EDA RES 20-12 - Laserfiche WebLink

Home Browse Search

statement dated December 2020, and recorded on . as Document No. , in the Office of the County Recorder, in and for Sherburne County, Minnesota, and recorded on as Document Number in the Office of the Registrar of Titles of Sherburne County, Minnesota, and encumbers the Premises ("Lender Mortgage"). C. In order to induce Lender to advance funds pursuant to Lender Note, Lender has required Creditor to execute this Agreement. NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: 1. Recitals. The above -stated recitals are true and correct and are incorporated herein by reference. 2. Subordination. Creditor acknowledges and agrees that Creditor's right, title and interest in and to Creditor Mortgage and the Premises is and shall remain subordinate and junior to the lien of Lender Mortgage. 3. Debt Subordination. The payment of all indebtedness by Borrower to Creditor under Creditor Note is hereby expressly subordinated to the extent and in the manner hereinafter set forth to the payment in full of all indebtedness owed to Lender pursuant to Lender Note. Lender agrees that so long as Borrower is not in default in any respect on any principal and interest payments due under Lender Note, Creditor may demand, receive and accept principal and interest payments from Borrower with respect to Creditor Note. In the event Borrower is in default, and for so long as such default may continue, in any respect of the payments due under Lender Note, without Lender's prior written consent, Creditor shall not demand, receive or accept any principal and/or interest payment from Borrower with respect to Creditor Note. In the event that Creditor shall receive any payment on the indebtedness evidenced by Creditor Note which Creditor is not entitled to receive under the provisions of this Section 3, Creditor shall hold the amount so received in trust for Lender and shall forthwith turn over such payment to Lender in the form received (except for the endorsement of Creditor where necessary) for application to them existing indebtedness owed to Lender (whether due or not due), in such manner of application as Lender may deem appropriate. 4. Actions. Creditor shall not commence any action or proceeding against Borrower to recover all or any part of the unpaid principal amount of Creditor Note without obtaining Lender's prior written consent. 5. Rights of Lender. Lender may, at any time, and from time to time, without the consent of or notice to Creditor, without impairing or releasing any of its rights, or any of the obligations of Creditor hereunder: (a) change the interest rate or change the amount of payment or extend the time of payment or renew or otherwise alter the terms of Lender Note or any instrument evidencing the same in any manner; (b) sell, exchange, release or otherwise deal with all or any part of the Premises; (c) release anyone liable in any manner for the payment or PA