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<br />EXHIBIT C
<br />
<br />Form of Mortgage
<br />
<br />
<br />THIS INSTRUMENT WAS PREPARED BY,
<br />AND WHEN RECORDED SHOULD BE
<br />RETURNED TO:
<br />Kennedy & Graven, Chartered
<br />470 U.S. Bank Plaza
<br />200 South 6th Street
<br />Minneapolis, MN 55402
<br />
<br />MORTGAGE, SECURITY AGREEMENT,
<br />ASSIGNMENT OF LEASES AND RENTS
<br />AND FIXTURE FINANCING STATEMENT
<br />THIS MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND
<br />RENTS AND FIXTURE FINANCING STATEMENT (this “Mortgage”) is made as of July___,
<br />2015, by Envision Company, LLC, a Minnesota limited liability company (“Developer”), having
<br />its principal offices at 10800 – 175th Ave NW, Elk River, Minnesota 55330, in favor of the City
<br />of Elk River, a Minnesota municipal corporation (the “City”).
<br />RECITALS
<br />Exhibit A
<br />WHEREAS, the City has agreed to convey the land described in attached
<br />hereto and all mineral rights, hereditaments, easements and appurtenances thereto (collectively,
<br />the “Land”) to Developer pursuant to the Agreement of Purchase and Sale between Developer
<br />and City, dated as of July __, 2015 (the “Purchase Agreement”, which term shall include any
<br />amendment, modification, supplement, extension, renewal, replacement or restatement thereof)
<br />in exchange for a promissory note in the principal amount of ONE MILLION TWO HUNDRED
<br />EIGHTY-EIGHT THOUSAND FIVE HUNDRED EIGHTY-NINETY AND 00/100 DOLLARS
<br />($1,288,589.00), dated the same date as this Mortgage, without interest thereon, with principal
<br />being due and payable as set forth therein and with all principal, if not sooner paid, being due
<br />and payable on the Maturity Date, as defined below (the “Purchase Price Note”, which term shall
<br />include any amendment, modification, supplement, extension, renewal, replacement or
<br />restatement thereof) evidencing Developer’s obligation to pay the Purchase Price, as defined in
<br />the Purchase Agreement (the “Loan”).
<br />WHEREAS, the Developer intends to construct an approximately 105,000 square foot
<br />manufacturing facility to be located on the Land (the “Project”) and lease the Project to Sportech,
<br />Inc., a Minnesota corporation and affiliate of the Developer (“Sportech”).
<br />WHEREAS, the City is requiring that the Mortgage secure the Purchase Price Note. The
<br />Purchase Price Note, the Purchase Agreement and the Tax Abatement Agreement by and
<br />between the Developer and the City, dated as of July__, 2015 (the “Abatement Agreement”), are
<br />C-1
<br />455958v10 SJS EL185-31
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