Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />SUBORDINATION AGREEMENT <br /> <br /> THIS AGREEMENT is dated as of this _____ day of __________, 201 3 , by and among <br />Lino Lakes Assisted Living, LLC, a Minnesota limited liability company ("Borrower"), the Lino <br />Lakes Economic Development Authority, a public body corporate and politic established <br />pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 ("Authority"), and <br />_________________, a ______________ ("Lender"). <br /> <br />WITNESSETH <br /> <br /> WHEREAS, Borrower has executed tha t certain [name of m ortgage ] dated <br />_____________, 201 3 , recorded on ___________________, 201 3 [in the office of the Anoka <br />County, Minnesota Registrar of Titles as Document No. _______________ and ] in the office of <br />the Anoka County, Minnesota Recorder as D ocument No. _______________ ("Lender <br />Mortgage"), whereby Borrower has mortgaged to Lender certain real property legally described <br />as Outlot A, The Village No. 4, according to the recorded plat thereof, Anoka County, Minnesota <br />(the "Property"); and <br /> <br /> WHEREA S, Borrower and Authority have entered into that certain Purchase and <br />Redevelopment Agreement dated as of March 1 1 , 201 3 , recorded on <br />_______________________, 201 3 [in the office of the Anoka County, Minnesota Registrar of <br />Titles as Document No. ____________________ and ] in the office of the Anoka County, <br />Minnesota Recorder as Document No. _______________ (“Purchase and Redevelopment <br />Agreement”), which covers the Property; and <br /> <br /> WHEREAS, the Lender Mortgage was given to secure repayment of that certain [na me of <br />note] (the "Note") dated ___________, 201 3 , issued by the Borrower to the order of the Lender <br />in the original principal amount of $ __________________; and <br /> <br /> WHEREAS, as a condition to the extension of credit by Lender pursuant to the Note, the <br />Lender has required that certain rights and interests of the Authority under the Purchase and <br />Redevelopment Agreement be subordinated to the Lender Mortgage; and <br /> <br /> NOW, THEREFORE, in consideration of the covenants contained herein, the mutual <br />benefits derived therefrom and other good and valuable consideration received by each of the