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ARTICLE III <br />THE LOAN <br />Section 3. i Ar�ount and Source oi Loazi. The Ciiy has authorized the issuance of the <br />Series 2008 Note in the principal amount of $5,500,040 to provide funds to ihe Borrower for its <br />use in financing the Project. The Cfty agrees to lend the Borrower, upon the other terms and <br />conditions set forth hereiz�, the proceeds received from th� Nate by causing such sums to be <br />advanced to the Borrower and disbursed at Closing or pursuant to the Disbursing Agreement. <br />Forthwith upon the execution and delivery of this Agreement and all other doczunents and <br />insiruments necessary to the transactions conternplated hereby and the recording and filing of <br />such documents as �nay be required to be filed or recorded by the Lender or Bond Cour�sel, the <br />City �rill execute the Nate and cause it io be delivered to the Lender. <br />�ection 3.2 Doc�.unents Re uired Prior to Disbursement of the Loan. Prioz to any <br />advance o�tl�e proceeds, the Borrower shall deliver to the Lend�r the following: <br />{I} The Series 20�8 Note. <br />{2) The Loan Agreement. <br />(3) The Pledge Agreement. <br />(4) The Mortgage. <br />(5} The Disbursing Agreement. <br />(6) The items listed in Sections 2.1 and 2.2 af �e Disbursing Agxeement. <br />(7) An apinion of Counsel for the Borrower as prescribed by the Lender and <br />Band Counsel; <br />(8} An Opinion of Bond Counsel, to the effect that the City has dnly <br />auihorized the Note and thai the interest thereon is exernpt from federal income taxation and <br />subject ta other conditions acceptable ta #he Lender. <br />(9) A 501(c}(3) determination letter from the Tnterna� Revenue Service <br />evidencing that the Borrower is axernpt from income taxation under Section 501(c)(3} of the <br />Code and such other documen�s and opinions as Bond Counsel may reasonably require for <br />purposes of rendering its opinion required in subseciion (6) above. <br />{10) Such other assignrnents, security agreements, guaranties, financing <br />staterza.enis, indemnities, opinions, and othez- instrurnents evidencing or securing the Loan as �ay <br />be required by the Lender. <br />(11) Any certif cation, instrument, assignment or other ciocurnent referenced in <br />ar required by any of the foregoing. <br />2208845�4 9 <br />