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C-1 <br />623340v3SA730-2 <br />SCHEDULE C <br /> <br />Form of Subordination Agreement <br /> <br /> <br />THIS SUBORDINATION AGREEMENT (this "Agreement") is made as of this _____ <br />day of __________, 20__, between _______________ ("Lender"), whose address is at <br />_________________________, and the HOUSING AND REDEVELOPMENT AUTHORITY <br />OF ST. ANTHONY, MINNESOTA, a public body corporate and politic ("Authority"). <br /> <br />RECITALS <br /> <br />A. Doran SLV, LLC, a Minnesota limited liability company ("Redeveloper"), is the <br />owner of certain real property situated in Ramsey County, Minnesota and legally described in <br />Exhibit A attached hereto and incorporated herein (the "Property"). <br />B. Lender has made a mortgage loan to Redeveloper in the original principal amount <br />of $__________ (the "Loan"). The Loan is the evidenced and secured by the following <br />documents: <br />(i) a certain promissor y note (the "Note") made by Redeveloper dated <br />__________, 20__, in the amount of $___________; and <br /> <br />(ii) a certain mortgage, security agreement and fixture financing statement <br />(the "Mortgage") made by Redeveloper dated __________, 20__, filed __________, <br />20__, as Ramsey County Recorder/Registrar of Titles Doc. No. __________ <br />encumbering the Property; and <br /> <br />(iii) a certain assignment of leases and rents (the "Assignment") made by <br />Redeveloper dated __________, 20__, filed __________, 20__, as Ramsey County <br />Recorder/Registrar of Titles Doc. No. __________ encumbering the Property. <br /> <br />The Note, the Mortgage, the Assignment, and all other documents and instruments <br />evidencing, securing and executed in connection with the Loan, are hereinafter collectively <br />referred to as the "Loan Documents." <br />C. Authority is the owner and holder of certain rights under that certain Contract for <br />Private Redevelopment (the "Contract") by and between Redeveloper and Authority dated <br />____________, 2019, filed ____________, 20__, as Ramsey County Recorder/Registrar of <br />Titles Doc. No. _______________. <br />D. Redeveloper is entitled under the Contract to acquire a certain Tax Increment Tax <br />Revenue Note, Series 20__ in the maximum original principal amount of $3,300,000 (the “TIF <br />Note”). <br />