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Home My WebLink About11-25-1996 EDA1 2 City of Mounds View Economic Development Authority November 25,1996 Meeting No. �9 AGENDA CALL TO ORDER ROLL CALL - 3. APPROVAL OF AGENDA EDA ACTION: ATD � Comments: 4. APPROVAL OF MINUTES: November 12, 1996 EDA ACTION: ATD Comments: President Linke Vice President Blanchard Secretary Trude Commissioner Quicic Comrnissioner Hanlcner EDA PAGE TWO NOVEMBER 25, 1996 5. CONSENT AGENDA No items on consent agenda. 6. PUBLIC HEARING No public hearing scheduled for this meeting. 7. EDA BUSINESS A. Consideration of an Agreement by and among First Union National Banlc of North Carolina, Heartland-Moundsview Commonbond, LLC and Mounds View Economic Development Authority for the Assignment of the Development Assistance Agreement and EDA Note. Staff Report No. EDA-96-62C EDA ACTION: ATD Comments: 8. REPORTS: Report of EDA Board Members: 1. Report of President Linice: 2. Report of Vice President Blanchard: 3. Report of Secretary Trude: 4. Report of Commissioners: a. Commissioner Quick: EDA PAGE THREE NOVEMBER 25, 1996 b. Commissioner Hanlcner: Report of Executive Director: Report of Treasurer: (�0�`? 00 T{ o L�)�� >> A "°,� �ii`s��l�% ~°g� ,eS N3J . Partoc�st� � R�QUEST FOR EDA CONSIDER.ATION STAFF REPORT EDA MEETING DATE November 2S, 1996 Agenda Section 7A Report #: EDA 96-62C Report Date: 11/22/96 Item Description: Consideration of an Agreement by and among First Union National Banlc of North Carolina, Heartland-Moundsview Common Bond, LLC and Mounds View Economic Development Authority for the Assignment of Development Assistance Agreement and EDA Note. Explanation/Summary (attach supplement sheets as necessary) Summary: Attached is an Agreement for the assignment of the Development Assistance Agreement and EDA Note that was approved by the EDA in 1994 fo�� the development of the Silver Lalce Pointe Apartments located on County Road I in Mounds View. This agreement is a result of Heartland-Moundsview Common Bond, LLC, owner of the project, securing their permanent financing for the project with First Union National Banlc of North Cayolina. I have attached a letter fi-om Jim O'Meara with Briggs and Morgan regarding the purpose of this agreement. This Agreement does not change the obligations of Heartland-Moundsview Common Bond under the Development Assistance Agreement for the project. It is basically adding a third party, ie the banlc, responsible in the case of an Event of Default. 1 ' ) , , _'�_----- d ;. ,��-= /, . '� � � , �� ;� r--- Cathy Bennett� irector of Economic Development RECOMMENDATION: Motion to approve Agreement by and among First Union National Banlc of North Carolina, Heartland-Moundsview Common Bond, LLC and Mounds View Economic Development Authority for the Assignment of Development Assistance Agreement and EDA Note. FBaM BAIGGS AND MoRGAN ST,PAUL 612 223 6645 (FRI)11,22'96 11:35 /ST,11:34/ No,3360015-171 P, 2 'S'''��ER�S DIIIEC7 DInL HY7MgE7�t (612) 223-6420 �rIA TELECOl'Y ��w o�FZC�s B�iGGS .c�lvn MOI�C's.�N PRO��sSioN,n,i asSOCr��xOPi 2$00 FIRS2 1Qe�71ONAL HeN$ �}ViLUIN(3 SAINi PA1fJL� MINN�SOTd B6101 �'FZ�pHONE (OA2) 2L'3-0000 FACSYD6II8 (610) E23-04�Q I�lovember 22, 1996 Cathy $ennett Economic Deve�opznent Coordinator Mounds View City Ha�� 2401 Highway 10 1V�onnds View, 1Vlinnesota 55112-7,499 Re: Silver I.�►ke 1'ointe Agreement Dear Cathy: MINNEdPOLI3 OFFICE 8MO YAE CIIriTEB 7�INNp,.