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275605 WNITE -'CITYCLERK r PINK - FINANCE ��'�!� CANARY - DEPARTMENT y S A I N T� PA LT L COUtIC1I � V BLUE� - MAYOR � File N Cty Atty/SDM c ' Resolu�ion Presented By Referred To Committee: Date Out of Committee By Date RESOLUTION APPROVING MHFA/CITY ADMINISTRATION CONTRACT AND AUTHORIZING EXECUTION THEREOF AND ESTABLISHING FEES WHEREA5, under the provisions of Minnesota Statutes, Chapter 462A, the Minnesota Housing Finance Agency (MHFA) is authorized to make or purchase loans insured by Title I of the National Housing Act, the proceeds of which are to be expended for energy improvements to rental property as necessary to bring the improved property into compliance with Subdivision 3 of Minnesota Statutes �116.129, and for such other moderate rehabilitation as is approved by A�IFA pursuant to MHFA Rental Rehabilitation Pilot Program (hereinafter called "Program") ; and WHEREAS, MHFA desires to obtain the services of th.e City of Saint Paul in locating property suitable for participation in the Program and to otherwise assist in the implementation of the Program so as to maximize the benefits afforded by it, and the City of Saint Paul is willing to provide those services on the basis of the terms and conditions set forth in the Administration Contract between the parties; and t�HEREAS, MHFA has agreed that the City of Saint Paul may charge a fee for such services consisting of one percent of the face value of the requested loan to Developer at the time of the application and one percent of the face value of the actual loan from MHFA (or $115.00, whichever is greater) at the time the loan is purchased by MHFA. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul that the Administration Contract between MHFA COUIVCILMEN Requestgd by Department of: Yeas Nays Hunt Levine [n Favor `/� Maddox M�nneno� _ A ainst BY ��'�� Showalter - g Tedesco wlson Form Approv d by City o Adopted by Council: Date � Certified Yassed by Council Secretary BY By� �. Approved by 1�lavor: Date _ Approved ayor for Submis on to Cpuncil By _ BY WHITE - CITY CLERK PINK - �FINANCE COUflCIl CANARY ; DEPARTMENT � G I TY O F SA I NT PA U L 5��5 BLUE - MAYOR File N O. � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 2. and the City of �Saint Paul is approved, and the proper officers of the City are hereby authorized to execute said contract. BE IT FURTHER RESOLVED that the City's fee for providing the services under the Administration Contract shall be one percent of the face amount of the requested loan at the time of the application from the developer and one percent of the face amount of the actual loan from MHFA (or $115. 00, whichever is greater) at the time the loan is purchased. COUNCILMEN Requestgd by Department of: Yeas Nays Hunt Levine In Favor Maddox McMahon � B snoweiter _ Against Y ' hd�--.— w�iso� Adop�v Council: Date SEP 9 1980 Form Approved Cit �' � � ertified V• ss y C ncil S�etary BY " � Approved vor: Date ��r � Approved by Mayor for Submission to Council By _ _ BY Pt�.�€EO S E P 2 � 198J t1I;;';�S(�T,1 HOUSI�;G F?,��:.fCE RC<<;CY - RE('�T�1L P.EHA6I L I-C11T I Oi�; P I LOT PROG�A:•1 ��r� P�OTE pL'FtCHr�SF CC�';,�IIT��iti;T APPLICATTOi� P.i�D FiGP,EEi�iEC+► THIS APPLTCATIO�r' AP�D AGP.EE��EflT is made and er,tered int� by ar.d betti�reen " Insi.7 tuLi ot� ("Sel 1 er' add er ss Zip Co�+e '� an� th2 hiinnesota Housing Finance Agency (°hSHFA"), arith its oi��'ice at 333 Sibley Strzet, Suite 200, Saint Paul , t�'innesota 55101 . . 