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HomeMy WebLinkAboutResolution - 83-104 - Approving Loan Modification Agreement and Amendment to Mortgage (Valley Place Office Associates Commercial Revenue Bond Project) - 06/07/1983 RESOLUTION NO . �j 2 —/,O RESOLUTION APPROVING LOAN MODIFICATION AGREEMENT AND AMENDMENT TO MORTGAGE (VALLEY PLACE OFFICES ASSOCIATES COMMERCIAL REVENUE BOND PROJECT) WHEREAS , the City has issued its Commercial Development Revenue Note dated November 25 , 1981 in the amount of One Million Two Hundred Thousand Dollars ($1 , 200 , 000 . 00 ) (the "Note" ) , in order to finance the acquisition of certain real property and the construction and equipping thereon of certain office building improvements on behalf of Valley Place Offices Associates , a Minnesota partnership (the Borrower) ; WHEREAS , the Note was purchased by Marno-Max Company, a Minnesota partnership (the Lender) , on November 25 , 1981 ; WHEREAS , the City loaned the proceeds of the Note to Borrower pursuant to a Loan Agreement dated November 25 , 1981 (the "Loan Agreement" ) , and the City ' s interest in the Loan Agreement was assigned to Lender by an Assignment of Loan Agreement, dated November 25 , 1981 (the "Loan Agreement" ) ; WHEREAS , interest on the outstanding principal balance of the Note is due and payable on certain dates and at certain rates , as specified in the Note and , in order to reduce the Borrower ' s current debt service payments tinder the Loan Agree- ment, the Borrower and Lender have requested that the City consent to a deferral of certain interest payments and modify the Note and other loan documents accordingly; and WHEREAS , to accomplish the foregoing , a "Loan Modification Agreement and Amendment to Mortgage" , dated February 1 , 1983 ( the Modification Agreement) has been prepared and submitted to this Council . NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Eden Prairie , Minnesota, that the Modification Agreement is hereby approved and the Mayor and City Manager are authorized to execute the same on behalf of the City. Adopted this 7tih day of June , 1983 . W�Tfgan© F�i, Penzel , Mayor f ATTEST: 1 ,J ane, City Clerk v