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.' whereby the City assigns to the Lender all of the City's rights under the Loan Agreement, with certain exceptions; (c) A Mortgage, Security Agreement and Fixture Financing Statement made by the Borrower in favor of the Lender, whereby the Borrower grants to the Lender a first mortgage lien on certain land, the building and other improvements constructed and a first security interest in certain equipment and fixtures to be acquired and installed (the Mortgaged Property), as security for the payment of the Note; (d) An Assignment of Leases and Rents (the Assignment of Rents) made by Borrower to Lender, whereby the Borrower grants to the Lender a security interest in all leases and rents as additional security for the payment of the Note. (e) A Construction Loan Agreement (the Construction Loan Agreement) among the City, the Lender and the Borrower prescribing the terms and conditions under which funds will be applied to the payment of the project Costs; (f) A Guaranty made by Edwin E. Walhof and Marilyn Walhof (the Guarantors) whereby the Guarantors guaranty the performance of the Borrower's obligations under the Loan Agreement and other instruments (the Guaranty). (g) (h) A Security Aqreement made by the Guarantors in favor of the Lender whereby the Guarantors qrant a security interest to the Lender in certain equipment and other collateral (the Guaranto~Security Agreement). 3.) Findings. It is hereby found, determined and declared that: (a) The Project, as described in Paragraph 2 above and in the Loan Agreement, constitutes a project authorized and described in Section 474.02, Subd. la, of the Act. (b) The purpose of the Project is and the effect thereof will be to promote the pUblic welfare by: preventing the emergence of blighted and marginal lands and areas of chronic unemployment; preventing economic deteriora- tion; the development of sound industry and commerce to use the available resources of the community, in order to retain the benefit of the community's existing investment in educational and public service facili- . ties; halting the movement of talented, educated per- 2.