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MORTGAGE SUBORDINATION AGREEMENT
<br />THIS MORTGAGE SUBORDINATION AGREEMENT ("Agreement") is made this
<br />21 day of December, 2020, by and between Byline Bank, an Illinois banking corporation
<br />("Lender"), and the Economic Development Authority of the City of Elk River, a public body
<br />corporate and politic of the State of Minnesota ("Creditor").
<br />RECITALS
<br />A. On September 10, 2013, Yankee Doodle Enterprises, LLC, a Minnesota limited
<br />liability company ("Borrower"), executed and delivered to Creditor, that certain promissory note
<br />in the original principal amount of Seventy -Four Thousand Nine Hundred Ninety -Nine and 00/100
<br />Dollars ($74,999.00), as amended from time to time ("Creditor Note"), which is secured by that
<br />certain Mortgage and Assignment of Rents and Security Agreement and Fixture Financing
<br />Statement, dated September 10, 2013, and recorded on September 18, 2013, as Document No.
<br />49208, in the Office of the County Recorder, in and for Sherburne County, Minnesota, as amended
<br />by that certain First Amendment to Mortgage and Assignment of Rents and Security Agreement
<br />and Fixture Financing Statement, dated May 4, 2017, and filed as Document Number 838218 in
<br />the Office of the County Recorder of Sherburne County, Minnesota and as Document Number
<br />53611 in the Office of the Registrar of Titles of Sherburne County, Minnesota, and as amended
<br />and restated by that certain Amended and Restated Mortgage and Assignment of Rents and
<br />Security Agreement and Fixture Financing Statement, dated August 28, 2018 and recorded on
<br />October 1, 2019, as Document No. 879553, in the Office of the County Recorder, in and for
<br />Sherburne County, Minnesota and as Document Number 56464 in the Office of the Registrar of
<br />Titles of Sherburne County, Minnesota, all in favor of Creditor (collectively, the "Creditor
<br />Mortgage"), encumbering all of that certain real property legally described on Exhibit "A"
<br />attached hereto and made a part hereof ("Premises"). The principal amount outstanding on
<br />Creditor Note as of the date hereof is thirty four thousand three hundred twenty one and 31/100
<br />Dollars ($34,321.31).
<br />B. On December 21, 2020, Borrower executed and delivered to Lender that certain
<br />U.S. Small Business Administration note in the original principal amount of Four Hundred
<br />Seventy -Four Thousand and 00/100 Dollars ($474,000.00) ("Lender Note"), which is secured, in
<br />part, by that certain mortgage, assignment of leases and rents, security agreement and financing
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