08-11-2004 Council Agenda - Laserfiche WebLink

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FIRST AMENDMENT TO MASTER SUBORDINATION AGREEMENT AND ESTOPPEL CERTIFICATE THE LODGE AT LITTLE CANADA THIS FIRST AMENDMENT TO MASTER SUBORDINATION AGREEMENT AND ESTOPPEL CERTIFICATE ( "First Amendment ") is effective as of this ls` day of July; 2004, by and between THE LODGE AT LITTLE CANADA LLC, a Minnesota limited partnership, with offices located at 233 Park Avenue South, Suite 201, Minneapolis, Minnesota 55415 ( "Borrower "), GLASER FINANCIAL GROUP, INC., a Minnesota corporation, with its offices located at 2177 Youngman Avenue, St. Paul, Minnesota 55116 ( "Glaser "), the RAMSEY COUNTY HOUSING AND REDEVELOPMENT AUTHORITY, Minnesota political subdivision, with its offices located at 250 Courthouse, 15 West Kellogg Boulevard, St. Paul, Minnesota 55102 ( "Ramsey County ") and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA, MINNESOTA, a Minnesota public body corporate and politic, with its offices located at 515 Little Canada Road, Little Canada, Minnesota 55117 ( "EDA "). (Glaser, Ramsey County and the EDA are sometimes collectively referred to herein as "Lenders "). PRELIMINARY RECITALS A. The parties hereto have executed Master Subordination Agreement and Estoppel Certificate dated January 1, 2003, and recorded in the Office of the County Recorder, Ramsey County, Minnesota on January 23, 2003 as Document No. 3579426 (the "Agreement ") which sets forth certain loans made by the Lenders to Borrower (the "Loans ") and the priority of such Loans in relation to each other. B. The Agreement is recorded upon certain real property situate in the County of Ramsey, State of Minnesota, more fully described in Exhibit "A" attached to the Agreement, and made a part hereof (tire "Premises "). C. The Borrower is replatting the Premises pursuant to the plat of the Villas at Little Canada (the "Plat "). D. Due to the replatting of the Premises, the Borrower has requested and the Lenders have agreed to amend the Agreement as provided in this First Amendment. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. The legal description of the Premises set forth on Exhibit "A" to the Agreement is amended in its entirety to read as set forth on Exhibit "A" attached hereto.