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L.'. " ' Partnership covenants to complete the Project~ and to pay amounts sufficient to provide for the prompt payment of the principal of and i.JlI'~1 est on the Bondi (b) Combination Mort 'j-t'Je, :;f~cur 1 ty Agreement and Fixtul'e Financing StaLemellt l the "Mo.rtgage") dated as of June I, 1 ,:}81, by and b(' L'II:cn the Partnership and the Bank, whereby the partnershiJ:) mortgages the Project Site, the Project Buildil!'.! ~ the Project Equipment (the "Project Facilities") as securit.y for the Bond (this document not to be ex~cllted by t~he City); (c) Ass1gnmen t and l' U'dge Agreement (t~he II Assign- ment ") da t.ed as 0 f June l, 1981, whereby tht:~ City assigns LO the Bank all of its interest in the Loan and Purchdse Agreement and Loan Repayments of the Partnership thereunder (except its rights under Sections 5.02, 7.01, 8.04 dnd 8.05), for the purpose of securing the Bond; (d) Asslgrunent of Rents and Leases (the "Lease Assignment") dated June 1, 19tH, from the Partnership to the Bank assigning to the Bank the Pdrtnership's interest 111 the lease of the Project as additional security for the Bond (this document not Lo be executed by the CIty); and (e) The Guaranty Agreement (the "Gudranty Agree- ment") ddted June 1, 1981 from Tecnetics industries, lne. (the "Guarantol-") 1.0 the Bank whereby the Guarantor has gual'~nteed the principal of, premIum, if any, and inter-est on the Bond to the extent provided t.herein (this dOl~Untent not to be executed by tile C 1. ty) . 4 . !:}~di ngs . declared that: It is hereby found, determined and (a) The Project, as described in the Loan Agree- ment, constitutes a project authorized by dnd described in Section 474.02, Subd. 1 of the Act. (b) The plupose of the Project i~; dud the effect thereof WIll be to prom()te the public \if>] fdre by: preventing tIle emergence of blIghted dnd miuginal lands and areas of chronic unemployment; pI ('Vdltl ng economic deterioration; the development of sound industry and corrll\H:~n.:t.' to use the avai lable resoun:e~~ 0 f tJle conununi ty, in order to retuin the benefit of the community's existing Investment in educational and public service facilities; halting the movement 01 ldlenteJ, educated personnel to other areas and thus preserVln~ the economic and human re~;ot\rct..s needed as a base f01 .f.>l-oviding governmental ~;,:rvi ces and faei Ii t 1 es i adthng to the tax base of the C:I ty and the county and SdIO,.ll dIstrict In which tile Ploject Facilities will be lOl;at,~d. -?-