Laserfiche WebLink
172981943v5 <br /> <br /> <br /> 3 <br /> <br />Long Term Debt: any Debt incurred, assumed or guaranteed by the Borrower maturing <br />more than 365 days after it is incurred, including the sale of accounts receivable with recourse to <br />the Borrower but only until such receivables are collected and excluding current maturities of Long <br />Term Debt. <br />Mortgage: the Mortgage, Assignment of Leases and Rents, Security Agreement and <br />Fixture Financing Statement dated as of the date hereof, between the Borrower, as mortgagor, and <br />the Lender, as mortgagee, including any amendment thereof or supplement thereto; <br />Note: the $5,500,000.00 Educational Facilities Revenue Note, Series 2025 (Legacy <br />Christian Academy Project) to be issued by the City pursuant to the Resolution; <br />Pledge Agreement: the Pledge Agreement of even date herewith between the City and the <br />Lender pledging and assigning the City’s interest in this Agreement to the Lender to the extent <br />provided therein; <br />Principal Balance: so much of the principal sum on the Note as from time to time remains <br />unpaid; <br />Project: collectively, (i) financing, in part, the acquisition of the Land and improvements <br />thereon for the purpose of the expansion and continued operation of the Facility; and (ii) paying <br />all or a portion of Issuance Expenses; <br />Resolution: the Resolution No. 2025-[__] of the City, adopted July 7, 2025, authorizing <br />the issuance of the Note together with any supplement or amendment thereto; <br />Security Agreement: the Security Agreement of even date herewith executed by the <br />Borrower in favor of the Lender. <br />State: the State of Minnesota; <br />Subordinated Debt: any liabilities of the Borrower for borrowed money which have been <br />subordinated in right of payment and priority to the Note and to any other Debt in favor of the <br />Lender from time to time, all on terms and conditions satisfactory to the Lender; <br />Taxable Rate: as defined in the Note; <br />Title: All American Title Company, or other title agency or title insurer acceptable to <br />Lender; and <br />Treasury Regulations: all proposed, temporary or permanent federal income tax <br />regulations then in effect and applicable. <br />Section 1.2 Rules of Interpretation. <br />(1) This Agreement shall be interpreted in accordance with and governed by <br />the laws of the State of Minnesota;