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<br />-' <br /> <br />Development, dated as of March 14, 1989, as amended by <br />that certain Amendment to Contract for Private <br />Development, dated as September 14, 1989 (the <br />"Development Agreement"), concerning the development in <br />two phases within the Project Area of a total of <br />approximately 80,000 square feet of office/showroom <br />facilities. <br /> <br />(g) The Partnership has indicated to the City that <br />it has assigned or wishes to assign the Development <br />Agreement to Interstate Centre Development Group, Inc., a <br />Minnesota corporation (the "Company"), and has requested <br />the City to consent to such assignment pursuant to the <br />applicable terms of the Development Agreement. <br /> <br />(h) There have also been presented to the City <br />copies of a certain Construction Loan Agreement, <br />Mortgage, and other documents related to the making of a <br />loan to the Company by American National Bank and Trust <br />Company, St. Paul, Minnesota (the "Bank"), for the <br />purpose of financing the Phase 1 Improvements under the <br />Development Agreement. These documents are hereinafter <br />referred to as the "La'an Documents." <br /> <br />(i) In connection with the Loan Documents, there <br />has also been presented for the Council's consideration a <br />certain Agreement proposed to be entered into by and <br />between the City and the Bank (the "Subordination <br />Agreement" ) whereby the City would approve the Loan <br />Documents and subordinate to the Bank certain of the <br />City's rights under the Development Agreement, all <br />pursuant to the applicable terms thereof, including <br />particularly Sections 5.3 through 5.5 and 6.4 thereof. <br /> <br />(j) There has also been prepared and presented for <br />the Council's consideration a certain Personal Guaranty <br />(the "Guaranty") whereby, in consideration of the City's <br />consent to the above-described assignment of the <br />Development Agreement from the Partnership to the <br />Company, John N. Allen and Rebecca Allen would personally <br />guarantee the Company's obligations under the Development <br />Agreement. <br /> <br />2. The Council hereby approves the Loan Documents (for <br />the purposes and to the extent required by the Development <br />Agreement) and the Subordination Agreement substantially in <br />the form presented to the Council and hereby authorizes the <br />Mayor and City Manager, in their discretion and at such time, <br />