HomeMy WebLinkAbout6.i. Mortgage Agreement Amendment - West Ridge 3rd Addition . _ ���, �
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MORTCAC3E At3R8EMENT AMTNDMENT
AMENDMENT AGREEMENT made this 3rd day of April, 1990 to that
certain Mortgage between Rosemount Development Co. , a Minnesota
corporation, as Mortgagor, and City of Rosemount, a municipal
corporation, as Mortgagee, dated July 24, 1989 and recorded
July 24, 1989 as Document No. 896840, covering the �ollowing
described lands:
See Exhibit "A" attached hereto (now platted as West Ridge
Third Addition) .
Rosemount Development Co. and the City of Rosemount do hereby
amend said Mortgage by the addition of the following provision:
Notwith.standing anything to the contrary contained in said
Mortgage, the City of Rosemount (1) shall reduce the unpaid
principal balance (or amount due or secured by the Mortqage)
by the amount of any special assessments paid with respect
to any lots in West ridge Third Addition, and (2) shall, at
Rosemount Development Co. 's expense, release any lot in West
Ridge Third Additian from the ].ien of this Mortgage at such
time as the special assessments levied with respect to the
lot released are paid in full. At such time as Rosemount
Development Co. shall have paid $275, 000. 00 of the special
assessments levied against the lots in West Ridge Third
Addition, the Mortgage shall be satisfied in full and
Rosemount Development Co. shall be entitled to a
satisfaction and release in full of the Mortgage.
Except as provided herein, the terms and provisions of said
Mortgage shall remain in full force and effect.
ROSEMOUNT DEVELOPMENT CO.
By: '�
Its•
CITY OF ROSEMOUNT
By. -
St n Ji "
Its:
Mayor, Vern Napper