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PLEDGE AGREEMENT
BY
CITY OF COLUMBIA HEIGHTS, MINNESOTA,
TO
UNIONMUTUAL STOCK LIFE INSURANCE CO. OF AMERICA
Dated March ~, 1982
PLEDGE AGREEMENT
KNOW ALL MEN BY THESE PRESENTS, that:
WHEREAS, the City of Columbia Heights, a
municipal corporation and political subdivision of the
State of Minnesota (the City), has executed a Commercial
Development Revenue Note (RUvelson & Associates,
Incorporated Project), of even date herewith (the Note),
payable to Unionmutual Stock Life Insurance Co. of
America, a Maine corporation (the Lender), which Note is
in the principal amount of EIGHT HUNDRED TEN THOUSAND
DOLLARS ($810,000); and
WHEREAS, the City has entered into a Loan
Agreement, of even date herewith (the Agreement), with
Ruvelson & Associates, Incorporated, a Minnesota
corporation (the Borrower), whereby the City will loan the
proceeds of said Note to the Borrower and the Borrower
will repay the loan upon the terms set forth therein; and
WHEREAS, the Lender is desirous and the City is
agreeable of further securing the Note issued to the
Lender;
NOW, THEREFORE, in consideration of ONE DOLLAR
($1.00) and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged,
the City does hereby pledge the City's entire interest in
the Agreement, and grant a security interest therein, to
the Lender, together with all rights to payment of any
kind (except amounts payable to the City under Sections
3.02(2), 4.01, 6.05 and 7.07 thereof) which are now or may
hereafter become due at any time, and all rights and
remedies which may be available to the City thereunder.
Subject to the terms and conditions of the Agreement, the
City covenants with the Lender that the City has good
right to pledge and grant a security interest in its
interest in the Agreement in the manner and form aforesaid
and that the City's interest is free and clear of all
charges and encumbrances.
IN WITNESS WHEREOF, the City has executed this
instrument this A1~ day of March, 1982.
CITY OF COLUMBIA HEIGHTS,
MINNESOTA
By
,-
(SEAL)
And
Accepted this q0lJ day of March, 1982.
UNIONMUTUAL STOCK LIFE
INSURANCE CO. OF AMERICA
-~;:/J -
By ~'-t ~~ . 9Z(:J:~~~(y;'/7:'g(}
;ts SECOND V~CE PRl!)SIDENT (' y
(SEAL)
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