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vi n..c vi a Ic i\cyIau ai VI I ROCS <br /> Sherburne County, MN <br /> r� Doc. No. 49208 <br /> f (C ' (j n Certified,filed,and/or recorded on <br /> -t J U `9 <br /> �..1 � MORTGAGE 9/18/2013 9:45 AM <br /> AND Cert.: 9623 <br /> ASSIGNMENT OF RENTS Michelle Ashe,Registrar of Titles <br /> AND By-ft Deputy <br /> SECURITY AGREEMENT <br /> Fees. $46.00 <br /> AND <br /> FIXTURE FINANCING STATEMENT II 111111 I III 111 <br /> 49206 <br /> This Mortgage and Assignment of Rents and Security Agreement and Fixture <br /> Financing Statement ("Mortgage") is made as of September to , 2013, by Yankee <br /> Doodle Enterprises, LLC, a Minnesota limited liability company ("Mortgagor"), in favor <br /> of the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a <br /> public body corporate and politic of the State of Minnesota("Mortgagee"). <br /> THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $74,999.00 <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 /> w RECITALS <br /> CC A. Alan Arnold Corporation ("Borrower") has executed and delivered to <br /> Mortgagee a Promissory Note effective as of the date hereof in the principal amount of <br /> CD $74,999.00 and bearing interest at the rate set forth therein, with principal being due and <br /> �---• payable as set forth therein and with all principal and interest, if not sooner paid, being <br /> due and payable on August 1, 2023 (the Promissory Note as the same may be renewed, <br /> extended, replaced, modified or amended is herein called the "Note"). The proceeds of <br /> the Note are being utilized to make improvements to the Mortgaged Property (as defined <br /> below). <br /> B. Contemporaneous herewith, Borrower has entered into that certain loan <br /> agreement (the "Loan Agreement") setting forth the terms and conditions of the <br /> Borrower's and Lender's obligations with relation to this loan facility. <br /> C. Mortgagor is the owner of the Mortgaged Property and is the landlord <br /> under that certain unrecorded lease dated July 1, 2013, with Borrower, as tenant, leasing <br /> the entire Mortgaged Property from Mortgagor. <br /> D. As a condition of entering into the loan facility, Lender has required that <br /> Mortgagor provide a "Corporate Guaranty" of Borrower's obligations under Note, the <br /> Loan Agreement and any other documents relating to or arising from this loan facility. <br /> Lender further required that Mortgagor's obligations under the Corporate Guaranty be <br /> secured by this Mortgage. <br /> WEST TITLE, LLC <br /> 11660 60 t'uayza{a d. <br /> /3n I. �< /.. /_�. — ] L n(I.^,'torILc^:, MN 553C.5 <br />