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THIS AGREEMENT, made and entered into as of this day of October, <br /> 2001, by and among the CITY OF ORONO, a Minnesota municipal corporation <br /> having its principal office at 2750 Kelley Parkway, Orono, Minnesota(the "City"), <br /> the ORONO HOUSING AND REDEVELOPMENT AUTHORITY, a body corporate <br /> and politic having its principal office at 2750 Kelley Parkway, Orono, Minnesota(the <br /> "HRA") and ORONO SENIOR HOUSING, LLC, a Minnesota limited liability <br /> company(the "Developer"). <br /> WITNESSETH: <br /> WHEREAS, the Developer, the City and the HRA contemplate that the <br /> Developer arreNEEEORtr will develop the property described in Exhibit A hereto (the <br /> "Development Property") as a 62-unit apartment building for seniors (the "Project"); <br /> and <br /> WHEREAS, the Developer will cause the Development Property to be <br /> acquired and conveyed to the HRA under the terms and conditions of Section 3.3 <br /> hereof; and <br /> WHEREAS, the HRA will lease the Development Property to the Developer <br /> for use as senior housing pursuant to the Ground Lease attached hereto as Exhibit B <br /> (the "Ground Lease"); and <br /> WHEREAS, the HRA will issue its Tax Increment Revenue Note in the form <br /> of Exhibit C hereto (the "TIF Note") in payment of a portion of the costs of acquiring <br /> the Development Property; and <br /> WHEREAS, the balance of the costs of the Project will be financed by the <br /> issuance by the City of its Multifamily Senior Housing Revenue Bonds (Orono <br /> Woods Project), Series 2001A (the "Housing Bonds") and its Subordinate <br /> Multifamily Senior Housing Revenue Note (Orono Woods Project), Series 2001)4 (the <br /> "Subordinate Housing Note") to be issued as described in Section 3.1 hereof; and <br /> WHEREAS, the HRA has created and established Tax Increment Financing <br /> District No. 1-1 as a housing tax increment financing district (the "TIF District") and <br /> a coterminus Housing Project Area No. 1 pursuant to a development program and a <br /> tax increment financing plan(the "TIF Plan") adopted pursuant to Minnesota Statutes, <br /> Sections 469.001 through 469.047 and Sections 469.174 through 469.179 <br /> (collectively, the "Acts"); and <br /> WHEREAS, the Project and the TIF Note are contemplated and authorized by <br /> the TIF Plan; and <br /> WHEREAS, the Project, the Housing Bonds and Subordinated Housing Note <br />