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

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of one hundred eighty (180) days, as may be reasonably needed to cure the default, provided the Mortgagor initiates corrective action within sixty (60) days after the notice and diligently, continually and in good faith works to effect a cure as soon as possible). (d) An Event of Default occurs with respect to any mortgage to which this Mortgage has been subordinated and not be cured within the applicable cure period. (e) Any use of the Project or a portion of the Mortgaged Property that violates any federal, state or local law, statute or ordinance, which includes illegal discrimination, pornography, gambling or drug related activities; provided, however, that Mortgagor shall not be in default as a result of illegal activities at the Project by tenants of the Project if Mortgagor is pursuing all reasonable actions to prohibit such illegal activities. Mortgagee agrees that a cure of an Event of Default under this Mortgage made or tendered by the Mortgagor's limited partner or its designee shall be accepted or rejected on the same basis as if such cure was made or tendered by the Mortgagor and, to the extent accepted, shall be deemed to be a cure by Mortgagor hereunder. Section 4.02. Acceleration; Foreclosure. Upon the occurrence of any Event of Default, the Mortgagee may, at its option, and subject to the terms and conditions set forth in the Subordination and Standstill Agreement by and among Mortgagee, Wells Fargo Bank, National Association, and Mortgagor and the Master Subordination Agreement by and among, among others, Mortgagee, Wells Fargo Bank, National Association and Mortgagor, exercise one or more of the following rights and remedies (and any other rights and remedies available to it): (a) Mortgagee may, by written notice to the Mortgagor, declare immediately due and payable all indebtedness secured by this Mortgage, and the same shall thereupon be immediately due and payable, without further notice or demand; (b) Mortgagee shall have and may exercise with respect to all personal property and fixtures which are part of the Mortgaged Property, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code, as in effect in the State of Minnesota and if notice to the Mortgagor of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given to Mortgagor (in the manner specified in Section 5.02) at least ten (10) calendar days prior to the date of intended disposition and Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in exercising such rights and remedies, including without limitation, reasonable attorneys' fees and legal expenses; and (c) Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the statutes of the State of Minnesota is such case made and provided, power being expressly granted to sell the Mortgaged Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all indebtedness US.113578590.01 B-2-15