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WHEREAS, the Project, the Housing Bonds and Subordinated Housing Note are <br /> contemplated and authorized by a Senior Housing Program (the "Housing Program") adopted <br /> by the City Council pursuant to Minnesota Statutes, Chapter 462C; and <br /> WHEREAS, the Project is to be developed as a planned unit development pursuant to the <br /> terms of a Agreement dated as of October November_, 2001 between the City <br /> and the Developer (the "PUD Agreement"). <br /> WHEREAS, the proposed Project qualifies as a "housing development project" within <br /> the meaning of Minnesota Statutes, Sections 469.002, Subd. 15 and 469.017, and will <br /> promote and carry out the objectives of the Housing Program and the TIF Plan, will be in the <br /> vital best interests of the City and will promote the health, safety, morals and welfare of its <br /> residents, and are in accord with the public purposes and provisions of the applicable state <br /> and local laws. <br /> NOW, THEREFORE, in consideration of the mutual covenants and obligations of the HRA, <br /> the City and the Developer, the parties hereby represent, covenant and agree as follows: <br /> [The balance of this page intentionally left blank.] <br /> 2 <br />