8.1 SR 08-19-2024 - Laserfiche WebLink

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Subordination Agreement This Agreement made this day of 2024, by the City of Elk River, Minnesota (“City”) for the benefit of Twin Cities-Metro Certified Development Company, a Minnesota Non-Profit Corporation (“TCM”). City of Elk River, Minnesota is the Mortgagee and owner of a Mortgage given by Jade Elk Properties LLC, a Minnesota limited liability company, as Mortgagor, dated filed as Document No. in the Office of the County Recorder of Sherburne County, Minnesota in the original principal amount of $1,378,019.60 (“Mortgage No. 1”) Mortgage No. 1 constitutes a lien against the real property (“the Real Property”) owned by Jade Elk Properties LLC and the Real Property is located in Sherburne County, and is legally described as follows: See Attached Exhibit “A” TCM has agreed to make a loan to Jade Elk Properties LLC in the amount of $4,824,000.00 secured by a Mortgage (“Mortgage No. 2”) dated filed , as Document No. against the Real Property, provided that the City of Elk River, Minnesota will agree that the lien of Mortgage No. 2 shall be prior and superior to any right, title interest, claim or lien which the City of Elk River, Minnesota may have in or to the Real Property by virtue of Mortgage No. 1. Now, therefore, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Initiative Foundation agrees that the lien of Mortgage No. 2 shall be superior to any right, title, interest, claim or lien which the City of Elk River, Minnesota may have in or upon the Real Property by virtue of Mortgage No. 1. City of Elk River, Minnesota By: By: Its: Mayor Its: City Clerk Page 1 of 2 Page 217 of 327