02-28-2013 Council Agenda - Laserfiche WebLink

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FIRST AMENDMENT TO MORTGAGE, SECURITY AGREEMENT, FIXTURE FINANCING STATEMENT AND ASSIGNMENT OF LEASES AND RENTS THIS FIRST AMENDMENT TO MORTGAGE, SECURITY AGREEMENT, FIXTURE FINANCING STATEMENT AND ASSIGNMENT OF LEASES AND RENTS (the "Amendment ") is made and entered into as of the 20th day of March, 2013 between ST. JOHN'S CHURCH OF LITTLE CANADA, MINNESOTA, a Minnesota religious corporation (the "Mortgagor "), and BANKCHEROKEE (the "Mortgagee "). RECITALS: 1. The City of Little Canada, Minnesota (the "Issuer ") issued, and sold to the Mortgagee, its $1,800,000 Educational Facilities Revenue Note, Series 2007 (St. John the Evangelist School Project), dated December 20, 2007, (the "Original Note "), pursuant to a resolution adopted by the Issuer on December 19, 2007 (the "Note Resolution "); and 2. The Issuer and the Mortgagor entered into a Loan Agreement dated as of December 20, 2007 (the "Original Loan Agreement ") whereby, among other things, the Mortgagor agreed to pay to the Mortgagee loan repayments in an amount and at the times sufficient to pay the principal and interest on the Original Note as it becomes due; and 3. The Issuer assigned, but for certain reserved rights, its interests in the Original Loan Agreement to the Mortgagee pursuant to a Pledge Agreement dated December 20, 2007 (the "Pledge Agreement "); and 4. To secure the Mortgagor's obligations under the Original Loan Agreement, the Mortgagor granted to the Mortgagee a mortgage on certain property legally described on Exhibit A hereto, pursuant to a Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents dated as of December 20, 2007 (the "Original Mortgage "), which Mortgage was filed in the offices of the Ramsey County Recorder on December 26, 2007 as Document No. 4071831; and 5. The Mortgagor and the Mortgagee have entered into this Amendment to amend the Original Mortgage to reflect certain changes resulting from amendments to the Original Note pursuant to a First Amendment to Educational Facilities Revenue Note, Series 2007 dated March 20, 2013 (with the Original Note, the "Note ") and the amendment to the Original Loan Agreement, as amended by the First Amendment to Loan Agreement dated March 20, 2013 ( "First Amendment of Loan Agreement "); and 6. The principal amount now secured by the Original Mortgage, as amended by this Amendment, has decreased by the sum of $251,070.20, from $1,800,000 to $1,548,929.88. 5216435v2 21