Resolution 81-2910- Relating to $500,000 Hpks. Medical Bldg. Associate ProjectCERTIFICATION OF MINUTES RELATING TO
MODIFICATION OF DOCUMENTS IN CONNECTION
WITH COMMERCIAL DEVELOPMENT REVENUE NOTE
(Hopkins Medical Building Associates)
Issuer: City of Hopkins, Minnesota
Governing Body: City Council
Kind, Date, Time and Place of Meeting: A regular meeting
held on March 3, 1981, at7:30 o'clock P.M., at
the City Hall.
Members Present: Mayor Miller, Councilmembers Lohmann, Milbert,
Slaton, and Arimond
Members Absent: None
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 81-2910
RESOLUTION RELATING TO $500,000.00 COMMERCIAL
DEVELOPMENT REVENUE NOTE (HOPKINS MEDICAL
BUILDING ASSOCIATES PROJECT); AUTHORIZING
EXECUTION OF CERTAIN DOCUMENTS FOR PARTIAL
RELEASE OF LAND
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation which
issued the obligations referred to in the title of this
Certificate, certify that the documents attached hereto,
as described above, have been carefully compared with the
original records of said corporation in my legal custody,
from which they have been transcribed; that said documents
are a correct and complete transcript of the minutes of a
meeting of the governing body of said corporation, and
correct and complete copies of all resolutions and other
actions taken and of all documents approved by the
governing body at said meeting, so far as they relate to
said obligations; and that said meeting was duly held by
the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to
call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording
officer this 4th day of March 1981.
H. E. RICHARDSON, City Clerk
CITY OF HOPKINS
Hennepin County, Minnesota
Council Member Lphmann introduced the
following resolution and moved its adoption:
RESOLUTION NO. R3-291n
RESOLUTION RELATING TO $500,000.00 COMMERCIAL
DEVELOPMENT REVENUE NOTE (HOPKINS MEDICAL
BUILDING ASSOCIATES PROJECT); AUTHORIZING
EXECUTION OF CERTAIN DOCUMENTS FOR PARTIAL
RELEASE OF LAND
BE IT RESOLVED by the City Council of the City of
Hopkins, Minnesota, as follows:
WHEREAS, pursuant to arrangements made with
Hopkins Medical Building Associates, a limited partnership
"Partnership the City has issued its Commercial
Development Revenue Note in the principal amount of Five
Hundred Thousand and No /100 Dollars ($500,000.00) "Note
to provide funds for the acquisition of certain real
property within the corporate limits of the City "Land
and the construction thereon of a medical clinic and
office facility "Improvements
WHEREAS, Northwestern National Bank of Hopkins, a
national banking association, has purchased the Note and,
in connection therewith, has, on behalf of the City,
advanced funds for payment of Project Cost (as said term
is defined in the Lease)
WHEREAS, Northwestern National BankWest, a
national banking association, is the successor by name
change to Northwestern National Bank of Hopkins
(Northwestern National Bank of Hopkins and Northwestern
National BankWest are herein indiscriminately referred to
as "Bank
WHEREAS, City and Partnership have entered into a
Lease dated as of January 19, 1978, filed January 20,
1978, in the office of the Hennepin County Recorder as
Document No. 4350680 (herein referred to as "Lease")
whereby City has conveyed to Partnership a leasehold
estate in the Land and Improvements;
WHEREAS, pursuant to Section 4.02 of the Lease,
Partnership has agreed to pay monthly as basic rent to
Bank the sum necessary to pay when due all principal and
interest on the Note;
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WHEREAS, in order to secure the repayment of the
indebtedness evidenced by the Note, City has granted to
Bank a mortgage on the Land and Improvements as evidenced
by that certain Mortgage and Security Agreement dated as
of January 19, 1978, filed January 20, 1978, in the office
of the Hennepin County Recorder as Document No. 4350681
"Mortgage
WHEREAS, in order to further secure the
indebtedness evidenced by the Note, Partnership has
granted to Bank an Assignment of Subleases and Rents dated
as of January 19, 1978, filed January 20, 1978, in the
office of the Hennepin County Recorder as Document No.
