Loading...
1995-539HRA RESOLUTION NO. 539 THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RICHFIELD, MINNESOTA RESOLUTION RELATING TO ACCEPTING LETTER OF CREDIT AND RELEASING MORTGAGES WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield (the "HRA") did, on or about April 29, 1994, execute and enter into a Contract for Private Redevelopment (the "Contract") with CSM Corporation; and WHEREAS, CSM Corporation subsequently assigned its interest under the contract to CSM Investors, Inc., a Minnesota corporation (the "CSM"); and WHEREAS, pursuant to the requirements of section 3.2(d)(3) of the Contract, CSM has given the HRA security interests in the form of mortgages covering the Phase I property; and WHEREAS, such mortgages are fully described on the attached Exhibit A; and WHEREAS, CSM, in connection with securing permanent financing has now requested that the HRA release its mortgages in favor of a letter of credit (the "LC") in the amount of $750,000 and in substantially the form of the attached Exhibit B; and WHEREAS, the Contract permits the HRA, upon the request of CSM, to accept other forms of substitute security when, in the HRA's reasonable judgment, such other forms of security will adequately perfect the HRA's interests under the Contract; and WHEREAS, the HRA has reviewed CSM's proposed LC, and has included that LC adequately protects the HRA with respect to the obligations described in Section 3.2 (d)(3) of the Contract. NOW, THEREFORE, be it resolved by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota as follows: 1. That the LC in substantially the form contained in Exhibit B is hereby approved as alternative security to the mortgage described in Exhibit A. 2. ~ That upon receipt of a fully executed LC, the Executive Director and Chairperson are hereby authorized, on behalf of the HRA, to take all actions and do all things reasonably necessary to release the mortgages described in Exhibit A. Adopted by the Housing and Redevelopment Richfield, Minnesota this 13th day of February, 199 A' in and for the City of omas E. Harms, Chairperson 109 Vern Luettinger, HRA Resolution No. 539 1 2. 3. 4. EXHIBIT A MORTGAGES DOCUMENT NO. AMOUNT RECORD DATE 6322375 $1,500,000 August 8, 1994 6322614 400,000 August 8, 1994 6322968 100,000 August 9, 1994 6325228 823,000 August 9, 1994 :s~ ~8 1d3Ytitb ~L+!j 'OQ5 'oN uouieo!~ a3sauwo ; ~ se"4~~i'J 3ec~oWeuiawl sLas„~ S6St .~!PeS~ ~ J1°1 ~!~-sd Pue ss,wsn~ ut~o~u f:. 843 c13aofc~s si i?Pa1~ ~juawnoop siy1 'l5a~dm ~° `Esuep 'uo~yrtpau Q3 3ae~ ~ M+.r p~ pue cu3aW ~usg t~k~c,crd ?~ k1 uoaE~t3uaw i+r- s~odssd !~ ~ P~ f~1 ~1 ~ ~.~~ ;o :a~a~ a43 •aapc:e ~ctsiCB,d ~o; ~and~ a~ '~!