Laserfiche WebLink
AMENDED AND RESTATED ASSIGNMENT AND SUBORDINATION OF <br />DEVELOPMENT AGREEMENT <br />THIS AMENDED AND RESTATED ASSIGNMENT AND SUBORDINATION OF <br />DEVELOPMENT AGREEMENT (this “Agreement”), is made and entered into as of the ___ <br />day of November, 2020, by and among the HOUSING AND REDEVELOPMENT <br />AUTHORITY OF ST. ANTHONY VILLAGE, MINNESOTA, a public body corporate and <br />politic and political subdivision of the State of Minnesota (the “Authority”), the CITY OF ST. <br />ANTHONY VILLAGE, a Minnesota municipal corporation (the “City”), DORAN SLV, LLC, <br />a Minnesota limited liability company (the “Redeveloper”), DORAN ST. ANTHONY, LLC, a <br />Minnesota limited liability company (the “Phase I Land Owner”), and BREMER BANK, <br />NATIONAL ASSOCIATION, a national banking association (the “Lender”). <br />W I T N E S S E T H: <br />WHEREAS, the Authority, the City, and the Redeveloper have entered into that certain Contract <br />for Private Development dated as of February 19, 2019, and filed of record in the office of the <br />Ramsey County Recorder on March 17, 2020, as Document No. A04802554 (as amended, <br />modified and supplemented from time to time, the “Development Agreement”), pertaining to the <br />development of certain real property located in the City of St. Anthony Village, Minnesota, and <br />referred to therein as the “Redevelopment Property”; and <br />WHEREAS, the Redeveloper has caused the Redevelopment Property to be replatted, and has <br />transferred a portion of the Redevelopment Property legally described on Exhibit A (the “Phase I <br />Project”) to the Phase I Land Owner; and <br /> WHEREAS, the Lender is providing financing to the Phase I Land Owner in the principal amount <br />of $49,150,000.00 (the “Loan”), pursuant to the terms of that certain Loan Agreement of even date <br />herewith (as the same may be amended or restated from time to time, the “Loan Agreement”), <br />executed by and among the Lender and the Phase I Land Owner; and <br />WHEREAS, the Loan is evidenced by that certain Real Estate Note of even date herewith in the <br />original principal amount of $49,150,000.00, executed by the Phase I Land Owner and payable to <br />the order of the Lender (as may be amended or restated from time to time, collectively, the “Note”); <br />and <br />31