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WHEREAS , Arkand. has failed to provide the. HRA with the • <br /> balance of the - requi,red .amount of the Letter of Credit;. and <br /> WHEREAS , the . Letter' of . Credit requirement was not <br /> fully met .on - March -.2, 1987, Arkand was in default under the <br /> Redevelopment -Contract on :that date,, .-such default continues,. <br /> and any notice of such default was waived by Arkand.' <br /> NOW; 'THEREFORE , - the HRA does hereby resolve and direct <br /> as follows: <br /> '1 . That all rights of Arkand under the Development <br /> Agreement are terminated effective on the,. date of this <br /> Resolution. <br /> 2-. -- That Arkand is not relieved or released of any of <br /> its liability under the Redevelopment Contract. <br /> 3. That the HRA give the notice to the Trustee <br /> provided for under Section 5 of the Bond Agreement, in <br /> connection with the assignment to the HRA of all right, title <br /> and interest in and to the respective Loan Agreements, - <br /> Indentures, Bonds and Bond proceeds, as provided for in the <br /> Bond Agreement. <br /> 4. That the HRA pursue discussions with other <br /> prospective redevelopers for the remainder of the Kenzie <br /> Terrace Redevelopment Project. <br /> 5. That the Executive Director of the HRA is <br /> authorized and directed to take all such actions he deems <br /> necessary or desirable, for and on behalf of the HRA. and in - i:ts. <br /> name, to implement the resolutions of the HRA hereinabove set. <br /> forth. <br /> Adopted -by the Housing and Redevelopment Authority of <br /> the . City of St. Anthony, Minnesota, this day of April , <br /> 1987 . <br /> Chairperson <br /> ATTEST: <br /> Secretary <br /> -2- <br /> J <br />