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WHEREAS, the City, Oppidan and Ramsey Industrial Owner LLC ("RIO"), as <br /> predecessor in interest to RIO 1, RIO 2 and RIO 3 with respect to the Property, are parties to a <br /> TIF Increment Financing (TIF) Agreement dated August 1, 2021, as affected by that certain <br /> Partial Assignment and Assumption of Tax Increment Financing Agreement (Bunker Lake 1) <br /> whereby RIO assigned its right, title and interest in and to the Tax Increment Financing <br /> Agreement regarding Lot 1, Block 1 and Outlot A of the Property to RIO 1, and that certain <br /> Partial Assignment and Assumption of Tax Increment Financing Agreement (Bunker Lake 2) <br /> whereby RIO assigned its right, title and interest in and to the Tax Increment Financing <br /> Agreement regarding Lot 2, Block 1 of the Property to RIO 2, and that certain Partial <br /> Assignment and Assumption of Tax Increment Financing Agreement (Bunker Lake 3) whereby <br /> RIO assigned its right, title and interest in and to the Tax Increment Financing Agreement <br /> regarding Lot 3, Block 1 of the Property to RIO 3 (collectively, the ,TIF Agreementsy); <br /> WHEREAS, in connection with the TIF Agreement, RIO, Oppidan, the Anoka County <br /> Assessor and the City executed that certain Assessment Agreement dated September 2, 2021 and <br /> recorded in the Anoka County Property Records (the "Official Records") as Document No. <br /> 2340709.001 (the "Assessment Agreement", and together with the TIF Agreement, the <br /> "Redevelopment Agreements"); and <br /> WHEREAS, Section 3.3 of the TIF Agreement provides that the City shall, upon the <br /> completion of Phase 1 (as described therein) improvements, execute a certain TIF Note, in which <br /> it agrees to make certain reimbursement payments to Oppidan; <br /> WHEREAS, Lender has agreed to make a loan to RIO 1 in the maximum aggregate <br /> principal amount of $12,171,676.00 (the "RIO 1 Loan"), a loan to RIO 2 in the maximum <br /> aggregate principal amount of $12,100,548.00 (the "RIO 2 Loan"), and a loan to RIO 3 in the <br /> maximum aggregate principal amount of $9,358,516.00 (the "RIO 3 Loan", and together with <br />