|
Agreement and TIF Note dated November 24, 2020, recorded May 7, 2021, as Document
<br />No. A04882388 (collectively, the “Original Agreement”), as amended by (a) that certain
<br />First Amendment to Contract for Private Redevelopment by and among the Authority,
<br />the City and Phase I Redeveloper dated June 2020 (the “First Amendment”); (b) that
<br />certain Second Amendment to Contract for Private Redevelopment by and among the
<br />Authority, the City, Phase I Redeveloper, Phase I Owner and Phase II Redeveloper and
<br />Owner dated November 24, 2020 (the “Second Amendment”); and (c) that certain Third
<br />Amendment to Contract for Private Redevelopment by and among the Authority, the
<br />City, Phase I Redeveloper, Phase I Owner and Phase II Redeveloper and Owner dated
<br />January 4, 2024 (the “Third Amendment”) and affected by (i) that certain City of St
<br />Anthony Village Resolution 20-054 approving the First Amendment (“Resolution 20-
<br />054”); (ii) that certain Housing and Redevelopment Authority of St. Anthony, Minnesota
<br />Resolution 20-05, a resolution approving the First Amendment (“Resolution 20-05”);
<br />(iii) that certain City of St Anthony Village Resolution 20-085 approving the Second
<br />Amendment (“Resolution 20-085”); (iv) that certain Housing and Redevelopment
<br />Authority of St. Anthony, Minnesota Resolution 20-08, a resolution approving the
<br />Second Amendment (“Resolution 20-08”); (v) that certain City of St Anthony Village
<br />Resolution 20-084 approving the Amended and Restated Assignment and Subordination
<br />of Development Agreement dated November 24, 2020, recorded May 7, 2021, as
<br />Document No. A04882387 (“Resolution 20-084”); (vi) that certain Housing and
<br />Redevelopment Authority of St. Anthony, Minnesota Resolution 20-07, a resolution
<br />approving the Amended and Restated Assignment and Subordination of Development
<br />Agreement dated November 24, 2020, recorded May 7, 2021, as Document No.
<br />A04882387 (“Resolution 20-07”); (vii) that certain City of St Anthony Village
<br />Resolution 23-076 approving the Third Amendment (“Resolution 076”); and (viii) that
<br />certain Housing and Redevelopment Authority of St. Anthony, Minnesota Resolution 23-
<br />02, a resolution approving the Third Amendment (“Resolution 23-02”, and collectively
<br />with the First Amendment, Second Amendment, Third Amendment, Resolution 20-054,
<br />Resolution 20-05, Resolution 20-085; Resolution 20-08, Resolution 20-084, Resolution
<br />20-07, Resolution 076, the “Unrecorded Agreements”), all such Unrecorded Agreements
<br />evidenced by that certain Memorandum of Unrecorded Documents dated July 16, 2024
<br />and recorded July 16, 2024 in the Office of the Ramsey County Recorder, as Document
<br />No. A05031978 (collectively, the Original Agreement, as amended by the Unrecorded
<br />Agreements the "Contract"), which Contract encumbers the Phase I Property and Phase
<br />II Property legally described on Exhibit A attached hereto and incorporated herein by
<br />reference; and
<br />WHEREAS, the Phase II Redeveloper has requested, and the Authority and City
<br />have agreed, to modify certain terms of the Contract arising as a result of the continuing
<br />effects of the COVID-19 pandemic on the construction market and other causes.
<br />NOW, THEREFORE, in consideration of the premises and the mutual
<br />obligations of the parties hereto, each of them does hereby covenant and agree with the
<br />other as follows:
<br />1.Amendment of Section 4.3(a) of the Contract.
<br />7
|