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

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interest therein to the Trustee to provide security for the payment of the Senior Bonds and for the performance of the Borrower's obligations under this Agreement; and (b) a Subordinate Combination Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Rents and Leases, dated as of November 1, 2001 (the "Subordinate Mortgage"), and the City intends to assign its interest therein to the Trustee to provide security for the payment of the Subordinate Bonds and for the performance of the Borrower's obligations under this Agreement; NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the parties hereto covenant and agree as follows: ARTICLE I DEFINITIONS AND INTERPRETATION Section 1.01 Definitions. Capitalized terms used but not defined herein and not required to be otherwise capitalized are used with the meanings,if any,ascribed thereto in the Indenture or Mortgage. Unless the context otherwise requires,the terms defined in this Article I and in the succeeding Articles hereof shall,for all purposes of this Agreement,including the Recitals,and of any agreement supplemental hereto, have the meanings herein specified,such definitions to be equally applicable to both the singular and plural forms of any of the terms defined. "Agreement"means this Loan Agreement between the City,the Borrower and the Sole Member, dated as of November 1, 2001, as from time to time amended or supplemented. "Assignment of TIF Note"means the assignment of the Tax Increment Note from the Borrower to the Trustee. "Authorized City-Borrower Representative" means the-any person at the time designated to act on behalf of the City Borrower by written certificate furnished to the Borrower City and the Trustee, containing the specimen signature of such person and signed on behalf of the City by its Mayor or its City Administrator. Such certificate by the Chief Manager of the Borrower. Such Certificate may designate an alternate or alternates. "Authorized Borrower-City Representative" means any the person at the time designated to act on behalf of the Borrower City by written certificate furnished to the C--ity Borrower and the-Trustee;containing the specimen signature of such person and signed brthe Chief-Manager of the Borrower. Such Certificate on behalf of the City by its Mayor or its City Administrator. Such certificate may designate an alternate or alternates. "Balloon Indebtedness" shall have the meaning set forth in Section 6.18 hereof. "Borrower" means Orono Senior Housing, LLC, a Minnesota limited liability company, its successors and assigns. "Budget" means the Budget so named in Section 6.03. -2-