11-14-01 1. INDENTURE OF TRUST - Laserfiche WebLink

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"Series 2001 Tax-Exempt Bonds" means the Series 2001A Bonds and the Subordinate Bonds. "Sole Member"means Wedum Foundation,a Minnesota nonprofit corporation and 501(cx3)Organization. "Special Record Date"for the payment of any Defaulted Interest(as defined in Section 2.05)on fully registered Bonds means a date fixed by the Trustee pursuant to Section 2.05. "State" means the state of Minnesota. "Subordinate Bonds"means the City of Orono,Minnesota Senior Housing Revenue Bonds(Orono Woods Apartment Project), Subordinate Series 2001C. "Subordinate Debt" means the Subordinate Bonds and any Subordinated Additional Debt secured equally and ratably on parity with any other Subordinate Debt. "Subordinate Debt Service Account" means the fund so named under the Bond Fund created in Section 4.01. "Subordinate Mortgage"means the Subordinate Combination Mortgage,Security Agreement,Fixture Financing Statement and Assignment of Leases and Rents,between the Borrower,as mortgagor,and the City, and assigned by the City to the Trustee,as mortgagee,pursuant to the Mortgage Assignment,all of even date herewith and all amendments and supplements thereto. "Subordinated Additional Debt" means any debt incurred by the Borrower with the consent of a Majority of Holders that, so long as any Senior Indebtedness is outstanding, is entitled to be paid solely on parity with the Subordinate Bonds from Net Revenues Available for Subordinated Debt Service,or which is subordinate in right of payment to the Subordinate Bonds or any other Subordinated Additional Debt. "Supplemental Indenture" means any amendment, modification or supplement to this Indenture designated as a Supplemental Indenture and entered into in compliance with Article XI. "Surplus Fund" means the fund so named in Section 4.01. "Tax Increment Note" means the Tax Increment Revenue Note of 2001, dated as of November 1, 2001, from the HRA to the Borrower; "Tax Increment Revenue"means all collections of tax increments which the HRA is required under the Tax Increment Note to pay to the Borrower and which are pledged and assigned by the Borrower under the Assignment of TIF Note and directed to be transmitted to the Trustee for deposit in the Revenue Fund; "Taxes and Insurance Fund"means the fund so named in Section 4.01. "Tax-Exempt Bonds"means any Series of Bonds for which on the Date of Issuance and opinion of Bond Counsel was delivered to the effect that the interest thereon is not included in gross income for federal income tax purposes. - 16 -