Laserfiche WebLink
MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br />(Blighted Properties Forgivable Commercial /Industrial Loan) <br />This Mortgage and Assignment of Rents and Security Agreement and Fixture Financing <br />Statement ( "Mortgage ") is made as of May , 2017, by TRUCK STOP, INC., a Minnesota <br />corporation ( "Mortgagor "), in favor of the HOUSING AND REDEVELOPMENT <br />AUTHORITY IN AND FOR THE CITY OF ELK RIVER, a public body corporate and politic <br />of the State of Minnesota ( "Mortgagee "). <br />THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $75,000.00 OF <br />PRINCIPAL INDEBTEDNESS, TOGETHER WITH ALL INTEREST ACCRUING <br />THEREON AND ANY AMOUNTS WHICH MAY BE ADVANCED BY MORTGAGEE IN <br />PROTECTION OF THE MORTGAGED PREMISES OR THE LIEN OF THIS MORTGAGE. <br />RECTTALS <br />A. Mortgagor has executed and delivered to Mortgagee a Promissory Note effective <br />as of the date hereof in the principal amount of $75,000.00 and bearing interest at the rate set <br />forth therein, with principal being due and payable as set forth therein and with all principal and <br />interest, if not sooner paid or forgiven, being due and payable on May , 2022 (the Promissory <br />Note as the same may be renewed, extended, replaced, modified or amended is herein called the <br />"Note "). The proceeds of the Note are being utilized to pay a portion of the costs of the <br />acquisition of real property, demolition of existing substandard buildings and the construction of <br />a new light maintenance facility on the Mortgaged Property (as defined below). <br />B. Contemporaneous herewith, Mortgagor has entered into that certain loan <br />agreement (the "Loan Agreement ") setting forth the terms and conditions of Mortgagor and <br />Lender's obligations with relation to this loan facility. <br />498526v1 EL185 -51 <br />