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Boulevard, Mounds View MHFA Dev. #8022 <br />Master Disbursement Agreement 1 12/03/2018 <br />(Ver. 11/20/2017) <br />MASTER DISBURSEMENT AGREEMENT <br /> <br /> <br />THIS MASTER DISBURSEMENT AGREEMENT (this “Agreement”) has an <br />effective date of the ____ day of__________, 20___, and is entered into among Boulevard <br />Apartments, Limited Partnership, a Minnesota limited partnership, with its offices located at <br />7645 Lyndale Avenue South, Minneapolis, MN 55423 (“Borrower”), the Minnesota Housing <br />Finance Agency, a public body corporate and politic of the State of Minnesota, with its offices <br />located at 400 Wabasha Street North, Suite 400, St. Paul, MN 55102-1109 (“MHFA”), Ramsey <br />County Housing and Redevelopment Authority, a political subdivision of the State of Minnesota <br />(the “HRA”), City of Mounds View, a Minnesota municipal corporation (the “City”), Mounds <br />View Group LLC, a Minnesota limited liability company (the “General Partner”), Inverwood, <br />LLC, a Minnesota limited liability company (“Inverwood”) and First American Title Insurance <br />Company, a Nebraska corporation, with its offices located at 121 South 8th Street, Suite 1250, <br />Minneapolis, MN 55402 (“Title Company”). <br /> <br />RECITALS <br /> <br />A. Borrower has applied to and obtained loans from certain other parties to this <br />Agreement and will use the proceeds of such loans and additional equity to fund the acquisition, <br />construction and/or rehabilitation of a multifamily housing development identified as MHFA <br />Development No. 8022 (the “Development”), which will be situated on real property located in <br />the City of Mounds View, County of Ramsey, State of Minnesota, and legally described in <br />Exhibit A attached to this Agreement. <br /> <br />B. The following is a listing and description of the loans that Borrower has obtained <br />(collectively, the “Loans”) and the Equity (as defined in this Agreement) that Borrower will use <br />to fund the acquisition, construction and/or rehabilitation of the Development (collectively, the <br />“Project Funds”): <br />Description of Project Funds Amount <br />A loan from MHFA through its Bridge Loan Program, none of <br />which has been disbursed as of the effective date of this <br />Agreement. <br />$6,980,000.00 <br />A loan from MHFA through its Flexible Financing for Capital <br />Costs Program, none of which has been disbursed as of the <br />effective date of this Agreement. <br />$1,636,000.00 <br />A grant from the HRA through the Environmental Response Fund, <br />none of which has been disbursed as of the effective date of this <br />Agreement. <br />$49,520.00