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