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

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Mortgagee's right to accelerate the maturity of the Indebtedness hereby secured. 26. Mortuauee's Remedies Cumulative. All remedies of Mortgagee are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently or independently and as often as the occasion therefor arises. 27. Successors and Assiens Bound. Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective heirs, personal representatives, successors and assigns of Mortgagee and Mortgagor and shall bind persons who become bound as a debtor to this Mortgage. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 28. Notice. Any notice under this Mortgage shall be deemed to have been given if hand delivered or mailed by certified mail, return receipt requested, to Mortgagor or Mortgagee at the following addresses: If to Mortgagor: If to Mortgagee: MK Johnson Properties 7800 Sunwood Drive N.W. Ramsey, MN 55303 City of Ramsey 7550 Sunwood Dr. N.W. Ramsey, MN 55303 or at such other address as Mortgagor may designate in writing to Mortgagee. 29. Governing Law. This Mortgage shall be governed by the substantive laws of the State of Minnesota. All terms in this Mortgage that are defined in the Minnesota Uniform Commercial Code, as amended from time to time (the "UCC"), shall have the meanings set forth in the UCC, and such meanings shall automatically change at the time that any amendment to the UCC, which changes such meanings, shall become effective. In the event that any provision or clause of this Mortgage conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage which can be given effect without the conflicting provisions and to this end the provisions of the Mortgage are declared to be severable. 30. Fixture Filine. From the date of its recording, this Mortgage shall be effective as a fmancing statement filed as a fixture filing with respect to all goods constituting part of the Mortgaged Property (as more particularly described in the granting clause of this Mortgage) which arc or are to become fixtures related to the real estate described herein. For this purpose, the following information is set forth: a. Name and Address of Debtors and Record Owners of Real Estate: Federal Tax Identification Number: 82-1701828 b. Name and Address of Secured Party. City of Ramsey 7550 Sunwood Dr. N.W. Ramsey, MN 55303 c. This document covers goods which are or are to become fixtures and that personal property hereinabove described. 31. Hazardous Materials. Mortgagor covenants, represents and warrants to Mortgagee, its successors and assigns, (i) that it has not used or permitted and will not use or permit the Mortgaged Property to be used, whether directly or through contractors, agents or tenants, and to the best of Mortgagor' s knowledge and except as disclosed to Mortgagee in writing, the Mortgaged Property has not at any time been used for the generating, transporting, treating, storage, manufacture, emission of, or 9