4�I7�:ESSETN: - tti;;";EAS, under the provisions of Chapier 462A o� t!{innesota Statutes, h1NFA is au-�h�rized to make or purchase loans insured under Title I of the National Nousing act, the proceeds of ��hich are to be expended for energy i�prove�nnts to rent�l properties nec�s sa7�y to bri ng the i mproved properti es i nto compl�i a1�ce ti�i th Subdi vi si on 3 of i�1i rne- sota Statutes Chapter 116N.129, and far such other moderate retl�bil�itation as is appro��ed �y ��iH`A pursu�nt to the i�1HFA Ren�tal Rehabilitation Pilot Pro�ram (hereina�Fter cal7ed "the Proqram") ; and t��H�REHS, an addi ti onal rec,ui rem°n i of the Program i s that a-t the ti me of cl osi nc� of the loan at least 75% of th� rental units in the property to be impr�oved b2 rented ta Perso;�s and �d�ill�l `�S o-F Loti•� and P�loderat� Inco�e as de�i ned i n the Program and i n P�1E[�A Rul�s and Regulaticns; and t•�HEREAS, Seller desires to apply to hiHFA far a comT�itment by P�iHFA to purchase Seller`: �lotes funded under the Pr-ogr � + ("Sel 1 er's El i gi bl e P;otes") , i n accordance a�i tPi the �er��is and cond�i ti ons of the f�1HFA Hc:��e Improvemant Loan -- Rental Rehabi 1 i tati on Pi 1 ot Pro;ram Pro:.ed��ral Gu�i d�s (f;erei naf�er cal l ed "Procedura1 Guide�"} , tf�e provi si ons of ��r�tii ch are hereby incorporated by reference into �his instrum�nt; ar�d 4IHEP,EAS, Se?ler represen�s that it is an autharized FNa 7it1e I Tender, h?ving obtained an FN�1 Title I Cor+tract of Insurance, and that it in�tends to mair.ta�� ade- c;��e capita� un� personnel for the proper conc�uct of such a business; and 1•1FitREAS, Seller ackno�•�ledg°s that t��F':FA has rese��ved th� right to rec'uce ts�e a:�.ou�� of furds herei n requested by Sei 1 er for cor=�i tn�nt, by noti fyi ng Sel l er �i i� ti�e ranner provided herein ard by subsequently so in�iicatin� at the place prov�ide� �el cyi; ar;d : � = � � � �� '� � 6�;;'E=;;�IIS, Sell`r f��'thef, acl;no��ledc;e� that i�?�IF�`1 has additic1n�11y reser�'c�ct th�� rirh:. �o reduce th� approveci Commi tr�ent A�rount subsequ�r�t to its app►'oval af �f��is �p��i ;c.:ti on i n the e��ent that �i;IF,`1 i s una�l e to obtl-i n su�f i c i ert fu�►cis to purch�_�e El i:;i bl e ��.otes total i ny thn approved Cor�wii t,r�°nt Amount, Oi" 1 tl the a:1di ti onal even t ti�at t�� p��ovisions of Par. 5, belo�:�, beco�.�e ap�licable; an;i provided, f�tt,ti�er, ti�at ;•��F;; s�,all purchase all of� Seller�'s El �i�i51e i�;otes closed �urin; ti�e Co��,�ni��,'r�t 'Cerm and a;��ier to the ef�ective ciate of P��fi�A's no��ice oi Ca.,�,�lit�T;ent F;:�ount r:��uction, tcgeiher �•ri th al 1 E1 i gi b�l e ��otes for �•�ni ch Se11 er's bi ndi n� cor.�ni tn:ent � r ap��oved apnl i cat i on are i ss�.�ed pri or to such ef�fec�i��e date, a��d t,��i ch are subse�qu`��t�y c7 osect duri n:� tre �o�rni tm��t 7er�.�; and b'��R�AS, FiHFP, is t;illirg to enfer into a corni�tr�ent (i�°reir,a�ter ca?1ed "Pur- chase Commitr��nt") to purchase Seller'� Elioible �lotes in accardance ti•ri*h the ter�s and conc�itiors set forth heloa��, and provisions o� the Procediiral GuiCes. . �;0'r! 7HE°EFO°E, in consideration of the covenants hereinafter cont�ined anc! �he nut�ial benef i ts to be deri ved therefrom, i t i s hereby agreed as fol l o�•�s: 1 , Cor^mi tm�nt Pr�ount. That Sel l er hereby appl i es to f�NFR for a com�!i trent i n t�,e aggrega�te pri irc pal ar�ount of tF�e E1�gi bl e P�otes au�hori zec! for purchase b�,� t�FF�, as descri�ed i n the Procedural Gu�i des , in �he a�rour.