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3.5. EDSR HANDOUT 10-17-2016I -a ni6tJ j g AAakk N f City of El Request for Action River To Item Number Economic Development Authority 3.5 Agenda Section Meeting Date I Prepared by Conseil October 17, 2016 Amanda Othoudt, EDD Item Description Reviewed by Satisfaction Agreement for Indy Lube, Inc. Cal Portner, City Administrator Reviewed by Action Requested Approve, by motion, a satisfaction of mortgage for Indy Lube, Inc. Background/Discussion The EDA approved a $24,700 microloan on October 28, 2003, to Indy Lube, Inc. for the purpose of financing inventory, equipment, furniture, and fixtures in conjunction with building a new facility located at 522 Dodge Avenue NW. A letter was sent to the owner on July 28, 2000, indicating that the mortgage was repaid in full on July 11, 2000. However, a satisfaction of mortgage was never issued or recorded. The owner is in the process of transferring the title to a new owner and is requesting a satisfaction of mortgage be signed and recorded releasing them of all obligations under the Mortgage Agreement. Financial Impact N/A Attachments • Letter (July 28, 2000) • Memorandum (July 28, 2000) • Mortgage Document Number 285731 (October 28, 1993) ■ Satisfaction Agreement IOtIIII ®r 1'tJATURE of 1Velr July 28, 2000 Mr. Jim R. Sapp Indy Lube 6515 East 82nd Street Suite 209 Indianapolis, Indiana 46250 RE: City of Elk River, Minnesota EDA Loan to Indy Lube Dear Jim: This letter is to inform you that, as of July 11, 2000, the October 1993 EDA Micro Loan in the principal amount of $24,700 to Indy Lube of Elk River has been repaid in full. Please feel free to contact me at (763) 441-4905 with any questions. Sincerely Cat erine Mehelich Director of Economic Development Enclosure: Amortization Schedule 13065 Orono Parkway 9 P.O. Box 490 • Elk River. MN 55330 • TDD & Phone (612) 441-7420 6 Fax: (612) 441-7425 INDYLUBE $24,700.00 MICRO LOAN Amortization Schedule Dated: October 28, 1993 Payable to: City of Elk River Amount: $24,700.00 Due: First of Each Month interest Rate: Variable -6%Initially Adjusted Semi -Annually Based on Prime Term: 180 Months Payments: Monthly Principal 8 Interest Starting December 1, 1993 Payment Payments Total Unpaid Int. Period Remaining Payment Principal Interasi Balance &I11 $24,700.00 1 -Dec -93 179 208.43 84.93 12350 24,615.07 TOTAL 1993 208.43 84.93 123.50 1 -Jan -94 178 208.43 85.35 123.08 24,529.72 1 -Feb -94 177 208.43 85.78 122.65 24,443.93 1 -Mar -94 176 208.43 86.21 122.22 24,357.72 1 -Apr -94 175 208.43 86.64 121.79 24,271.08 1 -May -94 174 208.43 87.07 121.36 24,184.01 1 -Jun -94 173 218.29 82.25 136.04 24,101.75 6.75% 1 -Jul -94 172 218.29 82.72 135.57 24,019.04 1 -Aug -94 171 218.29 83.18 135.11 23,935.85 1 -Sep -94 170 218.29 83.65 134.64 23,852.20 1 -Oct -94 169 218.29 84.12 134.17 23,768.08 1 -Nov -94 168 218.29 84.59 133.70 23.683.49 1 -Dec -94 167 231.43 78.47 152.96 23,605.01 7.75% TOTAL 1994 2,583.32 1,010.06 1,573.26 1 -Jan -95 166 231.43 78.98 152.45 23,526.03 1 -Feb -95 165 231.43 79.49 151.94 23,446.54 1 -Mar -95 164 231.43 80.00 151.43 23,366.53 1 -Apr -95 163 231.43 80.52 150.91 23,286.01 1 -May -95 162 231.43 81.04 150.39 23,204.97 1 -Jun -95 161 247.97 73.93 174.04 23,131.04 9.00% i -Jul -95 160 247.97 74.49 173.48 23,056.55 1 -Aug -95 159 247.97 75.05 172.92 22,981.51 1 -Sep -95 158 247.97 75.61 172.36 22,905.90 1 -Oct -95 157 247.97 76.18 171.79 22,829.72 1 -Nov -95 156 247.97 76.75 171.22 22,752.98 1 -Dec -95 155 247.97 82.06 165.91 22,670.91 8.75% TOTAL 1995 2,892.94 934.10 1,958.84 1 -Jan -96 154 245.53 80.22 165.31 