2025.07.07 CC Packet - Laserfiche WebLink

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172981943v5 9 ARTICLE III THE LOAN Section 3.1 Amount and Source of Loan. The City has authorized the issuance of the Note in the principal amount of $5,500,000.00 to provide funds to the Borrower for its use in financing the Project. The Borrower agrees to acquire the Facility and the City agrees to lend the Borrower, upon the terms and conditions set forth herein, the proceeds received from the Note by causing such sums to be advanced to the Borrower and disbursed at Closing or pursuant to this Agreement. Section 3.2 Documents and Payments Required Prior to Disbursement of the Loan. Prior to any Advance of the proceeds, the Borrower shall deliver to the Lender or pay the following, as applicable: (1) The Note; (2) This Agreement; (3) The Pledge Agreement; (4) The Assignment (5) The Mortgage; (6) The Security Agreement; (7) [Intentionally Omitted]; (8) An Opinion of Counsel for the Borrower as prescribed by the Lender and Bond Counsel; (9) An Opinion of Bond Counsel, to the effect that the City has duly authorized the Note and that the interest thereon is exempt from federal income taxation and subject to other conditions acceptable to the Lender; (10) A 501(c)(3) determination letter from the Internal Revenue Service evidencing that the Borrower is exempt from income taxation under Section 501(c)(3) of the Code and such other documents and opinions as Bond Counsel may reasonably require for purposes of rendering its opinion required in subsection (9) above; (11) Such other agreements, assignments, security agreements, guaranties, financing statements, indemnities, opinions, and other instruments evidencing or securing the Loan as may be required by the Lender; (12) Any certification, instrument, assignment or other document referenced in or required by any of the documents listed in this Section 3.2;