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AMENDMENT TO COOPERATIVE AGREEMENT This Agreement is entered into by and between the Pequot Lakes Housing and Redevelopment Authority (the "Local Authori- ty") and the City of Pequot Lakes, Minnesota, (the "City") , WITNESSETH: WHEREAS, on April 13, 1970 the Local Authority and the City entered into a Cooperation Agreement to promote the development of low rent housing projects within the City and to provide the terms of administration for such projects; and WHEREAS, the Cooperative Agreement has been amended by the Local Authority and the City on several occasions to modify the terms of the Agreement; and WHEREAS, by an amendment in August of 1984, the Local Authority and the City agreed that the Local Authority will make annual payments to the City in lieu of taxes equal to ten percent (10%) of the aggregate shelter rentals collected; and WHEREAS, the Local Authority and the City mutually wish to modify the amended Cooperative Agreement by changing the percentage of aggregate shelter rentals to be paid to the City by the Local Authority in lieu of taxes; NOW, THEREFORE, it is agreed by and between the Local Authority and the City as follows: 1. The Cooperative Agreement is hereby amended to set the annual payment made by the Local Authority to the City in lieu of taxes at five percent (5%) of aggregate shelter rentals collected; and 2 . This amendment shall be effective from and after the date of its execution by both the Local Authority and the City; and 3 . All other terms and conditions of the Cooperative Agree- ment as amended shall be unchanged and remain in full force and effect.