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Loan Agreement or otherwise secured hereby, but only such Loan Repayments as are
<br /> applicable to the payment of the Bonds; and
<br /> (c) The Mortgagee may sell the Mortgaged Property to the highest bidder at
<br /> public auction in front of the courthouse door or such other location as the sheriff may
<br /> customarily conduct foreclosure sales in the county, as may be required, where the
<br /> Mortgaged Property is located, either in person or by auctioneer, after having first given
<br /> notice of the time,place and terms of sale,together with a description of the property to be
<br /> sold, as required by Minnesota Statutes, Chapter 580 or 581, as applicable, as the same
<br /> may be amended from time to time, and, upon payment of the purchase money or credit
<br /> bid by the Mortgagee, the Mortgagee or any person conducting the sale for Mortgagee
<br /> (including but not limited to the sheriff of the county where the Mortgaged Property is
<br /> located) is authorized to execute to the purchaser at said sale a deed or sheriffs certificate
<br /> of sale to the Mortgaged Property so purchased. The Mortgagee may bid at said sale and
<br /> purchase the Mortgaged Property, or any part thereof, if the highest bidder therefor. At the
<br /> foreclosure sale the Mortgaged Property may be offered for sale and sold as a whole
<br /> without first offering it in any other manner or may be offered for sale and sold in any other
<br /> manner as the Mortgagee may elect; and
<br /> (d) To the extent permitted by law, foreclose on this Mortgage, terminate the
<br /> Lease, exclude the Mortgagor and the Charter School from possession of the Mortgaged
<br /> Property or any part thereof, and all Loan Repayments theretofore made by the Mortgagor
<br /> shall be retained and applied to the payment of principal of and interest on the Bonds, and
<br /> all interest of the Mortgagor in the Mortgaged Property shall terminate; and
<br /> (e) Exercise any remedies available to a secured party under the Minnesota
<br /> Uniform Commercial Code. Upon demand by the Mortgagee, the Mortgagor shall
<br /> assemble any collateral subject to the Minnesota Uniform Commercial Code (the "UCC
<br /> Collateral") and make it available to the Mortgagee, at a place designated by the
<br /> Mortgagee. The Mortgagee or its agents may without notice from time to time enter upon
<br /> the Mortgagor's premises without causing a breach of the peace to take possession of the
<br /> UCC Collateral, to remove it, to render it unusable,to process it or otherwise prepare it for
<br /> sale, or to sell or otherwise dispose of it. Any written notice of the sale, disposition or
<br /> other intended action by the Mortgagee with respect to the UCC Collateral which is sent
<br /> by regular mail, postage prepaid, to the Mortgagor at the address of the Mortgagor which
<br /> may from time to time be shown on the Mortgagee's records or which shall be been
<br /> provided by the Mortgagor to the Mortgagee in writing, at least ten(10) days prior to such
<br /> sale, disposition or other action, shall constitute commercially reasonable notice to the
<br /> Mortgagor. The Mortgagee may alternatively or additionally give such notice in any other
<br /> commercially reasonable manner.Nothing in this Mortgage shall require the Mortgagee to
<br /> give any notice not required by applicable laws. If any consent, approval, or authorization
<br /> of any state, municipal, or other governmental department, agency, or authority or of any
<br /> person, or any person, corporation,partnership, or other entity having any interest therein,
<br /> should be necessary to effectuate any sale or other disposition of the UCC Collateral, the
<br /> Mortgagor agrees to execute all such applications and other instruments, and to take all
<br /> other action, as may be required in connection with securing any such consent, approval or
<br /> authorization; and
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