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NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as <br /> follows: <br /> 1. Undertakings on the Part of the City. As a basis for the undertakings on the part <br /> of the Hospital herein contained, the City agrees as follows: <br /> (a) That it will authorize, or cause to be authorized, if requested by the <br /> Hospital, the issuance and sale of one or more series of the Bonds, in an aggregate <br /> principal amount sufficient to finance the cost of the Financing Purposes, currently <br /> estimated not to exceed $21,000,000. <br /> (b) That it will enter into a loan or other financing agreement with the <br /> Hospital whereby the Hospital will pay to, or on behalf of, the City such sums as shall be <br /> sufficient to pay the principal of and interest, and redemption premium, if any, on the <br /> Bonds as and when the same shall become due and payable. <br /> (c) That it will take or cause to be taken such other acts and adopt such further <br /> proceedings as may be required to implement the aforesaid undertakings or as it may <br /> deem appropriate in pursuance thereof. <br /> 2. Undertakings on the Part of the Hospital. As a basis for the undertakings on the <br /> part of the City herein contained,the Hospital agrees as follows: <br /> (a) That it will use all reasonable efforts to find one or more purchasers for <br /> the Bonds. <br /> (b) That contemporaneously with the delivery of the Bonds, the Hospital will <br /> enter into a loan or financing agreement or other instruments, with the City, under the <br /> terms of which the Hospital will obligate itself to pay to or on behalf of the City an <br /> amount sufficient to pay the principal of and interest, and redemption premium, if any, on <br /> the Bonds as and when the same shall become due and payable; any such agreement to <br /> contain such other provisions as may be required by the Enabling Ordinance and other <br /> applicable law as then in effect and as shall be mutually acceptable to the City and the <br /> Hospital. <br /> (c) That it will take such further action as may be required to implement its <br /> aforesaid undertakings or as it may deem appropriate in pursuance thereof. <br /> (d) That it will reimburse the City for, or pay reasonable expenses, including <br /> all reasonable attorneys' fees and expenses, which the City may incur arising from the <br /> execution of this Memorandum of Agreement and the performance by the City of its <br /> obligations hereunder. <br /> 3. Term. <br /> (a) All commitments of the City under paragraph 1 hereof and of the Hospital <br /> under paragraph 2 hereof are subject to the conditions that, on or before one year from <br /> the date hereof(or such other later date as shall be mutually satisfactory to the City and <br /> CHI-1771597x3 2 <br />