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Resolution No. 16-06 EDA
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Resolution No. 16-06 EDA
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Last modified
10/9/2017 1:15:19 PM
Creation date
10/6/2017 12:40:30 PM
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EDA
EDA Document Type
EDA Resolution
Meeting Date
12/12/2016
Resolution #
16-06
Resolution Title
Approving Collateral Assignment and Subordination of Development Agreement and Tax Increment Revenue Note
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PREPARED BY AND WHEN <br />RECORDED RETURN TO: <br />Stinson Leonard Street LLP <br />150 South Fifth Street, Suite 2300 <br />Minneapolis, MN 55402 <br />Attention: Lara S. Page <br />(Space above reserved for recorder's use.) <br />COLLATERALASSIGNMENT AND SUBORDINATION OF DEVELOPMENT <br />.-� AGREEMENT AND TAX INCREMENT REVENUE NOTE <br />This COLLATERAL ASSIGNMENT AND SUBORDINATION OF DEVELOPMENT <br />AGREEMENT AND TAX INCREMENT REVENUE NOTE (this "Assignment") is made and <br />entered into as of December _, 2016, by and among UNITED PROPERTIES DEVELOPMENT <br />LLC, a Minnesota limited liability company ("Developer"), UMB BANK N.A., a national <br />banking association ("Bank"), and the LINO LAKES ECONOMIC DEVELOPMENT <br />AUTHORITY, a body corporate and politic duly organized and existing under the laws of the <br />State of Minnesota ("Authority"). Capitalized terms used herein without specific definition shall <br />have the meanings given to them in the Development Agreement (as hereinafter defined). <br />A. Developer is developing a warehouse facility located in Lino Lakes, Minnesota <br />(the "Project"), on the real property described on Exhibit A attached hereto (the "Property"). <br />B. Pursuant to that certain Project Addendum dated as of even date herewith, by and <br />among Developer, United Properties Investments LLC, a Minnesota limited liability company <br />("Borrower") and Bank (as amended, restated or otherwise modified from time to time, the <br />"Project Addendum") and the Loan Agreement referred to therein, Bank has agreed to make a <br />loan to Borrower in the maximum principal amount of [Twenty Million and No/100 Dollars <br />($20,000,000.00)] (the "Project Loan") in order to finance the construction of the Project. <br />C. The Project Loan will be secured by, among other things, a Mortgage, Security <br />Agreement, Assignment of Leases and Rents and Fixture Filing, made by Developer in favor of <br />Bank and encumbering the Property (as amended, restated or otherwise modified from time to <br />time, the "Mortgage"). <br />CORE/0808310.0004/125458168.8 <br />
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