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<br />ADDENDUM TO CONTRACT FOR PRIVATE DEVELOPMENT <br /> <br />THIS AGREEMENT, effective the~ day o~ 2002 by and between the City of Roseville, a body <br />corporate and politic under the laws of the State of Minnesota, having its principal office at 2660 Civic Center <br />Drive, Roseville, Minnesota 55 I 13 ("City"), and Greater Metropolitan Housing Corporation of the Twin Cities, a <br />Minnesota Nonprofit Corporation ("GMHC"), having its principal office at 15 South Fifth Street, Suite 710 <br />Minneapolis Minnesota 55402. <br /> <br />WITNESSETH <br /> <br />WHEREAS, the City ofRoseville ("City") has adopted a Housing Replacement Program (the "Program") <br />and contracted with the GMHC to assist in the administration of the Program; and <br /> <br />WHEREAS, the City and the GMHC entered into a Contract for Private Development on August 21"t, <br />2001 for property located at 2018 Hamline Avenue, Roseville, Minnesota and legally described as Lots 16, 17, and <br />18, Block 10 Midway Hills Rearrangement of Como Garden Lots; and <br /> <br />WHEREAS, the Contract in Article II, Section 2.I(d) provides that profit ITom sale of home will be <br />reimbursed to the City ofRoseville by GMHC to cover land cost inculTed in the purchase of the home as part of the <br />Housing Replacement Program; and <br /> <br />WHEREAS, the GMHC has completed the improvements required on the Contract and is prepared to sell <br />the property for the Minimum Value specified in the Contract &iliject to a promissory note and second mortgage to) <br />secure GMHC's interest in the difference between the sale price (Minimum Value) and the agreed upon fair mark~t <br />value of the property and improvements; and} . <br /> <br />WHEREAS,' this note and mortgage comprises the profit due to the City ofRoseville pursuant to Article) <br />II,$ection 2.1 (d), <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants and obligation of the City and the <br />GMHC, each party does hereby represent, covenant and agree with the other as follows: <br /> <br />That upon collection of any and all proceeds under the above-referenced note and mortgage, the GMHC will <br />forward these proceeds to the City ofRoseville in fulfillment of the GMHC's contractual obligations. ; <br /> <br />IN WITNESS WHEREOF, the CITY has caused this Agreement to be duly executed in its name and on <br />its behalf and its seal to be hereunto duly affixed and the GMHC has caused this Agreement to be duly executed as <br />of the day and year first above written. <br /> <br />By <br /> <br /> <br />By <br /> <br />GMHC <br /> <br />BY~~~-:(~ <br /> <br />- <br /> <br />1 <br />