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Loan. Agreement: the Loan Agreement to be <br /> executed by the City and the Borrower ; <br /> Mortgage : the Mortgage and Security Agreement <br /> and Fixture Financing Statement between the Borrower , as <br /> . Mortgagor , and the Lender , as Mortgagee, of even date <br /> herewith, including any amendment thereof or supplement <br /> thereto in accordance with the provisions thereof ; <br /> Note : the Commercial Development Revenue Note <br /> (Special Partnership Project) to be issued by the City <br /> pursuant to this Resolution, to evidence the Loan of up to <br /> $780 , 000 to be made by the Lender to the City; <br /> Pledge Agreement : the Pledge Agreement, to be <br /> executed by the City and by the Lender ; <br /> Project: the Land, the Improvements, the <br /> Equipmentawn the Fixtures as they may at any time exist; <br /> Other Terms : Unless the context hereof clearly <br /> requires otherwise—, the terms defined in Section 2 of the <br /> Loan Agreement shall, when used with initial capital <br /> letters herein, have the meanings ascribed to them in the <br /> Loan Agreement. Without limiting the generality of the <br /> foregoing , the terminology used herein may include the <br /> following terms as defined in the Loan Agreement: Act; <br /> Assignment Date ; City; Code ; Commitment; Completion Date; <br /> Construction Costs ; Construction Loan Agreement; Counsel ; <br /> Equipment; Event of Default ; Fixtures; Improvements ; Land; <br /> Lease ; Lease Assignment ; Lender ; Loan; Loan Agreement; <br /> Loan and Carrying Charges ; Mortgage; Note ; Partnership; <br /> Permanent Lender ; Permitted Encumbrances; Person; Plans <br /> and Specifications ; Pledge Agreement; Project; Project <br /> Costs ; Resolution; and Subcontractor. <br /> Section 2. Findings. It is hereby found and declared <br /> that: <br /> (a) The Project constitutes a "project" <br /> authorized by Section 474. 02, subdivision la, of the Act. <br /> (b) The purpose of the Project is, and the <br /> effect thereof will be to promote the public welfare by <br /> the attraction, encouragement and development of <br /> economically sound industry and commerce so as to prevent <br /> the emergence of or to rehabilitate, so far as possible, <br /> blighted and marginal lands and areas of chronic <br /> unemployment; the retention of industry to use the <br /> available resources of the community in order to retain <br /> • <br /> -2- <br />