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3. HRSR 05-16-2005
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3. HRSR 05-16-2005
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City Government
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HRSR
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5/16/2005
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discretion, are financially capable and competent to cause Borrower to have the capacity <br />to effectively own and operate the Development, subject to the terms and provisions of <br />this Loan Agreement. <br />D. In the event of the retirement, death, insanity, incapacity, withdrawal, dissolution, <br />liquidation, bankruptcy, or assignment for benefit of creditors of Borrower, the <br />Development may be continued pursuant to the rights set forth in the Limited Partnership <br />Agreement. In the event of dissolution of Borrower, no title or right to possession and <br />control of the Development, and no right to collect rents therefrom, shall pass to any <br />person who is not bound by this Loan Agreement in a manner satisfactory to Lender. <br />E. All costs associated with closing the Loan will be paid by Borrower, including <br />reimbursing Lender for attorney's fees incurred preparing the loan documentation and <br />closing the loan. <br />12. TERM OF THIS LOAN AGREEMENT. <br />The Loan Term, as stated in the Mortgage- and Promissory Note attached herewith, is thirty <br />(30) years. <br />13. NOTICES. <br />Borrower: <br />MDI Limited Partnership #70 <br />Attn: Asset Manager <br />1600 University Avenue West, Suite 212 <br />St. Paul, Minnesota 55104-3825 <br />Lender: <br />Housing and Redevelopment Authority in and for City of Elk River <br />Attn: Director of Economic Development <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />14. NOTICE TO BORROWER. <br />This Loan Agreement, together with the Mortgage, Promissory Note, and all other related <br />documents executed in connection herewith which evidence or otherwise relate to the Loan <br />constitute the final expression of the agreement of the parties and may not be contradicted by <br />evidence of any prior or contemporaneous oral agreement among the parties. Each party <br />13 <br />
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