1997-10-06 Recorded Subordination of Mortgage
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t'IARCIA L/\N no. CO.RECORDER
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SUBORDINATION OF MORTGAGE TO DEVELOPER'S AGREEMENT
Whereas, the City of Albertville ("City") has approved the plat of Cottages of
Albertville, provided that Cottages of Albertville, LLC, the Developer of the Cottages of
Albertville plat, enters into Developer's Agreements relating to the platting, development
and use of the properties; and
Whereas, Cottages of Alhertville, LLC, has granted a mortgage to Zapp National
Bank, said mortgage having been recorded as document no. 620979 in the Wright County
Recorder's Office, Wright County, Minnesota; and
Whereas, the City requires that all mortgages or other encumbrances on the
Cottages of Albertville plat which have arisen after the filing of said plat be subordinate
to the terms of the Developer's Agreements before any building permits will issue;
NOW, THEREFORE, in order to facilitate the development of the Cottages of Albertville
plat, Zapp National Bank hereby consents to and agrees to subordinate its mortgage
recorded as document no. 620979 to the terms of the Developer's Agreement recorded as
document no. 624722 in the Wright County Recorder's office, Wright County,
~.1innesota, the same as if said Developer's Agreement had been recorded prior to said
mortgage.
Dated: q- ,~ J-{ '17
ZAPP NATIONAL BANK
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STATE OF MINNESOTA )
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COUNTY OF~y-v-'\"'::~ )
The foregoing instrument was acknowledged pefore me this '24\~
c.ieP~l,~~J{, 1997, by 0eS'3\C& G"Ch~\~-r
Qc\'n~'y,€t-c.-rC>\\ ~CY'\ o+~\c-e.\/" ofZapp National Bank.
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Notary Public
Drafted by:
RETUBN TO:
Radzwill & Coun
P.O. Box 369
St. Michael, MN 55376
day of
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627799
970CT.6 li:05
r'lARCIA lANTTD.CO.HECORDER
6Y~_OEPtlTY
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SUBORDINATION OF MORTGAGE TO DEVELOPER'S AGREEMENT
Whereas, the City of Albertville ("City") has approved the plat of Cottages of
Albertville, provided that Cottages of Albertville, LLC, the Developer of the Cottages of
Albertville plat, enters into Developer's Agreements relating to the platting, development
and use of the properties; and
Whereas, Cottages of Albertville, LLC, has granted a mortgage to Zapp National
Bank, said mortgage having been recorded as document no. 620977 in the Wright County
Recorder's Office, Wright County, Minnesota; and
Whereas, the City requires that all mortgages or other encumbrances on the
Cottages of Albertville plat which have arisen after the filing of said plat be subordinate
to the terms of the Developer's Agreements before any building permits will issue;
NOW, THEREFORE, in order to facilitate the development of the Cottages of Albertville
plat, Zapp National Bank hereby consents to and agrees to subordinate its mortgage
recorded as document no. 620977 to the terms of the Developer's Agreement recorded as
document no. 624721 in the Wright County Recorder's office, Wright County,
Minnesota, the same as if said Developer's Agreement had been recorded prior to said
mortgage.
Dated: Lf.. } il- q 7
ZAPP NATIONAL BANK
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((lmm e to aJ. UYJ.J\ eMl Uf
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STATE OF MINNESOTA )
) ss.
COUNTY OF ~rn~.') )
The foregoing instrument was acknowledged before tIle this 2 4-t~
~Y'Y'\~oey- , 1997, by 0€!"'~\Cq Gi>; \C~;'\DT
(b\"",vv--.eYCto\ LD~ ()~rc:eefZapp National Bank.
:~~ JOOIANDER8ON
. l!bNOTARYPUBUC....1UKA
~IBJ/ My Comr.'1 Exp. Jan. 31.1000
Drafted by:
Rr-T1f r-,~ , ~'!'/").
t: \) t"t,\j ,l.,J.
Radzwill & Couri
P.O. Box 369
St. Michael, MN 55376
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Notary Public ~
day of
as
WCft