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(e) The loan will be subordinate to the mortgage financing obtained by the <br />Assignee to construct a 32 unit senior living project on the Property, but <br />shall be superior to all other liens and secured interests which the Assignee <br />may grant in the Property. <br />2. The creation of a tax increment financing district to be used to benefit other <br />commercial properties in the vicinity of the Property. Assignee shall fully <br />cooperate with the Assignor to facilitate the creation of this district. Assignee <br />acknowledges that no tax increment financing assistance shall be used for the <br />senior living project other than the 36 month loan referenced in Paragraph 1 <br />above. <br />3. Execution of a Planned Unit Development Agreement with the City of Little <br />Canada that establishes the provisions for construction of a 32 unit senior living <br />(assisted living and memory care) project on the Property. <br />4. Evidence satisfactory to the Assignor that Assignee has secured financing for the <br />construction of the 32 unit senior living project identified in Paragraph 3 hereof; <br />5. Assignee obtaining all permits necessary to construct the 32 unit senior living <br />project identified in Paragraph 3 hereof, including but not limited to, watershed <br />approval, zoning approval, plat approval, and approval of the planned unit <br />development agreement. <br />6. Assignee providing Assignor with three years’ operating pro formas for the 32 <br />unit senior living project. <br />7. Assignee providing two previous years audited financial statements. <br />4