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2695614v8 12/17/10 2. Recitals. EXHIBIT K AGREEMENT REGARDING COMMERCIAL SPACE AGREEMENT REGARDING COMMERCIAL SPACE 1. Parties. The parties to this Agreement Regarding Commercial Space are The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a body politic and corporate under the laws of the State of Minnesota (the "HRA ") and F &C Ramsey, LLC, an Indiana limited liability company (the "Developer "). 2.1 Recital One. The HRA, the Developer and the City of Ramsey, Minnesota (the "City ") are parties to a Development Agreement and to Purchase Agreement, each dated as of , 2010, pursuant to which the Developer has agreed to construct an approximately 230 unit, luxury, four - story, rental apartment project on property the Developer is purchasing from the HRA (the "Project "). 2.2 Recital Two, The HRA has agreed to sell the Developer the property upon which the Developer will construct the Project and the City has agreed to provide the Developer with tax increment financing and a loan to help finance the construction of the Project, on terms that are intended to encourage and support the development of the Project; and 2.3 Recital Three. The Developer's original proposal for the Project did not include any retail space. The HRA believes that the inclusion of retail space in the Project would be beneficial to the overall COR ONE development, so, the HRA has agreed to enter into this Agreement with the Developer to induce Developer to include not less than 3,000 rentable square feet of retail space in the Project. 3. Definitions. Capitalized terms used in this Agreement and not otherwise defined herein have the following meanings: "Additional Rent" means amounts that a tenant is obligated to pay directly or to pay to the Developer for real estate taxes, insurance premiums or customary operating costs (other than separately metered utilities) under the terms of a lease with the Developer for the Retail Space. "Commencement Date" means the date the Developer obtains a Certificate of Occupancy for the residential portion of the Project. "Gross Rent" means the rent due from a tenant to the Developer under a lease of the Retail Space in which the landlord is K -1