1997-62849
HRA RESOLUTION N0.628
RESOLUTION AUTHORIZING CONSENT TO AMENDMENTS
TO LOAN DOCUMENTS
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield (HRA) did, on or about April 29, 1994, execute and enter into a contract for
private redevelopment (Contract) with CSM Corporation; and
WHEREAS, CSM Corporation subsequently assigned its interest under the
contract to CSM Investors, Inc., a Minnesota Corporation (CSM); and
WHEREAS, pursuant to the requirements of the Contract, CSM has previously
obtained consent from the HRA prior to entering into certain financing arrangements
with regard to the Phase II Property; and
WHEREAS, in connection with such prior consent, CSM has provided the HRA
with letters of credit sufficient in amount to fully cover the remaining obligations of CSM
to the HRA under the Contract; and
WHEREAS, CSM has now requested that the previously consented to financing
arrangement be modified as fully disclosed in the attached Exhibit A; and
WHEREAS, the HRA has received the report of its consultants indicating that the
approval of the modifications described in Exhibit A will not impair or otherwise
jeopardize the HRA's security or the ability of CSM to continue to meet it obligations
under the Contract.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The requested consent to amendments to the various documents described in
Exhibit A is hereby in all respects approved.
2. The Executive ®irector and Commission Chair are hereby authorized to execute
and deliver to CSM a document in substantially the form of Exhibit A.
Adopted by the Housing and Redevelopment Au rity in and for the City of
Richfield, Minnesota this 19th day of May ,1997.
Thomas E. Harms, Chair
A T:
Michael ,S~r,~'Nahl, Secretary
EXHIBIT A
HRA. Resolution No. 628
CSlI CORPORATION - {~ p p P
T.liE I~OUSII~iG AND REDkVZ~.OPMEN'T AVTHORI7.'Y 1N AND FOR
THE CTI'Y OF RIC>'~LD,IV~DAtNF50'yA (the "Autharit~" ~, lteeeby consents to the
~~of ea~h~f- tie-folla~ing~ioaia~entsJoy ettd btlwe~. C.SI~i D~IVE.STORS,
7NC., a eta corporation (the "Develapes~, and FIRST BANK NATIONAL
AS~CIA7fION, a nationll banlatig assodation (the '":
A. Revolving Construction Loan Agrrea-ent, dated October 10, 1996
{lies+eitta;fter called "Canstructiori Loan Agt~Ye:tt");
B. Revolving Note, dated October 14, 2996 (Jt~ereinafter called
"Revolving Nate"~;
~1
U
C Combination Mortgage, Securi~r Agreen~nt and Fixture
Financsng Statement; dated as a2 Naveatber 19,199b, filed for
registration in the office of die R~Strar of Mies in and far
Hentscpin County, iota, an 16,1986, as
Documrnt No. 2769926 (1>~nafber called "1ldortgag+e"~, cweriag
the iand located ~ Hennepin County, ?iota, legally
dr~a~ibed o:l ~ attached he~te and hereby made a put
hareof (hersa~a'fter called ''Px~+isea");
D Assignment of leases and Rents, dated as of Neve:nber 19,199G,
.filed far regfsbration in said Re~strar of Titles' office on
Decamber 16,1986, as Docuatent No. 27694Z~7 (l+eseinafbex called
"Assigsa~ent"~, cavrring the Pzemises,; and
E. A Project Addezzdum to the Cons-'tzuctian Loam Ag~tntetit,
dated as of Nov+eacbe:19,1996, rnlating tB the Prexnisea,
I
0SJ05/87 DSOIY Ob:lB FAa 82Y 846 2404
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in order to (i) increase the maximum principal amount of advances uadez the
Constiu,ction Loan AgtYtment and the face pralc~pal amount of the Revolving
Note from $15,000,000.00 to $22,000,000.00; and (a~ to incx+eease the ma~dmum
psmdpal amount of the Lender Loan, as that term is defix+ed in that cextain
Suborciirtation Agreement, dated effective as of October 7,1995, by cad among the
Authority, the Developer and the Lender, and filed for regisirdtion in the office of
said Registrar of Titles an Dor~atber 15,1996, as Docuactent No.
{hereinafter called "Subordination Agrc~ement"~, from $10,000,000.00 to
$22,0,000.00. The Authority hereby further agrees that said amendments will have
no adverse effect upon the Subordination Agreement, which shall remain in full
force and effect with reapeet za the Mortgage and the Assignment as so amended.
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