} s_°� forth belorr. Se�i 1 er h e r e b y s p ec i f i c a 1 l y a c k n o t��l.ed ges that tne co �� i trren� herei n appl i ed for sha 11 be effective only upon the approval the'reof by t-:�F� a� the place prQVided belc;:�j and the delivery of a copy of the sare by T�1uFA to Seller, vihich approvec' appli-- cation shall constitute the Purchase Conmitr�nt. Se11er's applicatian is fur-- ther sub;i�ct to the reductior in doll�.r a1r0�tt�� by Pi`r'�-F, if ar�y> t��hich r�ay �e set for�n herzin by P1HFA prior to delivery by it ta Seller of an approved copy of sai d Purchase Cor�mi tr�Q�t. Ii is furiher speci f�i cal ly agreed tnat i t i s a cor:di tio� of tf�e Purc��ase Co�;u�i z- rr_�� that I�;�� sha11 have tf�e addi ti onal ri gnt, �pon t�rri tten noti ce to th� S_=11 er, to reduce the 1��NFA approved Corr,�i tmen� ��:ount at any tirr;� a�t�r tne del�very of t};e Purchase Commi tnent, provi ded tha� i f sucn a rect�cti�n occurs ��,�r� sF�al; p�:��.i�ase al l of .�e i 1 Er's E1 i gi b�� (vof,es �i�,sed ��ri ng the Co;r,r�i ;.�;�nt Terr► and prior �o �he effective date of MHFA`s notice of Cormitment Flmour�t reduct�o.�, torether ti��i th al l El i g i bl e Paotes for t•�hi ch Sel l er's bi ndi ng commi tment or approved app7ication are issued prior ta such effective date, and ti•thich are subse,u2ntly closed during the Co�nmitnent Ter��. 2. Commit�:�er,� Fee. No Cammitment Fee or char�e o�F any typ� shall be payable by Sel l er to f-�Nrk h�ereunder. 3. l�ariance in Cc�.mitrrent �.rount. That a variance of �5,f'�?� in the to�a1 pr�nci- pal su� o f E I i gi bl e ido��°s so�(d by Se11 er under the sai d Purchase Co�:.�i tment, _ at�ove or bei c:•� the adgregate pri nci p�.l amount of E1 i gi bl e �r'otes autnari-r_ed for purchase by t<iNFA, as provided belo��, ti�iill Ee cleer�ed by t�F'FA to constitute coi�i- pl i ance t•ri th the rec;ui remen ts of the Purchase Corr�i trent. �'�. Commitm°nt Term, That u�on the execu��on and delivery of the said Purch�se Corj7i tmen� by t��HFA to Sel Ier, Sel l er shal l com,r��nce to r;aFe i aans cor�lyi na �ritn the terrs of the Purchase Corrritment and the Proce�ural Guic`es; and th� enti re Ggareca�e �R:ount of E1 i�?bl e Pdo�es evi denci ng sald 1 oans sh�11 be cl asect ��ri�hin at� .�(_.._3 ron�� perio� in �ccorc!ance with t.he provisions o� �the Proce- d��•al Gui�es , saie� _ m�nth perioc� to be calleci the "Co��.nitr�ent 7err�}" , and t� cor,��,ence anc� termin�te upon the dates set -Fortn belot•r �y i�:�iFA. - � ��s�o � � � , �J. �:1X �.0`Ic'I'::'il� SE'� �'.�.1' l� �i��=?�2 tilul. ��111 i�UrCI�GS_ COI::'li��i[i?(ll, l5 t0 �l.' furc�:"� �� 7'i%;•'l ttl�' �Y'C�C:�C�S•Or �Jil�� 7SSU°� i)�/ �';if/�:� f.�Ic' lil+i..f_'f^� l`. C`T'. �•if11C�1 is excluc��?lt 1T'11�T: ��"1° CrOSS 1 T?Cv'�� r ��1° ho1 der thereef �For f2C2r2� tc i: ��Y�%OS�S �4•Jl t`(l Cc't�i:c'�l i" C:tCE_4�'I CiTS not hr�re rel�v�nt) . In ord�r to preset�v�, saic tax exe��;�tion , 7�`; ef the fiE�ic'.s f�`re- i n con��i�ed �:,�st have been di sburs�d to El i cii bl e �orra:r�rs by C^ce�:,5�:, 3�1 , 1 ��'C�; UT", 1 Cl th� u��2r�1dt1 V2� by G2Cer5�Y' �� 1�Pfl, �111C�1 I1CJ cc�r�i tr�en�� f�US�. fl<;V�' h�et1 i ssuec! by S�l 1 er io El i c�i bl e Porro��ers �or �t��e di sb!�rser.�n t of func', i tz ar� ar:.ou^t ►•;hi ch, t��n added to funds actu�ll v so d-i sf�ur•se�' by Sel 1 er, total 7�;' o� ��1e Pur- chas� Cor.:,.�itren�. In furtherance there��, Seller h�reby soecifically cc��..