Agenda - Council - 08/08/2017 - Laserfiche WebLink

Home

3.1.8.Borrower having paid to or reimbursed the Lender for any and all costs and expenses, including, without limitation, attorneys' fees, paid or incurred by the Lender in connection with (i) review, negotiation, preparation, and approval of the Loan Documents and any other document or agreement related thereto or the transactions contemplated hereby; (ii) the review, negotiation, preparation, and approval of any amendments, modifications or extensions to any of the foregoing documents, instruments or agreements, and the preparation and consummation of any and all documents necessary or desirable to effect such amendments, modifications or extensions; (iii) any appraisals, environmental assessments or other reports relating to the Property which the Lender is authorized to seek, order or prepare pursuant to the Loan Documents or any other instrument evidencing or securing the Loan or is required to seek, order or prepare pursuant either to applicable laws or regulations or the Lender's policies or procedures generally applicable to commercial mortgage loans by the Lender; (iv) any reasonable fees or costs charged to the Lender by an architect or other design professional engaged by the Lender to, among other things, inspect the construction of any approved improvements to the Property, or verify compliance thereof with applicable building and zoning laws; (v) all title insurance premiums, filing and recording fees and mortgage registration tax paid or payable in connection with the consummation of the transaction contemplated hereby; and (vi) the enforcement by the Lender during the term hereof or thereafter of any of the rights or remedies of the Lender under any of the foregoing documents, instruments or agreements or under applicable law, whether or not suit is filed with respect thereto (attorneys' fees and costs are limited to reasonable fees and costs). PART 4. LOAN SECURITY AND GUARANTY 4.1. Secured Collateral. Collateral securing all advances made on all loan accommodations described in this Agreement shall be as follows: 4.1.1.Third Mortgage. The Borrower grants Lender a third priority mortgage on the Property. The legal description of the Property is: Outlot B, COR ONE, Anoka County, Minnesota. 4.1.2.The Collateral. The Property, Borrower's improvements on the Property, and the Third Mortgage proceeds are hereinafter referred to collectively as the "Collateral." 4.2. Ownershin and care of Collateral. Borrower and Guarantor covenant that this Agreement and any security agreement/mortgage taken in connection with this Agreement will vest in Lender a third priority security interest/mortgage upon the Collateral, and that the Collateral is free from all liens, security interests and encumbrances except those listed on Exhibit B attached hereto and made a part hereof (the "Permitted Encumbrances"). Borrower warrants it has good marketable title to the Collateral subject to no security interest or lien except as described herein. 4.3. Documentation reauired to maintain valid lien. Borrower and Guarantor covenant that upon request of Lender they will execute such financing statements, security agreements, lien documents, and other perfection and security instrumentation as will ensure that Lender creates and maintains a valid and perfected security interest/mortgage lien on the Collateral. 3