A-789178 Modification of MortgageDocument Number: A789178
Filed and/or Recorded on
Jul 30, 2025 11:48 AM
Office of the County Recorder/Registrar of Titles
Carver County, Minnesota
Kaaren Lewis, County Recorder
Deputy NV
Document Recording Fees $ 46.00
Document Total $ 46.00
Requesting Party: CUSTOM HOME BUILDERS TITLE, LLC
Pages: 6
This cover page has been added to this document by Carver County Land Records
and is now an official part of this recorded document
THIS IS A MORTGAGE AMENDMENT, AS DEFINED IN MINNESOTA STATUTES,
SECTION 287.01 AND DOES NOT SECURE A NEW OR INCREASED AMOUNT OF DEBT.
THE ORIGINAL AMOUNT OF THE DEBT WAS $6,000,000.00 AND MORTGAGE
REGISTRY TAX IN THE AMOUNT OF $13,800.00 WAS PAID THEREON.
NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, ENFORCEMENT OF
THIS MORTGAGE IN MINNESOTA IS LIMITED TO THE DEBT AMOUNT OF
$6,000,000.00 UNDER CHAPTER 287 OF THE MINNESOTA STATUTES.
MODIFICATION OF COMBINATION MORTGAGE, SECURITY AGREEMENT,
FIXTURE FILING AND ASSIGNMENT OF LEASES AND RENTS
THIS MODIFICATION OF COMBINATION MORTGAGE, SECURITY
AGREEMENT, FIXTURE FILING AND ASSIGNMENT OF LEASES AND RENTS (this
"Modification") is made and entered into as of July 29, 2025, by and between RACHEL
DEVELOPMENT, INC., a Minnesota corporation, whose address is 4180 Napier Court NE, St.
Michael, Minnesota 55376 (herein called the "Mortgagor"), and TRADITION CAPITAL BANK,
a Minnesota banking corporation, whose address is 100 Village Center Drive, Suite 101, North
Oaks, Minnesota 55127 (herein called "Mortgagee").
RECITALS
A. Mortgagee made a loan to Mortgagor evidenced by a Promissory Note dated May
15, 2025 (the "Note"), securing up to the principal amount of Six Million and 00/100 Dollars
($6,000,000.00) (the "Loan").
B. The Note is secured by a Combination Mortgage, Security Agreement, Fixture
Filing and Assignments of Leases and Rents dated May 15, 2025, executed by Mortgagor in favor
of Mortgagee, and recorded with the Carver County Recorder's Office on May 16, 2025, as
Document No. A786274 (the "Mortgage"), encumbering a first mortgage lien on certain real
property legally described therein (the "Mortgaged Property").
C. Mortgagor and Mortgagee desire to amend the Mortgage to add additional property
as to the Mortgaged Property and amend and restate the Mortgaged Property currently encumbered
by the Mortgage in its entirety.
3232162.0 r Custom Home Builders Title, LLC
10850 Old County Road 15, #100
Plymouth, MN 55441
NOW, THEREFORE, for the purposes aforesaid and in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto, it is agreed by the
parties as follows:
1. The Mortgaged Property currently encumbered by the Mortgage is hereby amended
and restated in its entirety to the real estate legally described on Exhibit A-1 attached hereto and
shall hereby be added as part of the Mortgaged Property and subject to the Mortgage.
2. Except as specifically amended or modified herein, all of the terms, conditions and
covenants contained in the Mortgage shall remain in full force and effect and are hereby fully
ratified and confirmed. If and to the extent that any of the terms and provisions of the Mortgage
are in conflict with or inconsistent with any of the terms or provisions of this Modification, this
Modification shall govern.
3. Mortgagor represents and warrants to Mortgagee that as of the date of this
Modification, there are no claims, setoffs or defenses to Mortgagee's exercise of any rights or
remedies available to it under the terms of the Mortgage.
4. The terms and conditions of this Modification shall be binding upon the parties
hereto and their respective successors and permitted assigns.
5. This Modification may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same agreement.
6. This Modification shall be governed by, and construed in accordance with, the laws
of the State of Minnesota, without giving effect to choice of law or conflict of law principles.
[Remainder of this page intentionally left blank; signature pages follow)
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IN WITNESS WHEREOF, the parties hereto have caused this Modification to be duly
executed as of the day and year indicated above.
RACHEL DEVELOPMENT, INC.,
a Minnesota corporation
M1
By:
Davi dtman
Its: Vice President of Development
STATE OF MINNESOTA )
ss.
COUNTY OFU—Ae-T-C-i1+T
The foregoing instrument was acknowledged before me this 24 -^day of 3"Vj ,
2025, by David Stradtman, the Vice President of Development of Rachel Developmei t, Inc., a
Minnesota corporation, on behalf of the corporation.
k4-tv*-
ary Public
LISA MARIAN FUNK
WTAW PLOW
HMO=
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TRADITION CAPITAL BANK,
a Minnesota banking corporation
By:
-;;Take Schoenberg
Its: Vice President
STATE OF MINNESOTA )
ss.
COUNTY OF L0r--SC-1R-f )
This instrument was acknowledged before me on this2�—day of J tl ,
2025, by Jake Schoenberg, as Vice President of Tradition Capital Bank, a Minnescka banking
corporation, on behalf of said corporation.
/-t wtk—
ary Public
USA MARIAN FUNK
w NOTARY PUBLIC
QANW.WTA
yy p�"e *; do 31, 2=
Prepared by, and after recording return to:
Meghan E. Marty, Esq.
Messerli & Kramer P.A.
1400 Fifth Street Towers
100 South Fifth Street
Minneapolis, MN 55402
EXHIBIT A-1
AMENDED AND RESTATED LEGAL DESCRIPTION
OF MORTGAGED PROPERTY
Lots 1, 2, 3, 4, 5, 6, and 7, Block 1, Pleasant View Pointe, Carver County, Minnesota.
Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, and 13, Block 2, Pleasant View Pointe, Carver County,
Minnesota.
All Abstract Property
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