6.0. EDSR 12-13-1994 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
EXHIBIT A
• Legal Description:
Parcel I :
Lots 3, 4, 5 and 6, Block 8, W. H. Houlton' s Addition to the village of Elk
River, according to the recorded plat thereof and situate in Sherburne County,
Minnesota.
Parcel II
That part of Lot 4, Auditor' s Subdivision No. 5, in said Village of Elk River,
described as beginning at the Northeast corner of Lot 6, said Block 8, W. M.
Moulton' s Addition; thence East along the easterly extension of the North line
of said Lot 6 to its intersection with the northerly extension of the East line
of Lot 3, said Block 8, W. H. Moulton' s Addition; thence south along said
northerly extension of the East line of Lot 3 to the Northeast corner of said
Lot 3; thence west along the North line of said Lot 3 to intersect the East
line of said Lot 6; thence north along the East line of Lot 6 to the point of
beginning.
•
•
•
•
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") .
The Bank of Elk River (the "Bank") is the holder of a mortgage dated
04.1m51,16 , 1993, recorded 0c11115 00) , 1993, as Document No.
7-401(o I 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:ZG1S
EXHIBIT A
4 Legal Description:
Lot 1, Block 2, Meadowvale Commercial Park, Sherburne County, Minnesota.
4
•
GAR:ZG1S
ri Th
SUBORDINATION AND ATTORNMENT AGREEMENT
411r
THIS AGREEMENT is made as of , 1993, among
BEAUDRY CONVENIENCE, INC. , a Minnesota corporation ("Tenant") ,
whose address is
KENNETH J. BEAUDRY and CARRIE J. BEAUDRY, husband and wife
("Mortgagor") , whose address is 19701 Rush Street, Elk River,
Minnesota 55330; and THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF ELK RIVER, a public body corporate and politic of the
State of Minnesota ("Mortgagee") , whose address is 13065 Orono
Parkway, P.O. Box 490, Elk River, Minnesota 55330.
RECITALS
A. Mortgagor is the owner of certain real estate situated
• in Sherburne County, Minnesota, which is legally
described on Exhibit A attached to this Agreement (the
"Premises") ;
B. Mortgagee has made a loan to Mortgagor, repayment of
which is secured by a Mortgage dated
, 1993, which has been filed for record on
, 1993, in the Office of the Sherburne
County Recorder as Document Number (the
"Mortgage") ;
C. Tenant has leased all or a portion of the Premises from
Mortgagor under a lease dated September 29, 1993 ,
between Mortgagor and Tenant, filed October 1, 1993 , as
Document No. 283690 (which lease and all amendments
thereto are referred to herein as the "Lease") ;
D. As a condition of Mortgagee' s disbursement of loan
proceeds, Mortgagee has required Tenant to confirm that
the Lease and Tenant ' s interest in the Premises are
subordinate to the lien of the Mortgage;
E. Mortgagee is disbursing the loan proceeds in reliance
upon the covenants contained in this Agreement.
•
NOW, THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as
follows:
1. Subordination. The Lease and the rights of Tenant in,
to, or under the Lease and the Premises, including any provisions
in the Lease pertaining to the application of any proceeds of
insurance and awards payable by reason of a taking in eminent
domain or pursuant to condemnation action, are hereby subjected
and subordinated and shall remain in all respects and for all
purposes subject, subordinate, and junior to the Mortgage, and to
the rights and interest of any holder of the Mortgage.
2 . Purchase Options. Any options or rights contained in
the Lease to acquire title to the Premises, including any first
rights of refusal, are hereby made subject and subordinate to the
rights of Mortgagee under the Mortgage. Any acquisition of title
to any part of the Premises by Tenant during the term of the
Mortgage shall be made subordinate and subject to the Mortgage.
3 . Tenant to Attorn to Mortgagee. If the interests of
Mortgagor shall be transferred to and owned by Mortgagee by reason
of foreclosure or other proceedings brought by it in lieu of or
pursuant to a foreclosure, or by any other manner, and Mortgagee
succeeds to the interest of Mortgagor under the Lease without
terminating or extinguishing the Lease, Tenant shall, at the sole
option of Mortgagee, be bound to Mortgagee under all of the terms, •
covenants, and conditions of the Lease for the balance of the term
remaining thereof, with the same force and effect as if Mortgagee
were originally the landlord under the Lease. Tenant does hereby
attorn to Mortgagee as its landlord, effective and self-operative
immediately upon Mortgagee so succeeding to the interest of
Mortgagor under the Lease without the execution of any further
instruments by any of the parties hereto. The respective rights
and obligations of Tenant and Mortgagee upon such attornment, to
the extent of the then remaining balance of the term of the Lease,
shall be and are the same as now set forth therein.
