Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />'. <br /> <br />AGREEMENT FOR LOAN OF SMALL CITIES DEVELOPMENT PROGRAM FUNDS <br /> <br />THIS AGREEMENT is made and entered into as the <br /> <br />day of <br /> <br />, 1993, by and between the CITY OF ELK RIVER, <br /> <br />hereinafter called "City" and TESCOM CORPORATION, INC., <br /> <br />hereinafter called "Developer;" <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the City has applied to the Minnesota Department of <br />Trade and Economic Development for a Small Cities Development <br />Program (SCDP) Grant and has received preliminary approval for <br />said grant; and, <br /> <br />WHEREAS, the Minnesota Department of Trade and Economic <br />Development and the City have entered into that certain Grant <br />Agreement dated October 15, 1992, for grant number CDAP-92-0113- <br />H-FY93 (the "Grant Agreement"). The Grant Agreement requires the <br />Developer to secure sufficient private financing and to agree to <br />loan terms with the City for Small Cities Development Grant funds <br />used to assist in f~nancing the project described therein. The <br />Grant Agreement is hereby incorporated herein and made a part <br />hereof. <br /> <br />NOW, THEREFORE, it is agreed by and between the parties <br />hereto as follows: <br /> <br />ARTICLE 1 <br /> <br />Definitions <br /> <br />SECTION 1.1 DEFINITIONS. In this Agreement, unless a <br />different meaning clearly appears from the context: <br /> <br />"Bank" means the Norwest Bank Minnesota, National <br />Association, a national banking association. <br /> <br />"City" means City of Elk River. <br /> <br />"Collateral" means all equipment of the Developer, whether <br />now owned or hereafter acquired, including but not limited to, <br />all present and future machinery, vehicles, furniture, fixtures, <br />manufacturing equipment, farm machinery and equipment, shop <br />equipment, office and record keeping equipment, parts and tools, <br />and the goods described in any equipment schedule or list <br />herewith or hereafter furnished to the City by the Developer (but <br />no such schedule or list need be furnished in order for the <br />City's security interest granted herein to be valid as to all of <br />the Developer's equipment), as specified in Section 4.3. The <br />City's security interest in the collateral shall be subordinate <br />