�'0113. MLYNEy02'w 66SOL' YSLEPIIOka 1at21 ��a•8�oo FAL6IMILE (B�C) j�4'8060 �'m sending qou a clean copy of the proposed Agreercxent between the �vlounds Vxew EDA, tk�e Silver Lake Pointe Lazziited Liability Cozzipany, az�d the Bank whick� is proposing to provide their per,tx�anent fina�ncing. Tt as a lengthy agreemez�t, but the basics �f it as fax as the EDA is coz�cerned axe that we would agree that if an Event of Defau�t should occur uz�der ou� Development Agreement, we would give z�o4ice of that bot� to the Company and to the Bank and vve would accept tk�e Bank's cu�re of that ��vent of Default tk�e same as if the Compaz�y had done lt, We also agree tk�at as long as the CoXnpany ;emains the Registered O�e�r of the No4e, if the Bank gi�es us notice to do so we would make arty payrnents wk�ich are payable under that Note directly to t�e Bank. This does not alter our rigktt to withhold payments if a� E�ent of Default occurs. Fiz�ally, we would give the Bank the �°ight to step in the shoes o� the Company az�d become the obligated party under the Development Agreezzaent under certain conditzons, presumably something serious like a default on ihe payment of the Baz�k's loaz�. 3376TI. 9 B13IC)GS .�xb MORC3AN Cathy Bennett November 22, 199b Page 2 I beIieve the enclosed is suitabie for consideration by the �DA Board at its meeting next Nlonday and I am comfortablc recommending epproval of it. io very tru , a � es Pe O'Me�ra JO/eh Et�cl�sure 83�brro y 4��J��2 �9��d��k�UN i��4 J9i�44�F1 1A9�� WU9] � AGREEMENT This AGREEMENT is dated as of November _, 199G; is by and among FIRST UNION NA�'IOPtAL BANK OF NORTH CAROLINA, a national b�nking associatior� having an offic� at One First Union Center, JaC6, Chari�tte, North Carolina 2828g-0166 (the ''Lender"), IiEARTLAND•MOUNDSYIEVf� COMMONBOND, LLC, a Wiseansin limited liability comPany having an address At 309 West Washington Avenue, Suite 345, Madison, Wisconsin 53703 (the "Company"), and the MOUNDS VIEW �C4NOMIC D�VEI.QPMENT AUTHORITY� a municipal corporation and p�litical subdivision of the State �# Minnesota having its address at the Mounds View City ��Ia11, 2401 Higliway 10, l�founds View, Minnesota 55112 (the "Authoricy"); and pxovides as fvllows; 1. Recitals Re rese tions nd lated ovenants. (a} The Company and the Autharity have executed and delivered that certain Devetopment Assistance �greement, dated as of May 23, 1994 (the "Development Agreement"). Each capitalized term which is used but n�t otherwise defined in this Agreernent shall have the meaning given to tliat term by tl�e Development Agreement, The Company re�resents that it has, pursuant tv tl�e Development Agreement, constructed an 83 unit residential rental facility in the City of Mounds View, MinneSOta (said facility, including the Improvcments and Dev�lopment Property, is hereinafter referred to as the "Premises"). Att�ched hereto as Exhibit A is the legal descriptio� of the Developrr�ent Property. {b) Pur9uant to the Deve]opment,Agreement, the Coiiipany has covenatited that at least 59 of the 83 residential units of the Premises shall be reserved throughout the Term of the bevelopment Agreement f�r occupancy by persons vvhose gross income does not exceed 60% of area medi�n gross income adjl�sted for family siz�, and that a11 of ehe 83 units shall be reserved for occupancy by persons b2 y�ars of age or older. (c) Purs��ant to the Development Agreement, the Autt�ority h�s issucd and delivered to the Company� as the lnitial Registered Owner thcreof, that ce�tain Taxabla Tax Increment Revenue Note of 1994 (Silver Lake P�inte Projer.t), dated as of November 21, 1994 (the "EDA Note"), pursaant to which, but subject to the terms at�d Iimitations thcreof, the Authority has agreed to make certain payments to the Registered �wner of the EDA Note, in an aggregate amount n�t to exceed $1,750,000, as reimbursement for certain Development Costs related to the Premises, (d) Th� Company rep�esents that there is no Event of Default