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2. Notwithstanding anything to the contrary in this Agreement, the Assessment <br /> Agreement (as defined in the Development Agreement) and the rights of the city thereunder, <br /> shall be and remain prior and superior to the Mortgage, Security Agreement and Fixture <br /> Financing Statement executed by Preferred Real Estate Holding, LLC ("Mortgagor") in favor of <br /> the Bank on September 26, 2013, and filed on September 27, 2013, as Document No. 778853 in <br /> the office of the County Recorder of Sherburne County, Minnesota, to secure an original <br /> indebtedness of Five Million Ninety Three Thousand Dollars ($5,093,000.00), as amended by <br /> that Amendment to Mortgage executed by Mortgagor on May_, 2014, and recorded on <br /> 2014 as document number , increasing the total amount of <br /> indebtedness secured by the mortgage to the sum Five Million Four Hundred Seventy Nine <br /> Thousand Dollars ($5,479,000.00), and the Bank and any other person or entity which acquired <br /> title to the Development Property (as defined in the Development Agreement) as a result of a <br /> foreclosure sale or otherwise shall take title to the Development Property subject to the <br /> Assessment Agreement and the terms and provisions thereof Without limiting the generality of <br /> the foregoing, the Bank hereby consents to the minimum market value of the Development <br /> Property as set forth in the Assessment Agreement. <br /> SUBORDINATE CREDITOR: <br /> City of Elk River, Minnesota <br /> By:___ <br /> Its: Mayor <br /> And by-__ <br /> Its: City Clerk <br /> DEBTORS: <br /> Preferred Powder Coating, LLC <br /> By:___ <br /> Lloyd Peterson <br /> Its: Chief Manager <br /> Preferred Real Estate Holding, LLC <br /> By:. ...... <br /> Lloyd Peterson <br /> Its: Chief Manager <br />