05-13-2020 Council Packet - Laserfiche WebLink

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12587850v1 2 AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FINANCING STATEMENT THIS AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FINANCING STATEMENT AND dated as of ___________ 1, 2020 (the "Mortgage"), by and between Presbyterian Homes Care Centers, Inc., a nonprofit corporation organized and existing under the laws of Minnesota (the "Mortgagor" or "Assignor") and U.S. Bank National Association, a national banking association, as trustee (the "Mortgagee" or the "Assignee"). WITNESSETH WHEREAS, Mortgagor and Mortgagee entered into that certain Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents dated as of December 6, 2018, which was recorded in the Office of the County Recorder of Ramsey County, Minnesota on December 12, 2018, as Document No. A04738811, covering the real estate legally described on Exhibit A hereto (the "Original Mortgage"); and WHEREAS, the Original Mortgage currently secures payment by the Mortgagor of amounts due by the City of Little Canada, Minnesota under its $11,970,000 Health Care Facilities Revenue Note (Langton Place Project), Series 2018 (the "Prior Note"), which was purchased by Associated Bank, National Association (the “Prior Mortgagee”), and the proceeds of which Prior Note were loaned by the City of Little Canada, Minnesota to the Mortgagor (the "Prior Loan"); and WHEREAS, the Prior Mortgagee has assigned its interest in the Original Mortgage to the Mortgagee pursuant to an Assignment of Mortgage dated as of __________, 2020, which was recorded in the Office of the County Recorder of Ramsey County, Minnesota on ___________, 2020 as Document No. _______________; and WHEREAS, at the request of the Mortgagor, the City of Little Canada, Minnesota (the "Issuer") will issue and deliver its $____________ Senior Housing and Health Care Facilities Revenue Refunding Bonds (Langton Shores Project) Series 2020 (the "Bonds"), maturing and payable in full on ___________ 1, 2060; and WHEREAS, the Issuer will loan the proceeds of the Bonds to the Mortgagor pursuant to a Loan Agreement between the Issuer and the Mortgagor of even date herewith (the "Loan Agreement") in order to provide for the terms of redemption and repayment of the Prior Note and to provide for the financing of the additional costs of the Project (as defined in the Loan Agreement); and WHEREAS, the Prior Loan provided for a loan of the Prior Note proceeds to the Mortgagor in the amount of $11,970,000 of which $____________ of principal is currently outstanding; and WHEREAS, the Prior Loan is secured by the Original Mortgage; and