11-25-1996 EDA - Laserfiche WebLink

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(e) The Authority represents th�t it has executed and delivered �o the Comp�ny the Certificate of Completion under the Development Agrecment and that the City of Mounds View, Minnesota, has issued the Certificate �f Occupanc,�y for 4he Premises required by the City's Code of Ordin�tnces. Tha Lender and the Company represent th�t the Lender is making a loan to the Company in the amount df $3,050,000 (the "Laan") to provide fun�s to the Company ,to re�nance the Company'� casts o� acquirirtg and completing the Premises; that said Loan is secured by a certain first mortbage on the Premises given by the Company in favor of the Lender (the "Mortgage"); and that said I,o�n is evidenced by a ce�tain promissory note made by the Comp�ny to tlie orde� of t1�e Lender (the "Note"). (g) The Company represents that it has not tr�nsferred, assisned, encumbered or otherwise eonveyed (and that it has not made any agreement to do any of t}�e foregoing) any of its rights, obligations or interests as Developer under the Development Agreement or as the Registered Owner of the EDA I�Tote, and t1�e Company further covenant9 that it will not do any of the fo�•egoing as long as this Asreement remains in effect� except as hereinafter provided, (h) ,P►s � condition to making the Loan, the Lender has requfr�d tl�e execution and delivery of this Agreement, (i) The parties hereto acknowledge and agree that this Agreeir�ent is executed and delivered for good and valuable consideration, the recci�t �nd sufficiency of which are hereby seknowledged, 2. l�io ,e►mendment of L�evelopment reement. The Company and Authority covenant that tl�ey will not enter into any amendmet�t of the Development �.greement or the EDA Note without the prior written consent of the Lender, which cotls�nt the L,ender may withhoId in its discretion. 3. CoIlater�l Assi nme t of D velo ment reement° Assi nment of Pa ment i►l�ts under F,DA Note, �L,s additional security to the Lender in respect of the Note, the Company hereby collaterally assigns, transfers and sets over to the Lender all of the Camp�ny's right, titIe and interest in and to the Development Agreement, The for��oing sha11 be a present nssignment which shall not be effected except as provided in paragraph 6 below, �antil which time the parties hereto agree that the Company sh�ll continue to be responsible to the Authority for a11 of th� Company's rights and obligations as Developer under the Development Agreennent. The Company further autharizes and directs thf�t, so Iong as the Company remains the Registered Owner af the ED.� Note, upon w�itten directior� to the Authority from the L+ender to such effects, tI�e Aut2iority shall make all payments ihereafter due and payable unc�er the EDA l�Tote directly to the Lender, and i� such event9 the Company hereby empowera th� I,ender to ask, demand, receive and give acquittance for az�y and all such amounts which may theceafter become due or payable or 336785.2 2 ti 39�J� 55�99��99�'ON �ti�0i ��d'��°ii �I��7 1�10��