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EQUIPMENT SUBORDINATION AGREEMENT <br /> <br /> <br />Date: <br /> <br />FOR VALUABLE CONSIDERATION, the undersigned hereby subordinates the lien on personal <br />property located in (Sherburne County), Minnesota, described as follows: <br /> <br />SEE ATTACHED EQUIPMENT LIST <br /> <br />which is evidenced by a Security Agreement and UCC-1 Financing Statement dated, <br /> and filed for record on , as Filing Number in the <br />office of the Secretary of State, to a lien evidenced by a Security Agreement and UCC-1 Financing <br />Statement from Heritage Millwork, Inc. to Twin Cities-Metro Certified Development Company, assigned <br />to the U.S. Small Business Administration in an amount not to exceed $4,824,000.00 filed for record in <br />the office of the Secretary of State. <br /> <br />Economic Development Authority of the City <br />of Elk River <br /> <br /> <br /> <br /> ______________________________________ <br />By: <br /> <br /> Its: President <br /> <br /> <br /> <br /> <br /> <br /> ______________________________________ <br />By: <br /> <br /> Its: Executive Director <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Page 1 of 2 <br />Page 19 of 33