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American National Bank and Trust Company a national banking <br /> association located in St. Paul, Minnesota (the "Trustee") as <br /> security for payment of the Bonds under a Trust Indenture dated <br /> as of November 1. 1993 between the City and the Trustee (the <br /> "Indenture's) and the company grant a mortgage and security. <br /> interest in the Project to the Trustee pursuant to a Mortgage, <br /> Assignment of Leases and Rents, security Agreement and Fixture ' <br /> Financing Statement dated Novembdr 1, 3,993 (the "Mortgage") ,, The <br /> Purchaser proposes to buy the Bonds pursuant to the Bond Purchase <br /> Agreement, and to offer the Bonds for sale to the public pursuant <br /> to an official statement to be dated on or about the date of the <br /> delivery of and payment for the Bends (the "Official Statement") , <br /> 4. The operation and occupancy of the project will be <br /> subject to the terms and conditions of a Regulatory Agreement <br /> dated as of November 1, 1993, between the city i the Trustee and <br /> the Company Jthe "Regulatory Agreement") and a Declaration of <br /> Restrictive covenants (the "Declaration") dated as of November 1, <br /> 1993, executed by the Company and recorded as covenants and <br /> restrictions running with the land on .which the Project is to be <br /> located. The Bond proceeds loaned pursuant to the Loan Agreement <br /> will be used to fund a mortgage loan made to the Company to <br /> finance the acquisition, construction and. installation of the <br /> Project and to fund a reserve fund <br /> 5. This Council, by action taken on August 23, 1993 <br /> cave preliminary approval (the "preliminary Resolution") to the <br /> proposal for the project and the financing program therefor. The <br /> findings of the City Council of the ' City made in the preliminary. <br /> Resolution with respect to the project are hereby ratified, <br /> affirmed and approved. <br /> 6. Forms of the following documents relating to the <br /> Bonds have been submitted for review to the City ttorney and to <br /> the City Council for approval. <br /> (a) the Loan Agreement& <br /> (b) the Indenture; <br /> (c) the Mortgage (not executed by the City) ; <br /> (d) the Regulatory Agreement; <br /> (e) the Declaration (not executed by the City) ; <br /> (f) the Bond purchase Agreement; and <br /> (g) the off icier l Statement (not executed by the <br /> City) .. <br /> 7. It is hereby found, determined and declared that,. <br /> (a) the project described in the Loan Agreement <br /> and Indenture referred to above constitutes a project <br /> 249075 <br /> 3 <br />