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~ " city to the Lender, whereby the City assigns to the Lender all of its interest in the Loan Agreement and Loan Repayments of the Company thereunder (except its rights under Sections 5.02, 7.01, 8,04 and 8,05 thereof relating to indemnity, expenses and advances of the City), for the purpose of securing the full and prompt payment of the Note (the Loan Agreement Assignment attached as Exhibit 2 hereto); and (c) Combination Mortgage and Security Agreement (the "Mortgage") dated as of February I, 1980, from the Company to the Lender, whereby the Company grants a mortgage on the Mortgaged Property, as defined therein, as further security for the full and prompt payment of the Note (this document not to be executed by the City); and (d) Guaranty Agreement (the "Guaranty") dated February I, 1980, from Edward H, Wolkerstorfer, Joseph S, Wolkerstorfer, William J, Wolkerstorfer and Kenton A, Wolkerstorfer, as personal guarantors, to the Lender, whereby the personal guarantors jointly and severally guarantee the full and prompt payment of the principal of, premium, if any, and interest on the Note (this document not to be executed by the City), 4. Findings, It 1S hereby found, determined and declared that: (a) The Project, as described in paragraph 2 hereof and in the Loan Agreement, constitutes a project authorized by 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 deterioration; 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 facilities; and halting the movement of talented, educated personnel to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and adding to the tax base of the city and the County and School District in which the Project will be located, (c) The Project has been approved by preliminary resolutions of the city Council duly adopted on March 8, 1979, and by the Commissioner of Securities of the state of Minnesota, as tending to further the purposes and policies of the Act. -2-