exis4ing under the Development Agraemeni, and the Avthority represencs that, to its actual knowledge but without independent investigation, there exists no Event of Default t��reundero 336Te5.2 b 2J419 ��CJCJS��o� l��KJ4 ��d�6�G�iF 1d97J �� (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�� remain unpaid under the �DA Note, to cndorse any checks, drafts or other orders of the payn�ent of money thereunder, and at the I,ende�'s discretion to file Qny claims or t�ke any actions or proceeding either in tt, own name or in the name of the Company, which the I,endcr znay deem to be neeessary or advisable. The Lender shall not be obligated to defend eny actions agZinst the Co�npany or ttie L.ender arising out of any failu�e of the Company to p�rform its obligations and duties under the I)evelopment Agreement, The Company agrees td pay al] costs and expenses, to a�pear in anc� defend any action or proceeding arising under� growing out of, or in any manner connected with the I3evelopment Agreement or the oblisations, duties and liabilities of the Company thereunder, and to pay a11 reasonable costs and expenses of the Lenc9er, incXuding attarney fees, in any actiort or proceeding relating to the Dedelopment Abreement or the EDA Note in which the L,ender may appear, Pending an assiimption of the Development A�reernent by the Lender pursuant to paragraph 6 hereof� the Comp�ny �igrees, irrespective of this Agreement, to promptIy keep and perform all of its promises, covenants and obligativns ur�der the Development Agreemente The rights of the Lender created pursu�nt to �his A►greement are in addition to all other �tight' of the Lender under the terms of a1I other agreements made by and between the Campany, the I.endee, and/or any third parties, such as guarantors, and the Lender may waive its rights hereunder, The Company covenants and agrees to make, exec�,te and deliv�r any and all such further or additional instruments as may be necessary to satisfy a��d effeceuate the intents and purposes of thls Agreement and to perfect or explicitly consent ta tl�e assignments made by the Company hereundeX, but the Compatty hereby consents to all such transfers or othez� actions taken pursuant hereto and further agrees that the same sh�ll be fully effective as against the Company whether or not the Company willingYy and exrressPy consents thereto at the time. The Lender shalI have the right at any time, but sha11 have no oblibatton, to tKke in its name or in the narne of the Company, or othenvise, such action as the �,ender rnay at a�ay time or from time ta time determine to b� reasonably necesszry to cure any Event of Default under the Development �eernent or to protect the rights of the Compauy or tl�e Lender thereunder. The Lender sha11 incur no liabiliky ta the Company if any action taken by Lender or in the Lender's behalf �n good faith pursuant to this Agreement shall prove to be in whole or in part inadequate or invalid, The Company hereby protects� defends, indemnifies 8nd holds the I,tnder aad jts affiliated entitles, free and harmless froin and against any and all loss, cost, liability or expense (including, but not limited to, attorneys' fees and account�nts' fees) to which the Lender may be exposed, or that t}�e Lender may incur, in exercising any of its rights u�der this Ag�reement, unless c�used by the ieltentional misconduct or gross negligenGe of Bhe I.enc�er. 4� utho ' to Give I�Tot° es o Sus ension of Perfannance o�' Event of Default. The Authority hereby ag�r�es to give written notice to the Company and the L.ender of �ny suspension of the Authority's per£ormance under the Devel�pment Agreemene and of any determination by th� Authority �o withhald any payment