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<br />,1. 2a "% 11' 37,41 LumBea a C zoid l; i Z ti7631
<br />llttPA� 012 000 OK1401, Z/10
<br />MINNEROTA HOUSING FINANCE AGENCY
<br />LOW INCOME HOUSING TAX CREDIT PROGRAM
<br />AMENDED AND RESTATED COMMITMENT AND CARRYOVER ALLOCATION
<br />AGREEMENT
<br />WITH ELECTION OF APPLICABLE PERCENTAGE
<br />T111S AGREEMENT dated this 18th day of July 1996, h an
<br />Amendment and restatement to that certain Coanmitment/Canyove r Allocation Ajteement with election of
<br />applicable percentage dated December 28, 1994 by and between Cottage }fumtsvtteads of Willow Ponds
<br />Limited Partnership, a Minnesota Limited Partnership, wboso principal office is located at 7301 Ohms
<br />Dine, 0560, Edina, MN 55439 (hereinafter refereed to as "Owner"), and the Minnesota Haurin j Furana.
<br />Agency, a public body corporate and politic of the State of iviinrwsote, located at 400 Sibley Strout, Suite
<br />300, Si. Paul, MN 55101 -1998 (hereinafter referred to as "MHPA ").
<br />WITNESSETH r
<br />That in consideration of the covenants herein contained, and other good and valuable consideration,
<br />further implementing and clarifying the obligations of the Owner under Minnesota Statutes, sections
<br />462A.27.2 Subdivision 3(c)(3Xv), the parties hereto do hereby agree as of this date, but effective as of
<br />December 27, 1995, the terms and provisions of the Comatitrneat/Catryover Allocation Agreement with
<br />Election of Applicable Percentage shall be, and they hereby are, amended and =gated in.thsir entirety to
<br />provide as follows:
<br />This Agreement dated this 280t day of December, 1994, by and between Cottage Homesteads of
<br />Willow Ponds Limited Pann.rshlp, a Minnesota Limited Partnership, whose principle office is locoed at
<br />7301 Ohms Lane, *560, Edina, MN 55439 (hereinafter reforud to as " (hwner"), and the Minnesota
<br />Housing Finance Agency, a public body corporate and politic of the State of Minnesota: located at 400
<br />Sibley Street, Suite 300, St. Paul, MN 55101 -1998 (hereinafter Waned od to as "MHFA").
<br />WITNESSETH:
<br />WHEREAS, Owner has applied to MHPA fora carryover allocation (`allocation ") of low-income
<br />/sousing tax credits: for the year 1994, is accordance with Section 42(hXI)(E) of the internal Revenue Code
<br />of 1986, as amended (hereinafter referred to as the "Coder"), and the provisions of the Procedural Manual
<br />for Low Income Housing Tax Credit Program of the MHFA (hereinafter referred to As the "MHFA
<br />Procedural Manual"); and
<br />WHEREAS, Owner has an interest In oral estate identified below and in Exhibit A, attached
<br />hereto and hereby made a put hereof (hereinafter referred to as the "Project "). which will contain, when
<br />placed in service, a building or buildings identified below and in Exhibit 5, attached hereto and hereby
<br />made a parr hereof, with qualified low-income housing units as damned in the Code; and
<br />WHEREAS, the Owner has provided the MHFA with * written certification from an attorney or
<br />certified public accountant that each building for which this allocation is being made is a qualified building
<br />as defined in Section 42(hX1 XE)(ii) of the Coda (that being part of *project in which the owner's basis,
<br />ax of December 31, 1994 is more than ten percent (10%) of said owner's reasonably expected basis in the
<br />project as of December 31, 1996) and that each building will be placed in service by December 31, 1996.
<br />WHEREAS, the Owner has represented and certified that as of December 31, 1994, the Owner
<br />will have a carryover - allocation bull of at least Three Hundred Thirty One Thousand One Hundred
<br />Thirty - Seven . and no/irXt Duller: ($331.137.03) in the project, representing Eleven and Thirty -Six One
<br />Hundredths of one percent (11.36%) of the reasonably eepociod basis of Two Million Nine Hundred
<br />Fourteen Thouasnd Twenty -Five and no/ NM Doltarn ($2,914,025.00) in the project
<br />WHEREAS, based upon the Owners application and the lnformatioe contained therein upon
<br />which MHFA has relied, and the authority contained in Minn. Stat. Sex. 462A.223 (1980 as amended
<br />( hcreinafter referred to es the "P.nabting Act "), six MHFA has determined to allocate and. *object to the
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<br />EXHIBIT B
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