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

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(f) Exercise any and all remedies available to Mortgagee under any other documents or agreements executed in connection with the Loan Agreement, the Indenture, any Security Agreement, and the Bonds or under law; and (g) Pay the costs and expenses incurred by the Issuer, the Mortgagee, their agents and counsel, including reasonable fees and disbursements of the attorneys involved to the extent permitted by law, which shall be additional sums secured by this Mortgage, provided, however, that the Mortgagee shall distribute to the registered owners of the Bonds, as partial payment of the Bonds in the case of any Event of Default, all moneys in the Reserve Fund not needed for the expenses of the Issuer or the Mortgagee, prior to commencing any foreclosure hereunder; and (h) The Mortgagee, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice and without regard to the sufficiency or value of any security or the solvency of any party bound for its payment, to the appointment of a receiver to take possession of and to operate the Company or the Mortgaged Property and to collect and apply the Rents and Profits. The receiver shall have all the rights and powers permitted under the laws of the State. The Mortgagor will pay unto the Mortgagee upon demand all expenses, including receiver's fees, reasonable attorneys' fees, costs and agent's compensation, incurred pursuant to the provisions of this Section, and upon any Mortgagor's failure to pay the same, any such amounts shall be added to the sums secured by this Mortgage and shall bear interest at the Late Payment Rate. The receiver may be appointed by an action separate from any foreclosure of this Mortgage pursuant to Minnesota Statutes, Chapter 580 or 581, or any successor statutes thereto, as the same may be amended from time to time, or as a part of the foreclosure action under said Chapter 581 (it being agreed that the existence of a foreclosure pursuant to said Chapter 580 or a foreclosure action pursuant to said Chapter 581 is not a prerequisite to any action for a receiver hereunder). The Mortgagee shall be entitled to the appointment of a receiver without regard to waste,adequacy of the security or solvency of the Mortgagor and otherwise in accordance with the provisions of Minnesota Statutes, Chapter 576, or any successor statute thereto, as the same may be amended from time to time. The Mortgagor hereby agrees and consents to the appointment of the particular person or firm (including an officer or employee of the Mortgagee) designated by Mortgagee as receiver and hereby waives its rights to suggest or nominate any person or firm as receiver in opposition to that designated by Mortgagee. The Mortgagee shall have the right, at any time and without limitation, as provided in Minnesota Statutes, Section 582.03, or any successor statute thereto, as the same may be amended from time to time,to advance money to the receiver to pay any part or all of the items which the receiver should otherwise pay if cash were available from the Mortgaged Property and sums so advanced, with interest at the Late Payment Rate, shall be secured hereby, or if advanced during the period of redemption shall be part of the sum required to be paid to redeem from the sale. The Mortgagor agrees, to the extent permitted from time to time by law, to pay to the Mortgagee any deficiency which may be assessed against the Mortgagor, such deficiency being the difference between (i) the amounts received from foreclosure of this Mortgage and remedies pursued under the Minnesota Uniform Commercial Code or otherwise and (ii) the aggregate amount remaining unpaid as principal of and interest on the outstanding Bonds. 10 73092175v4