22,590.69 1 -Feb -96 153 245.53 80.81 164.72 22,509.88 1 -Mar -96 152 245.53 81.40 164.13 22,428.48 1 -Apr -96 151 245.53 81.99 163.54 22,346.49 1 -May -96 150 245.53 82.59 162.94 22,263.90 1 -Jun -96 149 245.53 92.47 153.06 22,171.43 8.25% i -Jul -96 148 238.35 85.92 152.43 22,085.51 1 -Aug -96 147 238.35 86.51 151.84 21,999.00 1 -Sep -96 146 238.35 87.11 151.24 21,911.89 Payment Payments Total Unpaid Int, Period Remainino Payment Princinal Interest Bala0ce Hak 1 -Oct -96 145 238.35 87.71 150.64 21,824.18 1 -Nov -96 144 238.35 88.31 150.04 21,735.87 1 -Dec -96 143 238.35 88.92 149.43 21,646.95 8.25% TOTAL 1996 2,903.28 1,023.96 1,879.32 1 -Jan -97 142 238.35 89.53 148.82 21,557.42 1 -Feb -97 141 238.35 90.14 148.21 21,467.28 21,47920 11.92 1 -Mar -97 140 238.35 90.76 147.59 21,388.44 1 -Apr -97 139 238.35 91.30 147.05 21,297.14 1 -May -97 138 238.35 91.93 146.42 21,205.21 1 -Jun -97 137 241.31 91.11 160.20 21,114.10 8.50% 1 -Jul -97 136 241.31 91.75 149.56 21,022.35 1 -Aug -97 135 241.31 92.40 148.91 20,929.95 1 -Sep -97 134 241.31 93.06 148.25 20,836.89 1 -Oct -97 133 241.31 93.72 147.59 20,743.17 1 -Nov -97 132 241.31 94.38 146.93 20,648.79 1 -Dec -97 131 241.31 95.05 146.26 20,553.74 8.50-A 1 -Jan -98 130 241.31 95.72 145.59 20,458.02 1 -Feb -98 129 241.31 96.40 144.91 20,361.62 1 -Mar -98 128 241.31 97.08 144.23 20,264.54 1 -Apr -98 127 241.31 97.77 143.54 20,166.77 1 -May -98 126 241.31 98.46 142.85 20,068.31 1 -Jun -98 125 241.31 99.16 142.15 19,969.15 8.50% 1 -Jul -98 124 241.31 99.86 141.45 19,869.29 1 -Aug -98 123 241.31 100.57 140.74 19,766.72 l -Sep -98 122 241.31 101.28 140.03 19,667.44 1 -Oct -08 121 241.31 102.00 139.31 19,565.44 1 -Nov -98 120 241.31 102.72 138.59 19,462.72 1-Dec98 119 236.14 106.39 129.75 19,356.33 8.00% 1 -Jan -99 118 236.14 107.10 129.04 19,249.23 8.00% 1 -Feb -99 117 236.14 107.81 128.33 19,141.42 1 -Mar -99 116 236.14 108.53 127.61 19,032.89 1 -Apr -99 115 236.14 109.25 126.89 18,923.64 1 -May -99 114 236.14 109.98 126.16 18,813.66 1 -Jun -99 113 233.68 112.18 121.50 18,701.48 7.75% 1 -Jul -99 112 233.68 112.90 120.78 18,588.58 1 -Aug -99 111 233.68 113.63 120.05 18,474.95 1 -Sep -99 110 233.68 114.36 119.32 18,360.59 1 -Ott -99 109 233.68 115.10 118.58 18,245.49 1 -Nov -99 108 233.68 115.84 117.84 18,129.65 1 -Dec -99 107 233.68 109.04 124.64 18,020.61 8.25% 1 -Jan -00 106 243.08 119.19 123.89 17,901.42 825% 1 -Feb -00 105 238.38 115.31 123.07 17,786.11 1 -Mar -00 104 238.38 116.10 122.28 17,670.01 1 -Apr -00 103 238.38 116.90 121.48 17,553.11 1 -May -00 102 238.38 117.70 120.68 17,435.41 1 -Jun -00 101 245.18 114.41 130.77 17,321.00 9.00% 1 -Jul -00 100 17494.21 17, 321.00 173.21 0.00 MEMORANDUM TO: File Note FROM: Cathy Mehelich, Director of Economic Development DATE: July 28, 2000 SUBJECT: Indy Lube of Elk River Micro Loan Loan was repaid in full on July 11, 2000. No Satisfaction of Mortgage was issued. SATISFACTION OF REPAYMENT AGREEMENT DATE: October 17, 2016 THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 28th day of October, _ 1993, executed by Indy Lube, Inc., an Indiana Corporation, and Jim R. Sapp as Mortgagor, to the Economic Development Authority of the City of Elk River, Minnesota, a public body corporate and politic of the State of Minnesota, as Mortgagee and filed for record the 10th day of November, 1993, as Document Number 285731, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. Economic Development Authority of the City of Elk River LE Its: STATE OF MINNESOTA ) ss COUNTY OF 1 The foregoing instrument was acknowledged before me this _ day of , 20 By, , the of the Economic Development Authority of the City of Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) Notary THIS INSTRUMENT WAS DRAFTED BY. TAS STATEMENTS FOR THE REAL PROPERTY DESCRIBED City of Elk River IN THIS INSTRUMENT SHOULD BE SEM TO: 13065 Orono Parkway Elk River, MN 55330 Unaffected MORTGAGE 1 THIS MORTGAGE (tree "Mortgage"), dated as of October'i 1903. .