Laserfiche WebLink
(Space Above Reserved for Recording Ltformation) <br />FIRST AMENDMENT TO CONTRACT FOR PRIVATE DEVELOPMENT <br />AND SUBORDINATION AGREEMENT <br />This FIRST AMENDMENT TO CONTRACT FOR PRIVATE DEVELOPMENT AND <br />SUBORDINATION AGREEMENT (this "Agreement ") is effective as of July 1, 2010 by and <br />between LINO LAKES HOUSING LIMITED PARTNERSHIP, a Minnesota limited partnership <br />( "Developer ") and LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body <br />corporate and politic of the State of Minnesota (the "Authority "). <br />RECITALS: <br />A. Developer is the fee owner of certain real property known as Cottage Homesteads <br />of Willow Pond located at 101 Willow Pond Trail in the City of Lino Lakes, County of Anoka, <br />State of Minnesota as legally described on Exhibit A attached hereto and incorporated herein by <br />reference (the "Project "). <br />B. Developer's predecessor -in- interest, Cottage Homesteads of Willow Ponds <br />Limited Partnership, a Minnesota limited liability company (the "Prior Developer "), and the <br />Authority entered into that certain Contract for Private Development dated October 3, 1995, and <br />recorded in the office of the County Recorder, Anoka County, Minnesota, on October 3, 1995, as <br />Document No. 1185222, as assigned to Developer under that certain Assignment of Partnership <br />Interests and Company Interests dated May 1, 2010 and recorded in the office of the County <br />Recorder, Anoka County, Minnesota, on , as Document No. <br />, (together with all subsequent amendments, modifications, renewals and <br />extensions thereof, collectively referred to herein as the "Development Contract "). <br />C. Dougherty Mortgage LLC, a Delaware limited liability company ("Lender ") has <br />agreed to make a loan to Developer in the original principal amount of $2,791,100.00 (the "HUD <br />Loan ") which loan shall be insured by the Federal Housing Administration (the "FHA ") of the <br />United States Department of Housing and Urban Development ( "HUD ") under Section 207 <br />pursuant to Section 223(0 of the National Housing Act of 1934, as amended, pursuant to the <br />Commitment to Insure Upon Completion dated February 18, 2010 (FHA Project No. 092- <br />11264), as amended (the "FHA Commitment "). <br />368750v2 SJB LN140 -25 <br />• <br />