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® WHEREAS, Fannie Mae will agree to extend the Credit Facility with principal and <br /> interest payments equal to those stated above with the addition that $75,000 in principal of the <br /> outstanding amount of the Credit Facility be paid by the City upon extension of the Credit <br /> Facility; and <br /> WHEREAS, the Developer has advised the City and the HRA that it cannot make a <br /> corresponding$75,000 principal payment under the Authority Loan•until at least February 15, <br /> 2009; and <br /> WHEREAS, in consideration of the City making the required principal payment under <br /> the Credit Facility, the City is currently in negotiations with the Developer in which the City <br /> intends to specify that (i) $75,000 under the Authority Loan will be paid to the HRA on or before <br /> February 15, 2009, (ii)the Mortgage will be amended to extend it through the duration of the <br /> Credit Facility, and (iii) Developer will pay all outstanding amounts due for City, HRA and third <br /> party costs (as specified in Section 11.2(a) of the Development Agreement) on or before <br /> February 15, 2009. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony <br /> as follows: <br /> 1. That the City Manager and City Attorney are hereby authorized (i) to proceed <br /> with negotiating with Fannie Mae the terms of an extension of the Credit Facility <br /> until December 31, 2010, (ii) to prepare an amendment to the Mortgage extending <br /> • it for the duration of the Credit Facility, (iii) to negotiate with the Developer for <br /> payments on the Authority Loan consistent with the Credit Facility, (iv) to <br /> prepare necessary documents which are hereby authorized to be executed by the <br /> Mayor and City Manager, and(v) to continue negotiations with Fannie Mae <br /> regarding additional revisions to terms of the Credit Facility based on the progress <br /> of the Phase IB Development. <br /> • <br /> 2 <br />