CC PACKET 10282025 - Laserfiche WebLink

Home Browse Search

SUBORDINATION AGREEMENT THIS SUBORDINATION AGREEMENT (this “Subordination”) is made as of this _____ day of October, 2025, by the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic (“Authority”) whose address is at 3301 Silver Lake Road, St. Anthony, Village, Minnesota 55418, Attn: Executive Director and the CITY OF ST. ANTHONY VILLAGE, a Minnesota municipal corporation (“City”) whose address is at 3301 Silver Lake Road, St. Anthony, Village, Minnesota 55418, Attn: City Manager. RECITALS A.Doran St. Anthony, LLC (“Doran St. Anthony”), as successor in interest to Doran SLV, LLC, a Minnesota limited liability company, is the owner of certain real property situated in Ramsey County, Minnesota and legally described in Exhibit A attached hereto and incorporated herein (the “Phase I Property”). B.Colliers Mortgage LLC, a Delaware limited liability company (together with its successors and assigns the “Lender”) whose address is at 90 South Seventh Street, Suite 4300, Minneapolis, Minnesota 55402, has made or is intending to make a mortgage loan to Doran St. Anthony in the original principal amount of Forty-Three Million Three Hundred Fifty-Five Thousand and No/100 Dollars ($43,355,000.00) (the “Loan”). C.The Loan is or will be evidenced and secured by the following documents: (i)that certain Multifamily Note (the “Note”) made by Doran St. Anthony in favor of Lender dated of even date herewith in the amount of Forty-Three Million Three Hundred Fifty- Five Thousand and No/100 Dollars ($43,355,000.00); and (ii)that certain Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (“Mortgage”) dated of even date herewith and filed in the official land records of Ramsey County, Minnesota, encumbering the Phase I Property. The Note and the Mortgage and all other documents and instruments evidencing, securing and executed in connection with the Loan, are hereinafter collectively referred to as the “Loan Documents”. D.The Authority and the City are owners and holders of certain rights under that certain Contract for Private Redevelopment (as amended, modified, supplemented or assigned from time to time, the “Redevelopment Contract”) by and among, Doran St. Anthony’s predecessor-in- interest, Doran SLV, LLC, the Authority and the City dated February 19, 2019, and filed of record in the office of the Ramsey County Recorder on March 17, 2020, as Document No. A04802554. E.Pursuant to Section 7.3 of the Redevelopment Contract, the Authority and the City have agreed to subordinate their respective rights under the Redevelopment Contract to the holder of any mortgage securing construction or permanent financing. 60