�=, is given by INDY LUBE, INC., an Indiana corporation ("Mortgagor,,), whose address is 6505 East 82nd Street, Suite 209, Indianapolis, Indiana 46250; to the ECONOMIC DEVELOPMENT AUTHORITY FOR THE CIT': OF ELK RIVER, a public body corporate and politic of the State of Minnesota ("Mortgagee"), whose address is 13065 Orono Parkway, P.O. Box. 4.90, Elk River, Minnesota 55330. PRELIMINARY STP-TEMENT OF FACTS Mortgagor is justly indebted to Mortgagee in the principal sum of Twenty-four Thousand Seven Hundred and no/100 Dollars ($24,700.00), together with interest at the rates and adjustments thereof provided hereinafter and in that certain Promissory note from Mortgagor (the "Note") of even date herewith, payable to the order of Mortgagee, which Note is fully incorporated herein and is secured hereby. The Note secured hereby is a single advance note, and the proceeds thereof may not be readvanced following payment. The Note shall mature on November 1, 2008. 1:} Mortgage - Mortgagor hereby mortgages to Mortgagee the L real property.located in the County of Sherburne, State of Minnesota, legally described on Exhibit A attached hereto and f1saincorporated herein, together with all tenements, easements, Wit^ hereditaments, privileges, minerals and mineral rights, water and water rights, buildings, fixtures, and improvements now or hereafter erected or located .on the above-described real property (the "Mortgaged Premises"). 2.) Statutory Covenants - Mortgagor makes and includes in this Mortgage the statutory covenants and other provisions set forth inMinnesotaStatutes, Section 507.15, or in any future Minnesota statute providing for a statutory form of real estate mortgage; and Mortgagor covenants with Mortgagee the following ;. -covenants: I{ a (a). To warrant title to the Mortgaged Premises subject to the Permitted Encumbrances set forth on Exhibit A. 0, To pay the indebtedness as herein provided. (,_) To pay all r,axes and special assessments due on the Mortgaged Premises. (d) To pay the principal and interest, when due, on prior mortgages and other similar encumbrances relating to the Mortgage Premiums, and to abide by the terms and covenants contained therein. (e) To keep all buildings insured against fire for an amount not less than the full replacement cost, but in any event not less than the unpaid amount of the Note and the Permitted Encumbrances for the protection of Mortgagee, and shall name Mortgagee as loss payee under the so-called standard mortgage clause. Mortgagor hereby indemnifies Mortgagee for all claims, actions, liability, and damages related to the Mortgaged Premises, including attorneys' fees, court costs, and mechanic's lien claims. Mortgagor shall obtain and maintain during the term hereof liability insurance against claims for personal and property damage occurring on or near the Mortgaged Premises in commercially reasonable amounts, naming Mortgagee as an additional insured. All such policies shall provide for not less than thirty (30) days' notice to Mortgagee of cancellation, nonrenewal or alteration of said policy, and shall be written by insurance carriers approved by Mortgagee. (f) That the Mortgaged Premises shall be kept in good repair and no waste shall be committed. (g) That the whole of the principal sum shall become due after an Event of Default (as defined below), at Mortgagee's option. 