Agenda - Council - 06/11/2024 - Laserfiche WebLink

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SUBORDINATION AGREEMENT THIS SUBORDINATION AGREEMENT (this "Agreement"), is made and entered into as of the day of June, 2024, by the CITY OF RAMSEY, a Minnesota municipal corporation (the "City"), in favor of BRIDGEWATER BANK, a Minnesota banking corporation (the "Lender"). WITNESSETH: WHEREAS, Centra North, LLC, a Minnesota limited liability company (the "Company") has acquired certain real property located in Ramsey, Minnesota, and legally described on Exhibit A attached hereto and hereby made a part hereof (the "Property"), pursuant to that certain Purchase Agreement dated as of August 17, 2023 by and between the City and the Company (as the same may have been amended, restated, or modified from time to time, the "Purchase Agreement"); and WHEREAS, pursuant to the terms of the Purchase Agreement, concurrent with the acquisition of the Property, the Company and the City entered into that certain Right of Re -Entry Agreement dated as of [ ], 2024, filed of record in the office of the Anoka County Recorder on 2024, as Document No. (the "Re -Entry Agreement"), which contains a right of the City to re-enter the Property and to restore fee simple title to the Property to the City in the event that the Company fails to meet certain construction deadlines on the Property, subject to delays caused by conditions outside of the reasonable control of the Company (the "City Re -Entry Right"); and WHEREAS, the Company and the City are parties to that certain City of Ramsey Development Agreement for Waterfront Village dated [May 28], 2024 relating to the development and subdivision of the Property (the "Development Agreement"); and WHEREAS, in order to provide funds for the development of the Property, the Lender is providing a construction and term loan to the Company in the original principal amount of up to $2,923,090.00, as may be amended from time to time (collectively, the "Loan"); and WHEREAS, the Loan is secured by, among other things, that certain Combination Mortgage, Security Agreement, Fixture Filing and Assignment of Leases and Rents dated as of June , 2024 executed by the Company in favor of the Lender, filed of record in the office of the Anoka County Recorder on , 2024, as Document No. , as may be amended from time to time (collectively, the "Mortgage"); and Error! Unknown document property name.