4.6. SR 08-20-2018 - Laserfiche WebLink

Home Browse Search

(ii)Personal Guaranties of Brian Brehmer, Nancy Brehmer and Allen Meyer (the “Personal Guaranties”),owners of Yankee Doodle Enterprises, LLC (“Corporate Guarantor”), owner of the real property commonly known as 13374 U.S. Highway 10, Elk River, Sherburne County, Minnesota as legally described in the Mortgage (the "Loan Property"); (iii)A Corporate Guaranty of Corporate Guarantor, dated the date herewith(the “Corporate Guaranty”, and together with the Personal Guaranties, the “Guaranties”); and (iv)AnAmended and RestatedMortgage, Assignment of Rents, Security Agreement and Fixture Financing Statement, dated the date hereof ("Mortgage"), from the Corporate Guarantor to the EDAamendingand restating the Mortgage, Assignment of Rents, Security Agreement and Fixture Financing Statement securing the Corporate Guaranty, dated September 10, 2013 (the “Original Mortgage”),by the Corporate Guarantor in favor of the Lenderto reflect the New Loan. The Mortgage provides a security interest in the Loan Property as security for the Corporate Guaranty. NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby agreed as follows: 1.Amount and Purpose of New Loan. Borrower agrees to take and Lender agrees to make the New Loanin the principal amount of Nineteen Thousand One Hundred Seventy-Fiveand No/100s Dollars ($19,175.00)to be advanced in a single disbursement as hereinafter provided. The proceeds of the New Loan may only be used to construct approved Improvements (as defined below). 2.Construction of Improvements. For the purposes of this Agreement, the term “Loan Property” means the real estate described in the Mortgage together with all improvements now located or hereafter placed thereon by Borrower. Borrower agrees to use the proceeds of the New Loan (and Corporate Guarantor approves) to improve as a part of the Loan Property (“Project”) consisting generally of renovations to and equipping of the building located at 13374 U.S. Highway 10, Elk River, Minnesota, substantially in accordance with plans and specifications which have been provided to Lender. The improvements will consist of: certain improvements which are intended to increase the energy efficiency of the Loan Property, as specifically set forth on Exhibit A(the“Improvements”). Borrower covenants that when completed, the Improvements shallcomply with all applicable restrictions, conditions, codes, ordinances, regulations and laws of the City of Elk River (“City”) and all other governmental bodies having jurisdiction over the Loan Property, including, without limitation, the all municipal sign ordinances, the Americans with Disabilities Act and those related to environmental protection. 533940v3 GAF EL185-57 -2-