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L. Based upon the foregoing facts, LaNel has requested payment by the HRA <br /> to LaNel of any excess tax increment up to the amount of$50,000 per year to assist <br /> LaNel in the payment of interest on the Loan and allow rental rates to remain at a <br /> level which is affordable to individuals of low and moderate income. <br /> M. The HRA has concluded that it would be in the public's best interest to <br /> maintain the occupancy and quality of the Development and provide affordable <br /> rental housing to individuals of low and moderate income by providing interest <br /> reduction assistance to LaNel under Minnesota Statutes, Section 469.012, Subd. 7 <br /> with respect to the excess increment available from taxes payable in the years 1991, <br /> 1992 and 1993. <br /> N. The HRA has approved an interest reduction program (the "Interest <br /> Reduction Program") under Minnesota Statutes, Section 469.012, Sudb. 7, for the <br /> Development. In authorizing the Interest Reduction Program, the HRA has relied <br /> upon representation of LaNel that the Interest Reduction Program is necessary in <br /> order to allow LaNel to maintain the occupancy of the Development and keep <br /> rental rates for the units in the Development at a level that is affordable to <br /> individuals of low and moderate income. <br /> NOW, THEREFORE, the parties hereby agree as follows: <br /> 1. Easements. Under the Redevelopment Contract, and subsequent <br /> agreements between the HRA and LaNel and/or the City and LaNel, LaNel agreed <br /> to-provide the City with certain utility easements. It is understood.and agreed that <br /> this Amendment is conditioned upon the execution, delivery and recording of such <br /> easements in a form acceptable to the HRA and the City on or before June 1, 1992. If <br /> such easements have not been fully executed by all necessary parties and delivered <br /> to the City on or before that date, this Amendment shall be null and void upon <br /> 4 <br />