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This instrument was drafted by: <br /> SUBORDINATION AGREEMENT <br /> This Subordination Agreement (this Agreement,,) is made and entered into effective as <br /> of[Month] [Date], 2022 by the CITY OF RAMSEY, MINNESOTA (the "City") for the benefit <br /> of BANK OZK (the ,Lender,,), and is acknowledged and consented to by Oppidan, <br /> Incorporated ("Oppidan"). <br /> WHEREAS, Ramsey Industrial Owner 1 LLC ("RIO 1"), is the owner of certain real <br /> property situated in Anoka County, Minnesota, and legally described in Exhibit A-1 attached <br /> hereto and incorporated herein (the "Ramsey 1 Property"), Ramsey Industrial Owner 2 LLC <br /> ("RIO 2"), is the owner of certain real property situated in Anoka County, Minnesota, and legally <br /> described in Exhibit A-2 attached hereto and incorporated herein (the "Ramsey 2 Property"), and <br /> Ramsey Industrial Owner 3 LLC ("RIO 3" and together with RIO 1 and RIO 2, collectively, <br /> "Owner") is the owner of certain real property situated in Anoka County, Minnesota, and legally <br /> described in Exhibit A-3 attached hereto and incorporated herein (the "Ramsey 3 Property", and <br /> together with Ramsey 1 Property and Ramsey 2 Property, collectively, the "Property"); <br />