Exhibit 2 to Bond ResolutionEXHIBIT 2
TO BOND RESOLUTION
LOAN AGREEMENT ASSIGNMENT
This Assignment is made as of the 1st day of February,
1982, between the CITY OF HOPKINS, Minnesota, a municipal corpora-
tion in the County of Hennepin and State of Minnesota (herein
called the "City and the FIRST NATIONAL BANK OF HOPKINS (herein
called the "Bank
Recitals
The City has executed and delivered to the Bank its
single fully registered Commercial Development Revenue Bond
(Standal Project) in the principal amount of $900,000 dated the
date of delivery, issued pursuant to a resolution adopted
February 16, 1982 (the "Bond Resolution
The proceeds of the Bond have been or are to be loaned
to John B. Standal, an individual residing in Eden Prairie,
Minnesota (the "Borrower pursuant to a Loan and Purchase
Agreement dated as of February 1, 1982, between the City, the Bank
and the Borrower.
The Bond is payable from and secured by the Loan Repay-
ments to be made by the Borrower under the Loan Agreement and the
Bank, as a condition to the purchase of the Bond, has required
the execution of this Assignment.
ACCORDINGLY, as authorized by the Bond Resolution and
in consideration of the premises and other good and valuable
consideration, the receipt of which is hereby acknowledged, the
City does hereby grant, transfer, assign and pledge to the Bank
and its registered assigns of the Bond, all of the right, title
and interest of the City in the Loan and Purchase Agreement and
the Loan Repayments of the Borrower payable thereunder (except
for the rights of the City under Section 5.02, 7.01, 8.04 and
8.05 thereof relating to expenses, indemnity and advances of the
City), all for the purpose of securing the Bond.
IN WITNESS WHEREOF, the City has executed this Assign-
ment as of the date first above written, but actually on the 16th
day of February 1982.
CITY OF HOPKINS
By za,
Mayor
Attest 4?. nd By P r
City Clerk City Manager
(Seal)