6.2. SR 07-06-2004 - Laserfiche WebLink

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Jul O1 04 11:06a Hess Lam 0££ice (763)274-1452 DRA;:? ASSIGNMENT OF TAX REBATES THIS AGREEMENT, Made this 84 day o£ July, 2004, by and between Badger Ventures, LLC (the "Borrower") and The Bank of Elk River (the "Lender"). RECITALS The Borrower has entered into a Loan Agreement of even date herewith with the Lender (the "Loan Agreement"), under which the Lender has agreed to make advances to the Borrower not exceeding the aggregate principal sum of Nine Hundred Seventy-seven Thousand Five Hundred and 00/00's Dollars ($977,500.00) in accordance with the terms thereof, to finance construction on land located within the City of Elk River, Sherbume County, State of Minnesota, legally described on Exhibit "A" attached hereto (the "Project"). Advances to be made under the Loan Agreement will be evidenced by the Borrower's Mortgages, Security Agreements and Fixture Financing Statements (the "Mortgages") and Promissory Notes (hereafter "Notes") of even date therewith payable to the order of the Lender in the aggregate principal amount of Nine Hundred Seventy-seven Thousand Five Hundred and 00/00's Dollars ($977,500.00). Badger Ventures, LLC, has been approved through the City of Elk River for Tax Rebate Financing. The Lender has required, as a condition to making any Advances under the Loan Agreement, the execution hereof by the Borrower. ACCORDINGLY, in consideration of the foregoing, the Borrower does hereby grant, assign, transfer and set over unto the Lender all of its rights, title and interest in and to any and all tax rebates ("Rebates") received from the City of Elk River in connection with the tax abatement financing. The Borrower agrees that no change in the terms thereof shall be valid without the written approval of the Lender. The Borrower agrees not to assign, sell, pledge, mortgage or otherwise transfer or encumber its interest in the Rebates so long as this Assignment is in effect. The Borrower hereby irrevocably constitutes and appoints the Lender as its attorney-in-fact to demand, receive, and enforce the Borrower's right with respect to the Rebates, to receive payments under the Rebates and file appropriate receipts, releases and satisfactions for and on behalf of and in the name of the Borrower or, at the option of the Lender, in the name of the Lender, with the same force and effect as the Borrower could if this Assignment had not been made. Borrower authorizes the rebates to be paid directly to Lender. This Assignment shall constitute a perfected, absolute and present assignment. The Lender may, without affecting any of its rights or remedies against the Borrower under any other instrument, document or