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EXHIBIT C <br />LOAN AGREEMENT <br />THIS LOAN AGREEMENT is entered into as of , 201_, by and <br />between The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a <br />public body politic and corporate under the laws of the State of Minnesota (the "HRA ") and F & <br />C Ramsey, LLC, an Indiana limited liability company (the "Developer "). <br />RECITALS: <br />A. The HRA and the Developer are parties to the Development Agreement and the <br />Purchase Agreement, as defined below, pursuant to which the HRA is selling the "Development <br />Property" as defined below, to the Developer. <br />B. The Developer has also asked the HRA to lend the Developer $ <br />[$1,420,000.00 plus ($6,825,000.00 plus Costs of Issuance, as defined in the Development <br />Agreement)] to finance a portion of the cost of constructing the Housing Development Project, <br />as defined below. <br />C. The HRA has agreed to make two loans totaling $ to Developer <br />[to be completed with the same amount as inserted in Recital B] to finance a portion of the <br />cost of constructing the Housing Development Project, as defined below. <br />D. The HRA has agreed to make the Loans to the Developer upon the terms and <br />subject to the conditions hereinafter set forth. <br />AGREEMENTS: <br />NOW, THEREFORE, in consideration of the premises and the covenants hereinafter set <br />forth, and of one dollar and other good and valuable consideration, the receipt and sufficiency of <br />which is hereby acknowledged, the parties hereto hereby agree as follows: <br />For purposes of this Loan Agreement the following terms shall have the meanings set <br />forth in this Article I. Terms used in this Loan Agreement and not otherwise defined herein have <br />the meanings set forth in the Development Agreement. <br />"Advance" means an advance to the Developer of all or any portion of the proceeds of <br />either of the Loans in accordance with the terms hereof. <br />"Complete," "Completed" and "Completion" mean that (a) the Minimum Improvements <br />are completed in accordance with the Final Construction Plans; (b) the HRA has issued the <br />Certificate of Completion described in Section 5.5 of the Development Agreement; and (c) no <br />Default or Event of Default has occurred and is continuing. <br />2695614v12 <br />ARTICLE I <br />DEFINITIONS <br />A -1 <br />