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2013-087 Council Resolution
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2013-087 Council Resolution
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Last modified
10/2/2014 3:56:37 PM
Creation date
10/2/2014 1:36:07 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
07/22/2013
Council Meeting Type
Regular
Resolution #
13-087
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• <br />• <br />ASSIGNMENT OF DEVELPMENT CONTRACT <br />THIS ASSIGNMENT OF DEVELOPMENT CONTRACT is made and entered into as <br />of the 27th day of June, 2013, by and among SCHWIETERS INVESTMENTS OF LINO <br />LAKES, LLC, a Minnesota limited liability company ( "Borrower "), and PLATINUM <br />BANK, a Minnesota banking corporation ( "Lender ")(Borrower and Lender collectively <br />referred to as the "Parties "). <br />RECITALS <br />A. Lender and Borrower have entered into a Loan Agreement dated June 27, 2013 <br />( "Loan Agreement "), pursuant to which Lender has agreed to make a loan to Borrower to finance <br />a Letter of Credit required by the City of Lino Lakes, Minnesota ( "City ") associated with a <br />certain development located within and approved by the City ( "Development "). <br />B. Borrower and the City have entered into a Development Contract dated May of <br />2013 ( "Development Contract "), pursuant to which Borrower has agreed to undertake certain <br />public and private improvements as required by the City ( "Improvements "). A true, correct and <br />complete copy of the Development Contract is attached as Exhibit A and is incorporated as part <br />of this Assignment. <br />C. The Letter of Credit is required by the City to secure the completion of the <br />Improvements. <br />D. As a condition of extending the financing evidenced by the Loan Agreement and <br />certain associated Loan Documents, the Development Contract shall be assigned to Lender and <br />Lender shall not approve the financing as evidenced by the Loan Documents unless this <br />Assignment is executed. <br />E. Borrower desires to execute this Assignment in accordance with the terms and <br />provisions hereof, in order to induce Lender approve the financing outlined herein. <br />NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants <br />and agreements contained herein, and other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged by Borrower and Lender, the Parties hereby agree <br />as follows: <br />ASSIGNMENT <br />1. Borrower hereby assigns its rights and interests in, under and pursuant to the <br />Development Contract to Lender, upon an Event of Default, as defined in the Loan Agreement or <br />the Loan Agreements. If an Event of Default does not occur, and the Improvements are <br />completed in accordance with the Development Contract, and the Letter of Credit is not drawn <br />upon by the City, this Assignment shall terminate. <br />Page 1 of 2 <br />
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