under the EDA Note. The 336765.2 3 S 39�d S�S0��09�°ON ��i 9�t°��axi 4I��7 bIQ�� Authority further ngrees that any written notiee of the occurrence of an Lvent of d�efault unc�er the Deveiopment Agreement sha11 simultaneously be given by tl�e Aittl�ority both to the Cc�mpany attd the I.ender. Prior to the full assumption of the Development Agreement by the Len�er �ursu�nt to paragraph 6 hereof, t}�e Authority sh�rl! recognize a cure of �ny Event of Default effectuated by the Lender as having been t�i<<de by tl�e Company, except that during the pendency of any such Event of Default the references to 30 days in Section 5,2 of the Development Agreement shall be deemed to be 60 days; and provided further that if th� I,ender can demonstrat� to the re�►sonable �atisfact�on of the Autliority that the Lender is proceeding diligently to eure the Event of Default (whic:h may include ste�s by the I.ender to gain contz�ol of the premises in order to do so), then the Authority abrecs not to terminate tlie Development Agreement for a reasonable period, not to exceed twelve months absent agreement between the Lender and thc Autl�ority dt che tune that a l�nger period is appropriate, 5. Auth�rit 's Li 'ted C nsent o Mort 1a e. Bascd upon the representation znade in paragraph 1(� above, the �uthority hereby acicnowledges and agrees that the making of the Lc�an, the execution and delivery of the Note and t1�e Mortgabe, and the executiort and delivery of this Agreement do not give rase to an Event of Default under Section 4.1 or any other provision of the Development Agreement. 6. L.ender's A.ssumption of DeveloJ�ment Agr�ement and Re re ri,tration of EDA Note. Upon written notice frorn the Lender to the Autl�ority, and upon satisfaction of the condit�ons provided in Section 4.1(b) of th$ Devel�pment �reement, which shall include subsequent �greement in writing between the Authority anci the I,ender, the parties to thts Agreeanent agree that ihe Lender is entitled to and shall become the Devcloper under the Development Agreement and shall afso be entitled to become the Regist�red Owner of the EDA l�iote; pravided that at the time immediately prior thereto the Company is the Registered Owr�er thereof; and provided further that the Lender shall not be entiticd ta become Developer under tk�e Development Agreemcnt pursuant to tt�is paragr�ph unless it shall at the same time be �r become Registered Owner under the EDA Note, The Company specifically agrees to execute any and al! documents as may be reasonably necessary to effectuate or consent to said transfers, but the Con�pany also here6y grants to the Lender an irrevocable power of attorney, coupJed with an interest, to execute any and alI documents, agree,nents, certificates, affidavits, or the like, tl�at may be required to cause said tr�ns£ers to occur pursuant to the terms o�'this Agreement; provided that absei,t express writte�n authorization from the Company at the time, the Lendea- sha11 i�'demnify the .Authority �nd hold it harmless from any liability or expense, including attor�ney fees� which may resu�t from any clairn by the Company (or by any ather party claiming a prior interest in t1�e Devclopment Agreement or the EDA Not�) against tl�e Authority respccting its recn�nition of the Idender as Developer under the Develo�ment Agrcement ai�d as 12eglstered Owner of the EI�A Note. The Lender°s right to assutne the Development Agreesnent pursuant to this paragraph ahall be eonting�nt upon the Le�ader establishing to th� re�sonable s��tisfaction of the Authority that the Lender has (ar will have) effectfve control of the Premises pursuant t� foteclosure proceedings, deed ta the Premises in lieu thereof, or other contractual