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7.1. EDSR 12-21-2020
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7.1. EDSR 12-21-2020
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12/18/2020 11:00:20 AM
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City Government
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12/21/2020
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Amendment to Security Agreement"), between Morrell Oversize, Inc. ("Morrell Oversize") and the <br /> Mortgagor, which amends the Security Agreement, dated August 6, 2015 (the "Original Security <br /> Agreement, and together with the First Amendment to Security Agreement, the "Security Agreement"), <br /> between Morrell Oversize and the Mortgagor; (ii) this First Amendment to Mortgage; (iii) the Amended <br /> and Restated Personal Guaranty,of even date herewith(the"Amended and Restated Personal Guaranties"), <br /> from Terry Morrell and Renee Morrell,which amends and restates the Personal Guaranty,dated August 6, <br /> 2015(the"Original Personal Guaranties,and together with the Amended and Restated Personal Guaranties, <br /> the "Personal Guaranties") from Terry Morrell and Renee Morrell; (iv)the Amended and Restated Entity <br /> Guaranty, of even date herewith (the "Amended and Restated Entity Guaranty"), from Morrell Oversize, <br /> which amends and restates the Entity Guaranty, dated August 6, 2015 (the "Original Entity Guaranty, and <br /> together with the Amended and Restated Entity Guaranty, the "Entity Guaranty"), from Morrell Oversize <br /> to the Mortgagor; (v) the First Amendment to Loan Agreement, dated as of the date hereof(the "First <br /> Amendment to Loan Agreement"and together with the Original Loan Agreement,the"Loan Agreement"), <br /> between the Mortgagor and the Mortgagee which amends the Original Loan Agreement; and (vi) the <br /> Amended and Restated Promissory Note, dated the date hereof(the "Amended and Restated Promissory <br /> Note" and together with the Original Promissory Note,the "Note"), from the Mortgagee to the Mortgagor. <br /> F. This is a mortgage amendment as defined in Minnesota Statutes, Section 287.01, <br /> Subdivision 2, and as such it does not secure a new or an increased amount of debt. Minn. Stat. 287.05, <br /> Subdivision 8. Mortgage registry tax was paid with respect to the indebtedness secured by the Mortgage <br /> on the date of recording. <br /> NOW,THEREFORE,in consideration for the amendments to terms of the Loan set forth in this First <br /> Amendment to Mortgage, the First Amendment to Loan Agreement, and the Amended and Restated <br /> Promissory Note and the mutual promises and covenants contained herein,the Mortgagee and Mortgagor agree <br /> as set forth below: <br /> I. On the date hereof,the Loan remains outstanding in the amount of$154,170.63. <br /> 2. The maturity date of the Loan shall be extended to August 1,2022. <br /> 3. The term "Loan Agreement" as used in the Original Mortgage, as amended by this First <br /> Amendment to Mortgage shall mean the Original Loan Agreement as amended by the First <br /> Amendment to Loan Agreement. <br /> 4. The term"Promissory Note"or"Note"as used in the Original Mortgage,as amended by this <br /> First Amendment to Mortgage shall mean the Original Promissory Note as amended by the <br /> Amended and Restated Promissory Note. <br /> 5. Except as specifically amended by this First Amendment to Mortgage,the Original Mortgage <br /> is here by ratified and confirmed in all respects, remains in full force and effect, and is <br /> incorporated herein by reference. <br /> [Signature Page follows] <br /> 2 <br /> EL185\33\693027.v2 <br />
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