Agenda - Council - 08/13/2013 - Laserfiche WebLink

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Mortgage of record, and if necessary shall grant, reassign and deliver to the Company, its successors or assigns, all and singular the property and interest by it hereby granted, conveyed, mortgaged and assigned, and all substitutes therefor, or any part thereof, not previously disposed of or released as provided in the Loan Agreement; otherwise this Mortgage shall be and remain in full force. AND IT IS HEREBY COVENANTED, DECLARED AND AGREED by and between the parties hereto that all of the Mortgaged Property is to be held and applied, subject to the covenants, agreements and conditions set forth in the Loan Agreement and herein. secure: Section 2.2. Payments and Performances Secured. This Mortgage shall cover and (a) Payment of any and all Loan Repayments pursuant to the Loan Agreement, together with any renewals or extensions thereof but only to the extent such Loan Repayments are applied or will be applied to the payment of the Bonds. Notwithstanding anything to the contrary contained herein, the maximum principal amount secured hereby is $ (b) Performance of each covenant, agreement or condition of the Company set forth in the Loan Agreement. Bonds. (c) The final maturity dates of the obligations secured by this Mortgage are 1, 20 for the Series A Bonds and 1, 20_ for the Series 8 Section 2.3. Remedies Upon Event of Default. If one or more Events of Default shall have occurred and be continuing, the Trustee shall be entitled to exercise any or all of the remedies set forth or provided in the Loan Agreement, the Indenture or herein, to the extent permitted by law, including, but net limited to, (i) petitioning a court of competent jurisdiction for the appointment of a receiver to take possession of and manage and operate the Mortgaged Property for the benefit of the Issuer, and (ii) declaring all Loan Repayments under the Loan Agreement applicable to the payment of the Bonds immediately due and payable without notice, and the Trustee is hereby authorized and empowered to the extent as may from time to time be permitted by law, to foreclose this Mortgage by judicial proceedings or by advertisement with full authority to sell the Mortgaged Property at public auction and convey the same to the purchaser in fee simple in accordance with the laws of the State of Minnesota, and out of the moneys arising from such sale to retain all sums secured hereby, together with interest and all legal costs and charges of such foreclosure, which costs and charges the Company agrees to pay. Without limiting the foregoing, upon an Event of Default the Trustee shall have the right, to the extent as may from time to time be permitted by law, to: (a) Foreclose on this Mortgage, enter and take possession of the Mortgaged Property or any part thereof without termination of the Loan Agreement, and use its best efforts to lease for any commercial purpose or foreclose and sell the Mortgaged Property or any part thereof for the account of the Company, holding the Company liable, to the extent permitted by law, for the difference between the amounts received and the Loan 6 5601362v2