, or to enforce Payme
Agaipst any property of the Cityl and the Alote %hdI1 not
legal or tq..
constitute a charge, lipil or ancumbrance, uitable,
constitute a dab! of the city w.'Lthin tho meaning of any
constivitta"l or statutory limitationi but nothing in the
Act J" ghts of the Martuagoo L-0- Oriffirca the
irs vis ri
covvAgnto mdtk for the security thereof as Provid*4 in this
Rsgolutionj the Loan Agreement, the MortgaVe, the AssignMOnt
of "-Oisqis and Iftntof ajid I.n the Act, and by autliority Of
the Adt the City has made tile coverAnts and aVi�eoments
that in
jor the
apy event# the r-ement of the City to perform the co v so na ritsi
the Note, the Loan
wA- *+.Imtr prawt:Ko contained in
*nt arA mnstruction Loary Agreement shall be
-AvaLlibili
Aii
S*jgo+. &t oil time to t ty iVrevenuaw
7-1al A910-ament sufficient -to _rav
i -or Ube Orif-Gra"Ont --Mtreq! nd__�Ow_
Jain to it t-tvr necunlary 1-i-MA-1-ity
T t I! t -I e i I t�t
r 01 f4i
nia-e re
i cllAl (Itl Vf' I t) F1 IIN 111T I
diction or lui I bdic 011-M Ell: 11-1 a rj, ctj(-Ij�
.) U I ; _ JL I - :�., r i ri a
casen becou . -c it C-Unf—c-p wIth any Prot, i S, 3,01!9 or fw7
C pt)licv, or for rtny
const-itutit,n !=)r statuto c- r rule rjr Idub I i
oth,er rommari, ALICIII Oirt-upjrtancnm shall not haw- the offOct Of
randaring the provin-ion in quJ&tJ0"! inOPC-r-tiNle
nnenforcPable in any other c;Ar-a or circunstance, Or Of
randulJng any other j pnuvi- nrA )let _J!, C
invalid, inoperlitiV0, or unnnforcoabl& to any extent what�
ever. The invalidity of any onp or mare phrauuti,
cinuses or paragraphs in this hagolution contained shall not
i-ri—, 'ur-pinixition or anV part
thereof.
5�2. Authentication of 1�,r
L -
The of.�icers of the City are directed to fuenish to
SMY4 Coun *I cortifiad copi@g of this Rggolution and all
docum r
onto rafe'rou tm herain, and affidnvito or 00ftific-AtGS
=1""I ., I - necessary to
AM LO &I QVhQF vuli-Leim w""
Ind
evidence the V41j,"it -f til
wildavii*' `i'nc!ludJnq any heretofore
cortift-Gates and Af
furnishodi shall ennotittito reciLals of the City AR to the
dtatet_mnto rentakin#d- therL-in,
7--
..T a_CItY Cj�enk in authorisoJ and direzW W cauo& a
w
filed �jtb th# Cour-ty Au4itor ol-
tj-.IA M%jull'ation - to Ijo
os)tain from Paid ditor.
-wamoy CCU-Ity, tband county u
at th%j Noto as a bond of the City hoet been
it- cortif Loate
-ad upon his b6nd.register.
onto)
duly. _M.
6-4. Autho2iwstion to Execute Ursoments.
The f - orms of --thepropoffed Jvall Agreement and
assilnMont thcroof, Construett6n Loan AcIreemant, Morttl*qe and
are hereby approved in
ni 64' th the Zi-tY
substantially the form heretofore pretse t
Councill and t4w Mayor and Clark of tile City are authorized to
d Din"�jrsina Agresiment in
execute the Loan Agreement an
iF -
F -M
�, -R-67
4
re
an
N-, t)41
tiit= rinmo
I i i t - i i
P I'fl T! r 1 11 1 I?z I i J
issi'anct- of the Niltc. In th-
Ll i Lia li i I t Ly
C 1 ty 't
I
vnrnrly u t r�
he L
tf
t I
j -
14 L F I
Council Oc, ell] tl)i .1vir Rvio fexou-14tf;
4 114 t i wn,o.ii ii _i�il
A 4,--,! 4-: r, i -i f,
-,;-;
-� � U. -,-�
j
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