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

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kind which, whether before, during or after foreclosure or during any period of redemption, shall accrue and be owing for the use or occupation of the Mortgaged Property or any part thereof. The Company agrees that upon or any time after (i) the occurrence of an Event of Default, (ii) the first publication of any notice of sale for the foreclosure of this Mortgage, (iii) the commencement of any action to foreclose this Mortgage pursuant to Minnesota law, or (iv) the commencement of any period of redemption after foreclosure of this Mortgage, then in any such event, the Trustee shall be entitled, but shall not be required, to apply to the appropriate court in the County where the Mortgaged Property is located, by an action separate from any permissible foreclosure for the appointment of a receiver for the rents, profits and all other income of every kind which shall accrue and be owing for the use or occupation of the Mortgaged Property or any part thereof. The court shall determine the amount of the bond to be posted by any receiver. The receiver, who shall be an experienced manager of facilities similar to the Mortgaged Property, if available, shall collect (until the indebtedness secured hereby is paid in full and, in the case of a foreclosure sale, during the entire redemption period, if any) the rents, profits and all other income of any kind from the Mortgaged Property, manage the Mortgaged Property so as to prevent waste, execute leases without or beyond the period of the receivership, if approved by the court, and apply all rents, profits and other income collected by such receiver in the following manner and in the following order of priority: (a) reasonable fees (including reasonable attorney's fees) of the receiver, the Issuer and the Trustee; (b) expenses for normal maintenance, operation and management of the Mortgaged Property; and (c) the balance to the Trustee to be credited against the obligations secured hereby, and, with respect to that to be credited against amounts owed on the Bonds, in the manner set forth in the Indenture, or to the amount required to be paid to effect a reinstatement or redemption. as the case may be, pursuant to law, if applicable. The receiver shall file periodic accountings as the court determines are necessary and a final accounting at the time of such receiver's discharge. The Trustee shall have the right, but shall not be required, at any time and without limitation, to the extent provided by law, to advance money to the receiver to pay any part or all of the expenses which the receiver should otherwise pay if cash were available from the Mortgaged Property, and sums so advanced, with interest at the rate provided in the Loan Agreement, shall be a part of the sum required to be paid to redeem from any sale. Said sums shall be proved by the affidavit of the Trustee, its agents or attorneys, describing the expenses for which the same were advanced and describing the real estate, if such must be filed for record in the officer where this Mortgage is recorded, and a copy thereof shall be furnished to the sheriff and the receiver at least 10 days before the expiration of any period of redemption. The expense (including any receiver's fees, attorney's fees, costs and agent's compensation) incurred pursuant to the powers herein contained shall be deemed to be immediately due and payable by the Company to the Trustee and shall be secured hereby. The 8 5601362v2