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HomeMy WebLinkAboutContract 21812~a~ 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 -3- 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 -4-