06-27-2018 Council Packet - final

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TERMINATION OF REGULATORY AGREEMENT THIS TERMINATION OF REGULATORY AGREEMENT (this “Termination”), dated as of June 14, 2018, is made by and among LITTLE CANADA LEASED HOUSING ASSOCIATES, L.L.P., a Minnesota limited liability partnership (the “Partnership”), the CITY OF LITTLE CANADA, MINNESOTA (the “City”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, with trust powers, (the “Trustee”). WITNESSETH: WHEREAS, the City has heretofore issued Multifamily Housing Revenue Bonds, Series 1996 (Provinces of Little Canada Project), on or about February 1, 1996, (the “Bonds”); WHEREAS, in connection with the Bonds, the City, the Partnership, and the Trustee are the current parties to that certain Regulatory Agreement, dated as of February 1, 1996 recorded with the Ramsey County, Minnesota Recorder as Document No. 2917742 (the “1996 Agreement”), as assigned pursuant to that certain Assignment of Real Estate Documents, dated May 12, 2005, recorded with the Ramsey County, Minnesota Recorder as Document No. 3867837 (the “2005 Assignment”, and together with the 1996 Agreement, the “Regulatory Agreement”) with respect to the real property legally described in Exhibit A hereto (the “Property”); WHEREAS, Trustee was successor in interest to First Trust National Association the original trustee under the Regulatory Agreement. Trustee then assigned its interest to LaSalle Bank National Association, a national banking association (“LaSalle”) under the 2005 Assignment. As of the date of this Termination, Trustee is successor in interest to LaSalle. WHEREAS, the Bonds were paid off as memorialized in that certain Satisfaction of Mortgage dated September 13, 2017, recorded with the Ramsey County, Minnesota Recorder as Document No. A04677864. WHEREAS, the Regulatory Agreement has expired pursuant to its terms.