6.6. EDSR 01-20-2015 - Laserfiche WebLink

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NOTICE AND CURE AGREEMENT This Notice and Cure Agreement entered into this __ day of ________________, 2015, by and between the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota (“EDA”) and Elk River Business Park, LLC, a Minnesota limited liability company (“Elk River Business Park”). WHEREAS, the EDA is the holder of a Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement dated ____________, 2015, filed ___________, 2015, as Document No. ______________, executed by Stonesthrow Properties, LLC (“Stonesthrow”) to the EDA, in the original principal amount of $200,000.00 (the “Mortgage”) constituting a lien on certain real property located in Sherburne County, Minnesota described as Lot 2, Block 1, Elk River Business Park, according to the plat thereof on file and of record in Sherburne County, Minnesota that is owned by Elk River Business Park (the “Property”); WHEREAS, Elk River Business Park and Stonesthrow have entered into that certain Contract for Deed dated effective ___________, 2015, between Elk River Business Park, as vendor, and Stonesthrow, as vendee, (the “Contract for Deed”) whereby Elk River Business Park is selling to Stonesthrow and Stonesthrow is purchasing from Elk River Business Park the Property; WHEREAS, the Loan Agreement between the EDA and Stonesthrow requires that Stonesthrow procure an agreement with Elk River Business Park granting the EDA notice and cure rights in the event of a default by Stonesthrow under the Contract for Deed; WHEREAS, Elk River Business Park desires to grant such rights to the EDA so as to facilitate the sale of the Property. NOW, THEREFORE, in consideration of the covenants contained herein and other good and valuable consideration, the parties hereto agree as follows: 1. Notice and Cure Rights. Prior to commencing cancellation or otherwise exercising any of rights under the Contract For Deed based upon any default under the Contract for Deed, Elk River Business Park shall provide written notice of said default to the EDA and shall allow the EDA a one-hundred eighty (180) day period after the mailing of such notice to cure such defaults. Additionally, the EDA shall have the same rights to cure any default under the Contract for Deed as Stonesthrow may have, whether by law or contract. 1 454920v2 SJS EL185-29