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<br />WHEREAS, the Lender has consented to such sale and <br />assignment and has agreed to seek a modification of the principal <br />payment terms of the Bond from the Issuer; and <br />WHEREAS, the Issuer now desires to approve such sale and <br />assignment and to amend the Bond by modifying its principal <br />payment terms; and <br />WHEREAS, the following documents have been submitted to <br />the Council and filed in the office of the City Clerk and are <br />there available for pUblic i.nspection: <br />(a) an Assignment Agreement, proposed to be made and <br />entered into among Klister Properties, a Colorado general <br />partnership, the Lender, and the Borrower; <br />(b) a First Amendment to Loan Agreement, proposed to be <br />made and entered into among the Issuer, the Lender, and the <br />Borrower; <br /> <br />(c) a First Amendment to Deed of Trust between the <br />Borrower and the Lender; <br />(d) a First Amendment to Promissory Note among the <br />Issuer, the Borrower, and the Lender; and <br />(e) a First Amendment to Bond between the Issuer and <br />the Lender (collectively, documents (a) 'through (e) are referred <br />to as the "Amending Documents"); and <br />WHEREAS, it is nec,essary to authorize the amendment of <br />the Bond by Ordinance and to approve the form and authorize the <br />execution of documents in connection with the amendment thereof; <br />and <br /> <br />WHEREAS, an emergency exists by reason of the fact that <br />Klister Properties is in default under its payment obligations <br />under the Loan Agreement and the Lender wishes to complete the <br />sale of the Project and the assignment of such Loan Agreement to <br />the Borrower as soon as possible in order to ensure that the <br />Borrower will locate within the City of Louisville; <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF <br />LOUISVILLE, COLORADO: <br /> <br />- 17 - <br />