HomeMy WebLinkAboutFDP WTC, LLC - Subordination Agreement - 1.2.2024Prepared by: Justin A Teitle, 2550 Middle Rd., Ste 604, Bettendorf, IA 52722; 563-345-4100
Return to: Justin A Teitle, 2550 Middle Rd., Ste 604, Bettendorf, IA 52722
SUBORDINATION AGREEMENT
The undersigned CITY OF WATERLOO, IOWA, is the owner and holder of a
MORTGAGE dated January 15, 2016, and recorded January 15, 2016, at the Recorder of Deeds
of Black Hawk County, Iowa, as Document Number 2016-12510 (the "Waterloo Mortgage"). In
consideration of the sum of two dollars and other good and valuable consideration the receipt of
which is hereby acknowledged, the CITY OF WATERLOO, IOWA, hereby covenants and
agrees to the following:
1. The lien of said Waterloo Mortgage shall be and the same hereby is made subject and
subordinate to, with the same force and effect as if said Mortgage has been executed,
delivered, and recorded after, the Mortgage to RESOURCE BANK, N.A., dated August 23,
2023 in the amount of $6,000,000.00 and executed by FDP WTC, L.L.C., securing that
certain promissory note dated August 23, 2023, and recorded as Document number 2024-
00002960 on August 29, 2023, in favor of RESOURCE BANK, N.A., in the amount of
$6,000,000.00 due on August 23, 2048.
2. The lien of said Waterloo Mortgage shall be and the same hereby is made subject and
subordinate to, with the same force and effect as if said Mortgage has been executed,
delivered, and recorded after, the Mortgage to THE CHANDLER GROUP, LLC, dated
August 23, 2023 in the amount of $1,500,000.00 and executed by FDP WTC, L.L.C.,
securing that certain promissory note dated August 23, 2023, and recorded as Document
number 2024-00002961 in August 29, 2023, in favor of THE CHANDLER GROUP, LLC, in
the amount of $1,500,000.00 due on April 23, 2023.
3. The lien of said Waterloo Mortgage shall be and the same hereby is made subject and
subordinate to, with the same force and effect as if said Mortgage has been executed,
delivered, and recorded after, a Mortgage to NOTES ONE TWO THREE, LLC, to be dated
January 30, 2024, securing that certain promissory note dated December 28, 2024, in the
amount of $6,000,000.00 and executed by FDP WTC, L.L.C., and to be recorded on January
30, 2024, in favor of NOTES ONE TWO THREE, LLC, in the amount of $6,000,000.00, due
on December 28, 2029.
4. The lien of said Waterloo Mortgage shall be and the same hereby is made subject and
subordinate to, with the same force and effect as if said Mortgage has been executed,
delivered, and recorded after, a Mortgage to STATE BANK OF CHERRY, given by FDP
WTC, L.L.C., to be dated January 30, 2024, securing that certain promissory note dated
November 3, 2023, in the amount of $1,429,096.35 and executed by MP Investment, LLC,
and to be recorded on January 30, 2024, in favor of STATE BANK OF CHERRY, in the
amount of $1,429,096.35, due on June 11, 2024.
2024.
WITNESS the hand and seal of the undersigned this 2- day of 1-
arvuar1j
CITY OF WATERLOO, IOWA
By:
Its: \%,G..t e ✓
STATE OF IOWA )
) SS:
COUNTY OF gk(id1 actw%C- )
I, the undersigned, a Notary Public in and f r said county in the State aforesaid, DO
HEREBY CERTIFY that DkeilA ID (Iv Odle- personally known to me to be
the i,Atvio-{ Qx\ eA ( i/L- of CITY OF WATERLOO, IOWA and personally
known to me to be the same herson whose name is subscribed to the foregoing instrument,
appeared before me this day in person and acknowledged that he/she signed and delivered the
foregoing instrument pursuant to authority of said corporation, for the uses and purpose therein
set forth.
GIVEN under my hand and Notarial seal this 4444' day of y Jan ay. r-ti1) , 20 .
C
BRITNI C PERKINS
COMMISSION NO. 845529
MY COMMISSION EXPIRES
JANUARY 27, 2026
Not y ignature'
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