�-E�nts ar�d agrees th�i an or before �loverher 1 , 1 �P�, Se11er sh�l l f�ave disbursed 7t?;' of �he funds hereby corni ted, or, by ti�a�, date, shal 1 hGv� i ssuecl bi ndi nc� co:�r�i t��.�,:�nts �a Elinible Borrc��ers �in an amount, ti�ihich, ti�rhen added ta fun:�s cl�isbursec! by Seller gr►o thereto, sha11 tota1 not less than 7(ti of the �o..��itr:�ent Arr.oun�, In order to meet the requirer�en�ts of the tax cov�nant in this paragraph 5, thQ binding co�r,mitments issued �o Eligible 6arrorrers by hove►nber 1 , 198Q must he a document similar to the type the Se11er would ardinarily provide prospec�.ive borroti•rers arhere -fi nanci ng evas not provi ded from the Agency. The bi nd�i ng co�;,mi tment r�ust commit a stated amount of money to a specific individual or it�dividuals for a stated period of time for the improvenent of a part�icu�tar residence at a stated int.erest ratie. In the event of Seller's breach of this covenan�, nots��ithstanding t"e provisic�r;� o► paragr�ph �, hereof, P'HFt� may, i n i ts sol e.opt�on ard di screti on, by ��rr�i tten ro- ti ce to Sel l er, cancel and terni nate thi s Purci�as? Cor::r�i tment, i r �•rhi c�i c��s� t�iF'�� shall purchase all of Seller`s Eliaible PJot�s closed prior to the e�fective c'Gte of hiHFA`s said notice o� termination, toce�her ��rith a17 eliai�le t•totes -For ti•i'r��ich Selle� binding comritr�ent or approved application are issueC prior to such effec�ive cate, and ti�rhi cf� are subsequently cl osed on or before D�cer�er 31 , 1°80> In th� `ve�t af s�sch te►�^ina�ion, t.�-{FA shall refund to Seller tha� portion of th� Cor.;�i�r�er�t Fee re- presented by the reductaon of Cor�nitr:°nt An.ou�t resul�ing from sucn termira�tion. 6. Purchase Pr•ice. That the Purchase Price of each Eligible Plote to bn acquired by MHFF1 her2urd�r shall be equal to (i) the outstanding principal balance of Su�n r�ot�; (ii) plus an origination fee for processing and admin�iszr•ation eyual to $___ ___ __ per loan, 7o Interest Rate. Thaz the annual interest rate on loans tivill be 9% per annum on a simple-interest 5asis as specified in the Procedural Guides. 8. Seller's ►�larranties. That Seller hereby ti��arrants that it has a valid and outstancfinc� HUD-�HA Contract of Insurance under Title I of th� Nationa7 Housing �1ct, and f�irther hereby ackno��rledges that, upon approval and delivery of the said Purchase Commitmerzt �y �'NFA and t�e subseGuent sale ar�c+ delive•ry cf El;c;ihle Pdotes to iiNFA pursu�znt thereto, t�e Seller's ��arranties , as set fiort�i ir the Procedural Gu;des, 1t1C�{ 1��1CtCF specifically, but not by ��ay of limitation, the requjrement of t�e Tit1e I Pro- pert� Irrprover�nt Loan C�perating Handbook i.hat the loan proceeds have beer� disbursec to t?�e 6orroti•ier "in such a �•ray that he ti��ill have corrplete control of the funcls at all times" , shall be applicable to each said loan. � � - -4- ; �.7�co� � c, Sc��,�vici �,:�. 7i��t �tf,� servic�in� arr, �,�y,:�r:� co1le��iors for EliqiEle �;o`es sf�all b� � y,i,�� so�l�responsibility of i�1HF�!, or or" tFose ser:�icir:g institu�tions arnicti [�;�F�� r,�ay c'esicn�te in its sole o�tion anc! �iscre�ior�. � 0, R�=,�ec'iF�s. Tir�e is of tne essence concerring �h� P�rci;ase Cormit^ent. In the even� th:t Se i �er de Faul ts i n the observance or per�or:��ar�ce of any co��:enant or condi tian i r� the Put,ch�se Corrmi tr�nt or Procedural Gui c;es on Sel1 er`s part to he observeci or pe��forr�ed, or in the event t�at any