3.) Additional Covenants and Agreements of Mortgagor - Mortgagor makes the following additional covenants and agreements with Mortgagee: (a) Subject to rights of prior mortgagee(s), any award of damages under condemnation or payment'in lieu thereof for injury to or the taking of all or any part of the Mortgaged Premises are hereby assigned to Mortgagee with authority to apply the proceeds to the amounts outstanding on the Note. All such proceeds shall be applied first to accrued interest, if any, and then to the principal amount outstanding on the Note. (b) Subject to rights of prior mortgagee(s), any proceeds of any insurance payable by reason of loss or damage to the Mortgaged Premises are hereby assigned and shall be paid to Mortgagee with authority to apply the proceeds to the 2. ZN57:31 aIIUOInts outstanding on the Note. All such proceeds shall be applied first to interest, if any, and then to the principal amount outstanding. i Mortgagor will hold Mortgagee harmless from all costs and expenses in connection with establishing the priority of this Mortgage, and, if the Mortgagee becomes a party to any mechanic's lien suit or other proceeding relating to the premises or to this Mortgage, Mortgagor will. reimburse Mortgagee for Mortgagee's reasonable attorneys' fees, costs, and expenses in connection with said suit or proceeding. (d) Mortgagor will not sell, convey, mortgage, pledge, grant a security interest in, or otherwise transfer or encumber all or any part of the Mortgaged Premises or any interest therein without the prior written consent of Mortgagee. (e) Mortgagor will promptly pay when due all charges for utilities or other services to the Mortgaged Premises including, but not limited to, electricity, gas, telephone, sanitary sewer, and trash and garbage removal and, on request of Mortgagee, provide evidence of such payment. (f) That there are no pending lawsuits, administrative, or arbitration hearings, governmental investigations or proceedings and no violations of any statutes, ordinances, regulations, judicial decrees, or orders, affecting the Mortgaged Premises and use thereof. (g) That there are no environmental proceedings, applications, ordinances, petitions, court pleadings, resolutions, investigations by public or private agencies, or other matters pending affecting the Mortgaged Premises. (h) That there are no aboveground or underground storage tanks on the Mortgaged Premises. ++ (i) That neither Mortgagor, nor any corporation, partnership, or other entity controlled by Mortgagor, nor, to the best of Mortgagor's knowledge after due inquiry, any other person or entity, has at any time; (i) "Released" or actively or passively consented to the "release" of any Hazardous Substance (as defined below), from any "facility,, or "vessel" located on or used in connection with the Mortgaged Premises; or Taken any action in "response" to a "release" of any Hazardous Substance (as defined below), in connection with the Mortgaged Premises; or 3. ,• • �:Cf� 1oSl (iii) Otherwise engaged in any activity or failed to ' take any action which as of the date hereof, could subject Mortgagee or Mortgagor to claims for intentional or negligent torts, strict or absolute liability, either pursuant to statute or common law, in connection with substances located on the Mortgaged Premises at any time prior to the date hereof. The terms set withir_ quotation marks in �. this Section 3(i) shall have the meanings given to g them in