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Office of the Registrar of Titles <br /> L <br /> 4)77 Sherburne County, MN <br /> Doc. No. 46200 <br /> Cered,filed,and/or recorded on <br /> /79?,35 DA"ri: 26 iii 8/25/2011 12:05 PM <br /> MTG REGISTRY TAX OF $ 20.00 FA 1 D Cert.: 9282, 928: <br /> C jaMichelle Ashe,Registrar of Titles <br /> , <br /> BI Deputy <br /> Couqi AudiToriTroasurer <br /> Fees: $66.00 <br /> f\-\:),../LA4±‘3L <br /> Deputy Auditor/Treasurer 11 1.111 -I II- II <br /> 46200 <br /> MORTGAGE <br /> AND <br /> ASSIGNMENT OF RENTS <br /> AND <br /> SECURITY AGREEMENT <br /> AND <br /> FIXTURE FINANCING STATEMENT <br /> This Mortgage and Assignment of Rents and Security Agreement and Fixture <br /> C/) Financing Statement ("Mortgage") is made as of August 2_4-rv‘, 2011, by GRM of <br /> Minnesota, LLC, a Minnesota limited liability company, and Robert G. McDonald <br /> U.I (collectively, the "Mortgagor"), in favor of the Housing and Redevelopment Authority of <br /> CC the City of Elk River, Minnesota, a public body corporate and politic of the State of <br /> CC Minnesota("Mortgagee"). <br /> THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $90,000.00 <br /> OF PRINCIPAL INDEBTEDNESS, TOGETHER WITH ALL INTEREST ACCRUING <br /> THEREON AND ANY AMOUNTS WHICH MAY BE ADVANCED BY <br /> MORTGAGEE IN PROTECTION OF THE MORTGAGED PREMISES OR THE LIEN <br /> OF THIS MORTGAGE. <br /> RECITALS <br /> A. GRM of Minnesota, LLC, a Minnesota limited liability company <br /> ("Borrower") has executed and delivered to Mortgagee a Promissory Note effective as of <br /> the date hereof in the principal amount of$90,000.00 and bearing interest at the rate set <br /> forth therein, with principal being due and payable as set forth therein and with all <br /> principal and interest, if not sooner paid, being due and payable on August 1, 2016 (the <br /> Promissory Note as the same may be renewed, extended, replaced, modified or amended <br /> is herein called the"Note"). <br /> B. Robert McDonald ("McDonald") is the President of Borrower and as such, <br /> McDonald receives the beneficial interest of the amounts being loaned to Borrower by <br /> Mortgagee pursuant to the Note. <br /> 385595v3 JSB EL185-12 <br /> A-1 <br />