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Housing and Redevelopment Authority in and for the City of Elk River <br />LOAN AGREEMENT <br />$400,000 <br />THIS LOAN AGREEMENT is made and entered into this day of <br />2005, by and between MDI Limited Partnership #70, a Minnesota limited <br />partnership (hereinafter referred to as "Borrower" or "Partnership"), with its principal offices <br />located at the address listed in Section 13 of this Agreement; and the Housing and <br />Redevelopment Authority in and for the City of Elk River, a public body corporate and politic <br />under the laws of the State of Minnesota (hereinafter referred to as "Lender"), with its principal <br />offices located at the address listed in Section 13 of this Agreement. <br />WITNESSETH: <br />WHEREAS, Lender is authorized to make loans; and <br />WHEREAS, Borrower is the owner in fee simple of the Real Estate described in Exhibit <br />I (the "Subject Property") attached hereto and by this reference made a part hereof; and <br />WHEREAS, Borrower has applied for and obtained a loan from Lender in the amount of <br />Four Hundred Thousand and 00/100 Dollars ($400,000) (the "Loan") to assist in the financing of <br />a housing development for households with low and moderate incomes (said housing <br />development and all assets of whatsoever nature situated on or used in connection therewith is <br />hereinafter referred to as the "Development"); and <br />WHEREAS, there will be thirty-two (32) units of rental housing in the Development; <br />and <br />WHEREAS, all thirty-two (32) of the units in the Development will have rents that are <br />affordable to households earning 50% or less of the current Sherburne County median income <br />and the units will be assisted by receipt and use of the Loan (the "Assisted Dwelling Units"); and <br />WHEREAS, Lender is willing to make the Loan to assist in the accomplishment of the <br />above, but only on condition that Borrower fulfill the terms of this Loan Agreement; and <br />WHEREAS, Borrower is willing to execute and abide by this Loan Agreement as a <br />condition of obtaining the Loan. <br />NOW, THEREFORE, it is hereby agreed by and between the parties hereto, and their <br />respective permitted successors and assigns, as follows: <br />1 <br />