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(iii) an amount equal to $1,000,000 increased annually as of each January 1 <br /> comencing January 1, 1993 on a compounded basis by 10%, multiplied <br /> by <br /> (iv) a fraction the numerator of which is the total amount paid by the HRA <br /> to LaNel under Paragraph 2 hereof, and the denominator of which is <br /> the total of the down payment paid by LaNel for the Development, all <br /> principal.and interest payments paid with respect to any indebtedness <br /> incurred by LaNel to finance the costs of the Development and any <br /> other payments made by LaNel to construct, acquire or improve the <br /> Development. <br /> In the case of a transfer, other than an arms-length sale, an appraisal of the then <br /> current market value of the Development by a qualified appraiser shall be <br /> substituted for the sales price price of the Development under (i) above. <br /> 4. HRA Lien. The obligation of LaNel to make any payment to the HRA <br /> under Paragraph 3 shall be secured by a lien on the Development, and the HRA <br /> shall have the right to foreclose on such lien in a manner consistent with the <br /> procedure in foreclosure of a real estate mortgage in Minnesota Statutes, Chapter <br /> 582, including the right of redemption. The HRA agrees that such lien is <br /> subordinate to any and all other liens on the Development, and the HRA agrees to <br /> execute from time to time such instruments in a form satisfactory to the HRA as <br /> may be reasonably requested.by LaNel to evidence such subordination. <br /> 5. Subsequent Years. This Agreement shall apply only to the tax increment <br /> resulting from the payment of real estate taxes with respect to the Development <br /> payable in the years 1991, 1992 and 1993. With respect to subsequent years, the HRA <br /> will review the financial records for the Development, the real estate taxes, and the <br /> 6 <br />