10-11-2021 EDA Packet - Laserfiche WebLink

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4 Error! Unknown document property name. 12. The Authority hereby approves the assignment by the Developer of its rights under the Development Agreement and the TIF Note to the Lender pursuant to the terms of this Agreement. 13. The parties hereto hereby agree that no change or amendment shall be made to the terms of the Development Agreement or the TIF Note without the prior written consent of the Lender. 14. The Authority and the Developer acknowledge that the Lender is not a party to the Development Agreement, and the Lender shall not, by executing this Agreement or by exercising its rights and remedies hereunder or under the Mortgage or the Loan Agreement, incur any obligations of any kind or otherwise be or become liable to the Authority o or anyone, whether under the Development Agreement or otherwise; nor shall the Authority, by executing this Agreement, incur any obligations of any kind or otherwise be or become liable to the Developer or the Lender or anyone, whether under the Mortgage, the Loan Agreement or otherwise. 15. The Authority hereby represents to the Lender that the making, execution, delivery and performance of this Agreement by the Authority has been authorized by all necessary action of the Authority, and that this Agreement is the valid and binding obligation of the Authority, enforceable against the Authority and its respective successors and assigns in accordance with its terms. 16. Notwithstanding the foregoing, no provision of this Agreement shall restrict the Authority from exercising its rights and remedies under Article IX of the Development Agreement. 17. All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed given when mailed by certified mail, return receipt requested, postage prepaid, and addressed as indicated below. The Authority, the Developer and the Lender may, by written notice by each to the others, designate any other address or addresses to which notices, certificates or other communications to them may be sent. Unless otherwise provided by the respective parties, all notices, certificates and communications to each of them shall be addressed as follows: IF TO THE AUTHORITY: Lino Lakes Economic Development Authority 600 Town Center Parkway Lino Lakes, Minnesota 55014 Attention: Executive Director IF TO THE DEVELOPER: Lyngblomsten at Lino Lakes, LLC c/o Lyngblomsten 1415 Almond Avenue St. Paul, Minnesota 55108 Attention: Chief Financial Officer