2008-11-18_Agenda - Laserfiche WebLink

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ASSIGNMENT OF LOAN DOCUMENTS THIS ASSIGNIVIENT OF LOAN DOCUMENTS ("Assignment") is made as of the day of November, 2008, by and between the ROSEVILLE LOCAL DEVELOPMENT CORPORATION, a Minnesota non-profit corporation ("Assignor") and RAMSEY COLTNTY HOUSING AND REDEVELOPMENT AUTHORITY, a political subdivision of the State of Minnesota ("Assignee"). WHEREAS, Calibre Ridge Limited Partnership ("Borrower") received a loan in the amount of Two Hundred Eighteen Thousand and No/100 Dollars ($218,000.00) (the "Loan") from Assignor, the proceeds of which were used by the Borrower for the acquisition of certain real property upon which affordable rental housing was constructed; and WHEREAS, the Loan was issued pursuant to the eligibility requirements of the HOME Investment Partnership Act, PUB. Law No. 101-625, 42 USCA, Section 12701 et seq.,_and the federal regulations adopted pursuant thereto at 24 CRF Part 92; and WHEREAS, the Loan is evidenced by that certain Loan Agreement, by and between Borrower and Assignor, executed on December 16, 1992 (the "Loan Agreement"); that certain Promissory Note in the principal amount of Two Hundred Eighteen Thousand and No/100 Dollars ($218,00.00) dated December 16, 1992 (the "Note"); that certain Declaration of Covenants and Restrictions dated December 16, 1992 (the "Declaration"); and that certain Statutory Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Financing Statement executed by Borrower on December 16, 1992 (the "Mortgage") (the Loan Agreement, the Note, the Declaration and the Mortgage collectively, the "Loan Documents"); and WHEREAS, Assignor desires to assign to Assignee, all of its right, title and interest in the Loan Documents. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged: 1. Incorporation of Recitals: The foregoing recitals are hereby made a part of this Agreement. 2. Assi�nment of Loan Documents: Assignor hereby assigns to Assignee, its successors and assigns, all right, title and interest of Assignor in and to the Loan Documents and Assignor agrees to execute the Allonge Endorsement set forth on Exhibit A. Assignor also agrees to execute the Assignment of Mortgage in a form substantially similar to the document set forth in Exhibit B. 3. Release: The Assignor hereby releases the Borrower and the Assignee from any right of Assignor to, and interest in, any payments that Assignee has received from Borrower. Assignor agrees that Borrower's payments to the Assignee on the Loan shall be in full satisfaction of any obligation to make such payments to Assignor. Borrower consents to the Assignment and releases the Assignor from any and all duties and obligations under the Loan Documents. 4. Successors and Assigns: This Assignment, and each and every covenant, agreement and provision hereof shall be binding upon the Assignor and shall inure to the benefit of Assignee and its 131001