05-20 HRA Resolution No. 1331 HRA RESOLUTION NO. 1331
RESOLUTION APPROVING ASSUMPTION AGREEMENT FOR LOAN AGREEMENT,
PROMISSORY NOTE AND MORTGAGE
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") has entered into a Loan Agreement, dated August 1, 2018 (the
"Contract"), with NHH Companies, L.L.C., a Minnesota limited liability company (the "Original
Developer"); and
WHEREAS, in exchange for the Loan, NHH Companies executed a Promissory Note,
dated August 1, 2018; a Mortgage, dated August 1, 2018, and recorded on August 21, 2018 in the
Office of the County Recorder of Hennepin County, as Document No. A10585180, to secure
$302,052.33 of the Loan; and a Mortgage, dated September 7, 2018, and recorded on October 8,
2018, in the Office of the County Recorder of Hennepin County, as Document No. A10599752, to
secure $319,502.14 of the Loan.
WHEREAS, the Original Developer has proposed that an affiliated entity, Cedar Point
Investments LLC, a Minnesota limited liability company (the "Assignee"), assume all obligations of
NHH Companies under the Loan Agreement, the Promissory Note, and the Mortgages, pursuant to
an Assumption Agreement, between the Original Developer, the Assignee, and the Authority, and
the Assignee has proposed to assume all of the Original Developer's rights and duties; and
WHEREAS, there has been presented to the Board of Commissioners of the Authority (the
"Board")the Assumption Agreement; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Richfield, Minnesota that:
1. The Assumption Agreement is hereby in all respects authorized, approved, and
confirmed. The Chair of the Board and the Executive Director are hereby authorized
and directed to execute the Assumption Agreement for and on behalf of the Authority in
substantially the form now on file with the Community Development Director but with
such modifications as shall be deemed necessary, desirable, or appropriate, the
execution thereof to constitute conclusive evidence of their approval of any and all
modifications therein.
2. The Chair and the Executive Director are hereby authorized to execute and deliver any
other documents or certificates deemed necessary to carry out the intentions of this
resolution and the Assumption Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20th day of May, 2019.
Mary B. S pple, Chair
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ATTEST:
Erin Vrieze DbinielA Secretary