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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 5258 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 5258 APPROVING A SUBSTITUTION OF PARTY FOR THE <br />DEVELOPER FOR THE DEVELOPERS AGREEMENT FOR THE SILVER LAKE <br />COMMONS PROJECT <br /> <br />WHEREAS, the CITY OF MOUNDS VIEW, a Minnesota municipal corporation (the <br />"City"), and MSP REAL ESTATE, INC., a Minnesota corporation and MOUNDS VIEW <br />FAMILY HOUSING LLC, a Minnesota limited liability company (collectively the "Developer") <br />did execute and enter into that certain document entitled "Developers Agreement" dated as of <br />February 11, 1998 (the "Agreement") which provides for an agreement concerning the <br />development of certain real estate located in Ramsey County, Minnesota, legally described as: <br /> <br />Lot 79 and 80 Spring Lake Park Hillview, Section 6, Township 30, Range 23, <br />Ramsey County, Minnesota. <br /> <br />WHEREAS, the parties constituting the Developer, MSP Real Estate, Inc, a <br />Minnesota corporation, and Mounds View Family Housing, LLC, a Minnesota limited <br />liability company, desire to substitute a new party into the Agreement as the Developer, <br />such new party being Mounds View Family Housing Limited Partnership, a Minnesota <br />limited partnership. <br /> <br />WHEREAS, Mounds View Family Housing Limited Partnership is comprised of <br />MSP Housing - Minnesota, LLC, a Minnesota limited liability company, and Milo S. <br />Pinkerton, an individual, as the General Partners of Mounds View Family Housing <br />Limit.ed Partnership. <br /> <br />WHEREAS, MSP Real Estate, Inc., Mounds View Family Housing, LLC and <br />Mounds View Family Housing Limited Partnership (and its ownership entities: MSP <br />Housing - Minnesota, LLC and Milo S. Pinkerton) desire to be bound by such <br />substitution of the party now constituting the Developer. <br /> <br />WHEREAS, pursuant to Section 3.05 of the Agreement executed by the City of <br />Mounds View, MSP Real Estate, Inc. and Mounds View Family Housing LLC, "the <br />Developer may not assign any of its obligations under this Agreement without the prior <br />written consent of the City." <br /> <br />WHEREAS, the City desires to consent to the assignment of the obligations and <br />the substitution of the party now constituting the Developer as set forth above. <br /> <br />SJR-148237 <br />~1U21O-17 <br />