HomeMy WebLinkAboutJuly 19, 2016 EDA
Page 1 of 1
7/15/2016 10:22:26 AM
Page 1 of 2
Date - Batch (Julian)
Doc #
Project
Obj
Acct #
Description
Vend #
Total Amount
1.823.90
51.4146.0046.00204.0059.24295.00465.37
Ck Date
GL Date
Check TotalCheck TotalCheck TotalCheck TotalCheck TotalCheck TotalCheck TotalCheck TotalCheck Total
Check #
Page 2 of 2
Date - Batch (Julian)
Doc #
Project
Obj
Acct #
Description
GRAND TOTAL
Vend #
Total Amount
1,172.74
Ck Date
GL Date
Check #
SubordinationAgreement
ThisAgreementmadethis 19 dayof July 2016,byEconomicDevelopmentAuthorityfortheCityof
Shakopee"EDA",forthebenefitofTwinCities-MetroCertifiedDevelopmentCompany,aMinnesota
Non-ProfitCorporation("TCM").
The EDAistheLenderintheRepaymentAgreement"MortgageNo.1"givenbyTheFranklin,LLCa
Minnesotalimitedliabilitycompany,datedJune16,2015filedDecember8,2015asDocumentNo.
A992827intheOfficeoftheCountyRecorderofScottCounty,Minnesotaintheoriginalprincipal
amountof$100,000.00("MortgageNo. 1")
MortgageNo.1constitutesalienagainsttherealproperty("theRealProperty")ownedbyTheFranklin,
LLCandtheRealPropertyislocatedintheCountyofScott,andislegallydescribedasfollows:
Lots6and7,Block25,CityofShakopee,ScottCounty,Minnesota
TCM has agreed to make a loan to The Franklin, LLC inthe amount of Six Hundred Seventeen
ThousandandNo/IOO's----------------($617,000.00)securedbyaMortgage("MortgageNo.2")dated
June17,2016filed,asDocumentNo.against the
RealProperty,providedthatEDAwillagreethatthelienofMortgageNo.2shallbepriorandsuperior
toanyright,titleinterest,claimorlienwhichEDAmayhaveinortotheRealPropertybyvirtueof
MortgageNo.1.
Now,therefore,inconsiderationofthepremisesandothergoodandvaluableconsideration,thereceipt
andsufficiencyofwhichisherebyacknowledged,EDAagreesthatthelienofMortgageNo.2shallbe
superiortoanyright,title,interest,claimorlienwhichEDAmayhaveinorupontheRealPropertyby
1.
virtueofMortgageNo.
EconomicDevelopmentAuthorityfor
theCityofShakopee
By _____________________________
Mike Luce, President
By _____________________________
William H. Reynolds, Executive Director
-2-
STATEOFMINNESOTA)
)ss
COUNTYOFSCOTT)
Theforegoinginstrumentwasacknowledgedbeforemethisdayof,2016,by Mike
Luce,PresidentoftheEconomicDevelopmentAuthorityoftheCityofShakopee,Minnesota,onbehalfof
theEconomicDevelopmentAuthority.
_____________________________
NotaryPublic
MyCommissionExpires:
STATEOFMINNESOTA )
)ss
COUNTYOFSCOTT )
Theforegoinginstrumentwasacknowledgedbeforemethisdayof,2016,by
William H. Reynolds,ExecutiveDirectoroftheEconomicDevelopmentAuthorityoftheCityofShakopee,
Minnesota,onbehalfoftheEconomicDevelopmentAuthority.
_____________________________
NotaryPublic
MyCommissionExpires:
DraftedBy:
TwinCities-MetroCertifiedDevelopmentCompany
3495VadnaisCenterDrive
VadnaisHeights,Minnesota55110
651-481-8081
-2-