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<br />Company will grant a mortgage and security interest in the <br /> <br /> <br />Project and the premises on which the Project is located to <br /> <br /> <br />the Bank pursuant to a Combination Mortgage, Security <br /> <br />Agreement, Fixture Financing Statement and Collateral <br /> <br />Assignment of Rents and Leases dated as of July 1, 1988 (the <br /> <br /> <br />"Mortgage"), which Mortgage will be assigned to the Trustee <br /> <br /> <br />pursuant to an Assignment of Combination Mortgage, Security <br /> <br />Agreement, Fixture Financing Statement and Collateral <br /> <br />Assignment of Rents and Leases dated as of July 1, 1988 by and <br /> <br />between the Bank and the Trustee (the "Mortgage Assignment"), <br /> <br /> <br />all to further secure the payment of the Bonds and the <br /> <br /> <br />interest thereon. Certain other Bank documents, including an <br /> <br /> <br />Operating Deficit and Completion Guaranty Agreement (as <br /> <br /> <br />defined in the Indenture), will be assigned to the Trustee <br /> <br />pursuant to a Collateral Assignment (as defined in the <br /> <br /> <br />Indenture) to further secure payment of the Bonds, all as more <br /> <br /> <br />fully provided for in the Indenture. The Bonds are expected <br /> <br /> <br />to be remarketed on the Mandatory Purchase Date (as defined in <br /> <br /> <br />the Indenture) pursuant to a Remarketing Agreement dated as of <br /> <br /> <br />July 1, 1988 between the Trustee, the Company and Piper, <br /> <br />Jaffray & Hopwood Incorporated (the "Remarketing Agreement"). <br /> <br /> <br />4. This Council, by action taken on April 12, 1988, <br /> <br /> <br />gave preliminary approval to the proposal for the Project and <br /> <br /> <br />the financing program therefore. The Minnesota Housing <br /> <br />4 <br />