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<br /> ----'" <br /> . e e <br /> - <br /> . <br /> . <br /> . <br /> . <br /> . (b) Combination Mortgage, Security Agreement and <br /> Fixture Financing Statement (the "Mortgage") dated as <br /> of June 1, 1979, from the Company to the Lender, <br /> whereby the Company mortgages the Project as security <br /> for the Note. <br /> (c) Loan Agreement Assignment dated as of June 1, <br /> 1979 (the "Loan Agreement Assignment") from the City to <br /> the Lender whereby the City assigns to the Lender all <br /> of its interest in the Loan Agreement and Loan Repay- <br /> ments of the Company thereunder, for the purpose of <br /> securing the Bonds. (Attached hereto as Exhibit B). <br /> (d) Escrow Agreement dated as of June 1, 1979 <br /> (the "Escrow Agreement") by and among the Lender, the <br /> City, the Company and First State Bank of New Brighton <br /> (the "Escrow Agent") providing for the disbursement of <br /> Note proceeds for the cost of the Project. <br /> (e) Lease of the Project dated May 17, 1979 (the <br /> "Lease"), from the Company to the Lessee. <br /> (f) Assignment of Lease and Rents dated as of <br /> June 1, 1979 (the "Assignment of Rents") whereby the <br /> rents and leases (including the Lease) relating to the <br /> Project are to be assigned to the Lender as security <br /> for the Note. <br /> (g) Guaranty Agreement dated as of June 1, 1979 <br /> (the "Guaranty Agreement") from J. Daryl Scarp and <br /> George L. Heilman (the "Guarantors") whereby the <br /> Guarantors jointly and severally guarantee the full and <br /> prompt payment of the principal of, premium, if any, <br /> and interest on the Note. <br /> 4. Findings. It is hereby found, determined and <br /> declared that: <br /> (a) The Project, as described in the Loan Agree- <br /> ment, constitutes a project authorized by and described <br /> in Section 474.02, Subd. 1a of the Act and serves the <br /> purposes stated in Section 474.01. <br /> (b) The purpose of the Project is and the effect <br /> thereof will Qe to promote the public welfare by: <br /> preventing the emergence of 'blighted and marginal lands <br /> and areas of chronic unemployment; preventing economic <br /> deterioration; the development of sound industry and <br /> commerce to use the available resources of the com- <br /> munity, in order to retain the benefit of the com- <br /> munity's existing investment in educational and public <br /> -2- <br />