HRA PACKET 10282025 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the foregoing and as an inducement to Lender to make the Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto represent, warrant and agree as follows: 1.Consent. The Authority and City each acknowledges that the Lender is making the Loan to Doran St. Anthony and consents to the same. Such consent shall not deprive the Authority or the City of or otherwise limit any of the Authority’s or the City’s rights or remedies under the Redevelopment Contract or TIF Note issued pursuant thereto (the “TIF Note”) and shall not relieve the redeveloper (as defined in the Redevelopment Contract, as may be assigned) of any of its obligations under the Redevelopment Contract and TIF Note; provided further, however, the limitations to the City’s and the Authority’s consent contained in this paragraph are subject to the provisions of paragraph 2 below. 2.Subordination. The Authority and the City hereby agree that the respective rights of the Authority and the City with respect to the Phase I Property under the Redevelopment Contract are and shall remain subordinate and subject to liens, rights and security interests created by the Loan Documents and to any and all amendments, modifications, extensions, replacements or renewals of the Loan Documents; provided, however, that nothing herein shall be construed as subordinating the requirement contained in the Redevelopment Contract the Phase I Property be used in accordance with the provisions of Section 10.3 of the Redevelopment Contract, or as subordinating the Authority's rights relating to any TIF Note. 3.Notice to Authority. Nothing in this Subordination shall alter, remove or affect Lender's obligation to use commercially reasonable efforts to notify the Authority or the City of the occurrence of any Event of Default given to Doran St. Anthony under the Loan Documents, in accordance with Section 7.2 of the Redevelopment Contract. The Lender shall not be bound by the other requirements in Section 7.2 of the Redevelopment Contract. 4.Statutory Exception. Nothing in this Subordination shall alter, remove or affect Lender's obligation under Minnesota Statutes, § 469.029 to use the Phase I Property in conformity to Section 10.3 of the Redevelopment Contract. 5.No Assumption. The Authority and the City acknowledge that the Lender is not a party to the Redevelopment Contract and by making the Loan does not become a party to the Redevelopment Contract, and specifically does not assume and shall not be bound by any obligations of the Doran St. Anthony to the Authority under the Redevelopment Contract, and that the Lender shall incur no obligations whatsoever to the Authority except as expressly provided herein. 6.Notice from Authority. So long as the Redevelopment Contract remains in effect, the Authority or the City agree to give to the Lender copies of notices of any Event of Default given to Doran St. Anthony under the Redevelopment Contract. 25