4350682 "Assignment
WHEREAS, Partnership desires to obtain fee title
to that portion of the Land legally described on Exhibit A
attached hereto and made a part hereof "Excess Land so
that Partnership may construct on the Excess Land and
other contiguous land owned by Partnership facilities of
the same character as those constructed on the Land;
WHEREAS, it is Partnership's opinion that the
repayment of the indebtedness evidenced by the Note will
be adequately secured if the Excess Land is released from
the terms of the Mortgage and the Assignment and the fee
title thereto is conveyed to Partnership;
WHEREAS, Partnership has requested Bank to
release the Excess Land from the terms of the Mortgage and
Assignment;
WHEREAS, Partnership has requested City to convey
to Partnership by quit claim deed all of City's interest
in the Excess Land free and clear of the terms of the
Lease;
WHEREAS, Bank has agreed that the repayment of
the indebtedness evidenced by the Note will be adequately
secured if the fee title to the Excess Land is conveyed to
the Partnership and the Excess Land is released from the
terms of the Mortgage and the Assignment; and
WHEREAS, Bank has (i) by Partial Release of
Mortgage dated 2 27 81 released the Excess Land from
the Mortgage; (ii) by Release dated 2 27 81
released the Excess Land from the Assignment; and (iii) by
Consent dated 2 27 81 authorized and directed the City
to.amend the Lease by deleting the Excess Land from the
terms thereof and to convey to Partnership by quit claim
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deed all of City's interest in and to the Excess Land free
and clear of the terms of the Lease.
NOW, THEREFORE:
1. Authorization. City is authorized by the
Municipal Industrial Development Act, Minnesota Statutes,
Chapter 474, as amended, to issue revenue bonds and use
the proceeds thereof to finance the acquisition and
construction of "projects," as defined in such Act, and to
make all contracts, execute all instruments and do all
things necessary or convenient in the exercise of such
authority.
2. Approval of Documents. Pursuant to the above
premises, there have been prepared and presented to this
Council copies of the following documents, all of which
are now, or shall be, placed on file in the office of the
City Clerk, and are approved substantially in the form
presented, subject to such modifications as are acceptable
to Partnership, Bank and the City Attorney:
(a) Amendment to Lease;
(b) Quit Claim Deed;
(c) Amendment to Financing Statement; and
(d) Partial Release of Mortgage.
3. Execution. The foregoing documents shall be
executed on behalf of the City by the signatures of the
Mayor and City Manager and shall be sealed with its
corporate seal.
4. Approvals and Authorizations. Upon the
completion of the Amendment to Lease, Quit Claim Deed,
Amendment to Financing Statement and Partial Release of
Mortgage approved in Section 2 hereof, the Mayor and the
City Manager shall execute the same on behalf of the City
and deliver them to Partnership, and shall also execute
such other certifications, documents or instruments as
bond counsel or counsel for Bank shall require, subject to
the approval of the City Attorney, and all certifications,
recitals and representations therein shall constitute the
certifications, recitals and representations of the City.
Execution of any instrument or document by one or more
appropriate officers of the City shall constitute and
shall be deemed the conclusive evidence of the approval
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and authorization by the City and the counsel of the
instrument or document so executed.
Attest:
City Clerk H. E, Richardson
Mayor,-' Jerre A. Miller
The motion for the adoption of the foregoing
resolution was duly seconded by Member Slaton
and the following voted in favor thereof: Arimond, Slaton,
Hilbert, Lohmann and Mayor Miller
and the following voted against the same: None
whereupon said resolution was declared
duly passed and adopted and was signed by the Mayor which
was attested by the City Clerk.
QUIT CLAIM DEED
THIS QUIT CLAIM DEED, Made this 3rd day
of March 198 1, by and between CITY OF HOPKINS, a
political subdivision in the State of Minnesota, Grantor
"City and HOPKINS MEDICAL BUILDING ASSOCIATES, a
limited partnership, Grantee ("Partnership
WITNESSETH, THAT
with
"Note to
WHEREAS, Pursuant to arrangements made
Partnership, City has issued its Commercial Development
Revenue Note in the principal amount of Five Hundred
Thousand and No /100 Dollars ($500,000.00)
provide funds for the acquisition of certain real property
within the corporate limits of the City "Land and the
construction thereon of a medical clinic, and office
facility ("Improvements");
WHEREAS, Northwestern National Bank of Hopkins,
national banking association, has purchased_ the Note and,
City,
has, on behalf
advanced funds for payment of Project Cost (as said term
is defined in the Lease)
