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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> SPACE ABOVE THIS LINE FOR RECORDER’S USE <br /> <br /> <br />PREPARED BY AND WHEN <br />RECORDED MAIL TO: <br />Fox Rothschild LLP (CAE) <br />222 South Ninth Street, Suite 2000 <br />Minneapolis, MN 55402-3338 <br /> <br />SUBORDINATION OF <br />EDA DEVELOPMENT AGREEMENT <br /> <br />This SUBORDINATION OF EDA DEVELOPMENT AGREEMENT (“Agreement”) is <br />made as of 2019, between THE LODGE APARTMENTS AT LITTLE <br />CANADA LLC, a Minnesota limited liability company (“Borrower”), and THE ECONOMIC <br />DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA, a public body <br />corporate and politic under the laws of the State of Minnesota (the “EDA”). <br /> <br />WHEREAS, as of December 1, 2011, Jones Lang LaSalle Multifamily, LLC, a Delaware <br />limited liability company formerly known as Oak Grove Commercial Mortgage, LLC made a <br />loan to THE LODGE AT LITTLE CANADA LLC, a Minnesota limited liability company (the <br />“Original Borrower”), in the original principal amount of Nine Million Nine Hundred Forty- <br />Seven Thousand and 00/100 Dollars (US $9,947,000), which loan is insured by HUD under <br />Section 221(d)(4) pursuant to Section 223(a)(7) of the National Housing Act, as amended <br />(“Mortgage Loan”) and is secured by a certain apartment complex, located in the City of Little <br />Canada, Ramsey County, Minnesota under the project designation Lodge at Little Canada, FHA <br />Project No. 092-35729 (the “Project”), as more particularly described in Exhibit A and attached <br />hereto and incorporated by reference herein; <br /> WHEREAS, the Mortgage Loan is evidenced by that certain Note dated as of December <br />1, 2011 given by Original Borrower in favor of Lender, and is secured by (i) that certain <br />Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing <br />(Minnesota) given by Original Borrower in favor of Lender, dated effective as of December 1, <br />2011 and recorded in the Office of the County Recorder, Ramsey County, Minnesota on <br />December 29, 2011 as Document Number 4312262 (“Original Security Instrument”), as <br />amended by that certain Assumption and Release Agreement and Modification Agreement dated