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<br />" <br /> <br />0,' <br /> <br />EXHIBIT 2 <br />TO BOND RESOLUTION <br /> <br />~ <br /> <br />(Form of Loan Agreement Assignment) <br /> <br />This LOAN AGREEMENT ASSIGNMENT is made as of the 1st <br />day of February, 1980, between the CITY OF NEW BRIGHTON, Minnesota, <br />a municipal corporation in the County of Ramsey and State of <br />Minnesota (herein called the "City") and THE NORTHWESTERN MUTUAL <br />LIFE INSURANCE COMPANY (herein called the "Lender"), <br /> <br />Recitals <br /> <br />The City has executed and delivered to the Lender its <br />single fully registered Industrial Development Revenue Note <br />(Wolkerstorfer Company, Inc, Project), in the principal amount of <br />$1,400,000 (the "Note"), dated the date of delivery thereof, <br />pursuant to a resolution adopted by the City Council of the city <br />on February 12, 1980 (the "Bond Resolution"), <br /> <br />The proceeds of the Note have been or are to be loaned <br />to Wolkerstorfer Company, Inc., a Minnesota corporation (the <br />"Company"), pursuant to a Loan and Purchase Agreement dated as of <br />February 1, 1980 (the "Loan Agreement"), by and among the City, <br />the Lender and the Company, <br /> <br />The Note is payable from and secured by the Loan Repay- <br />ments, as defined in the Loan Agreement, to be made by the Company <br />under the Loan Agreement, and the Lender, as a condition to the <br />purchase of the Note, has required the execution of this Assignment. <br /> <br />ACCORDINGLY, as authorized by the Bond Resolution and <br />in consideration of the premises and other good and valuable <br />consideration, the receipt of which is hereby acknowledged, the <br />City does hereby grant, transfer and assign to the Lender and its <br />registered assigns of the Note, all of the right, title and <br />interest of the City in the Loan Agreement and the Loan Repayments <br />of the Company payable thereunder (except for the rights of the <br />City under Sections 5.02, 7.01, 8.04 and 8.05 thereof relating to <br />expenses, indemnity and advances of the City), all for the purpose <br />of securing the Note. <br /> <br />IN WITNESS WHEREOF, the City has executed this Loan <br />Agreement Assignment as of the date first above written. <br /> <br />CITY OF NEW BRIGHTON <br /> <br />By <br /> <br />Mayor <br /> <br />Attest <br /> <br />City Clerk-Treasurer <br />(Seal) <br /> <br />And By <br /> <br />City Manager <br />