Estoppel Certificate - TIFTo
ESTOPPEL CERTIFICATE _ TAX INCREMENT FINANCING
BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC, AN OhiO
limited liability company ('ol,ender") and FEDERAL HOME LOAN
MORTGAGE CORPORATION
TIF Documents (as defined in the Loan Agreement (as hereinafter defined))
for premises known as Lake Place Senior Apartments located at 1361 Lake Drive
West, Chanhassen, Minnesota 55317 (the "Premises")
Date:As of November 15,2024
Re:
Ladies and Gentlemen:
The Premises is subject to certain development agreements and instruments relating to tax
increment financing ("TIF") assistance. The undersigned hereby ratifies the TIF Documents
(defined below) and certifies to the following:
l. The TIF is documented in and exclusively governed by the following instruments
(collectively, the "TIF Documents"), as well as applicable state law: (1) Contract for
Private Development dated April 6, 2021between Lakes at Chanhassen, LLC, a Minnesota
limited liability company ("Borrower") and the undersigned Chanhassen Economic
Development Authority (the "TIF Authority") recorded February 13,2023,as Document
No. 4757323 in the office of the County Recorder, Carver County, Minnesota (the "TIF
Development Agreement"); (2) the Certificate of Completion, made by the TIF Authority,
dated February 21, 2023, and recorded as Document No. A758573 in the Office of the
County Recorder, Carver County, Minnesota (3) Taxable Tax Increment Revenue Note -
Series 2023A, executed by the TIF Authority dated March 15,2023, in the amount of
$3,065,000 (the "TIF Note"); and (4) Declaration of Restrictive Covenants dated May 24,
2021 between Borrower and the TIF Authority, recorded June 2,2021 as Document No.
A726064 in the Office of the County Recorder, Carver County, Minnesota (the "TIF
Regulatory Agreement").
Borrower and the TIF Authority are in full compliance with all TIF Documents, including
without limitation, the payment of any and all fees related to the TIF, and there are no
outstanding obligations of the undersigned in connection with the TIF Documents, other
than payments of the TIF Note on each Payment Date, as defined in the TIF Note.
The TIF Authoritv has no actual knowledge of the TIF Documents har*enslbeen beine
pledged as collateral for any other obligatiou provided. howeve
consented to a collateral assisnment of the TIF Note to Bridgewater Bank in Mav.
2021. which the undersisned understands will be terminated as a condition to Lender
makins a new loan to Borrower.
4. The undersigned has not received a notice of any default under the TIF Documents and is
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not aware of any default notices having been issued.
5. The
Authority made its first navment to Borrower under the TIF Note on Ausust 1.2023.
The last scheduled pavment on the TIF Note will Februarry 1.2042.
The statements contained herein may be relied upon by Lender, its successors and/or
assigns, its counsel, and by third parties who are interested in the matters covered by this
Estoppel Certificate.
7. The undersigned is duly authorized and fully qualified to execute this Estoppel Cenificate.
Estoppel Certilicate - Tax Increment Financing
DOCSOPEMCH I 3 5\62\98487 l.v | -10 124124
TIF
Very truly yours,
CHANHASSEN ECONOMIC DEVELOPMENT
AUTHORITY
By
Its
By
Its Executive Director
4871-9078-4496, v. 3
Estoppel Certificate - Tax Increment Financing
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