WHEREAS, Northwestern National BankWest,
national banking association, is the successor by name
change to Northwestern National Bank of Hopkins
(Northwestern National Bank of Hopkins and Northwestern
National BankWest are herein indiscrimately referred to as
"Bank");
WHEREAS, City and Partnership have entered into a
Lease dated as of January 19, 1978, filed January 20,
1978,' in the office of the Hennepin County Recorder as
Document No 4350680 "Lease whereby City has conveyed
to Partnership a leasehold estate in the Land and
Improvements;
WHEREAS, Pursuant to Section 4.02 of the Lease,
Partnership has agreed to pay monthly as basic rent to
Bank the sum necessary to pay when due all principal and
interest on the Note;
WHEREAS, In order to secure the repayment of the
indebtedness evidenced by the Note, City has granted to
Bank a mortgage on the Land and Improvements as evidenced
by that, certain Mortgage and Security Agreement dated as
of January 19, 1978, filed January 20, 1978, in the office
of the Hennepin County Recorder as Document No 4350681
"Mortgage
WHEREAS, In order to
attached
further secure the
indebtedness evidenced by the Note, Partnership has
granted to Bank an Assignment of Subleases and Rents dated
as of January 19, 1978, filed January 20, 1978, in the
office of the Hennepin County Recorder as Document No
4350682 "Assignment
WHEREAS, Partnership desires to obtain fee title
to that portion of the Land legally described on Exhibit A
hereto and made a part hereof "Excess Land") so
that Partnership may construct on the Excess Land and
other contiguous land owned by Partnership facilities of
the same character as those constructed on the Land;
WHEREAS, It is Partnership's opinion that the
repayment of the indebtedness evidenced by the Note will
be adequately secured if the Excess Land is released from
the terms of the Mortgage and Assignment and the fee title
thereto is conveyed to Partnership
WHEREAS, Partnership has requested the Bank t
release the Excess Land from the terms of the Mortgage and
the Assignment
WHEREAS, Partnership has requested the City to
convey to Partnership by quit claim deed all of the City's
interest in the Excess Land free and clear of the terms of
the Lease;
WHEREAS, Bank has agreed that the repayment of
the indebtedness evidenced by the Note will be adequately
secured if the fee title to the Excess Land is conveyed to
the Partnership and the Excess Land is released from the
terms of the Mortgage and the Assignment; and
WHEREAS, Bank has (i) by Partial Release of
Mortgage dated February 27, 1981, released the Excess Land
from the Mortgage; (ii) by Release dated February 27, 1981,
released the Excess Land from the Assignment; and (iii) by
Consent dated February 27, 1981, authorized and directed
the City to amend the Lease by deleting the Excess Land
from the terms thereof and to convey to Partnership by
quit claim deed all of City's interest in and to the
Excess Land free and clear of the terms of the Lease.
NOW, THEREFORE, In consideration of the above
premises, One Dollar ($1.00) and other good and valuable
consideration, the receipt and sufficiency of which is
hereby acknowledged, City of Hopkins, a political
subdivision in the State of Minnesota, does hereby convey
and quit claim to Hopkins Medical Building Associates,
Minnesota limited partnership, the real estate situate in
the County of Hennepin, State of Minnesota, described on
Exhibit A hereto.
EXHIBIT A
That part of Lots 15 and 16, Block 4, "West Minneapolis accord-
ing to the recorded plat thereof, described as follows:
Beginning at the Southeast corner of said Lot 15; thence South
erly along the East line of said Lot 16 a distance of 8.49 feet;
thence Westerly, deflecting 89 degrees 42 minutes 54 seconds to
the right a distance of 127.44 feet; thence Northerly, deflecting
90 degrees to the right a distance of 50.00 feet; thence Easterly,
deflecting 90 degrees to the right a distance of 127.69 feet to
the East line of said Lot 15; thence South along said East line
to the point of beginning.
caused this instrument to be duly executed as
and year first above written.
Attest:
_/7 .v Clerk
City yor
By
STATE OF MINNESOTA
SS
COUNTY OF
The foregoing instrument was acknowledged before
me this 3rd day of March 198.; by Jgrre Mille
and a Mayor and City Manager,
William P. C�rai� Y
respectively, and attested by Jean H. Kaeding
City Clerk of the CITY OF HOPKINS, a political subdivision
in the State of Minnesota, on behalf of the City.
Z; C
SCOTT RENNE
NOTARY PUBLIC MINNESO
HEN IRC4 CO NWTi J. Scott Renee
My Commission Expires Jan.: 30, 1987
wavvvvvvw.AnAivvvv
THIS INSTRUMENT WAS DRAFTED BY:
DORSEY, WINDHORST, HANNAFORD,
WHITNEY HALLADAY
2300 First National Bank Building
Minneapolis, Minnesota 55402
TAX STATEMENTS FOR REAL PROPERTY
DESCRIBED HEREIN' SHALL BE SENT TO:
Hagen Mason
IN WITNESS WHEREOF, The parties hereto have
1014 West Excelsior
Hopkins, Mn 55343
STATE DEED TAX DUE HEREON: $2.20
City Manager