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EXHIBIT C <br />[This Exhibit assumes that at the time this Loan Agreement is executed, (i) F&C <br />Ramsey, LLC will have assigned all of its rights and obligations under the Development <br />Agreement, except for its rights and obligations under Article VI of the Development <br />Agreement, to F&C Ramsey Apartments, LLC; and (ii) F&C Ramsey, LLC and F&C Ramsey <br />Member, LLC are the sole members of F & C Ramsey Apartments, LLC. If that is not the <br />case, this Loan Agreement must be revised prior to its execution to correct the Recitals, <br />identify F&C Ramsey as the Developer and all of the members of F&C Ramsey, LLC as the <br />Pledgors.) <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 Member, LLC, an Indiana limited liability company (the 'Borrower"). <br />RECITALS: <br />A. The HRA and F & C Ramsey, LLC, an Indiana limited liability company are <br />parties to that certain Development Agreement by and among F & C Ramsey, LLC, F & C <br />Ramsey Member, LLC, the HRA and the City of Ramsey, Minnesota dated as of <br />, 2011, and recorded in the office of the Anoka County Registrar of Titles on <br />as Document No. and the Purchase Agreement among <br />and between F & C Ramsey, LLC, the HRA, and the City of Ramsey, Minnesota dated <br />, 2012. <br />B. F & C Ramsey; LLC has assigned all of its rights and obligations under the <br />Development Agreement, except for its rights and obligations under Article VI of the <br />Development Agreement and all of its rights and obligations under the Purchase Agreement to F <br />& C Ramsey Apartments, LLC, an Indiana limited liability company. <br />C. In the Development Agreement, the HRA has agreed to make two loans to F & C <br />Ramsey Member, LLC pursuant to the terms of this Loan Agreement in a combined amount of <br />$ [$1,420,000.00 plus ($6,825,000.00 plus Costs of Issuance, as defined in <br />the Development Agreement)] to finance a portion of the cost of constructing the Housing <br />Development Project, as defined below. <br />D. The HRA has agreed to make the Loans to F & C Ramsey Member, LLC upon <br />the terms and subject to the conditions hereinafter set forth. <br />AGREEMENTS: <br />C-2-1 <br />2695614v16 <br />