6.0. EDSR 12-13-1994 - Laserfiche WebLink

Home Browse Search

EDA ITEM #6 MORTGAGE SUBORDINATION AGREEMENT • THIS AGREEMENT is given this day of , 1993, by THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota (the "EDA") . RECITALS The EDA is the holder of a mortgage dated , 1993, recorded , 1993, as Document No. in the office of the County Recorder in and for Sherburne County, Minnesota (the "EDA Mortgage") which affects certain real property legally described on Exhibit A attached hereto and made a part hereof (the "Property") . First National Bank of Elk River (the "Bank") is the holder of a mortgage dated 4001QpItkAIA, 1993, recorded bC(O,/A 1 , 1993, as Document No. v$'j(p$Q1 in the office of the County Recorder in and for Sherburne County, Minnesota, affecting the Property (the "Bank Mortgage") . The Bank has required this agreement as an inducement to make the loan secured by the Bank Mortgage and the parties desire that the EDA subordinate the EDA Mortgage to the Bank Mortgage. NOW, THEREFORE, in consideration of One Dollar ($1.00) and other valuable consideration, the EDA agrees that the EDA Mortgage and the EDA' s interests therein are hereby subordinated to the Bank Mortgage and the Bank's interests therein, regardless of whether the Bank Mortgage is entered into and/or filed of record before or after the EDA Mortgage. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the above date. • THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER By: Its: STATE OF MINNESOTA) ) ss. COUNTY OF This instrument was acknowledged before me on , 1993, by , the of THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota. Notary Public THIS INSTRUMENT WAS DRAFTED BY: LARKIN, HOFFMAN, DALY & LINDGREN, LTD. 1500 NORWEST FINANCIAL CENTER 7900 XERXES AVENUE SOUTH BLOOMINGTON, MINNESOTA 55431 (612) 835-3800 • GAR:ZGOS