Laserfiche WebLink
172981943v5 <br /> <br /> <br /> <br />THIS LOAN AGREEMENT dated as of September [__], 2025, between the City of Hugo, <br />Minnesota, a municipal corporation and political subdivision of the State of Minnesota (the <br />“City”), and Legacy Christian Academy, a Minnesota nonprofit corporation (the “Borrower”), <br />WITNESSES that the City and the Borrower each in consideration of the representations, <br />covenants and agreements of the other as set forth herein, mutually represent, covenant and agree <br />as follows: <br />ARTICLE I <br /> <br />DEFINITIONS, EXHIBITS AND RULES OF INTERPRETATION <br />Section 1.1 Definitions. In this Agreement the following terms have the following <br />respective meanings unless the context hereof clearly requires otherwise: <br />Act: Minnesota Statutes, Sections 469.152 to 469.165, as amended; <br />Advance: funds paid at Closing by Lender as purchase price of the Note, either directly or <br />through Title, for the costs of the Project; <br />Agreement: this Loan Agreement between the City and the Borrower as the same may <br />from time to time be amended or supplemented as herein provided; <br />Assignment: the Assignment of Leases and Rents of event date herewith executed by the <br />Borrower in favor of the Lender; <br />Bond Counsel: the firm of Taft Stettinius & Hollister LLP, of Minneapolis, Minnesota, or <br />any other nationally recognized bond counsel, and any opinion of Bond Counsel shall be a written <br />opinion signed by such Bond Counsel; <br />Borrower: Legacy Christian Academy, its successors and assigns, and any surviving, <br />resulting or transferee business entity which may assume its obligations in accordance with the <br />provisions of this Agreement; <br />Capital Expenditures: any expenditures made directly or indirectly for the purpose of <br />acquiring or constructing fixed assets, real property or equipment which would be added as a debit <br />to the fixed assets account of Borrower, including, without limitation, amounts paid or payable <br />under any conditional sale or other title retention agreement or under any lease or other periodic <br />payment arrangement which is of such a nature that payment obligations of the lessee or obligor <br />thereunder would be required to be capitalized and shown as liabilities on the balance sheet of such <br />lessee or obligor; <br />City: the City of Hugo, Minnesota, its successors and assigns; <br />Closing: the date there is physical delivery of the Note to the Lender and payment therefor; <br />Code: the Internal Revenue Code of 1986, as amended and the temporary, final, or <br />proposed regulations promulgated thereunder;