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NO.ib-LLS AT Lf
<br />PATO REGISTRY TAX OF SAID
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<br />Deputy diTo fTreesurer
<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 />MORTGAGE, SECURITY AGREEMENT,
<br />ASSIGNMENT OF LEASES AND RENTS
<br />AND FIXTURE FINANCING STATEMENT
<br />Office of the County Recorder
<br />Sherburne County, MN
<br />Doc. No. 810101
<br />Certified, Filed, and/or recorded on
<br />September 23, 2015 12:50 PM
<br />Michelle Ashe, County Recorder
<br />By Deputy
<br />Fees: $46.00
<br />i
<br />r
<br />810101
<br />THIS MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND
<br />RENTS AND FIXTURE FINANCING STATEMENT (this "Mortgage") is made as of
<br />September 14, 2015, by Envision Company, LLC, a Minnesota limited liability company
<br />("Developer"), having its principal offices at 10800 — 175th Ave NW, Elk River, Minnesota
<br />55330, in favor of the City of Elk River, a Minnesota municipal corporation (the "City").
<br />RECITALS
<br />WHEREAS, the City has agreed to convey the land described in Exhibit A 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 Q !1� , 2015 (the "Purchase Agreement", which term shall include
<br />any amendment, modification, supplement, extension, renewal, replacement or restatement
<br />thereof) in exchange for a promissory note in the principal amount of ONE MILLION TWO
<br />HUNDRED EIGHTY-EIGHT THOUSAND FIVE HUNDRED EIGHTY -NINETY AND
<br />001100 DOLLARS ($1,28$,589.00), dated the same date as this Mortgage, without interest
<br />thereon, with principal being due and payable as set forth therein and with all principal, if not
<br />sooner paid, being due and payable on the Maturity Date, as defined below (the "Purchase Price
<br />Note", which term shall include any amendment, modification, supplement, extension, renewal,
<br />replacement or restatement thereof) evidencing Developer's obligation to pay the Purchase Price,
<br />as defined in the Purchase Agreement (the "Loan").
<br />467184v1 CBR EL185-31
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