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HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY VILLAGE RESOLUTION NO. 09-007 RESOLUTION AUTHORIZING ASSIGNMENT OF MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND FIXTURE FINANCING STATEMENT CONCERNING EXTENSION OF CREDIT FACILITY FROM FANNIE MAE WHEREAS, on December 19, 2003, the City of St. Anthony (the "City") and the St. Anthony Housing and Redevelopment Authority (the "Authority") executed a Development Agreement with Apache Redevelopment LLC, with assignment of portions of the Development Agreement to Silver Lake Homes, LLC (together, the "Developer") for redevelopment of the area now known as Silver Lake Village; and WIIEREAS, according to Section 12.11 of the Development Agreement, the City and the Authority agreed to obtain short term financing from Fannie Mae (the "Authority Loan") for the purpose of acquiring certain commercial properties, relocating the tenants and demolishing those properties for redevelopment; and WHEREAS, by Resolution No. 04-047, adopted June 8, 2004, the City approved entering into a loan with Fannie Mae to provide the Authority Loan; and WHEREAS, the City subsequently entered into a Credit Facility with Fannie Mae on August 27, 2004 (the "Credit Facility"); and WHEREAS, on December 11, 2007 the Council adopted Resolution No. 07-081 authorizing an extension of the Credit Facility to December 12, 2008 and on December 8, 2008 the Council adopted Resolution No. 08-080 authorizing a further extension of the Credit Facility to December 31, 2010, due to delays in construction of the Phase IB Development (as defined in the Development Agreement); and WHEREAS, the Developer has granted a mortgage in favor of the Authority securing the Authority Loan through December 31, 2010 (as amended, the "Mortgage"); and WHEREAS, on April 1, 2009 Fannie Mae and the City closed on an extension of the Credit Facility consistent with the terms authorized by the City Council in Resolution No. 08-080; and WIIEREAS, as a condition to this extension, Fannie Mae has required that by April 15, 2009, the Authority enter into an Assignment of Mortgage, Assignment of Leases and Rents and Fixture Financing Statement substantially in the attached form. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority of the City of St. Anthony that the Chair and Executive Director are hereby authorized to enter into the Assignment of Mortgage, Assignment of Leases and Rents and Fixture Financing Statement substantially in the attached form, dated as of April 14, 2009. Adopted this 14°i day of April, 2009. Reviewed for Administration: Chair Executive Director 5