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MORTGAGE SUBORDINATION AGREEMENT <br /> • THIS AGREEMENT is given this day of <br /> 1993 , by THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK <br /> RIVER, a public body corporate and politic of the State of <br /> Minnesota (the "EDA") . <br /> RECITALS <br /> The EDA is the holder of a mortgage dated <br /> 1993 , recorded , 1993 , as Document No. in <br /> the office of the County Recorder in and for Sherburne County, <br /> Minnesota (the "EDA Mortgage") which affects certain real <br /> property legally described on Exhibit A attached hereto and <br /> made a part hereof (the "Property") . <br /> Security Bank Minnesota (the "Bank") is the holder of a <br /> mortgage dated Jui,K , 1993 , recorded Jubt( til <br /> 1993 , as Document No. 230{o1 in the office of the <br /> County Recorder in and for Sherburne County, Minnesota, <br /> affecting the Property (the "Bank Mortgage") . <br /> The Bank has required this agreement as an inducement to make <br /> the loan secured by the Bank Mortgage and the parties desire <br /> that the EDA subordinate the EDA Mortgage to the Bank <br /> Mortgage. <br /> NOW, THEREFORE, in consideration of One Dollar ($1. 00) and <br /> other valuable consideration, the EDA agrees that the EDA <br /> Mortgage and the EDA' s interests therein are hereby <br /> subordinated to the Bank Mortgage and the Bank' s interests <br /> therein, regardless of whether the Bank Mortgage is entered <br /> into and/or filed of record before or after the EDA Mortgage. <br /> IN WITNESS WHEREOF, the parties hereto have executed this <br /> Agreement as of the above date. <br /> THE ECONOMIC DEVELOPMENT <br /> AUTHORITY FOR THE CITY OF ELK <br /> RIVER <br /> By: <br /> Its : <br /> • <br />