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<br />that: <br /> <br />5.02, 7.01, 8.04 and 8,05 thereof relating to indemnity, <br />expenses and advances of the City), for the purpose of <br />securing the full and prompt payment of the Note (the <br />Loan Agreement Assignment attached as Exhibit 2 hereto); <br />and <br /> <br />(c) Construction Loan Agreement (the "Construc- <br />tion Loan Agreement"), to be dated the date of delivery, <br />among the city, the Construction Lender and the Borrowers, <br />providing for construction of the Project by the Borrowers <br />and periodic advances by the construction Lender of the <br />purchase price of the Note as construction progresses; <br />and <br /> <br />(d) Mortgage and Security Agreement and Fixture <br />Financing Statement (the "Mortgage") from the Borrowers <br />to the Construction Lender, whereby the Borrowers grant <br />a mortgage on the Mortgaged Property, as defined therein, <br />as further security for the full and prompt payment of <br />the Note (this document not to be executed by the <br />City); and <br /> <br />(e) Lease (the "Leaseil), to be dated the date of <br />deli very, from the Borrowers t~o the Lessee, leasing the <br />Project to the Lessee as provided therein; and <br /> <br />(f) Assignment of Lease (the "Lease Assignment"), <br />to be dated the date of delivery, from the Borrowers to <br />the Construction Lender whereby the Borrowers assign <br />their interest in the Lease as additional security for <br />the Note; and <br /> <br />(g) Guaranty Agreement (the IIGuaranty"), to be <br />executed by the Lessee upon the purchase of the Note by <br />Investors Syndicate of America, rnc, (the "Permanent <br />Lender") as additional security for the Note; and <br /> <br />(h) Buy and Sell Agreement (t.he "Buy and Sell <br />Agreement"), to be dated the date of delivery, among <br />the Borrowers, the Construction Lender and the Permanent <br />Lender, providing for the purchase of the Note by the <br />Permanent Lender upon completion of the Project, subject <br />to the conditions set forth therein. <br /> <br />4. Findings. It is heI-eby found, determined and declared <br /> <br />(a) The Project, as described in paragraph 2 <br />hereof and in the Loan Agreement, constitutes a project <br />authorized by and described in Section 474.02, Subd. <br />la, of the Act, <br /> <br />(b) The purpose of the Project_ is and the effect <br />thereof will be to promote the public welfare by: <br /> <br />-2- <br />