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Draft 1/4/95 <br /> <br />Exhibit F <br /> <br />LIEN AGREEMENT <br /> <br /> This Agreement, made and entered into this . day of . , 1995, <br />by and betwee~ the City of Ramsey, a Minnesota municipal corporation having its principal office <br />at 15153 Now~hen Boulevard Northwest, Ramsey, Minnesota (City) and Wendell's, Inc., a <br />Minnesota corp~>~ ration having its principal office at 2424 East Franklin Avenue, Minneapolis, MN <br />55406-0024 (O~tner); <br /> <br />WITN~SSETH: <br /> <br /> WHEREAS, pursuant to Minnesota Statutes, Sections 469.124 through 469.134, the <br />City' has create4 City Development District No. 1 (Development District) and, pursuant to <br />Minnesota Statues, Sections 469.174 through 469.179, has established Tax Increment Financing <br />District No. 2 ~ District); and <br /> WHEREi~S, the City has adopted a development program (Program) and tax increment <br />f'mancing plan ~ Plan) for the Development District and TIF District, which Program and ~ <br />Plan call for the Oty to perform certain site improvements (Site Improvements) and for the Owner <br />to construc~ cert__ai~ permanent improvements (Minimum Improvements) on property located in the <br />City and legally d~scribed as Lot 1, Block 5, Gateway North Industrial Park 2 (R27-32-25-44- <br />0008) (Developmelht Property); and <br /> WItEREA/~S, the-nature of the Site Improvements to be performed by the City and of the <br /> I, <br />Minimum lmprov~ents to be constructed by the Owner on the Development Property are fully <br />detzdled in that cert~n Contract for Private Development dated between the <br />City and the Owner~ and <br /> WHERE~S, the City desires to have assurance that the Owner will complete the <br />Minimum Improver~nts following installation of the Site Improvements by the City. <br /> <br /> NOW, TH ~E~IEFORE, in consideration of the mutual covenants and obligations the City <br />and the Owner, the parties do hereby agree as follows: <br /> <br />1. As security for the Site Improvements installed on the Development Property by the City, <br /> the Owner he,by grants and the City hereby does have a lien on the Property. <br /> <br />2. The lien is in the amount of Seventy Eight Thousand Dollars ($78,000), which amount the <br /> parties agree ~presents the City's cost for performing the Site Improvements and property <br /> acquisition. <br /> <br />Page 32 <br /> <br /> <br />