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{00562735 } <br /> <br />TERMINATION OF REGULATORY AGREEMENT <br /> <br />This TERMINATION OF REGULATORY AGREEMENT (the “Termination”), is dated effective <br />as of October ___, 2021 (the “Effective Date”) and is given by the CITY OF LITTLE CANADA, a body <br />corporate and politic of the State of Minnesota (the “City”). <br />B A C K G R O U N D <br /> <br />A. The City and Cedars Lakeside Limited Partnership, a Minnesota limited partnership (the <br />“Partnership”) executed that certain Regulatory Agreement dated as of January 1, 1997, filed January 29, <br />1997 in the office of the County Recorder, Ramsey County, Minnesota, as Document No. 2976196 (the <br />“Regulatory Agreement). The Regulatory Agreement relates to that certain land and apartment complex <br />known as Cedars Lakeside located in the City of Little Canada, Minnesota, as more particularly described <br />in the attached Exhibit A (the “Property”). Bigos-Cedars Lakeside, LLC, a Minnesota limited liability <br />company, is the successor in interest to the Partnership and is the current owner of the Property. <br /> <br />B. The Bonds (as that term is defined in the Regulatory Agreement) have been paid and full <br />and the City desires to terminate the Regulatory Agreement. <br /> <br />NOW, THEREFORE: <br /> <br />1. The foregoing recitals are incorporated by this reference as if fully set forth herein. All capitalized <br />terms which are not otherwise defined in this Termination will have the meaning given to them in <br />the Regulatory Agreement. <br /> <br />2. The Bonds have been paid in full. <br /> <br />3. The Regulatory Agreement is terminated. The Occupancy Restrictions, Rental Restrictions and all <br />other covenants, conditions, grants, options and restrictions contained in the Regulatory Agreement <br />are terminated, discharged, and released, and have no further force or effect. <br /> <br /> <br />[Signature Page Follows] <br />