My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
05-13-13-R
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2010-2019
>
2013
>
05-13-13-R
>
05-13-13-R
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/10/2013 2:48:48 PM
Creation date
5/10/2013 2:48:20 PM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
142
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />Attachment AAttachment A <br />ASSIGNMENT <br />OF DEVELOPMENT AGREEMENT <br />THIS ASSIGNMENT OF DEVELOPMENT AGREEMENT (this “Agreement”), is <br />CITY OF ARDEN <br />made and entered into as of the___ day of May, 2013, by and among the <br />HILLS, MINNESOTA1201 <br />,a political subdivision of the State of Minnesota(the “City”), <br />COUNTY RD E, LLC, TAT PROPERTIES, <br />a Minnesota limited liability company(“1201”), <br />LLC, <br />a Minnesota limited liability company(“TAT”) (1201 and TAT are referred to herein and <br />BMO HARRIS BANK N.A. <br />jointly and severally obligated hereunder as, the “Borrower”), and , <br />a national banking association(the “Lender”). <br />WITNESSETH: <br />WHEREAS, the City and the Borrower have entered into that certainDevelopment <br />Contract and Planned Unit Development Agreement dated as of February 11,2013and recorded <br />on February 22, 2013 with the Ramsey County Recorder, as Document No. 4386982(the <br />“Development Contract”), pertaining to the renovation by theBorrower of a project located at <br />1201 County Road E, Arden Hills, Minnesota, on land legally described on Exhibit Aattached <br />hereto and hereby made a part hereof (the “Project”); and <br />WHEREAS, in order to provide funds for the construction of the Project by the <br />Borrower, the Lender is providing financing in the principal amount of Five Million Three <br />Hundred Seventy Thousand and no/100 Dollars ($5,370,000.00)(the “Loan”), pursuant to the <br />terms of that certain Construction Loan Agreement dated as of May __ , 2013 (the “Loan <br />Agreement”), by and between the Borrowerand the Lender; and <br />WHEREAS, the Loan is secured by, among other things, that certain Combination <br />Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and <br />Rents encumbering the Project dated as of May __ , 2013 (the “Mortgage”), executed by the <br />Borrowerin favor of the Lenderand filed of record in the office of theRamsey County Recorder <br />on May __ , 2013,as Document No._______________; and <br />WHEREAS, the Lender has required, as an express condition to disbursement of the <br />Loan, (a) that the Borrowerassign all of its rights under the Development Contract to the Lender <br />to secure the obligations of the Borrowerto the Lender under the Loan, (b) that the Cityagree to <br />honor all terms and conditions of the Development Contract following assignment of the <br />Contract from Borrower toLender all as more fully contained herein. <br />NOW THEREFORE, in consideration of the foregoing recitals and for other good and <br />valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties <br />hereto hereby agree as follows: <br />1.The Borrowerhereby assigns to the Lender all of its right, title and interest under <br />and pursuant to the Development Contract to secure the Borrower’s obligations under the terms <br />of the Loan. <br />{00139337 }3452404.1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.