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

Home Browse Search

(b) The Sole Member is the sole member of the Borrrower and is a Minnesota nonprofit corporation duly organized,in good standing and existing under the laws of the State, and the Sole Member has full power and authority to undertake its actions and responsibilities as contemplated by this Agreement. • (c) The Project Facilities will constitute a"multifamily housing development"within the meaning of the Act since they will include an apartment facility which include four or more dwelling units,each to be rented or occupied by a person or family for use as a residence. (d) The Loan will finance the acquisition and preparation of a site and the construction of a new development,within the meaning of Minn. Stat. §462C.05(1)(a). (e) Upon completion, the Project Facilities will comply with all applicable building code requirements. (f) Substantially all proceeds of the Series 2001 Bonds shall be used to pay the cost of a multifamily housing development, including property functionally related and subordinate to it. (g) The Project Facilities are designed for rental primarily to elderly persons. (h) On ,2001 ,notice for a public hearing to be held on May 14, 2001 to consider adoption of the Program was published in a newspaper generally circulating in the City,which date was at least 15 days before the hearing. (i) Subject only to Section 5.02 hereof,the Borrower intends to own and operate the Project Facilities from the date hereof to the expiration or sooner termination of this Agreement, as provided herein, except to the extent such operation may be interrupted by strikes, riots, acts of God or public enemy or other circumstances beyond the control of the Borrower. (j) The execution and delivery of the Loan Documents,and the consummation of the transactions herein and therein contemplated,will not conflict with or constitute a breach of or default under the Borrower's Articles of Organization or its Operating Agreement,or under the Sole Member's Articles of Incorporation or its Bylaws,or any bond, debenture,note or other evidence of indebtedness or any contract, loan agreement or lease to which the Borrower or the Sole Member is a party or by which either is bound,or violate any law,regulation or order of the United States or the State or agency or political subdivision thereof, or any court order or judgment in any proceeding to which the Borrower or the Sole Member is or was a party or by which either is bound. (k) The proceeds of the Series 2001 Bonds, together with any other funds to be contributed to the Project by the Borrower in accordance with this Agreement,will be sufficient to pay all Project Costs. -12-