Agenda - Council - 07/12/2022 - Laserfiche WebLink

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(b) performance of each covenant, agreement or condition of the Mortgagor set forth in the Loan Agreement, this Mortgage, or any other Security Agreement; and (c) the payment of all other sums incurred or advanced by the Mortgagee or otherwise becoming due and payable under the provisions of the Indenture, the Loan Agreement,this Mortgage, or any Security Agreement,together with interest thereon at the Late Payment Rate (as defined in the Loan Agreement), including without limitation all advances consisting of protective advances, as described in Minnesota Statutes, Section 287.05, subdivision 4, or any successor statute thereto, as the same may be amended from time to time. The final maturity date of the debt obligations/indebtedness secured by this Mortgage are June 1, 2057. Section 2.3 Remedies Upon Event of Default. If one (1) or more Events of Default shall have occurred and be continuing, the Mortgagee shall be entitled to exercise any or all of the remedies set forth or provided in the Loan Agreement,the Assignment of Lease,any other Security Agreements, the Indenture or herein, to the extent permitted by law, including but not limited to (i)petitioning a court of competent jurisdiction for the appointment of a receiver to take possession of and manage and operate the Company or the Mortgaged Property for the benefit of the Issuer, and (ii) declaring all Loan Repayments under the Loan Agreement applicable to the payment of the Bonds immediately due and payable without notice, and the Mortgagee is hereby authorized and empowered to the extent as may from time to time be permitted by law, to foreclose this Mortgage by judicial proceedings or by advertisement with full authority to sell the Mortgaged Property at public auction and convey the same to the purchaser in fee simple in accordance with the laws of the State, and out of the money arising from such sale to retain all sums secured hereby, together with interest and all legal costs and charges of such foreclosure, which costs and charges the Mortgagor agrees to pay. Without limiting the foregoing, upon an Event of Default the Mortgagee shall have the right, to the extent as may from time to time be permitted by law, to: (a) Foreclose on this Mortgage, enter and take possession of the Mortgaged Property or any part thereof without termination of the Lease, and use commercially reasonable efforts to lease for any commercial purpose or foreclose and sell the Mortgaged Property or any part thereof for the account of the Mortgagor,holding the Mortgagor liable, to the extent permitted by law, for the difference between the amounts received and the Loan Repayments and other amounts payable by the Mortgagor under the Loan Agreement or otherwise secured hereby; and (b) Foreclose on this Mortgage,terminate the Lease,exclude the Mortgagor and the Charter School from possession of the Mortgaged Property or any part thereof and use commercially reasonable efforts to lease for any commercial purpose or sell the Mortgaged Property or any part thereof to another for the account of the Mortgagor, holding the Mortgagor liable, to the extent permitted by law, for the difference between the amounts received and the Loan Repayments and other amounts payable by the Mortgagor under the 8 73092175v4