|
<br />,jl'\ "j
<br />
<br />conditions as required by the Act and as in the Agreement
<br />(as hereinafter defined) set forth; and
<br />
<br />WHEREAS, the Issuer proposes to undertake said facility
<br />as a project authorized under the Act and to finance the
<br />cost thereof by the issuance of a commercial development
<br />revenue note of the Issuer upon the terms set forth herein;
<br />and
<br />
<br />WHEREAS, the Issuer proposes to issue the City of New
<br />Brighton, Minnesota, Commercial Development Revenue Note
<br />(Sahara Investment Co. Project) (First State Bank of New
<br />Br igh ton, Lessee), dated as of November _, 1983, in the
<br />principal amount of $942,000 (the "Note"), to First National
<br />Bank of Minneapolis, in Minneapolis, Minnesota (the
<br />"Lender") and the Issuer and the Borrower have proposed to
<br />enter into a Loan Agreement, dated as of November 1, 1983
<br />( the "Ag reemen t "), so as to, among other th ing s , loan the
<br />proceeds of the Note to the Borrower to be used to reimburse
<br />the Borrower for the costs of acquisition, construction and
<br />installation of the Project; and the Issuer, the Borrower,
<br />the Lender, and Title Insurance Company of Minnesota
<br />("Title") have proposed to enter into an Escrow and Dis-
<br />bursing Agreement, dated as of November 1, 1983 (the "Escrow
<br />and Disbursing Agreement"), whereby the Lender will hold and
<br />disburse and Title will disburse the proceeds of the Note to
<br />provide funds for the acquisition, construction and instal-
<br />lation of the Project; and the Borrower and the Lender have
<br />proposed to enter into a Mortgage, Secur i ty Agreement and
<br />Fixture Financing Statement, dated as of November 1, 1983
<br />(the "Mortgage"), so as to secure the performance of the
<br />Borrower's obligations under the Agreement~ and the Borrower
<br />and the Lender have proposed to enter into an Assignment of
<br />Rents and Leases, dated as of November 1, 1983 (the "Assign-
<br />ment"), whereby the Borrower assigns, grants and transfers
<br />to the Lender all of the Borrower's right, title and inter-
<br />est in and to any present and future leases and rents or
<br />agreements cover ing all or any part of the Project as fur-
<br />ther security for the payment of the principal of, premium,
<br />if any, and interest on the Note and the performance of the
<br />Borrower's obligations under the Agreement; and
<br />
<br />WHEREAS, the Lessee, the Borrower and the Lender propose
<br />to execute a Nondisturbance, Subordination and Attornment
<br />Agreement, dated as of November , 1983, pursuant to which
<br />the Lessee will subordinate its rTghts in, to and under the
<br />Lease and the Mortgaged Property (as hereinafter defined) to
<br />the lien of the Mortgage;
<br />
<br />WHEREAS, the Note will be secured by a Pledge Agreement,
<br />dated as of November 1, 1983, between the Issuer and the
<br />Lender (the "Pledge Agreement"), which is a pledge and
<br />
<br />- 3 -
<br />
|