rights which establi9h the Lender's reasonable aUility to �perate 334785.t 4 9 3�t�d �SS��'ON �b;�� 96�°��'11 (I��} WO�� and maintain the Premises (which may �nclude the eppointi�ent of a recelvec thc�efor� and to disch�rge its other obligations to be assumed with respect thereto vnder and pursuanx to the Development Agreement. The Lender shall have no right under this Agreement to assume or bccome Developer under thB Devetopment Agreement, to receive payments under the EDA Note, or to exercise any rights, benefits or privileges under the same unless the Company shzll be in default under the terms of any of tho documents evidencing or securing the L,oan, and such defeult sha]I not have been cured within any.applicable grace ar cure period. The Authority shall be entitled to rece�ve and rely on notice given by the Lender of its right to exercise its privileges under this Agreement, artd the Authority shall have no obligation to inquire as to the validity of the Lender's assertion of said rights hereunder. In the absence of the Lender's assumption of the Devclop�nent Agreement under this paragraph b, nothing in this Agreement and no action or farbearance t�ken or riblit exercised by the Lender heteunder is lntended or s}�all to construed to give rise to any oblig�tion on the part of the Lender to perform any obligation of the Develnper under the Development Agreemenea The Lender's assumption of the Development Agreement pursu�nt to �his paragraph shall not extinguish any right� or remedies against the Compat�y which the Authority or the I.end�r may have pursuant 4o any event or oceurrence prior thereto. 7e 1�Tatices. Any �otice wh�ch may be given hercunder shal� be dcemed giveti {a) when personally delivered with receipt therefor or sent by telecopy with the acknowledgement af the sending thereof or (b) if by mail, upon the earlier to occur of (x) three business days after deposit in the United States mail dia certified or registered mail, return receipt requested� or (y) actual receipt thereof, properly addressed to the party to receive svch notice at the address of sueh pazty set fojth below, To L.enc�e�; First Union National B�nk of North Carolina Ona First Union Center, DC6 Challotte, Narth Carolina 28288-d166 Attention; Capital Markets Group with a copy by regular mail to: Orrick, Herrington & Sutcliffc LLP bG6 Fifth �venue New York, New I�ork 10103-0001 Telep�onea (212) 5p6-5000 Attention: Jeffrey A. I,enobel 33678So2 L 7JU9 ��C1��4 �UN �� F 796 �GS� � 1� 1 I97� � M'IU9] To Company: Hcartland-Moundsview COMMONBOND, LI,C 3D9 West Washington Avenue, Suite 345 Madison� Wi�cansan 53703 Attent1otl: JameB D. PicHrd with a copy by regular mail to; Foley & Lazdner 15o East (3ilman Street Madison, Wiscans�n 53701-1497 Attent2on: Blaine R. Reafert To Authoritya Mounds VicW Economic Development Authority Mounds `liew Ci[y Hall 2401 Higt�way 10 Yviounds iriew, Minnesota 55112 Attention: Executive Director with a copy to; Briggs and Morgan 2200 First National Bank Building St, Paul, Minnesota 55101 Atter�tion; James P, O'Meara Any party may at any time and from tfine to time (by providing notice to the other parties in the manner set forth �bove) designate a different add�ess or person, or both, to which such notices may be sent. 8. Assi nme t of his eement. No rights or �Ulig�tions of any party to this Agreement may be assigned or otherwise encumbered or transferred without the prior w,�itten consent of the Authority; provided that the Authority hcreby consents to an assignee of the I.ender arising pu�suant to sr�y acquisition, mer�er or similFir structu.ral change of the legal ideneity of the Lender or to eny assignee of the Lender arising pursu�t�t ta the Lender's assignment of the Mortga�e and Note, provided tha4 if any such assignment oceurs after the assumption of tl�c Development Agreement by the Lender pursuant ta paragraph 6 hereof, the assignee shall have executed an agreement with the Aukhority complying with Section 4.1(b){iii) of the Devel�pment Agreement and the assignee s}�all have effected a re- registration �f the EDA Note in its name as Registered Owner tl�ereof. 