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<br />Privat~ Development dated January 14, 1988, as amended, <br /> <br /> <br />between the City and the Company (the "Development <br /> <br />Agreement"), a Regulatory Agreement dated as of July 1, 1988 <br /> <br /> <br />between the City, the Trustee and the Company (the "Regulatory <br /> <br /> <br />Agreement") and a Declaration of Restrictive Covenants (the <br /> <br /> <br />"Declaration") dated as of July 1, 1988, executed by the <br /> <br /> <br />Company and recorded as covenants and restrictions running <br /> <br />with'the land on which the Project is located. In addition, <br /> <br /> <br />the Company has obtained an irrevocable standby letter of <br /> <br /> <br />credit (the "Letter of Credit") from Marquette Bank <br /> <br /> <br />Minneapolis, National Association, a U.S. corporation (the <br /> <br /> <br />"Bank"), to further secure payment of the principal of, <br /> <br />interest on, and purchase price of, the Bonds. In connection <br /> <br />with the Development Agreement, the Letter of Credit and the <br /> <br /> <br />Standby Letter of Credit and Reimbursement Agreement (defined <br /> <br /> <br />below), the City will consent to a Collateral Assignment of <br /> <br /> <br />City Note dated as of July 1, 1988 by the Company to the Bank <br /> <br /> <br />(the "Collateral Assignment of City Note"), and will enter <br /> <br /> <br />into a Subordination and Warranty Agreement dated as of <br /> <br /> <br />July 1, 1988 by and between the City and the Bank (the <br /> <br /> <br />"Subordination and Warranty Agreement"). Pursuant to a <br /> <br /> <br />Standby Letter of Credit and Reimbursement Agreement dated as <br /> <br /> <br />of July 1, 1988 by and between the Bank and the Company (the <br /> <br /> <br />"Standby Letter of Credit and Reimbursement Agreement"), the <br /> <br />3 <br />