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1 <br />LOAN AGREEMENT <br />THIS LOAN AGREEMENT (this “Agreement”) is made effective as of [__________], <br />2018, by and between the CITY OF MOUNDS VIEW, MINNESOTA, a Minnesota municipal <br />corporation (the “City”), and BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a <br />Minnesota limited partnership (the “Borrower”). <br />WITNESSETH: <br />WHEREAS, the City has determined to assist in the financing of the acquisition and <br />construction of the Project (as defined hereunder) by loaning to the Borrower the original <br />principal amount of Five Hundred Thousand and no/100 Dollars ($500,000.00) (the “Loan”), <br />upon the terms and conditions of this Agreement and that certain Promissory Note dated even <br />herewith by the Borrower payable to the order of the City, together with all renewals, extensions, <br />and modifications of the same (the “Note”), the proceeds of which are to be used solely for costs <br />associated with Borrower’s acquisition and construction of that certain 60-unit multifamily <br />housing project in Mounds View, Minnesota to be known as “Boulevard” (the “Project”) <br />pursuant to the eligibility requirements of the Act and the Grant Agreement (both as defined <br />hereunder); and <br />WHEREAS, the City has entered into that certain Metropolitan Livable Communities Act <br />Grant Agreement dated as of [__________, 2018] (the “Grant Agreement”) for Grant No. SG- <br />10103, a copy of which is attached hereto as Exhibit B, by and between the City and the <br />Metropolitan Council (the “Council”), pursuant to which the Council awarded the City certain <br />funds (the “Grant”) to finance the Loan to the Borrower in consideration for the City’s <br />agreement to include in this Agreement various provisions insuring the Borrower’s compliance <br />with the provisions and requirements of the Act. <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />ARTICLE I <br /> <br />DEFINITIONS <br />Section 1.1 Definitions. All capitalized terms used and not otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br /> Act means the Metropolitan Livable Communities Act set forth at Minnesota Statutes <br />Section 473.25 and 473.254, as amended. <br /> <br />Agreement means this Loan Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br />City means the City of Mounds View, Minnesota, or any successor to its functions; <br />County means Ramsey County, Minnesota;