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Exhibit 10.47
MORTGAGE SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT, is made and entered into as of this ___
day of November, 1997, by and among LASALLE BANK F.S.B. ("LaSalle") and
VALUEVISION INTERNATIONAL, INC., a Minnesota corporation ("ValueVision").
WITNESSETH:
WHEREAS, Xxxxxxxx X. Xxxxxxx ("Xx. Xxxxxxx") has executed and delivered
that certain Residential Mortgage dated November 20, 1995 in favor of
ValueVision (the "ValueVision Mortgage"), pursuant to which ValueVision has been
granted a mortgage lien in and to the real property legally described on Exhibit
A attached hereto, (the "Real Property") which Mortgage was duly filed of record
on January 22, 1996 in the office of the Hennepin County Recorder as Document
No. 6528593; and
WHEREAS, Xx. Xxxxxxx has further executed and delivered that certain
Mortgage dated November __, 1997, in favor of LaSalle (the "Lasalle Mortgage"),
pursuant to which LaSalle has been granted a mortgage lien in and to the Real
Property, which Mortgage was duly filed of record in the office of the Hennepin
County Registrar of Titles on ____________, as Document No. _________ and in the
office of the Hennepin County Recorder on ____________, as Document No.
__________; and
WHEREAS, the parties hereto mutually desire that the ValueVision
Mortgage shall be junior and subordinate to the LaSalle Mortgage.
NOW, THEREFORE, in consideration of the foregoing premises, and for
other good and valuation consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:
1. Subordination of the ValueVision Mortgage. ValueVision hereby
acknowledges and agrees that notwithstanding the order in
which the ValueVision Mortgage and the LaSalle Mortgage have
or will be recorded and notwithstanding the relative
priorities of the ValueVision Mortgage and the LaSalle
Mortgage pursuant to applicable law, the ValueVision Mortgage,
the liens created by said agreement and all of the right,
title and interest of ValueVision in and to the Real Property
shall be subordinate and junior in all respects to the LaSalle
Mortgage, the lien created by the LaSalle Mortgage and all
right, title and interest of LaSalle in and to the Real
Property.
2. Miscellaneous. This Agreement shall remain in effect until all
of the agreements subject hereto have been satisfied, released
or terminated. This Agreement shall be governed by and
construed in accordance with the laws of the State of
Minnesota. This Agreement may be executed in any number of
counterparts, each of which when
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executed and delivered shall be an original, but such
counterparts shall together constitute one and the same
instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Subordination
Agreement to be duly executed and delivered as of the day and year first above
written.
LASALLE BANK F.S.B.
By
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Its
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VALUEVISION INTERNATIONAL, INC.,
a Minnesota corporation
By
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Its
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STATE OF ______________ )
) ss.
COUNTY OF _____________ )
The foregoing instrument was acknowledged before me this __
day of November, 1997, by _____________________, the _________________, of
LaSalle Bank F.S.B., for and on behalf of said corporation.
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Notary Public
STATE MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this __
day of November, 1997, by Xxxxx X. Xxxxxx, the Vice President and General
Counsel of ValueVision International, a Minnesota corporation, for and on behalf
of said corporation.
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Notary Public
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EXHIBIT A
(Legal Description of Real Estate)
The Real Property situated in the State of Minnesota, County of Hennepin and
legally described as follows:
Xxx 0, Xxxxx 0, Xxxxxxxx Xxxxxx
