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<br />"'," ')I,. ~ <br />..... ..V- ,~'. <br /> <br />." <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />March~'7, 1980 <br /> <br />Midland National Bank of Minneapolis <br />401 Second Avenue South <br />Minneapolis, Minnesota 55402 <br /> <br />Small Business Administration <br />12 South 6th street <br />Plymouth Building <br />Minneapolis, Minnesota 55402 <br /> <br />Re: Wolkerstorfer Company, Inc. <br /> <br />Gentlemen: <br /> <br />This letter will set forth our agreement to subordinate <br />the interests of The Northwestern Mutual Life Insurance Company . <br />("NML") and that of the City of Ne\'1 Brighton, Minnesota, as such,. <br />interests may appear, ("City") to the security interest of l-lidland <br />National Bank of :Hinneapolis ("Midlan~") and the Small Business <br />Administration. ("SBA") in certain assets of \'lo1kerstorfer Company, <br />'Inc. ("BorrO\ier"). <br /> <br />. In order to induce Midland and the SBA to extend credit <br />to . Borro\....er , NML and the City hereby agree that all rights of Nl'~L' <br />and the City, or either of them, in and to the equipment (as such <br />term is defined in the Minnesota Uniform Commercial Code) ow~ed or <br />leased by Borrower, including but not limited to the items described <br />in the list attached hereto as Exhibit A, are made subject and sub- <br />ordinate to the security interest of Midland and/or SBA in such <br />assets and property, including that certain security interest in <br />favor ~ Midland evidenced by that certain Security Agreement dated <br />March~-f, 1980, a copy of which is attached hereto as Exhibit B, <br />and the Financing Statement pertaining thereto filed on <br />1980, bearing File No. in the office of the Minnesota <br />Secretary of state. This agreement of subordination shall specifi-- <br />cally apply to the security interest of NML in Borrower's equipment <br />as evidenced by that certain Financing Statement filed in the office <br />of the Minnesota Secretary of State on February 21, 1980, bearing <br />File No. 508921. <br /> <br />, <br /> <br />Neither NHL nor the City shall take any action to repossess, <br />seize or foreclose upon any mortgage, lien or security interest held <br />by either such entity upon the equipment of the Borrower without the <br />prior written consent of Midland and the SBA. <br />