Agenda - Council - 07/26/2022 - Laserfiche WebLink

Home

ESTOPPEL CERTIFICATE This Estoppel Certificate is made and entered into effective as of , 2022 by the CITY OF RAMSEY,MINNESOTA(the "City") for the benefit of BANK OZK(the ,Lender,,). WHEREAS, Ramsey Industrial Owner 1 LLC ("RIO 1"), is the owner of certain real property situated in Anoka County, Minnesota, and legally described in Exhibit A-1 attached hereto and incorporated herein(the "Ramsey 1 Property"),Ramsey Industrial Owner 2 LLC ("RIO 2"), is the owner of certain real property situated in Anoka County, Minnesota, and legally described in Exhibit A-2 attached hereto and incorporated herein (the "Ramsey 2 Property"), and Ramsey Industrial Owner 3 LLC ("RIO 3" and together with RIO 1 and RIO 2, collectively, "Owner") is the owner of certain real property situated in Anoka County, Minnesota, and legally described in Exhibit A-3 attached hereto and incorporated herein (the "Ramsey 3 Property", and together with Ramsey 1 Property and Ramsey 2 Property, collectively, the "Property"); WHEREAS, Lender has agreed to make a loan to RIO 1 (the "RIO 1 Loan"), a loan to RIO 2 (the "RIO 2 Loan"), and a loan to RIO 3 (the "RIO 3 Loan", and together with the RIO 1 Loan and the RIO 2 Loan, collectively, the "Loan"), pursuant to a Loan Agreement to be entered into by and among Lender, RIO 1, RIO 2, RIO 3 and certain affiliates of RIO 1, RIO 2 and RIO 3 named therein and to be secured by the Property; NOW, THEREFORE, in consideration of the premises and as an inducement to Lender to make the Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City represents and warrants as follows: 1. Estoppel. The City hereby represents and warrants to Lender that all of the following are true as of the date of this Agreement: a. Grading Agreement: No default by the City exists on the date hereof under the terms of that certain City of Ramsey Grading Agreement for Oppidan