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principal amount of Two Hundred Thousand and no /100ths Dollars ($200,000.00) (the "Land <br />Sale Loan "); and <br />WHEREAS, the FDA has established the Tax Increment Financing District No. 3 -3 <br />which the Premises is a part and the EDA has agreed to provide certain tax increment financing <br />to Borrower in the form of reimbursements to Borrower out of tax increments pursuant to <br />Minnesota laws (the "Tax Increment Financing ") which will be used for certain development <br />costs in connection with the Project; and <br />WHEREAS, in conjunction with the Oak Grove Loan, Borrower and Oak Grove have <br />entered into and executed those certain documents and agreements identified in Exhibit 13 <br />attached hereto and incorporated herein by reference (the "Oak Grove Loan Documents "); and <br />WHEREAS, in conjunction with the Ramsey County Loan, Borrower and Ramsey <br />County have entered into and executed those certain documents and agreements identified in <br />Exhibit C attached hereto and incorporated herein by reference (the "Ramsey County Loan <br />Documents "); and <br />WHEREAS, in conjunction with the Land Sale Loan, Borrower, the Villas entered into <br />and executed in favor of the EDA those certain documents and agreements identified in Exhibit <br />j) attached hereto and incorporated herein by reference (the "Land Sale Loan Documents "); and <br />WHEREAS, in conjunction with the Tax Increment Financing, Borrower and the EDA <br />have entered into and executed those certain documents and agreements identified in .Exhibit E <br />attached hereto and incorporated herein by reference (the "TIF Documents "); and <br />WHEREAS, it is intended that the loans and corresponding loan documents referred to <br />herein shall have the following order of priority: <br />1) The Oak Grove Loan and the Oak Grove Loan Documents shall have a first and <br />senior priority; <br />2) The TIP Documents shall have second priority behind the Oak Grove Loan and <br />Oak (move Loan Documents. <br />3) The Ramsey County Loan and the Ramsey County Loan Documents shall have <br />third priority behind the Oak Grove Loan and Oak Grove Loan Documents and <br />the TIF Documents. <br />WHEREAS, it is further intended that the parties wish to specify how the terms and <br />conditions contained in the loan documents referred to herein shall be interpreted in the event of <br />a conflict or inconsistency therein. <br />NOW, THEREFORE, in consideration of One Dollar ($1.00) and other good and <br />valuable consideration, and in further consideration of the parties hereto making and entering <br />into the loans referred to herein, the parties do hereby agree as follows: <br />2 <br />3 <br />