6.2 EDSR 05-19-2014 - Laserfiche WebLink

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SUBORDINATION AGREEMENT DATE: FOR VALUABLE CONSIDERATION, the undersigned, Economic Development Authority of the City of Elk River, a public body corporate and politic of the State of Minnesota ("Subordinating Mortgagee ") hereby subordinates the liens on that real property in Sherburne County, Minnesota, legally described on Exhibit A, attached hereto and made a part hereof (the "Property "), evidenced by the following documents ("Subordinated Mortgages "): a. Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement (Microloan) executed by Preferred Real Estate Holding, LLC, a Minnesota limited liability company ( "Mortgagor ") in favor of Subordinating Mortgagee on September 26, 2013, and filed on September 27, 2013, as Document No. 778856 in the office of the County Recorder of Sherburne County, Minnesota, securing an indebtedness of $10000.00; and b. Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement (Forgivable Loan Program) executed by Mortgagor in favor of Subordinating Mortgagee on September 26, 2013, and filed on September 27, 2013, as Document No. 778857 in the office of the County Recorder of Sherburne County, Minnesota, securing indebtedness of $200,000.00. to those liens on the Property running in favor on First National Bank of Elk River, a national bank association ("First Mortgagee "), evidenced by tine following documents ("Priority Liens "): a. Mortgage, Security Agreement and Fixture Financing Statement executed by Mortgagor in favor of First Mortgagee on September 26, 2013, and filed on September 27, 2013, as Document No. 778853 in the office of the County Recorder of Sherburne County, Minnesota, to secure an original indebtedness of Five Million Ninety Three Thousand Dollars ($5,093,000.00), as amended by that Amendment to Mortgage executed by Mortgagor on May , 2014, and recorded on May , 2014 as document number , increasing the total amount of indebtedness secured by the First Mortgage to the sum Five Million Four Hundred Seventy Nine Thousand Dollars ($5,479,000.00).