the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C., as amended by SARA ("CERCLA"') and the Minnesota <' Environmental Response Compensation and Liability r Act, Minn. Stat. Ch. 115B ("MERLA"). "Hazardous F a, Substances" means formaldehyde, urea, polychlorinated biphenyls, asbestos, petroleum, natural gas, synthetic gas usable for fuel or mixtures thereof, any materials related to any of cC, the foregoing, and substances defined as "'hazard'ous`substances;" "toxic substances t ," "hazardous waste," "pollutant," or "contaminant" Y in CERCLA, MERLA, the Hazardous Materials , - Transportation Act, 49 U.S.C. S 1601 Qt spa., the Clean Water Act, 33 U.S.C. § 1251 et sea., any Minnesota environmental laws, or any regulations promulgated pursuant to any of the foregoing statutes. ! (j') Mortgagor further represents and warrants that no kr Hazardous Substances shall be generated, treated, inatalled,.used;,stored, released or disposed of or j otherwise deposited in or located on the Mortgaged Premises including, without limitation, the surface and subsurface waters of the Mortgaged Premises, except that Mortgagor shall be permitted to store petroleum products (' (primarily motor oil) on the premises in reasonable _quantities in the ordinary course of business of ''changing the oil in motor vehicles and lubricating motor . vehicles, provided that such.storage and use is in full K compliance with all applicable statutes, ordinances, codes, rules, regulations and other laws. tk) Mortgagor shall hold harmless Mortgagee and each of Mortgagee's former, present, and future officers, directors: employees, agents, shareholders, and attorneys and all of their resPective successors and assigns from and against any and all livability. (including bodily injury and death), loss, cost, damage, And expense, including witnesses' and attorneys' fees, f' resulting from or due to the release or threatened release o,` any Hazardous Substance, that was, or is claimed or alleged to have been; deposited, stored, disposed of, placed, or otherwise' located or allowed to be, located on'the Mortgaged Premises by any person at 4 fiifi+ b Y' ^8573. any time or in connection with the removal or containment of such Hazardous Substances. Mortgagor's liability hereunder shall not be limited to the extent of insurance carried by or provided by Mortgagor or subject to any exclusions from any coverage in any insurance policy. (].) Mortgagee or its agents shall have the right from time to time to enter on and investigate the Mortgaged Premises, including, without limitation, subsurface testing, and, at Mortgagee's sole option, to obtain, at Mortgagor's expense, a report from a reputable environmental consultant of Mortgagee's choice as to Mortgagor's compliance with local, state and federal laws governing environmental protection. Notwithstanding the foregoing, Mortgagee shall not require Mortgagor to pay for such consultant's reports more than once in any twelve-month period commencing on the date hereof, provided that if any such report shows that there has been a release or is a threat of imminent release of Hazardous Substances onto or from the Mortgaged Premises., Mortgagee may, in its sole discretion, make such investigations on the Mortgaged Premises and procure such additional reports as Mortgagee deems necessary, and require Mortgagor to make any necessary corrections to ensure compliance with all applicable laws, all at Mortgagor's sole cost. (m) Mortgagor shall promptly notify Mortgagea in writing of any order or pending or threatened action by any regulatory agency or other governmental body, or any claims