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LOAN AGREEMENT I
<br /> THIS LOAN AGREEMENT (the "Loan Agreement"), dated as of November 1, 1999, by I�
<br /> and between the CITY OF DECATUR, ILLINOIS, a political subdivision, body politic and home
<br /> rule municipality, duly organized and validly existing under the laws of the State of Illinois (the ,
<br /> "Issuer"), and EASTER SEALS CENTRAL ILLINOIS, INC., an Illinois not-for-profit '
<br /> corporation (the"Company"); ',
<br /> WITNESSETH: ,
<br /> I WHEREAS, the Issuer is authorized and empowered by the provisions of The Industrial '
<br /> Project Revenue Bond Act, 65 II,CS 5/11-74-1 et seq., as supplemented and amended, including '
<br /> by the Illinois Bond Replacement Act, the Registered Bond Act, the Bond Authorization Act and �
<br />, Section 6 (Powers of Home Rule Units) of Article VII (Local Government) of the Constitution of �
<br /> the State of Illinois (hereinafter referred to as the "Act"), to issue its revenue bonds to finance in
<br /> whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, ,
<br /> betterment or extension of any industrial project (as defined in the Act) and in conjunction I
<br />� therewith, to pledge to the punctual payment of such bonds and interest thereon the income and
<br /> revenues to be received with respect to such industrial project sufficient to pay such bonds and I
<br /> interest as they become due and to create and maintain reasonable reserves therefor, all for the ,
<br /> purpose of encouraging the increase of industry and commerce within the Issuer, thereby reducing ',
<br /> the evils attendant upon unemployment, and providing for the increased benefit and welfare of the '�,
<br /> residents of the Issuer; and '
<br /> WHEREAS, the Issuer has made the necessary arrangements with the Company for the
<br /> financing of the Project (hereinafter defined) for use by the Company in the City of Decatur,
<br /> Illinois; and
<br /> WHEREAS, the Issuer proposes to issue its Economic Development Revenue Bonds '
<br /> (Easter Seals Central Illinois, Inc. Project), Series 1999, in the principal amount of$750,000 (the
<br /> "Bonds") pursuant to the Act and the Bond Resolution (hereinafter defined), and to use the
<br /> proceeds of the Bonds to make a loan to the Company to finance the Project; and
<br /> WHEREAS, the Issuer and the Company are entering into this Loan Agreement to
<br /> provide for such loan and its repayment; and i
<br /> Wf�REAS, the Company proposes to enter into a Mortgage (hereinafter defined) dated
<br /> as of the date hereof, to secure the payment of its obligations and the performance of its duties
<br /> under the Note (hereinafter defined), this Loan Agreement, the Assignment (hereinafter defined)
<br /> and the Mortgage;
<br /> NOW THEREFORE, in consideration of the premises and the mutual covenants and
<br /> agreements herein set forth, the Issuer and the Company do hereby covenant and agree as
<br /> follows:
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