Laserfiche WebLink
MORTGAGE <br /> AND <br /> ASSIGNMENT OF RENTS <br /> AND <br /> SECURITY AGREEMENT <br /> AND <br /> FIXTURE FINANCING STATEMENT <br /> (Forgivable Loan Program) <br /> This Mortgage and Assignment of Rents and Security Agreement and Fixture <br /> Financing Statement ("Mortgage") is made as of August , 2013, by PREFERRED <br /> REAL ESTATE HOLDINGS, LLC, a Minnesota limited liability company <br /> ("Mortgagor"), in favor of the ECONOMIC DEVELOPMENT AUTHORITY OF THE <br /> CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota <br /> ("Mortgagee"). <br /> THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS <br /> $200,000.00 OF PRINCIPAL INDEBTEDNESS, TOGETHER WITH ALL INTEREST <br /> ACCRUING THEREON AND ANY AMOUNTS WHICH MAY BE ADVANCED BY <br /> MORTGAGEE IN PROTECTION OF THE MORTGAGED PREMISES OR THE LIEN <br /> OF THIS MORTGAGE. <br /> RECITALS <br /> A. Preferred Powder Coating, LLC (`Borrower") has executed and delivered <br /> to Mortgagee a Promissory Note effective as of the date hereof in the principal amount of <br /> $200,000.00 and bearing interest at the rate set forth therein, with principal being due and <br /> payable as set forth therein and with all principal and interest, if not sooner paid, being <br /> due and payable on a date to be determined, no later than December 31, 2023 (the <br />