made by any third party, relating to Hazardous Substances on, or emanations from, the Mortgaged Premises, and shall promptly furnish the Mortgagee with copies of.any correspondence or legal pleadings in connection therewith. In addition, Mortgagee shall have the right., but shall not be obligated, to notify any state, federal or -local governmental authority of information which may come to'its attention with respect to Hazardous Substances on or emanating from the Mortgaged Premises and Mortgagor irrevocably releases Mortgagee from any claims.of loss, damage, liability, expense or injury relating to or arising from, directly or indirectly, any such disclosure. . (n) If at any time it is determined that Hazardous Substances present a health hazard or are required to be removed or contained or other.corrective action is required by any applicable governmental or regulatory requirements, Mortgagee may, at its sole option, require the removal or containment of the Hazardous Substances from the Mortgaged Premises, or require other corrective action, all at Mortgagor's expense. 5. XNb7JJL (o) Mortgagor's representations, warranties, and obligations under this Section 3 shall not be terminated, released, discharged, extinguished, or otherwise affected by any foreclosure of this Mortgage, any deed in lieu of foreclosure, any payment or performance of any indebtedness or obligation, or any other action or thing. This provision may be enforced at any time by Mortgagee. (p) Interest on the unpaid principal balance of the Note shall accrue as follows: From the date hereof through the last day of April, 1994, interest on the Principal Balance shall accrue at the rate of six percent (6t) per annum. The rate of interest shall be adjusted on the first day of May, 1994, the first day of November, 1994, and on the first day of each May and November thereafter (each such date being an "Adjustment Date"). The new interest rate established on an Adjustment Date shall be equal to the lowest prime rate listed in the "Money Rates" section of the Wall Street Journal, as most recently published or announced on or prior to the Adjustment Date, rounded to the nearest one-eighth (1/8) of one percent (the "Index"). If the Index is no longer published, the Holder shall select a comparable alternative interest rate indicator as the Index and shall so notify Borrower. Interest shall be computed on the . basis of a three hundred sixty (360) day year, composed of twelve (12) thirty (30) day months. 4.) Payment by Mortgagee - If Mortgagor fails to pay any amount it is to pay pursuant to this Mortgage, including taxes and assessments, or to perform any obligation set forth herein, Mortgagee may pay such amount or perform such obligation. The. sums so paid shall bear interest from the date of such payment at the same rate set forth in the Note, shall be impressed as an additional lien on the Mortgaged Premises, and be immediately due and payable from Mortgagor to Mortgagee. This Mortgage -.shall from the date thereof secure the repayment of such advances with interest. 