~ c{ons e~odn ndC dq sn of pa~a~ns ~tpdWC~d aq peas y~a,~ to ~°~ ~!. '5661 ' 1 is~~' ~o~a4 ~o uo 'cu'd ~op,o C0.'Z ~~Q ~ ~ SLQsS NW `InEd '3S 43nQS `leot~ P~~ ~ EE9 to srnot~ ~easnq seMba~ 6uurip paiLase~d p sn ~tq Pa~ouoci ~lnP ~i u!M ~~ #o -~isa't std )e e'-=~ et6 I~ua e.'x~sld<s+oo ea, pue :apun uxe~ ii~P aUO l~R no~C 4~- a6e5tta ~Cgaiac; s/N tub' ~ ~eQt:n t~.,sa asne~ ayl Buc~aG sn uo 5~s 'o1J ~ ;o laua~ •a~q+y dreg ~~ 10 ~i~~ sad ~ ~apuesttrs ~odn t~ st ~ ~ ux~P i~ ~ ~ pe'c~du~moe stti of al4EL ~l4M ~ua~rt~ -g•n w p p~tsacs~e ayl of do ~ •oN ~ ~ sa?la~ a1Q~as~1 5!43 ~~ ~nad to ae~ JC4a~ay aM :c+ausap~ue~ ~~ Jo ~ll~ ~u6up aca s~ s~yl ~~~ ~3 ~~gddb ~!~o ~sn ~asn :~es~,pt~ag :~l.~t' ly~- veal 'u ~~ro 9~Z1 'oAt !J©~7 d0 ' _~ ~'?B1t7~01191~l3I li~~ QL91 rFJ 9r-t~9~v ~Lt91 mow o+et~ ~ t~64s LLg17t1~J tC76-zss n, °+ rv~ ~ss7 Qt91 x1ti EYi06-.Q tZlsl X~1 ~ty7 ~- ~s wv v.osa~y e~ X08 'Od ~ «~~ ¢~a1 ssa•zsb ¢sm LYtss' wr '~- A~ tirt ~u~s3 t~a•:9- ¢ta1 arose wv ~ +br9 ~r.w arose wv '!mod ~ ~+e5 ~ me '01 5 ~~ ~rl ~ ~ 28 ~ .~itiosC.. iM SLL~ 3+~ 31.J~+eetl SG61 .' !~ ~+Yr ~, D~9 ,aa~ s~J '4S F~ i M~~~ ++153 ~~ ~p ~y Inid i4 i0~ ~ ~o•~ry +. ~~ .irrB aar~ ~-~ ~~ ~.Q~ ._ .,v.. C:Tr ~ F+[ y:a!~ftL NpilU'E3f Ba~+KS E~S~it ~t ~E~ PERFORMANCE NORWEST SANK MINNESCTA, NATIONAL ASSOCIATION INVESTORS BUILDING 733 MARQUETTE AVENUE, SUITE 350 • MINNEAPOLIS, MINNESOTA 55479-0093 INTERNATIONAL LETTERS OF CREDIT DATE: • TO : i ~rl r~ ----------------- ~ ~~ ~;%~1~ ----------------- ~ J ACCOUNT PARTY: ee°e------------- .~ OPEN IRRE JOCABLE STANDBY LETTER OF CREDIT NTJ.*~.3ER $LCNBR IN THE AMOUIv'T OF -------------- (----AMOUh: IN WORDS----) IN F~,VOR OF YOURSELVES EXPIRES -------------- AT OUR COUNTERS AVAILABLE AGAINST DRAFTS DRAWN AT SIGHT ON NORWEST 3ANR MINNESOTA, NATIONAL ASSOCIATION, MINNEAPOLIS, MINNESOTA SEARING TiiF. CLAUSE : ' ' DR.~iWN UNDER STANDBY LETTER OF CREDIT NUMBER $LCNBR OF NORWEST bANR MINNESOTA, NATIONAL ASSOCIATION'' ACCOMPANIED HY THE FOLLOWING DOCUMENTS: 1. BENEFICIA_RY'S SIGNED STATEMENT READING: " WE ARE DRAWING AGAINST STANDBY LETTER OF CREDIT N0. ~LCNBR AS ---------- HAS FAILED TO COMPLY WITH THE TERMS AND CONDITIONS OF TFiE CONTRACT DATED ---------- BETWEEN ------------- AND 2. THIS ORIGINAL LETTER OF CREDIT FOR ENDORSEMENT PAYMENT ::ILL BE MAiE AT THE COUNTERS OF NORWEST BANi{ IINNESOTA, NATIONAL ASSOCIATION. THIS CREDIT IS SiSBJECT TO THE UNIF ORM CUSTON_S AND PRACTICE r^OR DOCU'~"ENTARY CREDITS (1993 REVISION} INTERNATIONAL Cri.a.*'iBER OF COP~MERCE PLTBLICATION NO. 500. Kc.rs •NUC rs-es•m~~•~ YF6g~[~i i~Rl~'EST $4NK$ aaaaa as ~~s UNLESS OTHERWISE STATED, ALL DOCUMENTS ARE TO 3E•FORWARDED TO HY MAIL, OR HAND DELIVERED TO OUR COUNTERS. CUMENTS TO BE DIRECTED TO: NORWEST BANK MINNESOTA, NATIONA, SOCIATION, INVESTORS BUILDING, 733 MARQUETTE AVENUE, NNEAPOLIS, MINNESOTA 55479-0093., ATTN: INTERNATIONAL ?RODUCT SERVICES DIVISION, LETTERS OF CREDIT. WE HEREBY ENGAGE WITI~ DRAWERS AND/OR BONA FIDE HOLDERS T?iAT DRAFTS DRAWN AND NEGOTIATED IN STRICT CONF OR:~ITY WIT?? T:iE TERMS OF TIiIS CREDIT WILL BE DULY HONORED UPON PRESENTATION. NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION ~ :_ __•,~ ------------------ AUTHORIZED SIGNATURE ~ ;•~ ~~~~; ' ~~SA~~iORIZED SIGNATURE ;`'•\ ~ ~ V t~~; 1