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

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The Mortgagor will obtain,and upon request, furnish to the Mortgagee simultaneously with the recordation and filing of this Mortgage, an ALTA form of Mortgagee insurance policy naming the Mortgagee as mortgagee, insuring that the Mortgagor has good and marketable fee simple title to the real estate comprising the Mortgaged Property, subject only to this Mortgage and Permitted Encumbrances as defined herein. Section 5.3 Binding Effect; Mortta!e Covenants. All terms, covenants, conditions, and agreements of the Mortgagor contained herein or set forth in this Mortgage shall be binding upon the Mortgagor, its successors and assigns, and every covenant, condition and agreement herein contained or set forth in the Loan Agreement or the Indenture in favor of the Mortgagee shall apply to and inure to the benefit of the Mortgagee, its successors or assigns. This Mortgage is expressly made subj ect to all terms, conditions, covenants, and agreements set forth in the Loan Agreement and the Indenture. The representations and warranties made in this Mortgage shall survive the closing of the financing transaction contemplated hereby and remain valid and effective for the term of this Mortgage. The representations and warranties made in this Mortgage shall survive the closing of the financing transaction contemplated hereby and remain valid and effective for the term of this Mortgage. This Mortgage shall be governed by the laws of the State. This Mortgage contains Minnesota mortgage covenants and is subject to Minnesota statutory mortgage conditions for the breach of which it is subject to foreclosure as required by law. Section 5.4 Amendments. Except as provided in Section 4.5 hereof and Article XI of the Indenture,this Mortgage may not be amended. Neither this Mortgage nor any term hereof may be changed, waived, discharged or terminated orally, or by any action or inaction, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. Section 5.5 Use of Mortaed Property; Redemption; Insurance. It is recognized by the parties hereto that unless and until an Event of Default shall have occurred under the Loan Agreement, and the Mortgagee shall have exercised one of the remedies under Article II hereof, the Mortgagor shall have the unencumbered right to the use of the Mortgaged Property in the ordinary course of its business, subject to the Loan Agreement. The Mortgagor has agreed in Article IV of the Loan Agreement to maintain specific types of insurance in specific amounts. Section 5.6 Exercise of Mortsmwe Riohts. All proceeds obtained by the Mortgagee in the exercise of rights and remedies hereunder shall be applied as set forth in Article VIII of the Indenture. Section 5.7 This Instrument Is a Fixture Financing Statement. This instrument shall be deemed to be a Fixture Financing Statement within the meaning of the Minnesota Uniform Commercial Code: 22 73092175v4