336T85o2 0 4 ]�V9 ��GB�IY ��1 746�4G�41 1d9�� W419� %. _ _.7 g• a odification of I�eveto ment �erein, ih�s Agreement shall not be or b� on~a �s anytm dificaYion of scssly providcd or waiver of any rights or interests of the Author�ty under the bevel�pmerit A reemelnt to � the EDA Note. � r 1n. ermi atio of this reement, This Agrcem�nt sha11 t��minate u on repayment of the Loan and release of the Mort�age, and the Lender and the Com an s}aIl promptly give the Authority written not;ce thereof. �' y 11• iscellane�, This Agreement .m�y be executed in any numbcr of counterparts, each of which sha11 constitute an original her�of, �nd a1I of which ,ch�il constitute one and the same instrument. This Agreement shall be govertied b thc l�rws of the State �f Minnesotao To the extent that any provisi�n hereof is deterl�inec� b a of cotnpetent jurisdiction to be unl�wful or otharwise uilenforcedble, the remainc� r 11eourt shall �emain in full force and effect to the same extent as though saicl offendin rovis o f did not appear hereina g p n IN WITN�.SS WHEREOF, the parties hereto have duly executed this Abreement b their duly authorized representatives, a11 a� of the day and year first above written. y 336185.2 � ];JV9 ��G �IJN �� "KJ F�9 L�4rG � 6 F 1 I97� ' �'{ �I 4 � 3�6�es.z FIRST UNION NATI�NA� B�iK OF NORTH CAR4LINq By� .� Name: Tit(ee HEARTL,AND-MOU�TDSyIE W COMMONBOND, LLC, a Wisconsin limited li�balBty company BY� 11+1•S.P, Real Estate, jnc., a Minnesota eorporatioz�, its managing member By; Name: Title: BY� �=0MMOIVBOI�tD INVF.STI�gNT CORPORATION, a Minnesota corporation, its managing member By; � Name; � 7itlea MOL7NDS V.�W F�CONOMIC DEVELOPMENT AUTHORITY By: Narne: President By: Narr�eo Exeeutive Director n � 4 �L��J�] ��C1��4 �UN �� G 1 79 i�� F F 1 d 97 J {VU9] � , ,- . __ __ .. _ S'T'AT'E OF � COUI�JTY O� ' ) s� ) _ _ _. . - -- _ ; Z'he foregoing instrument wAS acknowledged bef�re me this 1996, by __ day oi NoveiT�ber, �Iational Bank of IYorth Carolina, qn behalf of said national bankfng assoc�ation.,t Union Notary Public STATE OF' ) COUN'd'i OF ) ss ) The foregoing instrument was acknowiedged before me th�s day of Tlovember, 19�6, by _ _ �state, Inc., a Managing l�iember of Heartland-Maundsview Cvmmonbond,s�j ��ea�1 '�isconsin Iimited liability company, on behalf of said limited li�bility companyo ST�TE OF COUNTY OF ) � 5S ) Notary public The foregoing instrument was acknow�edged before ��ne this 199b, by __ day of Navember, Investment Carporation, a Managing IVlembel' of Heartland-M�undsvl w Co mo b nd, �-�, a Wisconsin limited liabilit y c o m p a n y, o n b e h a l f o f s� i d limlte d lia bility company. 336785�2 Notary public 9 � Xi 39b� S�S��90��°ON 9ti�9x �b�°��'�� I��} VJO�� :. S'TATE OF NtINNESOT� ) COLTN'TY OF R�MSEY ) ss ) The foregoing instrumectt was Acknowledged hefore me this 19969 by and d<�y of N�vembcr, Executive Director, respectively, of the Mounds View Ec�nomic DevelopmenPAuthori �on behalf of said municipal corporat�on, Y Notary Public 336785.� la �I 39�d ��5��°ON 9ti;�� '��'ii �I��7 0 1J0�� FROh1 (F�I� 11,��,'96 1�,46 NOo�00��0�55 P�GE 13 t�V Z'SB19££ °elosau��y� '�t�noa ,�asurB� �n��t� spunvy� �c� ��i,� `�oaia[{� �t��cf p�plo�a� a[l3 0� SaJp1o��E �spooM ax� sanl�s 6b ��oig 'I a�'I I�IUI�LdI2I,�S�Q 'Id��i Y ZIB.I,AX