5. HRSR 05-02-2011 - Laserfiche WebLink

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and local laws and requirements under which the Pizza Ranch Project will be undertaken and is being assisted. 4.03. Contemporaneously with the execution of the Loan Agreement, the HRA will receive the following security documents (the "Collateral Documents"): (i) A Promissory Note ("Note") effective as of the date herewith made by Borrower and payable to the order of the HRA, in the original principal amount of $90,000.00. (ii) A Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement securing the Note (``Mortgage") executed by Borrower and Robert McDonald, as mortgagor, in favor of the HRA, as mortgagee, and covering the Pizza Ranch Project site. (iii) A Personal Guaranty executed by Robert G. McDonald, Denise A. McDonald and Gerald H. McDonald (jointly and severally as "Guarantors"). 4.04. The Loan to the Borrower in accordance with the Spending Plan, the Loan Agreement and the Collateral Documents as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director of the HRA; provided that execution of the Agreement by the President, Vice President and Executive Director of the HRA shall be conclusive evidence of approval. 2.02. The President, Vice President and Executive Director of the HRA are hereby authorized to execute the Loan Agreement on behalf of the HRA and to carry out on behalf of the HRA the HRA's obligations thereunder. The motion for the adoption of the foregoing resolution was duly seconded by Commissioner and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Dated: May 2, 2011 ATTEST: President Executive Director (Seal) 385619v2 JSB EL185-12