2021-08-17 Recorded Subordination AgreementRETURN TO:
Erin Carlson
313 Washington Ave S #1119
Minneapolis, MN 55415
Date: August 16, 2021
Doc. No. A1480447
OFFICE OF THE COUNTY RECORDER
WRIGHT COUNTY, MINNESOTA
Certified Filed and/or Recorded on
August 17, 2021 10:36 AM
Fee: $48-00
Tanva West, County Recorder
SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT ("Agreement") is entered into by and between the
City of Albertville, a statutory city and political subdivision of the State of Minnesota (the
"City") and CSM FINANCIAL L.L.C., a Delaware limited liability company ("Lender").
FOR VALUABLE CONSIDERATION and on the terms and conditions of this Agreement, the
Lender subordinates its liens on certain real property in Wright County, Minnesota (the
"Property"), described as follows:
Lot 1, Block 1 and Outlots A. B and C, all said property is located in AVA Addition,
according to the plat of record in the office of the Wright County Recorder, County of
Wright, Minnesota;
such liens are evidenced by the following mortgage executed by Darkenwald Holdings, Ltd., a
Minnesota corporation, as mortgagor, to Lender, as mortgagee:
A Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing
Statement dated August 27, 2012, and filed for record September 13, 2012, as document
number A 1213189 in the office of the county recorder of Wright County, Minnesota;
to that certain document titled City of Albertville Development Agreement/Conditional Use
Agreement AVA Addition dated August 16, 2021 (the "DA"), subsequently filed for record as
Document Number 14 8y Ll H 5 in the Office of the Wright County Recorder, subject to the
following conditions:
1. In the event that Lender forecloses on the Property or obtains a deed in lieu of foreclosure,
the City agrees to forbear from requiring Lender to undertake any of the obligations of the
"Developer" set forth in the DA from the time that Lender takes title to the Property until
such time as (i) Lender shall transfer title of the Property to any other person or entity; or (ii)
Lender commences any improvement on the Property. During the term of the forbearance
of this paragraph, no part of the Property shall be considered a buildable lot and the Lender
shall not be granted a building permit or otherwise be allowed to improve or further
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subdivide the Property. Notwithstanding anything to the contrary, in the event Lender
transfers title to any part of the Property following a foreclosure or deed in lieu of
foreclosure to any other person or entity, including an affiliate or subsidiary of Lender (a
"Grantee"), the Grantee shall take title subject to the DA and assume all of the rights and
obligations of the Developer described therein and Lender shall have no obligations with
regard to the DA.
2. The Lender may request the City lift the forbearance terms described above by signing and
recording the Consent and Confirmation to Development Agreement attached hereto as
Exhibit A, or the Lender may enter into a new development agreement subject the City's
approval.
3. This Agreement may be executed in counterparts, which, taken together, shall constitute one
original.
4. This Agreement shall run with the land and shall be binding upon and extend to the
representatives, heirs, successors, and assigns of the parties hereto.
Whereas, the undersigned agrees to the Subordination Agreement as of the date first written
above.
CSM FINANCIAL L.L.C.,
a Delaware limited liability company
By:
Its:
STATE OF MINNESOTA
ss.
COUNTY OF HENNEPIN_
hugene r
Manager
. Bowar
The foregoing instrument was acknowledged before me this
Eugene M. Bowar, the Manager of CSM FINANCI
company, on behalf of the company.
' • TRACY PUCHTE
tar Public
_ Notary Public-Minnesot y
My Commission Expires Jan 31, 2025
I(# day of August 2021, by
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CITY OF ALBERTVILLE.
a statutory city and political subdivision of the State of Minnesota
STATE OF MINNESOTA
ss.
COUNTY OF WRIGHT
Its Clerk
The foregoing instrument was acknowledged before me this 16th day of August 2021, by Jillian
Hendrickson as Mayor of the City of Albertville, a statutory city and political subdivision of the
State of Minnesota, on behalf of the city and pursuant to the authority of the City Council.
MICHAEL C. COURI
Notary Public, State of Minnesota
My Commission Expires
January 31, 2025
STATE OF MINNESOTA
ss.
COUNTY OF WRIGHT
Notary Public
The foregoing instrument was acknowledged before me this 16th day of August 2021, by Kris
Luedke, as Clerk of the City of Albertville, a statutory city and political subdivision of the State of
• d pursuant to the authority of the City Council.
Notary Public
State of Minnesota
My Commission Expires
January31, 2025
Notary Public
THIS INSTRUMENT WAS DRAFTED BY:
Couri & Ruppe, P.L.L.P.
P.O. Box 369
St. Michael, MN 55376-0369
(763) 497-1930
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Exhibit A
CONSENT AND CONFIRMATION TO DEVELOPMENT AGREEMENT
Pursuant to the terms of that certain Subordination Agreement dated the 16t" day of
August 2021 for the real property legally described as
Lot I. Block 1 and Outlots A, B and C, all said property is located in AVA
Addition, according to the plat of record in the office of the Wright County
Recorder, County of Wright, Minnesota;
CSM FINANCIAL, L.L.C., a Delaware limited liability company ("Lender"), requests
that the City of Albertville lift its forbearance of the Developer's obligations set forth in
the City of Albertville Development Agreement/Conditional Use Agreement AVA
Addition dated August 16, 2021 (the "DA") and recorded as Document Number
in the Office of the County Recorder of Wright County. By signing below,
Lender, hereby agrees to terms and conditions of the DA, including without limitation,
the obligations of the Developer set forth therein.
[remainder of page left blank intentionally —signature to follow]
A-1
IN WITNESS WHEREOF, the undersigned have executed this instrument effective this
day of 920
CSM FINANCIAL L.L.C.,
a Delaware limited liability company
By:
Its:
STATE OF MINNESOTA )
ss.
COUNTY OF HENNEPIN_ )
The foregoing instrument was acknowledged before me this day of , 20 , by
, the of CSM FINANCIAL L.L.C., a Delaware limited liability
company, on behalf of the company.
THIS INSTRUMENT WAS DRAFTED BY:
Couri & Ruppe, P.L.L.P.
P.O. Box 369
St. Michael, MN 55376-0369
(763) 497-1930
Notary Public
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