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<br />Section 11.5. Counterparts. This Agreement may be executed in any number of <br />counterparts, each of which shall constitute one and the same instrument. <br /> <br />Section 11.6. Modification. If the Developer is requested by the holder of a Mortgage <br />or by a prospective holder of a prospective Mortgage to amend or supplement this Agreement in <br />any manner whatsoever, the City will, in good faith, consider the request with a view to granting <br />the same unless the City, in their reasonable judgment, conclude that such modification is not in <br />the public interest, or will significantly and undesirably weaken the financial security provided to <br />the interests of the City as of the date of this Agreement by the terms and provisions of this <br />Agreement. Notwithstanding the forgoing, the City's financial security shall not be deemed <br />significantly or undesirably weakened by any refinancing of the Project which does not increase <br />Developer's debt on the Project beyond the debt existing on the date of this Agreement. <br /> <br />Section 11.7. Law Governing. This Agreement will be governed and construed in <br />accordance with the laws of the State. <br /> <br />Section 11.8. No Business Subsidy. This Agreement does not constitute a business <br />subsidy within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995 by reason of <br />the exception for assistance of land costs equal to the housing portion of the applicable Projects. <br /> <br />Section 11.10. City Approvals. Any approval, execution of documents, or other action to <br />be taken by the City pursuant to this Agreement, for the purpose of carrying out the terms of this <br />Agreement or for the purpose of determining sufficient performance by Developer under this <br />Agreement, may be made, executed or taken by the Mayor and Administrator of the City without <br />further approval by the City Council. The Mayor and Administrator of the City may, but shall <br />not be required to, consult with other City staff with respect to such matters. <br /> <br />Section 11.11. Rule of Construction. The parties agree that this Agreement is not <br />intended, nor shall it be construed, as a joint venture or other partnership between the City and <br />the Developer or as empowering the Developer to act as an agent of the City, it being the intent <br />of the parties that the Developer is at all times acting as an independent contractor and not as a <br />partner or agent of the City. <br /> <br />31 <br />