5.) Events of Default/Acceleration of Maturity - Mortgagor agrees that, at the option of Mortgagee and in addition to, rights to accelerate the maturity of the indebtedness secured hereby as set forth herein, the entire remaining principal ` balance plus accrued interest may, at Mortgagee's option, become immediately due and .payable in full on the occurrence of a breach or default by Mortgagor under the terms of the Note or this Mortgage (each referred to as an "Event of Default"), provided that Mortgagee shall give Mortgagor five (5) days': prior written notice of any non -monetary default. a h.) Statutory Power of Sale. Waiver. and Agreement - At maturity, whether at the stated time or prior thereto by the acceleration of maturity pursuant hereto, Mortgagee (in addition to any other remedies provided for herein or which it may have at law or equity) shall have the statutory power of sale, and on foreclosure may retain statutory costs and attorneys' fees. 7.) WAIVER OF NOTICE AND HEARING - MORTGAGOR HEREHY EXPRESSLY: {a) CONSENTS TO THE FORECLOSURE AND SALE OF THE MORTGAGED PREMISES BY ACTION PURSUANT TO MINNESOTA STATUTES, CHAPTER 581, OR, AT THE OPTION OF MORTGAGEE, BY ADVERTISEMENT PURSUANT TO MINNESOTA STATUTES, CHAPTER 580, WHICH PROVIDES FOR SALE AFTER SERVICE OF NOTICE THEREOF UPON THE OCCUPANT OF THE MORTGAGED PREMISES AND PUBLICATION OF SAID NOTICE FOR SIX WEEKS IN THE COUNTY IN MINNESOTA WHERE THE MORTGAGED PREMISES IS SITUATED; (b) ACKNOWLEDGES THAT SERVICE NEED NOT BE MADE UPON MORTGAGOR PERSONALLY (UNLESS MORTGAGOR IS AN OCCUPANT) AND THAT NO HEARING OF ANY TYPE IS REQUIRED IN CONNECTION WITH THE SALE; AND tc) EXCEPT AS MAY BE PROVIDED IN SAID STATUTES, WAIVES ANY AND ALL RIGHT -TO PRIOR NOTICE OF SALE OF THE MORTGAGED PREMISES AND ANY AND ALL RIGHTS TO A PRIOR HEARING OF ANY TYPE IN CONNECTION WITH THE SALE OF THE MORTGAGED PREMISES. 8.p. Late Charge Mortgagor agrees to pay Mortgagee a late charge of five percent (59.) of each payment that is not received by, iortgagea_wit.hin fifteen (15) days after its due date. 8.) Miscellaneous - This Mortgage shall be governed by and construed a accordance with the laws of the State of Minnesota and: shall inure to the benefit of Mortgagee and its successors and as Any forbearance by Mortgagee in exercising any right or �,.remedy hereunder, or otherwise af�orded by applicable law, shall aw not, be a waiver of or seclude the exercise of any such right or remedy, The procurement of insurance or the payment of taxes or ©then liens'or charges by Mortgagee shall not be a. waiver of Mortgagee's right to accelerate the maturity of, the indebtedness secured by,this Mortgage. If any provision hereof is determined to be unenforceable or invalid; such provision or such part thereof aq°may be unenforceable or invalid shall be deemed severed Yr cl f 7. W85131 °L'om this Mortgage and the remaining provisions carried out with [.Ile ::same force and effect as if the severed provisions or part h,real had not been made a part- hereof.. MORTGAGOR: INDY LUBE, INC. ` By: M. R. Sapp Its: President V STATE OF M-RW.EE=A ss, COUNTY OF This instrument was acknowledged before me on/ tl - Z 6 - 1993, by Jim R. Sapp, the President of INDY LUBE, INC., an Indiana corporation. GAR: Y` 78 8. RETURN TO. SHERBURNE CO. ADOW 8 WTU Co, 31110tgAMIM EIk Biv� MN 553: (38 78 No r Public John D. Gvinlan, Notary Puft THIS INSTRUMENT WAS DRAFTED BY: My CommissionExpims:Nov. 13,1995 Resident of Marion Co., Indiane LARKIN, HOFFMAN; DALY & LINDGREN, Ltd. 1500 Norwest Financial Center 7900 Xerxes Avenue South Bloomington; Minnesota 55431 (612) 835-3800 ��5i39 COUNTY tttt,dR$€A S""UANE SB., NINN< P fi ftd5 USSUN BY EPUTY i by �@ 2 56 PPS '93 j GAR: Y` 78 8. RETURN TO. SHERBURNE CO. ADOW 8 WTU Co, 31110tgAMIM EIk Biv� MN 553: (38 78 EXHIBIT A to MORTGAGE 285731 Description of Mortgaged Premises: Lot 2, Bock 1, Auburn Commons 2nd Addition, Sherburne County, Minnesota. Permitted Encumbrances: Mortgage in favor of Security Bank Minnesota dated .juLYZ1 1983 filed -DULY 1�19g3 No. �OI� _ having an original , as Document $310, 770.Oo, g principal balance of �JFjR1:V NGt �C;