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

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Mortgaged Property will not violate any federal, state or local law, regulation, ordinance or requirement governing Hazardous Materials; (v) that to the best of Mortgagor's knowledge, the Mortgaged Property does not contain any formaldehyde, urea -formaldehyde, or asbestos, except as may have been disclosed in writing to the Mortgagee by the Mortgagor at the time of execution and delivery of this Mortgage; and (vi) that at its expense it will take, or cause to be taken, any and all actions required to investigate, remedy, correct, or modify any adverse or potentially adverse environmental conditions at the Mortgaged Property which the so-called "Phase P" environmental report discloses exist, or which is otherwise disclosed to exist. In addition to the foregoing, the Mortgagor shall not install or maintain, or permit the installation or maintenance of any above -ground storage tanks for the storage of petroleum, petroleum byproducts, or other Hazardous Materials in, about, or under the Mortgaged Property unless (i) the Mortgagor has obtained the prior consent of the Mortgagee for such installation and maintenance, and (ii) the Mortgagor installs and maintains each such storage tank in compliance with all applicable Federal, State and local laws, including the Minnesota Petroleum Tank Release Cleanup Act, Minnesota Statutes, Chapter 115C, as amended. The Mortgagor agrees to indemnify and reimburse the Mortgagee, its successors and assigns, for any breach of these representations and warranties and from loss, damage, expense or cost arising out of or incurred by the Mortgagee which is a result of a breach, misstatement of or misrepresentation of the above covenants, representations and warranties, together with all reasonable attorneys' fees incurred in connection with the defense of any action against the Mortgagee arising out of the above. These covenants, representations and warranties are for the benefit of the Mortgagee and any successor or assign of the Mortgagee, and shall be deemed to survive termination of the Mortgage. ARTICLE FOUR EVENTS OF DEFAULT AND REMEDIES Section 4.01. Events of Default. Each of the following occurrences shall constitute an event of default hereunder (herein called an "Event of Default"): (a) Mortgagor fails to duly and punctually pay or cause to be paid when due any installment of the principal or interest payable under the Loan Agreement and Note, and such failure shall continue for sixty (60) days after the Mortgagee has given written notice of such failure. (b) Mortgagor defaults in the performance of or breaches its agreement contained in Section 3.06 hereof. (c) Mortgagor fails to duly perform or observe any of the covenants or agreements contained in this Mortgage (other than a default specified in paragraphs (a) and (b) of this Section 4.01) or the Loan Agreement and such failure continues for a period of sixty (60) days after the Mortgagee has given written notice to the Mortgagor specifying such default or breach (or, if the default is not capable of being cured within sixty (60) days, then for such longer period, up to a maximum US.113578590.01 B-2-14