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M <br /> 20 <br /> St. Anthony City Council and HRA <br /> Fannie Mae Loan—Northwest Quadrant Redevelopment <br /> June 1,2004 <br /> Page 4 <br /> 8. Prepayment can occur at any time without penalty <br /> 9. Full repayment is expected in spring of 2007 when development is finalized. However, <br /> the City/HRA can repay at anytime <br /> 10. Debt is General Obligation of the City <br /> 11. The City/HRA can not utilize any other Fannie Mae funds to repay the loan <br /> 12.. All legal fees of Fannie Mae to be paid by the City/HRA at closing (whether the loan <br /> closes or not). Legal fees generally are between$2,500 and$5,000 <br /> 13. City/HRA has to pay origination fee of 100 basis points at closing($33,500) <br /> 14. City/HRA is required to submit financial statements annually for Fannie Mae review until <br /> the loan is repaid and submit the annual TIF reports required by the State of Minnesota <br /> It should be noted that all out of pocket expenses incurred by the City/HRA will be reimbursed <br /> by the Developer and/or through Tax Increment(TIF). <br />