Page v. City of Duluth

LAY, Chief Judge.

In December, 1983, Brewery Limited Partnership (“Brewery”), a Minnesota limited partnership, was formed for the purpose of acquiring, operating, managing, and developing a hotel and retail complex in Duluth, Minnesota, known as “Fitger’s on the Lake.” Brewery acquired the property in the summer of 1983. In conjunction with its acquisition of the property, Brew*242ery entered into two loan agreements on December 29, 1983. Under the first loan agreement, Brewery borrowed approximately $6,800,000.00 from the First National Bank of Minneapolis (“Bank”) and granted to the Bank a…