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� <br />AGREEMENT <br />This AGREEMENT is dated as of November _, 199G; is by and among FIRST <br />UNION NA�'IOPtAL BANK OF NORTH CAROLINA, a national b�nking associatior� having <br />an offic� at One First Union Center, JaC6, Chari�tte, North Carolina 2828g-0166 (the <br />''Lender"), IiEARTLAND•MOUNDSYIEVf� COMMONBOND, LLC, a Wiseansin limited <br />liability comPany having an address At 309 West Washington Avenue, Suite 345, Madison, <br />Wisconsin 53703 (the "Company"), and the MOUNDS VIEW �C4NOMIC <br />D�VEI.QPMENT AUTHORITY� a municipal corporation and p�litical subdivision of the <br />State �# Minnesota having its address at the Mounds View City ��Ia11, 2401 Higliway 10, <br />l�founds View, Minnesota 55112 (the "Authoricy"); and pxovides as fvllows; <br />1. Recitals Re rese tions nd lated ovenants. <br />(a} The Company and the Autharity have executed and delivered that <br />certain Devetopment Assistance �greement, dated as of May 23, 1994 (the <br />"Development Agreement"). Each capitalized term which is used but n�t otherwise <br />defined in this Agreernent shall have the meaning given to tliat term by tl�e <br />Development Agreement, The Company re�resents that it has, pursuant tv tl�e <br />Development Agreement, constructed an 83 unit residential rental facility in the City <br />of Mounds View, MinneSOta (said facility, including the Improvcments and <br />Dev�lopment Property, is hereinafter referred to as the "Premises"). Att�ched hereto <br />as Exhibit A is the legal descriptio� of the Developrr�ent Property. <br />{b) Pur9uant to the Deve]opment,Agreement, the Coiiipany has covenatited <br />that at least 59 of the 83 residential units of the Premises shall be reserved <br />throughout the Term of the bevelopment Agreement f�r occupancy by persons <br />vvhose gross income does not exceed 60% of area medi�n gross income adjl�sted for <br />family siz�, and that a11 of ehe 83 units shall be reserved for occupancy by persons b2 <br />y�ars of age or older. <br />(c) Purs��ant to the Development Agreement, the Autt�ority h�s issucd and <br />delivered to the Company� as the lnitial Registered Owner thcreof, that ce�tain <br />Taxabla Tax Increment Revenue Note of 1994 (Silver Lake P�inte Projer.t), dated as <br />of November 21, 1994 (the "EDA Note"), pursaant to which, but subject to the terms <br />at�d Iimitations thcreof, the Authority has agreed to make certain payments to the <br />Registered �wner of the EDA Note, in an aggregate amount n�t to exceed <br />$1,750,000, as reimbursement for certain Development Costs related to the Premises, <br />(d) Th� Company rep�esents that there is no Event of Default exis4ing <br />under the Development Agraemeni, and the Avthority represencs that, to its actual <br />knowledge but without independent investigation, there exists no Event of Default <br />t��reundero <br />336Te5.2 <br />b 2J419 �������CJCJS��o� l��KJ4 ��d�6�G�iF 1d97J <br />������� <br />