ti•rarranty i�er?after na�e by Seller V;iti� respect ta �n�� E1 i gi bi e Note i s �found to be untrue, -then t��Nr=A shal l be enti t1 ed to al l re- r:��i es , at 1 a��! or i n equi ty, i ncl udi�y bu± r�ot 1 i�i ted to: (i ) the ri ctf�t to tender su�h �;o�e to Se71er as set farth in Procedural Guides; (ii ) the right to rescin� acceptance oi the Purchase Commitment; �111 � the rictnt to see�: e�uitable relief by ��lay o� injUnction (mandatory or• proh�bitory), to preven� the breach or �hreate��ed breach o► any o�F the provisions of the Purchase Ccrmitrr,ent or to en�orce tne p�r- formance thereof; (iv) the right to seek dGr�as�s , includin� conseqr�ential c':ar�zges aris;ng by virtue of ��?HFA's sale of its debt securities in reliance on Seller's observance and performance of the provisions of the Purchase Co�r�itrer►t; (v) the right to ter��inate the Purci�►as� Cur�mi�rer� and upon suci� termiration, Seller sh�1T not di��inish t•iHFA`s r�ghts specified in the Procedural Gui'�es. All sueh r�r�ed�ies shall be cumulative, and the exercise by trNFA of any one or r�;ore of them si�a11 not i n any aray al ter or di m1 ni sh P�1HF�'s ri ght to any other rer.��!y provi c'ed herei n or by 1 a�r�. _ 11 . Contract [bcur�ents. A11 Eligible �ote sale tran�actions bet�•!een Seller at�d t�iHF�� pursu?n�c to the Nurchase Commi tment are on a con�ractual basi s, the Contr��c� i n each instance consistin� of: (a} the Purchase Co��:m��tnent, and (h} the prov�isions and re��uirer�en�s of the Procedural Gui�es , ti��ith alI ar�endr�en�s <,rd s�ipaje�:ents thereto in any for�, as it shall be in effect as of the date o� t�iNFP.`s accep�ance of Seller`s Gpplication. � i2, ApplicaU�e L�:�e Th� Purc'.i��e Co�it�,�^�� is m�de anct enterec! into �.n tne State of Plinnes��a anC all questions rela�ing to the validity, car►str��ctian, perfor��«�nce, and enrorce�:�ent hereof shall be goverr.ec'. by the la��s of the S�a�e o� itinr�eso�ta. 13. F.,rez�,�ert Condi�ioral U�on 1rk?FA Approval . Thi s Agreer��nt shal 1 be a bi ndi nq o51i ga- ti on of "��!FA up�n i ts executi on and de1 i very of a copy o F a copy of the s a�� ta S�ller, as provided a�ove. In tne eve�t that th? Purchase Coi��mitment is no�, for'a1�8r�eaSo�I��S��p��catiQrt und delivered by f�?HFA on or before sf�all be null and void and af no force or effect, anci neither party sha11 be liable to the o�ther hereunder. IN ��lITf�ESS ��1HEREOF> Seller has set its hand this day of , 1980 , . . -- 5 _ . ,� a 7, � o�_� , If; �`:_SF(ICE �F: SELI.FE, — '-"_' . __-_.- I;G�4 Q I l��s�.��l.�CJ�._- . �y: . � Si�nature of P.u�hor�ze� Q►ricer ; Printe� or TypeG•�ritten ttarr,e of � Authari zect 0-ffi cer) Its: Se11 er's Te1 ephone i��ur:�5er: Incl ude addi�i ona� si gna ture b�1 c�► i f re�ui red by Se11 er's by1 zr�s} ( ,�._. — . - : By: . I ts : _ ._..�..__:_ SELL�R'S REQUESTED C0�•��fTTf•iEPlT AE-iQUid I $ -- _. ---____ h1HF�: A?PR��IL The above application far a com:�itment of � is hereby accep�ed and a comr�i trent herei n grar.ted i n the a��o�►n� of ; -��— , for the Cort— mitrent Term corrn�ncing ', 19�0, and termira�in, Decem�er 31 , 19�4. TiJ PRESEfdGE OF: MINi�ESOTA NOUSITdG FIN��.'CE AGEP;CY _ �y: Its: -- Signed this day of , 1980. _,._--. t �• ADMINISTRATION CONTRACT �� THIS AGREEMENT dated this day of S T98 S by and between the Minnesota Nousing Finance Agency, 333 Sibley Street, Suite 200-Nalpak Building, St. Paul , Minnesota 55101 (hereinafter called "the t�HFA") , and the it of Saint Paul , Minnesota