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

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Repayments and other amounts payable by the Company under the Loan Agreement or otherwise secured hereby, but only such Loan Repayments as are applicable to the payment of the Bonds; (b) Foreclose on this Mortgage, terminate the Loan Agreement, exclude the Company from possession of the Mortgaged Property or any part thereof and use its best efforts to lease for any commercial purpose or sell the Mortgaged Property or any part thereof, subject to the Master Agreement, to another 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 Repayments and other amounts payable by the Company under the Loan Agreement or otherwise secured hereby, but only such Loan Repayments as are applicable to the payment of the Bonds; (c) Foreclose on this Mortgage, terminate the Loan Agreement, exclude the Company from possession of the Mortgaged Property or any part thereof, and all Loan Repayments theretofore made by the Company shall be retained and applied to the payment of principal of and interest on the Bonds, and all interest of the Company in the Mortgaged Property shall terminate; (d) Exercise any remedies available to a secured party under the Minnesota Uniform Commercial Code; and (e) Pay the costs and expenses incurred by the Issuer, the Trustee, their agents and counsel, including reasonable fees and disbursements of the attorneys involved to the extent permitted by law; provided, however, that the Trustee shall distribute to the registered owners of the Bonds, as partial payment of the Bonds in the case of any Event of Default, all moneys in the Reserve Fund not needed for the expenses of the Issuer or the Trustee, prior to commencing any foreclosure hereunder. The Company agrees, to the extent permitted from time to time by law, to pay to the Trustee any deficiency which may be assessed against the Company, such deficiency being the difference between (i) the amounts received from foreclosure of this Mortgage and remedies pursued under the Minnesota Uniform Commercial Code or otherwise and (ii) the aggregate amount remaining unpaid as principal of and interest on the outstanding Bonds. Section 2.4. Right of Entry. If the Trustee exercises one of the remedies provided for in subsection (a), (b) or (c) of Section 2.3 hereof, pursuant to a foreclosure of this Mortgage, the Trustee may then or at any time thereafter, to the extent permitted from time to time by law, take complete and peaceful possession of the Mortgaged Property or any portion thereof, and may remove all persons therefrom, and the Company covenants in any such event, to the extent required from time to time by law, peacefully and quietly to yield up and surrender the Mortgaged Property or such portion thereof to the Trustee. Section 2.5. Assignment of Rents, Profits and Other Income; Receivership. As additional security for the obligations secured by this Mortgage, the Company does hereby bargain, sell, assign and set over unto the Trustee all the rents, profits and other income of any 7 5601362v2