Agenda - Council - 04/22/2025 - Laserfiche WebLink

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