Agenda - Council - 03/24/2015 - Laserfiche WebLink

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e. Authorize the Mayor and the City Administrator to execute and deliver an Estoppel Certificate for Amended and Restated Parking Use and Maintenance Agreement for Parking District A in substantially the form attached hereto as Exhibit D (the "PUMA Estoppel") to certify, for the benefit of F&C Apartments, Buyer, and PNC Bank, that the City does not have knowledge of any defaults by F&C Apartments under the terms of the Amended and Restated Parking Use and Maintenance Agreement for Parking District A; f. Authorize the Mayor and the City Administrator to execute and deliver an Assignment and Assumption of TIF Note and Development Agreement by and between F&C Apartments, F&C Ramsey and Buyer in substantially the form attached as Exhibit E (the "Assignment of Development Agreement") to evidence the City's consent to F&C Apartments' and F&C Ramsey's assignment, to Buyer, of all of their rights and obligations under the Development Agreement, including the right to receive the TIF Note pursuant to Article VI of the Development Agreement; g. Authorize the Mayor and the City Administrator to execute the Tax Increment Revenue Note in favor of Buyer in substantially the form attached to the Development Agreement, as amended by the First Amendment, and attached to the First Amendment as Exhibit B (the "TIF Note") and to deliver the TIF Note to Buyer upon the closing of the sale of the Development Property to Buyer, the assignment of the Development Agreement to Buyer and F&C Borrower's repayment of Loan No. 1 and Loan No. 2, in full; h. Authorize the Mayor and the City Administrator to execute and deliver a Collateral Assignment of Development Agreement and TIF Note between Buyer, as assignor, and PNC Bank, as lender, in substantially the form attached hereto as Exhibit F (the "Collateral Assignment") to evidence the City's consent to Buyer's Collateral Assignment of the Development Agreement and pledge of the TIF Note to PNC Bank; i. Authorize the Mayor and the City Administrator to execute and deliver a subordination agreement among and between the City, Buyer and PNC Bank in substantially the form attached as Exhibit G (the "Subordination Agreement") to evidence PNC Bank's subordination of its rights under the mortgage Buyer is granting to PNC Bank to the terms of the Development Agreement; �. Authorize the Mayor and the City Administrator to execute and deliver an agreement between Buyer and the City in substantially the form attached as Exhibit H (the "Maintenance Agreement") as contemplated in Section 2 of that certain grant of encroachment easement granted by the City to F&C Apartments dated as of June 12, 2012 and recorded in the office of the Anoka County Registrar of Titles on August 2, 2012 as Document No. 509830.001 (the "Grant of Encroachment Easement"); and k. Authorize the Mayor and the City Administrator to execute and deliver an Amended and Restated Grant of Encroachment Easement in substantially the form attached at Exhibit I (the "Encroachment Easement Amendment") to delete Section 2(i) and the requirement that the owner of the Development Property and the City work 3 6911974v4