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06-08-2022 Council Packet
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06-08-2022 Council Packet
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73515263v2 <br /> <br /> 3 <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, <br />Minnesota as follows: <br />1. The Borrower has proposed that the Governmental Lender issue and sell its <br />Multifamily Housing Revenue Note (Twin Lake Apartments Project), Series 2022 (the "Note") in <br />an amount not to exceed $11,000,000 to finance the costs of the Project, in accordance with this <br />Resolution, a Funding Loan Agreement (the "Funding Loan Agreement") between the <br />Governmental Lender, U.S. Bank Trust Company, National Association (or another fiscal agent <br />approved by the Borrower and R4 Capital Funding LLC), as fiscal agent (the "Fiscal Agent"), and <br />the Borrower, and a Borrower Loan Agreement between the Governmental Lender and the <br />Borrower (the "Borrower Loan Agreement", and together with the Funding Loan Agreement, the <br />"Loan Agreements"), which will be assigned to Allianz Life Insurance Company of North America <br />(or another funding lender designated by R4 Capital Funding LLC), as funding lender (the <br />"Funding Lender"), under the terms of the Funding Loan Agreement. <br />2. Pursuant to the terms of the Loan Agreements, anticipated to be dated as of a date <br />in June, 2022, the Governmental Lender will loan the proceeds of the Note (the "Loan") to the <br />Borrower to finance a portion of the Project and, in turn, the Borrower will provide a Borrower <br />Note to evidence its repayment obligation under the Borrower Loan Agreement (the "Borrower <br />Note"). The Borrower has agreed, pursuant to a Regulatory Agreement anticipated to be dated as <br />of a date in June, 2022, by and between the Governmental Lender, the Borrower, and the Fiscal <br />Agent (the "Regulatory Agreement"), to operate the Project as a "residential rental project" under <br />Section 142(d) of the Internal Revenue Code of 1986, as amended. <br />3. The Borrower will execute a Mortgage, Assignment of Rents and Leases, Security <br />Agreement and Fixture Filing (the "Mortgage") for the benefit of the Governmental Lender to <br />secure the Note, which will then be assigned by the Governmental Lender to the Fiscal Agent <br />pursuant to an Assignment of Mortgage and Funding Loan Documents (the "Assignment"). <br />4. The Borrower and related parties will provide other collateral and guaranties to <br />secure the Borrower Note. <br />5. Forms of the following documents have been submitted to the City Council: <br />(a) Funding Loan Agreement; <br />(b) Borrower Loan Agreement; <br />(c) Regulatory Agreement; <br />(d) Note (as an exhibit to the Funding Loan Agreement); <br />(e) Assignment; and <br />(f) Mortgage. <br />The documents listed in (a) through (e) are hereafter referred to as the "Note Documents."
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