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<br />and interest on the Note and Bonds when due. The City will <br />assign its rights to the basic payments and certain other <br />rights under the Loan Agreement to American National Bank and <br />Trust Company, in St. Paul, Minnesota (the "Trustee") as <br />security for payment of the Bonds under an Indenture of Trust <br />dated as of May 1, 1985 (the "Indenture"). The Company will <br />grant a mortgage and security interest in the Project to the <br />Trustee pursuant to a Mortgage and Security Agreement dated as <br />of May l, 1985 (the "Mortgage") and to further secure the <br />payment of the Bonds and the interest thereon, will enter into <br />an Assignment of Leases and Rents dated as of May 1, 1985 (the <br />"Assignment of Leases and Rents"). The Company, Presbyterian <br />Heroes Foundation, and Langton Lake Place, Inc. will enter into <br />a Pledge Agreement dated as of May 1, 1985 in favor of the <br />Trustee and the S&L. The Synod of Lakes and prairies of the <br />Presbyterian Church (U.S.A.) will enter into a Guaranty of <br />Specific Indebtedness dated as of May 1, 1985 in favor of the <br />Trustee (the "Guaranty"). To secure the Bonds the S&L and the <br />Trustee will enter into a Loan Purchase Agreement dated as of <br />May I, 1985 (the "Loan Purchase Agreement") and as security for <br />its obligations under the Loan Purchase Agreement, the S&L will <br />enter into a Collateral Agreement dated as of May 1, 1985 <br />between the S&L and the Trustee. As inducement for the S&L to <br />enter into the Loan Purchase Agreement, the Company and S&L <br />will execute a Reimbursement Agreement dated as of l1ay 1, 1985 <br />(the "Reimbursement Agreement"). <br /> <br />4. This Council by action taken on January 14, 1985 <br />gave preliminary approval to the proposal and on or about <br />March 8, 1985 the Commissioner of the Department of Energy and <br />Economic Development of the State of Minnesota gave approval to <br />the Project as tending to further the purposes and policies of <br />the Act. <br /> <br />5. Pursuant to the preliminary approval of the <br />Council, forms of the following documents have been submitted <br />to the Council for approval: <br /> <br />(a) The Loan Agreement. <br />(b) The No te . <br />(c) The Indenture. <br />( c) The Pledge Agreement. <br />( e) The Mortgage. <br /> <br />2 <br />