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Land: the real estate described in Exhibit A to <br /> • the Mortgage with all additions thereto and substitutions <br /> therefor; <br /> Lender: First National Bank in Anoka, its <br /> successors and assigns; <br /> Loan Agreement Assignment : the Pledge Agreement <br /> between the City and the Lender ; <br /> Mortgage : the Combination Mortgage and Security <br /> Agreement and Fixture Financing Statement to be given by <br /> Plaisted to the Lender; <br /> Note : the $320, 000 Commercial Development <br /> Revenue Note (John Plaisted Project) to be issued by the <br /> City pursuant to this Resolution; <br /> Organizational Documents: the following <br /> documents, each of which shall be in form and substance <br /> acceptable to the Lender: <br /> (i) An opinion or opinions of Counsel for <br /> Plaisted and for the City reasonably <br /> acceptable to the Lender indicating that <br /> each of the documents referred to in Section <br /> 3. 03 of this resolution has been duly <br /> executed and delivered and is a legal and <br /> binding obligation of Plaisted and the City, <br /> as the case may be, enforceable in <br /> accordance with their terms ; and <br /> (ii) Financial statements of Plaisted. <br /> Plaisted : John Plaisted, an individual residing <br /> in Elk River, Minnesota, his heirs and assigns; <br /> Project: the 20, 000 square-foot office and <br /> warehouse facility to be constructed by Plaisted on the <br /> Land ; <br /> Project Costs : those costs defined in Section <br /> 1. 01 of the Agreement; and <br /> Resolution: this resolution of the City, <br /> adopted June 18 , 1979, authorizing the issuance of the <br /> Note. <br /> Section 2. Findings. It is hereby found and <br /> declared that: <br /> -2- <br />