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AMENDMENT TO SUBORDINATION AND CONSENT AGREEMENT
THIS AMENDMENT TO SUBORDINATION AND CONSENT AGREEMENT (this
"Amendment") is made and entered into as of the day of December, 2008 by and. between the
Columbia Heights Economic Development Authority, a politica] subdivision under the laws of the
State of Minnesota (the "Authority"), the City of Columbia Heights, a Mim~esota municipal
corporation ("City") and BNC National Bank, a national banking association ("Lender"}.
PRELIMINARY RECITALS:
WHEREAS, Authority, City and Lender did enter into a Subordination and Consent Agreement (the
"Subordination Agreement") dated July 12, 2006; and
WHEREAS, the Subordination Agreement pertains to a Contract of Private Redevelopment (the
"Contract") by and among Huset Park Development Corporation ("Redeveloper"), City and
Authority dated October 25, 2004; and
WHEREAS, the Contract has been amended and restated by, under and pursuant to the Amended and
Restated Contract for Private Redevelopment by and between Authority, City and Redeveloper dated
as of August 1, 2007, as amended by a First Amendment thereto dated as of June I6, 2008 (the
"Restated Contract"); and
WHEREAS, Authority, City and Lender desire to amend the Subordination. Agreement to include and.
refer to the Restated Contract as herein provided.
NOW, THEREFORE, for good and. valuable consideration, the parties hereto agree as follows:
Capitalized Tenns. All caaitalized words used in this Amendment shall have the same
meani-Zg ascribed. to them in the Subordination Agreement unless said words are otherwise
defined it1 this Amendment.
2. Contract. All references in the Subordination Agreement to the Contract shall -nean and refer
to the Restated Contract.
3. No Default. As of the date hereof, no default exists under the Restated Contract.
4. No Further Amendment. Except as expressly amended in this Amendment, all of the other
terms and conditions contained in the Subordination Agreement shall remain unchanged and in
full force and effect.
5. Counterparts. This amendment may be executed. in any number of counterparts and by any
combination of parties hereto in separate counterparts, each of which counterparts shall be an
original and all of which taken together shall constitute one and the same Amendment.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
above written.
Columbia Heights Economie,~3ewelopment
Authority
__ '~
.._,_ .
nary L. Peterson
Its: President
gy; ~ .~ ~ ~
Walter R. Feh~t
Its: Executive Director
STATE OF MINNESOTA )
ss.
COUNTY OF ~ ~ c~„_ )
The foregoing instrument was acknowledged before me this ~ day of -.L.?~° C~,~~:2~ , 2008, by
~~-~ ~ l.. ~ '~ ~ -~-~.~ ~°~ and ~'~ _ ~~ E~ ~ ~ 4~ °°~- ,the
~~ ~ ~~~.~.~,; and ~:~ ~ ~ -" y ~_ ~ ~ ~ +_ ;respectively, of the Columbia Heights
Ernnr~lni~ i~eyelnnrpet~t Authority, a public body politic and corporate, on behalf of the Authority.
_ Nota ublic
a
') ~u~uc • ass
;, n~ o~ :roe ~
~Sigraota~re~~oge 1 of 3 to.4~ne»d~7zent to Suho~~din~atiora and Consent Agree»untJ
-~-
~ ~~~, 7r /y ~ j
Cary L. Pet rson
Its: Mayor
_.
~~
Wa er R. Fe st
Its: City Manager
STATE OF MINNESOTA )
ss.
COUNTY O>F' o~~ `-~. j
The foregoing instrument was acknowledged before me this da of ~-t' .. ` -~` , 2008, by
~-~ c t.- . ° ~~=t`:~ ~ _ and. ~ ~~.~ `" ~- +~~.~~ ~"
the Mayor and the City Manager, respectively, of the City of Columbia Heights, a Minnesota
municipal corporation, on behalf of the municipal corporation.
~taes~. ~ Notar Public
t PUBLiC - FA{NNE54TA
. ~ I 'COMt~ISSIt~1 ES-7!37!2072
,rte,.,
[~Szgrzature page 2 of 3 to Ar~aendmerzt to Subardirratiosr and Cof~aser~t AgreenzentJ
City of Columbia~Heights
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BNC National Bank
(A National Banking ~~~~~e:iation)
By:
STATE OF MINNESOTA )
ss.
COUNTY OF HENNEPIN )
This Document was Prepared. By,
Recording is Requested By and
When Recorded Mail To:
Leonard, O'Brien, Spencer, Gale & Sayre, Ltd.
100 South Fifth Street, Suite 2500
Minneapolis, Minnesota 55402
Attn: Grover C. Sayre, III
39069(.2
,.
Brian K. Whitemarsh
Its: Executive Vice President
ww~. h,
LC~F~! J. LUDK~
tVotary Public-Minnesota g
'° ':' Commission Expires Jan 31, 2010
[Szgruxture ha~r~ 3 of 3 to _gme~ndrnent to Sarbordiraatir,~ri uracl C'orasent Agr•e~rnerztJ
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