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SECOND AMEIiDMENT TO CONTRACT FOR PRIVA'I'E DEVELOPMEN'J: THIS AGREEMENT is made on or as of this......__ day of , 1993 by and between the City of New Brighton Minnesota (the "Citylt) and New Brighton Senior Assisted Living Limited Partnership, a Minnesota limited partnership (the "Transferee") . WITNESSETH: WHEREAS, the City and Park Place Senior Housing Limited Partnership (the "Developer") entered into a Contraot: for Private development ot'ted 38 of .1ii\nUllry 24, 1986 (the "Agreement"); and WHEREAS, the City and Developer 8.mended t.he AgY'AAtl\fent_ hy 1Il letter agreement dated as of January 31, 1986; and WHERaAS, on February 6, 1986, the City made a loan from its Development Account to the Oeveloper in the sum of $150,000; and WHEREAS, on tho d~tc the~eof the Developer delivered a promissory Note to the City, with such terms and conditions as contained in Exhibit D to t:he Agreemen~ (the "J:'romiusory Notc"); and WHEREAS, the Developer and the City have executed an Assessment Agxeement dAted A8 of JAnu.ry , 1966 (~he "AsseSSllent Agreement"); and WHEREAS, the City and Developer entered into an Amendment to contract tor Private Redevelopment dated as of , 1986 (the "Amendment to ContraotU) which amended the Agreement, the promissory Note ~O the Assessment Agreement; and WHEREAS, the Transferee is requesting the City's approva1 to be a successor in interest to the Developer in accordance with Article IX of the Agreement; ana WHEREAS, the city and the Transferee desire to further amend the Agreement, the Promissory Note, the Assessment Agreement, and the Amendment to COntract to further the purposes set forth therein; NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, the parties hereby agree as follows: 1. The City hereby consents that the Transferee is a transferee within the meaning of Article IX of the Agreement and hereby recognizes the Transferee as a successor in interest to the Developer.