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EXHIBIT K <br />AGREEMENT REGARDING COMMERCIAL SPACE <br />AGREEMENT REGARDING COMMERCIAL SPACE <br />1. Parties. The parties to this Agreement Regarding Commercial Space are The <br />Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a body politic <br />and corporate under the laws of the State of Minnesota (the "HRA") and F&C Ramsey, LLC, an <br />Indiana limited liability company (the "Developer"). <br />2. Recitals. <br />2.1 Recital One. The HRA, the Developer and the City of Ramsey, Minnesota <br />(the "City") are parties to a Development Agreement and to Purchase Agreement, each <br />dated as of , 2010, pursuant to which the Developer has agreed to <br />construct an approximately 230 unit, luxury, four-story, rental apartment project on <br />property the Developer is purchasing from the HRA (the "Project"). <br />2.2 Recital Two, The HRA has agreed to sell the Developer the property upon <br />which the Developer will construct the Project and the City has agreed to provide the <br />Developer with tax increment financing and a loan to help finance the construction of the <br />Project, on terms that are intended to encourage and support the development of the <br />Project; and <br />2.3 Recital Three. The Developer's original proposal for the Project did not <br />include any retail space. The HRA believes that the inclusion of retail space in the <br />Project would be beneficial to the overall COR development, so, the HRA has agreed to <br />enter into this Agreement with the Developer to induce Developer to include not less than <br />3,000 rentable square feet of retail space in the Project. <br />3. Definitions. Capitalized terms used in this Agreement and not otherwise defined <br />herein have the following meanings: <br />"Additional Rent" means amounts that a tenant is obligated to pay <br />directly or to pay to the Developer for real estate taxes, insurance <br />premiums or customary operating costs (other than separately <br />metered utilities) under the terms of a lease with the Developer for <br />the Retail Space. <br />"Commencement Date" means the date the Developer obtains a <br />Certificate of Occupancy for the residential portion of the Project. <br />"Gross Rent" means the rent due from a tenant to the Developer <br />under a lease of the Retail Space in which the landlord is <br />J-1 <br />2695614v7 <br />12/07/10 <br />