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11-14-01 2. LOAN AGREEMENT
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2040 Wayzata Boulevard West - 34-118-23-21-0036 - (Orono HRA)
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2040 Wayzata Blvd Land Use - Dunbar
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Dunbar Sr. Hsg. - Finance Doc's - Mike Gaffron File Cabinet 1
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11-14-01 2. LOAN AGREEMENT
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Last modified
8/22/2023 4:55:35 PM
Creation date
10/4/2021 9:57:01 AM
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x Address Old
House Number
2040
Street Name
Wayzata
Street Type
Boulevard
Street Direction
West
Address
2040 Wayzata Boulevard West
Document Type
Land Use
PIN
3411823210036
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labor for the Project,the assignment of any Management Contract,the Development Agreement, <br /> and the assignment of the Development Agreement to the Trustee. <br /> "Loan Repayments" means amounts required to be paid under Section 4.02(a)to <br /> pay when due the principal of and interest on outstanding Bonds. <br /> "Long-Term Indebtedness" means any Indebtedness of the Borrower other than <br /> Short-Term Indebtedness or Interim Indebtedness. <br /> "Management Consultant"means an Independent person,experienced in the study <br /> of operations of senior housing facilities and having a favorable reputation therefor throughout <br /> the United States or the State of Minnesota for skill and expertise in such work and, unless <br /> otherwise specified in the Loan Agreement or the Indenture, as selected and engaged by the <br /> Borrower. <br /> "Monthly Net Project Revenues" means as defined in the Indenture. <br /> "Monthly Repair and Replacement Fund Deposit"means for each month the amount of$775 <br /> (1/12 of the product of$150 multiplied by the number of Project units(62)). <br /> "Mortgage" means the Combination Mortgage Security Agreement, Fixture <br /> Financing Statement and Assignment of Rents and Leases, dated as of November 1, 2001, from <br /> the Borrower to the City and as assigned to the Trustee as security for the Senior Bonds. <br /> "Mortgaged Property" means the Mortgaged Property described in the granting <br /> clauses to the Mortgage and the Subordinate Mortgage. <br /> "Net Revenues Available for Debt Service" means, for any period, the excess of <br /> Gross Revenues over Operating Expenses. <br /> "Operating Expenses" means the same as defined in the Indenture. <br /> "Operating Reserve Fund" means the fund established under Section 5.11 of this <br /> the Indenture. <br /> "Operating Reserve Requirement" means an amount equal to $250,000, which <br /> amount may be funded by cash, a bank letter of credit, or any combination thereof. <br /> "Permitted Encumbrances" means, as of any particular time: (i) liens for ad <br /> valorem taxes and special assessments not then delinquent, (ii) utility, access and other <br /> easements and rights-of-way, mineral rights, restrictions and exceptions that an Independent <br /> Engineer certifies will not interfere with or impair the use of or operations being conducted in <br /> the Project Buildings,(iii)such minor defects,irregularities,encumbrances,easements,rights-of- <br /> way and clouds on title as normally exist with respect to properties similar in character to the <br /> Project Facilities and as do not in the aggregate, in the opinion of Independent Counsel, <br /> -6- <br />
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