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"Contract", which Contract encumbers the Phase I Property and Phase II Property legally described on Exhibit A attached hereto and incorporated herein by reference; and WHEREAS, the Phase II Redeveloper has requested, and the Authority and City have agreed, to modify certain terms of the Contract arising as a result of the construction market and other causes. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1.Amendment to Section 3.3(c) of the Contract. Section 3.3(c) of the Contract (including subsections (i), (ii), and (iii)) is deleted in its entirety and replaced with the following: “To reimburse the remainder of the Public Redevelopment Costs incurred by Redeveloper, in connection with the construction of Phase I of the Minimum Improvements, the Authority issued and the Phase I Redeveloper purchased on June 30, 2023, one note in the maximum aggregate principal amount of $1,950,000, which was subsequently assigned to the Phase II Redeveloper. No note shall be issued in connection with construction of Phase II of the Minimum Improvements.” 2.Deletion of Section 3.3(d) of the Contract. Section 3.3(d) of the Contract is hereby deleted in its entirety and shall not be replaced. 3.Amendment of Contract regarding Notes. Only one Note was and shall be issued by the Authority pursuant to the Contract. Where multiple “Notes” are referenced (“the Notes;” “both Notes;” “each Note,” etc.), the Contract shall be amended to reference the one Note issued pursuant to Section 3.3(c). 4.Amendment of Section 4.3(a) of the Contract. (a)The second sentence of Section 4.3(a) of the Contract is deleted in its entirety and replaced with the following: “Subject to Unavoidable Delays, the Phase II Owner and Redeveloper shall commence construction of Phase II of the Minimum Improvements by January 1, 2028.” (b)The fourth sentence of Section 4.3(a) of the Contract is deleted in its entirety and replaced with the following: “Subject to Unavoidable Delays, the Phase II Owner and Redeveloper shall complete construction of Phase II of the Minimum Improvements by January 1, 2030.” 5.Resolutions. The authority of the City of St. Anthony Village to enter into this Fifth Amendment is evidenced by the resolution attached hereto as Exhibit B and the authority of the Housing and Redevelopment Authority of St. Anthony, Minnesota to enter into this Fifth Amendment is evidenced by the resolution attached 46