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EXHIBIT F COLLATERAL <br />ASSIGNMENT <br /> <br /> <br />COLLATERAL ASSIGNMENT OF DEVELOPMENT AGREEMENT AND TIF NOTE <br /> <br /> <br />Collateral <br />This Collateral Assignment of Development Agreement and TIF Note (“ <br />AssignmentRESIDENCE AT THE COR <br />”) is dated as of March 31, 2015, by and between <br />APARTMENTS LLCAssignor”) PNC BANK, <br />, a Minnesota limited liability company (“and <br />NATIONAL ASSOCIATIONLender <br />, a national banking association (“”). <br /> <br />Recitals <br /> <br /> <br />A. Simultaneously herewith Assignor is acquiring certain improved real property <br />located in the County of Anoka, State of Minnesota, as more particularly described on Exhibit A <br />Property <br />attached hereto (“”). <br /> <br />B. In connection with such acquisition, Assignor is assuming certain obligations <br />Development Agreement <br />under the Development Agreement dated March 9, 2012 (“”) between <br />the City of Ramsey, Minnesota, a home rule charter city organized and existing under the <br />City <br />constitution and laws of the State of Minnesota (the “”), and F & C Ramsey, LLC, an <br />Prior Owner”) <br />Indiana limited liability company (“and recorded on title to the Property on May <br />Official <br />3, 2012 as Document No. 508341.004 in the Anoka County Official Records (“ <br />Records <br />”), pursuant to which the Property was subjected to certain restrictions by the City in <br />connection with the prior development or rehabilitation of the Property. <br /> <br />C. The City has executed in favor of Assignor that certain Promissory Note of even <br />date herewith, in the original principal amount of $3,000,000 (the “TIF Note”). <br /> <br />D. In connection with the acquisition of the Property by Assignor, Lender is making <br />Loan <br />a loan to Assignor in the original principal amount of $29,950,000.00 (“”) pursuant to a <br />Multifamily Loan and Security Agreement between Lender and Assignor (as supplemented or <br />Loan Agreement <br />amended from time to time, the “”) and evidenced by a Multifamily Note by <br />Note <br />Assignor to Lender (as supplemented or amended from time to time, the “”). The Loan is to <br />be secured by a Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement <br />and Fixture Filing that will be recorded in the Official Records (as supplemented or amended <br />Mortgage <br />from time to time, the “”) (the Loan Agreement, the Note and the Mortgage, together <br />with all other documents executed with respect to the Loan, are hereinafter collectively referred <br />Loan Documents <br />to as the “”). <br /> <br />E. As a condition of the Loan, Assignor has agreed to assign its rights and interests <br />under the Development Agreement and the TIF Note to Lender for the purpose of securing <br />certain obligations for which Assignor may become personally liable under the Loan Agreement. <br /> <br />Now therefore, in consideration of their mutual undertakings, and intending to be legally <br />bound hereby, Lender and Assignor agree as follows: <br /> <br /> <br /> <br /> <br /> <br />US.54404809.05 <br />4823-5763-1778v21778v1/25609-0115 <br />6911974v4 <br /> <br /> <br />