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Mortgage may elect, in an instrument to be recorded in the Anoka County land <br />records and delivered to the City before the commencement of proceedings to <br />foreclose the Project Mortgage, to either (1) treat this Development Agreement as <br />being subordinate to the lien of the Project Mortgage such that the foreclosure of <br />the Project Mortgage and the failure of any owner to redeem the Development <br />Property from such foreclosure will extinguish and terminate this Development <br />Agreement (but not the Assessment Agreement or the TIF Note); or (2) to treat <br />this Development Agreement as having priority over the Project Mortgage in <br />which case this Development Agreement will survive the foreclosure of the <br />Project Mortgage and this Development Agreement will be binding upon the <br />holder of the Sheriff's Certificate issued in conjunction with the foreclosure of the <br />Project Mortgage. If the holder of the Project Mortgage fails to notify the City of <br />its election under this Section 11.3 on or before the commencement of foreclosure <br />proceedings, the holder of the Project Mortgage shall be deemed to have elected <br />to treat this Development Agreement as being subordinate to the lien of the <br />Project Mortgage such that the foreclosure of the Project Mortgage and the failure <br />of any owner to redeem the Development Property from such foreclosure will <br />extinguish and terminate this Development Agreement (but not the Assessment <br />Agreement or the TIF Note). <br /> <br />Rental Restrictions <br />3. . Section 11.4 of the Development Agreement is deleted in <br />its entirety. <br /> <br />Permitted Assignment to F&C Ramsey Apartments, LLC. <br />4. Section 11.5(b)(iii) <br />of the Development Agreement is deleted in its entirety and replaced with the following: <br /> <br />F&C Ramsey, LLC acknowledges that the City’s obligation to execute the <br />TIF Note and deliver the TIF Note to F&C Ramsey, LLC or its assignee <br />pursuant to Section 6.1 of this Agreement is subject to all of the terms and <br />conditions of this Agreement including all of the terms and conditions of <br />the TIF Note. <br /> <br />Remedies on Default. <br />5. Section 13.2(d) of the Development Agreement is deleted <br />in its entirety. <br /> <br />Exhibit B. <br />6. In recognition of F&C Ramsey’s and F&C Apartments’ assignment <br />of the Development Agreement to Buyer and the City’s issuance of the TIF Note directly to <br />Buyer, Exhibit B of the Development Agreement is deleted in its entirety and replaced with the <br />EXHIBIT B <br />document that is attached to this Amendment and Labeled “.” <br /> <br />Defined Terms <br />7. . The term “Development Agreement” as used in the <br />Development Agreement and in this First Amendment the Development Agreement as modified <br />by this First Amendment. Capitalized terms not otherwise defined in this First Amendment have <br />the meaning given to such terms in the Development Agreement. <br /> <br />No Further Modifications <br />8. . Except as expressly modified in this First <br />Amendment, the Development Agreement is unmodified and in full force and effect. <br /> <br />3 <br />6911974v4 <br /> <br />