hereinafter called "the Administering Entity" . WITNESSETH: WHEREAS, under the provisions of Chapter 462A of P4innesota Statutes, t�HFA is authorized to make or purchase loans insured under Title I of the National Housing Act, the proceeds of which are to be expended for energy impravements to rental properties necessary to bring the improved propert.ies into compliance with Subdivision 3 of Minne- sota Statutes Chapter 116H.129, and for such other modPrate rehabilitation as is approved by P�HFA pursuant to the MHFA Rental Rehabilitation Pilot Program (hereinafter called "the Program") ; and WHEREAS, an additional requirement of the Program is that at the time of closing of the loan at least 75% of the rental units in the property to be improved be rented to Persons and Families of Low and Moderate Income as defined in the Program and in MHFA Rules and Regulations; and WHEREAS, MHFA desires to obtain the services of the Administering Enti�y in 10- cating properties suitable for participation in the Program and to otherwise assist in the implementation of the Program so as to maximize the benefits afforded by it, and the Administering Entity is willing to provide those services on the basis of the terms and conditions set forth below. N04J THEREFORE, in consideration of the covenants herein contained and the mutual benefits to be derived therefrom, it is hereby agreed between the parties hereto as follows: 1 . This Administration Contract shall consist of the terms and canditions here- of and of the MHFA Rental Rehabilitation Pilot Program Procedural Guides (hereinafter calleci "the Procedural Guides") , as from time to time amended and supplemented, the provisions of which are hereby� incorporated by reference into this Administration Contract. 2. The Administering Entity represents and warrants that it�is a legally con- stituted public or governmental entity, or nonprofit incorporated organization, and that it shall maintain adequate capital and personnel for the proper administration of this Administration Contract. 3. The Administering Entity, commencing from the date hereof and in accordance with the provisions of the Procedural Guides, shall have the responsibilities and perform tne services as follows: (a) Prepare and submit to MHFA Pre-Application Packages, as further defined in the Procedural Guides, covering geographical areas approved by MNFA; and (b) Assist the applicants for MHFA loans under the Program with loan applica- tion materials to be submitted to Note Sellers; and (c) Enter into an Escrow Agreement with borro�vers to hold the proceeds of the MHFA Title I loans and to disburse them as progress payments to contractors(� using the Escrow Agreement form supplied by f1HFA. � ,k -2- ��S�G a� 4. This Administration Contract may be terminated at any time by either party hereto upon ten days prior written notice to the other party. In the event of such termin- ation, Administering Entity agrees to perform the services provided herein for all pro- perties covered by Pre-Application Packages approved by P�HFA prior to the effective date of the notice of cancellation and for which Title I loans are subsequently closed by �'�ote Sellers. 5. Any notice required hereunder shall be sufficient only if in writing, and sent by prepaid, registered, or certified mail (return receipt card requested) to the business address of the other party hereto. Such business address shall be that address specified herein or such different address as may hereafter be specified by either party by written notice to the other. � 6. Administering Entity shall receive. no compensation for its services here- under from the borrowers or from the proceeds of the Title I loans funded by Note Sellers. 