12-12-2016 EDA Packet - Laserfiche WebLink

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