11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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labor for the Project,the assignment of any Management Contract,the Development Agreement, and the assignment of the Development Agreement to the Trustee. "Loan Repayments" means amounts required to be paid under Section 4.02(a)to pay when due the principal of and interest on outstanding Bonds. "Long-Term Indebtedness" means any Indebtedness of the Borrower other than Short-Term Indebtedness or Interim Indebtedness. "Management Consultant"means an Independent person,experienced in the study of operations of senior housing facilities and having a favorable reputation therefor throughout the United States or the State of Minnesota for skill and expertise in such work and, unless otherwise specified in the Loan Agreement or the Indenture, as selected and engaged by the Borrower. "Monthly Net Project Revenues" means as defined in the Indenture. "Monthly Repair and Replacement Fund Deposit"means for each month the amount of$775 (1/12 of the product of$150 multiplied by the number of Project units(62)). "Mortgage" means the Combination Mortgage Security Agreement, Fixture Financing Statement and Assignment of Rents and Leases, dated as of November 1, 2001, from the Borrower to the City and as assigned to the Trustee as security for the Senior Bonds. "Mortgaged Property" means the Mortgaged Property described in the granting clauses to the Mortgage and the Subordinate Mortgage. "Net Revenues Available for Debt Service" means, for any period, the excess of Gross Revenues over Operating Expenses. "Operating Expenses" means the same as defined in the Indenture. "Operating Reserve Fund" means the fund established under Section 5.11 of this the Indenture. "Operating Reserve Requirement" means an amount equal to $250,000, which amount may be funded by cash, a bank letter of credit, or any combination thereof. "Permitted Encumbrances" means, as of any particular time: (i) liens for ad valorem taxes and special assessments not then delinquent, (ii) utility, access and other easements and rights-of-way, mineral rights, restrictions and exceptions that an Independent Engineer certifies will not interfere with or impair the use of or operations being conducted in the Project Buildings,(iii)such minor defects,irregularities,encumbrances,easements,rights-of- way and clouds on title as normally exist with respect to properties similar in character to the Project Facilities and as do not in the aggregate, in the opinion of Independent Counsel, -6-