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<br />A. <br /> <br />, <br /> <br />.. <br /> <br />...~.. <br /> <br />, " ~ <br /> <br />Miller & <br /> <br />-~~hroeder <br /> <br />Honorable City Council <br />City of Arden Hills <br />Arden Hills, Minnesota <br /> <br />. Cardiac Pacemakers, Inc. <br />1140 Red Fox Road <br />St. Paul, Minnesota 55112 <br /> <br />-2- <br /> <br />a) The Company shall agree to acquire, construct and equip the Project <br />substantially In accordance with its plans and specifications; <br /> <br />b) The Company shall agree to pay monthly sums in amounts and at all <br />times sufficient to pay fully and promptly the principal, call premium, if any, and <br />interest on the Bonds; <br /> <br />c) Earnings from investment of the Bond Reserve and the monthly pay- <br />ments shat! accrue to the benefit of the Company; <br /> <br />d) The Company shall agree to ma inta in the Project in good working order <br />and free of liens other than those specifically permitted; <br /> <br />e) The Company shall agree to procure and maintain in its name and name <br />of the Issuer, insurance with respect to the Project in amounts and against risks <br />customary with respect to such properties including Title Insurance; <br /> <br />, <br /> <br />f) The Company shall agree to pay fully and promptly at! taxes, assess- <br />ments and other governmental charges that may become due with respect to the Project; <br /> <br />I <br /> <br />g) The Company shall have the option to discharge the Bonds and its under- <br />lying obligation under the Notes upon payment of a sum sufficient to pay the Bonds upon <br />their final maturity or earlier 'redemption and shat! be obligated to pay a sum sufficient <br />to discharge the Bonds upon the occurrence of certain events relating to condemnation <br />or destruction of the Projec:t, in the event the Company properly decides not to repair, <br />restore or reconstruct the Project, and also upon the occurrence of certain events <br />rendering the covenants contained in the Loan Agreement impossible of performance, <br />or in the further event that interest on the Bonds becomes taxable due to action or <br />Inaction of the Company; <br /> <br />h) The Company shall require all contractors working on the Project to <br />procure payment and performance bonds In the form and amount acceptable to the <br />Issuer and Underwriter; <br /> <br />I) The Company sh 11 pay the annual charges of the Trustee and the bank <br />which shall serve as paying agen with respect to the Bonds; <br /> <br />J) The Notes shall <br /> <br />secured by a second mortgage on the Project. <br /> <br />] <br />