1979-11-13 - Laserfiche WebLink

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.(" I I I ! --. ~. October ~, 1979 Midland National Bank of Minneapolis 401 Second Avenue South Minneapolis, Minnesota 55402 Re: Wolkerstorfer Company, Inc. Gentlemen: This letter will set forth our agreement to subordinate the interests o'1f1'Northwestern Mutual Life Insurance Company ("NML") and that of the City of New Brighton, Minnesota ("City") as such interests may appear, to the security interest of Midland National Bank ("Midland") in certain assets of Wolkerstorfer Company, Inc. (" Borrower" ) . In order to induce Midland to extend credit to Borrower the city and NML hereby agree that all rights of the City and NML, or either of them, in and to the equipment (as such term is defined in the Minnesota Uniform Cor.unercial Code) owned or leased by the Borrower, including but not limited to the items described in the list attaclled hereto as Schedule A, are made subject and subordinate to the security interest of Midland in such assets and properties. Neither the City nor NML shall take any action to repossess or seize or foreclose upon any mortgage, lien or security interest held by either such entity upon the equipment of the Borrower with- out the prior written consent of Midland. This agreement shall constitute a continuing agreement of subordination by the City and NML until such time as all liabilities and indebtedness owed by Borrower to Midland have been paid and satisfied or until Midland shall first have released or satisfied its security interest with respect to each item of Borrower's equip- ment. The foregoing subordination shall pertain with respect to all items described in Schedule A attached hereto, notwithstandinq tha~ any of such items are or may be deemed fixtures.