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I <br />7?nDt?t.+uz?*Tm <br />THIS AGREEMENT is entered into as of the /,a-'4`day of <br />October, 1985, between the City of North Olmsted, Ohio, a <br />municipality organized and existing under the laws of the State <br />of Ohio (the "City"), and Don and Doris Schmidt and Alan and <br />Pauline Kaserman (the "Borrowers"), under the following <br />circumstances: <br />A. The Borrowers desire to acquire, construct, <br />rehabilitate, install and equip certain industrial facilities <br />for the rental, sales and service of construction equipment, <br />both for general contractors and homeowners, including the sales <br />of lawnmower parts and service of lawnmowers and other related <br />items (the "Projec t") to be located within the boundaries of the <br />City. <br />B. The Borrowers have evidenced a desire to have the <br />costs of acquisition, construction, rehabilitation, installation <br />and equipping of the Project financed with the proceeds of one <br />or more series of industrial development revenue bonds (the <br />"Bonds") issued in one or more series by the City pursuant to <br />the authority of Article VIII, Section 13, of the Constitution <br />of the State of Ohio and Chapter 165 of the Ohio Revised Code, <br />in an aggregate principal amount currently estimated not to <br />exceed $450,000.