Consent to Assignment and Certification as to status- TIFCONSENT TO ASSIGNMENT AND CERTIFICATION AS TO STATUS
OF TIF DEVELOPMENT AGREEMENT
The CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY (the "TIF
Authority") does hereby represent, affirm and deliver the following Consent to Assignment and
Certification regarding the status of the Contract for Private Development dated April 6, 2021
between Borrower and the TIF Authority dated April 6, 2021 (the "TIF Development
Agreement").
1) TIF Development Agreement
Attached hereto as Exhibit A is a complete copy of the TIF Development Agreement entered into
by and between the TIF Authority and Lakes at Chanhassen, LLC, a Minnesota limited liability
company (the "Owner"), and that certain note dated March 15, 2023 executed by the TIF
Authority to the Owner (the "TIF Note"). The TIF Authority confirms that there have been no
further amendments to or modifications of the terms of said TIF Development Agreement the TIF
Note set forth in Exhibit A.
2) Satisfaction of Conditions Precedent to Payment of the Reimbursement Amount
Those "conditions precedent" to payment bv the TIF Authoritv of amounts pavable under the
TIFNotesetforthanddescribedontheTIFDevelopmentAgreementat@
(g) have been satisfied by Owner and accepted by the TIF Authority under the terms of the TIF
Development Agreement. There remain no further conditions precedent to the TIF Authority
obligation to make
payments under the TIF Note.
3) No Events of Default
As of the date of this Certification, the TIF Authority has no knowledge of and has received no
notice of any event or events of Default by Owner or Owner's assignee that are outstanding or are
continuing under the TIF Development Agreement or the TIF Note. The TIF Authority has not
issued any notices of default with respect to the TIF Development Agreement or the TIF Note. {!!
installment pavments required to be paid bv the TIF Authoritv under the TIF Note on or
before the date of this Certfication have been paid in full.
4) Reserved
5) Acknowledsement of Documentation Received. Reviewed and approved bv the TIF
Authoritv
As of the date of this Certification, the TIF Authority has received, reviewed and approved of the
following documentation arising under and with respect to the TIF Development Agreement:
a. Certificate of Completion filed March 28, 2023 as Document No. A7 58573 , executed
by the TIF Authority.
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b. Collateral Assignment of TIF Documents dated
(the "Collateral Assignment").
2024, executed by Owner
6) Consent to Assignment
The TIF Authority consents to the execution and delivery of the Collateral Assignment, and to the
security interests and assignments created therein, as security for the Loan and all future loans,
advances, debts, liabilities, obligations, covenants and duties owing by Owner to Lender of any
kind or nature arising from the Loan.
The TIF Authority has received and approved the Collateral Assignment, and the Collateral
Assignment is not in conflict with the terms of the TIF Development Agreement or the TIF Note.
IN WITNESS WHEREOF, this Consent to Assignment and Certification as to Status of
Agreement has been executed this _ day of _,2024.
IDOCUMENT EXECUTTON ON THE FOLLOWING PAGE]
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CHANHASSEN ECONOMIC DEVELOPMENT
AUTHORITY
By:
Its
By:\fr,ltlx"frr-+r*u,wn
Its Executive Director
Attest:
487644424688, v.2
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