Laserfiche WebLink
<br />, <br />-- <br />.. <br /> <br />I <br /> <br />TO: <br /> <br />City Manager and City Council <br /> <br />FROM: Donald L. Lais, city Attorney <br /> <br />RE: Wolkerstorfer Co. - Midland National Bank Subordination Agreement <br /> <br />DATE: November 8, 1979 <br /> <br />The Midland National Bank is lending money to Wolkerstorfer <br />for the purchase of equipment as listed in schedule A of the <br />proposed subordination agreement. It is necessary to have <br />the agreement in order to clarify the respective security <br />interests between Midland National Bank on the one hand and <br />the Northwestern Mutual Life Insurance Company, which is <br />lending the money on the industrial revenue note. <br /> <br />Because the City is a party to the industrial revenue note, <br />it is necessary that the City agree to a subordinated <br />interest with Midland National Bank and that the proper <br />City officials should be authorized to execute the agreement. <br />It in no way jeopardi~s the City's position. <br /> <br />I DL: jd <br /> <br />I <br />