7. Neither party may assign ,its rights or obligations under this Administration Contract. No change or modification of the terms or provisions of this Administration Contract shall be binding on f�1HFA unless such change or modification be in writing and be signed by an authorized official of MHFA. Neither the failure b�/ MHFA in any one or more instances to insist upon the observance or performance of any term or provision thereof, nor the failure of MHFA to exercise any right, privilege, or remedy conferred herein or afforded by laN�, shall be construed as waiving any breach of any term, provision, or the right to exercise such right, privilege or remedy thereafter. This Administration Contract embodies the entire agreement between MHFA and the Administering Entity and there are no. other agreements, either oral or written, between the parties on the subject matter hereof. 8. All matters, whether in tort or in contract, relating to the validity, con- struction, performance, or enforcement of this Administration Contract shall be determined according to the laws of the State of Minnesota. 9. If any term or provision of this Administering Contract is finally Adjudged by any court to be invalid, the remaining terms and provisions shall remain in full force and effect, and they shall be interpreted, performed, and enforced as if said invalid pro- vision did not appear herein. IN 4JITNESS WHEREOF, the parties hereto have set their hands the day and year above written. IN PRESENCE OF: ADMINISTERING ENTITY CITY OF SAINT PAUL _ __ _ By: George Latimer, Mayor BY: _ Bernard Carlson, Director of Finance IN PRESENCE OF: MINNESOTA HOUSING FINANCE AGENCY By: ' Its: � FOR , � . l:��y : t. Ci�r �neY _ , �►2;9�'��:� � t..y�_�'•t'� � RESOLUTION AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE MEMORANDUMS OF UNDERSTANDING WITH DEVELOPERS CONCERNING SECTION 312 LOAN APPLICATIONS TO MHFA �, WHEREAS, 'Staff desires to enter into Memorandums of Understanding with developers concer�ing application procedures and fees for Section 312 loan applications to MHFA; and WHEREAS , said Memorandums of Understanding do not commit the HRA to approve the proposed project or its financing and do not commit the HRA to payment of any costs o� expenses associated with the proposed project. NOW THEREFORE BE IT RESOLVED by the HRA Board of Commissioners that the Executive Director of the HRA be and hereby is authorized to execute Memorandums of Understanding with such developers covering such projects as he feels are appropriate for Section 312 loan applica- tions to MHFA. ( ' I . ; f ` a :, a'S�o� MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding is made and entered into this ' day _of , 19 , by and between the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, a body corporate and politic, and WHEREAS, ("Developer") has proposed to the Housing and Redevelopment Authority of the City of Saint Pau1, Minnesota ("HRA") that the HRA undertake to finance the development identified on Exhibit A attached hereto (th� "Project") wi.th a Section 312 loan from the United States Department of Housing and Urban Development ("HUD") ; and WHE REAS, Developer and the HRA desire to enter into this Memorandum of Understanding