08-11-2004 Council Agenda - Laserfiche WebLink

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EDA SUBORDINATION AGREEMENT THIS EDA SUBORDINATION AGREEMENT ( "Subordination Agreement ") made and entered into this d'-+ day of Ds)ln,, , 2004, by and between the Economic Development Authority of the City of Little Canada, a body corporate and public established under Minnesota Statutes Ch. 469 (the "Agency "), and TCF National Bank, a national banking association ( "Mortgagee "). RECITALS A. The Agency and The Villas at Little Canada LLC, a Minnesota limited liability company ( "Company "), have heretofore entered into a certain Development Agreement dated December 9, 2003 as amended by First Amendment to Development Agreement dated July 16, 2004 (the "Contract "), relating to the development of certain real property situated in the County of Ramsey, State of Minnesota, and pursuant to which the Agency has conveyed to the Company certain real property referred to in the Contract as the Rutzick/Cardinal /Venetian Property which property is legally described as the Rutzick /Cardinal /Venetian Parcel on Exhibit A attached hereto and made a part hereof (the "Rutzick/Cardinal /Venetian Property "); a Memorandum of Development Agreement dated December 9, 2003 memorializing said Contract was recorded on January 14, 2004 as Ramsey County Recorder Document No. 3719504 and tiled on as Ramsey County Registrar of Titles Document No. as amended by First Amendment to Memorandum of Development Agreement dated July 16, 2004, ( "Memorandum of Development Agreement "). B. The conveyance of the Rutzick/Cardinal/Venetian Property by the Agency to the Company was pursuant to a Quit Claim Deed dated December 9, 2003. recorded January 14, 2004 as Ramsey County Recorder Document No. 3719506 ( "Agency Deed ") which Agency Deed included the Right of Re -Entry for Breach of Condition Subsequent as provided in the Contract. C. The Company or its affiliate has also acquired certain other real property defined in the Contract as the Mellgren Property and described as the Mellgren Parcel on Exhibit A attached hereto and made a part hereof (the lvfcllaren Property "). Pursuant to the Contract. the Mellgren Property has been conveyed to the Agency and the Agency has reconvened the Mellgren Property to the Company subject to a Right of Re- Entry for Breach of Condition Subsequent as required by the Contract.