CCP 04-27-1992 - Laserfiche WebLink

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, (b) Loan Agreement Assignment (the "Loan Agreement Assignment") dated as of April l, 1992, from the City to the . Lender, whereby the City assigns to the Lender all of its interest in the Loan Agreement and Loan Repayments of the Borrower thereunder (except its rights under Sections 5.02, 7.01, 8.04 and 8.05 thereof relating to indemnity and expenses of the City), for the purpose of securing the full and prompt payment of the Bond; and (c) Combination Mortgage, Security Agreement and Fixture Financing Statement (the "Mortgage" ) dated as of April 1, 1992, from the Borrower and Johanna Shores, Inc. ("Johanna") to the Lender, whereby the Borrower grants a mortgage and security interest in the Mortgaged Property, as defined therein, as further security for the full and prompt payment of the Bond (this document not to be executed by the City) ; and (d) Assignment of Leases and Rents (the "Lease Assignment") dated as of April 1, 1992, from the Borrower to the Lender, whereby the Borrower and Johanna assign to the Lender the leases and rents with respect to the Project, for the further security of the Bond (this document not to be executed by the City). 4. Findinqs. It is hereby found, determined and declared that: (a) The undertaking of the Project, as described in . paragraph 2 hereof and in the Loan Agreement, is duly authorized by the Act. (b) The project has been approved by a preliminary resolution of the City Council duly adopted on November 25, 1991, and was approved or not rejected by the Minnesota Housing Finance Agency, as required by the Act. (c) The issuance and sale of the Bond, the execution and delivery of the Loan Agreement and the Loan Agreement Assignment and the performance of all covenants and agreements of the City contained in the Bond, the Loan Agreement and the Loan Agreement Assignment and of all other acts and things required under the Constitution and laws of the State of Minnesota to make the Bond, the Loan Agreement and the Loan Agreement Assignment valid and binding obligations of the City in accordance with their terms, are authorized by the Act. (d) There is no litigation pending or, to the best of its knowledge threatened, against the City relating to the Project or to the Bond, the Loan Agreement or the Loan Agreement Assignment or questioning the organization of the -2- .