Laserfiche WebLink
- 4 - <br />10. No Commitment to Extend Credit. Nothing herein creates, or implies the existence of, <br />any commitment on the part of Senior Lender or Subordinated Creditor to extend credit to <br />Borrowers. <br />11. Continuing Nature of Subordination. This Agreement shall be irrevocable and shall <br />continue effective until the Subordinated Loan shall have been paid in full. This is a continuing <br />agreement of subordination and Senior Lender may continue, at any time and without notice to <br />Subordinated Creditor, to extend credit or other financial accommodations and loan monies to or <br />for the benefit of Borrowers on the faith hereof. <br />12. Successors and Assigns. This Agreement is binding not only upon Subordinated Creditor <br />and Borrowers, but also upon the heirs, representative, successors and assigns of each of them, <br />and is enforceable not only by Senior Lender but also by its successors and any assignee of or <br />participant in the Senior Claim, but shall not inure to the benefit of or be enforceable by any <br />other party or subordinate the Subordinated Claim to any claim other than the Senior Claim. <br />13. GOVERNING LAW. THIS AGREEMENT SHALL BE INTERPRETED, AND THE <br />RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN <br />ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MINNESOTA. <br />14. Section Titles; Gender. The section titles contained in this Agreement are and shall be <br />without substantive meaning or content of any kind whatsoever and are not a part of the <br />agreement between the parties hereto. The singular form of any word used in this Agreement <br />shall include the masculine and feminine forms, and vice versa. <br />15. Notices. Except as otherwise expressly provided herein, any notice required or desired to <br />be served, given or delivered hereunder shall be in writing and shall be deemed to have been <br />validly served, given or delivered upon receipt when personally delivered or sent by facsimile <br />transmission or overnight courier, or when duly deposited in the United States mails, certified or <br />registered, with proper postage prepaid, addressed to the party to be notified as follows: <br />If to Borrowers: Heritage Millwork, Inc. <br />Jade Elk Properties, LLC <br />_____________ <br />_____________ <br />If to Subordinated Creditor: Economic Development Authority of the City of <br />Elk River <br />13065 Orono Parkway <br />Elk River, Minnesota 55330 <br />If to Senior Lender: First Bank Elk River <br />812 Main Street <br />Elk River, Minnesota 55330 <br />Page 24 of 33