4 . Mortgagee Not Bound by Certain Acts of Mortgagor. If
Mortgagee shall succeed to the interest of the Mortgagor under the
Lease, Mortgagee shall not be liable for any act or omission of
any prior landlord (including Mortgagor) ; nor subject to any
offsets or defenses which Tenant might have against any prior
landlord (including Mortgagor) ; nor bound by any rent which Tenant
might have prepaid; nor for more than the then current installment
of rent; nor bound by any amendment or modification of the Lease
made without its consent. In the event of a default by Mortgagor
under the Lease or an occurrence that would give rise to an offset
against rent or claim against Mortgagor under the Lease, Tenant
will use its best efforts to set off such defaults against rents
currently due Mortgagor and will give Mortgagee notice of such
defaults or occurrence at the address of Mortgagee as set forth •
above and will give Mortgagee such time as is reasonably required
2 .
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to cure such default or rectify such occurrence, provided
Mortgagee uses reasonable diligence to correct the same. Tenant
•
agrees that notwithstanding any provision of the Lease to the
contrary, it will not be entitled to cancel the Lease, or to abate
or offset against the rent, or to exercise any other right or
remedy until Mortgagee has been given notice of default and the
opportunity to cure such default as provided herein. If Tenant
has paid a security deposit to Mortgagor under the Lease,
Mortgagee shall not have any liability to Tenant unless the same
has actually been paid over to Mortgagee and Mortgagee holds the
same.
5 . Successors and Assigns. This Agreement and each and
every covenant, agreement, and other provision hereof shall be
binding upon the parties hereto and their respective successors
and assigns, [including without limitation each and every holder
of the Lease or any other person having an interest therein] and
shall inure to the benefit of Mortgagee and its successors and
assigns. As used herein, the words "successors and assigns" shall
include the heirs, administrators, and personal representatives of
any natural person who is a party to this Agreement.
6 . Choice of Law. This Agreement is executed under and in
all respects is to be governed and construed by the laws of the
State of Minnesota.
7. Captions and Headings. The captions and headings of the
• various sections of this Agreement are for convenience only and
are not to be construed as confining or limiting in any way the
scope or intent of the provisions hereof. Whenever the context
requires or permits, the singular and the plural, and the
masculine, feminine, and neuter shall be freely interchangeable.
8 . Notices. Any notice which any party hereto may desire
or may be required to give to any other party shall be in writing.
The mailing thereof by certified mail, return receipt requested,
or equivalent, to the addresses as set forth above, or to such
other place any party hereto may subsequently by notice in writing
designate as its address shall constitute service of notice
hereunder.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the above date.
MORTGAGOR:
Kenneth J. Beaudry _
Carrie J. Beaudry
3 .
MORTGAGEE:
THE ECONOMIC DEVELOPMENT •
AUTHORITY FOR THE CITY OF ELK
RIVER
By:
Its :
TENANT:
BEAUDRY CONVENIENCE, INC.
By:
Its :
STATE OF
) ss.
COUNTY OF
This instrument was acknowledged before me on
1993 , by KENNETH J. BEAUDRY and CARRIE J. BEAUDRY, husband and
wife.
Notary Public •
STATE OF
) ss.
COUNTY OF
This instrument was acknowledged before me on
1993, by , the
of THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER,
public body corporate and politic of the State of Minnesota.
Notary Public
•
4 .
s
STATE OF
) ss .
• COUNTY OF
This instrument was acknowledged before me on
1993 , by , the
of BEAUDRY CONVENIENCE, INC. , a Minnesota corporation.
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:ZP9S 5 .
EXHIBIT A
Legal Description of Premises:
Lots 3 , 4, 5, and 6, Block 8, W. H. HOULTON'S ADDITION to the
Village of Elk River, Sherburne County, Minnesota.
Together with that part of Lot 4, AUDITOR'S SUBDIVISION NO. 3 , in
said Village of Elk River, Sherburne County, Minnesota, described
as Beginning at the Northeast corner of Lot 6, said Block 8, W. H.
Houlton' s Addition; thence east along the easterly extension of
the North line of said Lot 6 to its intersection with the
northerly extension of the East line of Lot 3, said Block 8, W. H.
HOULTON' S ADDITION; thence south along said northerly extension of
the East line of Lot 3 to the Northeast corner of said Lot 3 ;
thence west along the North line of the said Lot 3 to intersect
the East line of said Lot 6; thence north along said East line' of
Lot 6 to the point of beginning.
411
S