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

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City of Ramsey 7550 Sunwood Drive NW Ramsey, MN 55303 Phone: (763) 433-9826 Attention: Community Development Director or at such other address as the parties hereto may designate in writing to the other. Section 5.03. Governing Law; Severabilitv. This Mortgage shall be governed by the substantive laws of the State of Minnesota. 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 that can be given effect without the conflicting provisions and to this end the provisions of the Mortgage are declared to be severable. Section 5.04. Counterparts. This Mortgage may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Section 5.05. Limited Recourse. Except in the case of fraud or willful misconduct, neither the Mortgagor, nor any partner, officer, director, shareholder, employee or agent of the Mortgagor, shall have any personal liability for the Mortgagor's obligations hereunder, it being recognized by Mortgagee that the obligations of the Mortgagor hereunder are nonrecourse obligations and that the remedies of Mortgagee are limited to the security provided hereunder and under the Loan Agreement. Section 5.06. Construction Mort2a2e. THIS MORTGAGE SECURES AN OBLIGATION INCURRED FOR THE CONSTRUCTION OF AN IMPROVEMENT ON LAND AND IS BOTH A CONSTRUCTION MORTGAGE AND A MORTGAGE. Section 5.07. Fixture Filing. From the date of its recording, this Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all goods constituting part of the Mortgaged Property (as more particularly described in item (ii) of the granting clause of this Mortgage) which are 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 Debtor and Record Owner of Real Estate: Ramsey Station Apartments Limited Partnership c/o Aeon 901 North Third Street, Suite 150 Minneapolis, MN 55401 Attention: Leslie Roering US.113578590.01 B-2-19