Agenda - Council - 09/26/2017 - Laserfiche WebLink

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subparagraph (a) above, the Mortgagee shall have the right to audit the Mortgagor's books and records at the Mortgagor's expense. Section 3.06. Sale of Morteaeed Pronerty. (a) The Mortgaged Property may not be assigned, sold or encumbered, as a whole or in part, by Mortgagor without the consent of the Mortgagee except as provided in the Loan Agreement or the Permitted Encumbrances. (b) Notwithstanding anything in this Section 3.06 to the contrary, leases of the residential apailinent units or commercial space to tenants of the Project in the ordinary course of business (subject to the provisions of the Loan Agreement) are hereby approved by the Mortgagee. Section 3.07. Management. The Mortgagor agrees that Mortgagee shall have and reserves the right to require Mortgagor to install new professional management of the Mortgaged Property at any time that an Event of Default has occurred hereunder that has not been cured after notice and within the applicable cure period. Such new management shall be at the sole discretion of the Mortgagee. Nothing herein shall obligate the Mortgagee to exercise its right to require Mortgagor to install professional management. The cost of such management shall be borne by Mortgagor and shall be treated as part of the Loan. Upon the curing of said Event of Default, if, in the reasonable exercise of the Mortgagee's discretion, the Mortgagee determines that professional management of the Mortgaged Property is no longer necessary, the Mortgagee shall discharge the professional management. Section 3.08. Takine, Casualty, Snecial Provisions. Subject in all events to the provisions of the Rider to Loan Documents attached hereto and provisions to the contrary contained in Sections 2.06 and 3.04 of this Mortgage notwithstanding, in the event that all or any part of the Mortgaged Property are taken by eminent domain, or destroyed, or damaged, Mortgagor shall proceed promptly to replace, repair, rebuild and restore the Mortgaged Property to substantially the same condition as existed before the taking or the event causing the damage or destruction, with such suitable changes, alterations and modifications (including substitution or addition of other property) as may be required and approved by Mortgagee. In such event Mortgagor shall have the right, exercisable within 90 days after the proceeds become available, to use the proceeds of any insurance or condemnation award to the extent necessary to repair, restore or replace the Mortgaged Property to the condition hereinabove described, provided that in Mortgagee's reasonable opinion, all of the following conditions have been met: (a) there is not existing Event of Default by Mortgagor under this Mortgage; and (b) there is a sufficient sum available to complete the repair, restoration or replacement, which sum can be composed of a combination of any of the following items: (1) insurance or condemnation proceeds available to Mortgagor and Mortgagee; (2) cash provided by Mortgagor with such amounts deposited with a title insurance company legally authorized to do business in the State of Minnesota pursuant to written agreements in form and substance reasonably acceptable to Mortgagee only if the cost of the work as estimated by the US.113578590.01 B-2-11