containing their agree�aent as to certain matters; NOW THEREFORE, in consideration of the mutual promises and agreements herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Developer and the HRA agree as follows : 1. Developer and the HRA staff will draft the necessary materials for financing the Project through the Section 312 loan in an amount not to exceed Developer shall furnish to the HRA all infarmation about the Project necessary to draft the said materials. The parties agree that the materials relating to the proposed Section 312 loan shall be drafted to comply with the requirements of HUD. 2. If the HRA in its sole discretion, approves the Project and the financing for the Project the required submis- sions shall be made to HUD. If such submissions are made, HR.A and Developer will cooperate fully with each other to secure approval of the Section 312 loan from HUD. 3. Developer further understands and agrees that HRA shall have no obligation for any expenses of the Developer heretofore or hereafter incurred with respect to the Developer's proposal, the Project and the financing for the Project, or the proposed site and improvements in the event the Section. 312 loan is not authorized and issued for any reason. 4 . Developer hereby agrees to pay to the HRA, on the date hereof, a sum equal to one percent (1$) of the face amount of the requested Section 312 loan as the application fee required by HRA procedures pertaining to the issuance of Section 312 loans. This fee will be refunded in total to `_ , i �f<:�� ' k �.1!�� . s Developer if the Section 312 loan is granted or if the Section 312 laon is not granted through no fault of the Developer. The entire fee will be retained by IiRA if the Section 312 loan is not granted due to the actions or fault of the Developer. Dated the d�y and year first above written. HOUSING AND REDEVELOPMENT AUTHORITY O�_ THE CITY OF SAINT PAUL, MINNESOTA � � By Gary Stout Its Executive Director Approved as to form: Assistant City Attorney DEVELOPER: By By ---.-.--�� CzT�- o� ��.�?�� PA.u�. . f;_...__. �:__ �► _l.. �� ll(l�`�`` OF�'IC�. OF 'rrIL CLTY COII�CTL ��[+',,.;�� ,�,.=_-��. 1':: �-� �-�� .4`; j �� ,.:, ��:� . L Da t e . September 2, 198.0 - �':�� y_ _ .w `_.. :-. _ �'':.`'.��;�--- CflI�� 'J11 � T� E � � � Q � � . � � _ . TO : Sain�� f'du1 City Councii � �� . FR� � � Com�i��e� �n FIPdANCE, P1A�JAGEh1EiJT & PERSOt�iVEL . - George P�tcManon , chait-man, mafces the folto�rring report o-n G. F- [� Ordinance � . (5) Q Resotution - � � Oi�her �' 1TLE : . � At its meeting of September 2, 1980, the Finance Camr�ittee recommended angroval of the fol l owi na:: . 1 . Resoluticin removing title of Custodian-Engineer (Public Safety Building) from the - • Custodi�an "Group and placing' it in the Maintenanc� Supervisors Group. �11312-GM) 2. �:esolution transferring $37,326 surplus funds in the South af. Front P�blic Im�rbvement � budget to the South of Front Acquisition and transferring $2;045 surplus funds from the Citizen Participation Year V budget to the Citizen Participation Year VI budget. 3. Resolution approving project budget increase. for construction of �aker Multi-Service Center. - - 4. Resolution approving H1HFA/City Administration contract and authorizin� execution � thereof and establishing fees.. 5. Resolution ,increasing employee pension contribution for members of the Police and ` Fire Pension Funds. (11280-GM) - CiTY �-�LI, SE�'E:�"CH FL032 S:11\T P�1LJL, 1�II\'\'£S'JTr1 5��02