05-13-2020 Council Packet - Laserfiche WebLink

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12587850v1 7 (iv)To payment of all premiums then due for the insurance required by the Mortgage, or if the mortgage requires periodic escrow payments for such premiums, to the escrow payments then due. (v)To keeping of the covenants of a landlord or licensor pursuant to Section 504B.161, subdivision 1. (vi)To payment of expenses incurred for normal maintenance of the Property. (vii)If received prior to any foreclosure sale of the Mortgaged Property, to the Mortgagee for payment of the Indebtedness in such order as Mortgagee determine but no such payment made after acceleration of the Indebtedness shall affect such acceleration. (viii)If received during or with respect to the period of redemption after a foreclosure sale of the Mortgaged Property: (1)If the purchaser at the foreclosure sale is not the Mortgagee, first to the Mortgagee to the extent of any deficiency of the sale proceeds to repay the indebtedness secured hereby, second to the purchaser as a credit to the redemption price, but if the Property is not redeemed, then to the Borrower. (2)If the purchaser at the foreclosure sale is the Mortgagee, to the Mortgagee to the extent of any deficiency of the sale proceeds to repay the indebtedness secured hereby and the balance to be retained by the Mortgagee as a credit to the redemption price, but if the Property is not redeemed, then to the Mortgagee, whether or not any such deficiency exists. The rights and powers of the Mortgagee under his Mortgage and the application of Rents under this Section 6(c) shall continue until expiration of the redemption period from any foreclosure sale, whether or not any deficiency remains after a foreclosure sale. (d)The Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Mortgaged Property at public auction and convey the same to the purchaser in fee simple and to apply the proceeds arising from such sale, first, as provided in the Indenture, to the payment of the indebtedness secured thereby and hereby, including all reasonable expenses, liabilities and advances of the Mortgagee and the Bonds and interest thereon and Loan Repayments relating thereto, and all legal costs and charges of such foreclosure, which costs, charges and fees the Mortgagor agrees to pay, and, second, to the payment of any obligations of the Mortgagor to the Issuer under the Loan Agreement, and, third, to return any surplus to the Mortgagor or such other person as may be entitled thereto. Such sale shall be made at public auction and at such place or places and at such time or times and upon such notice as the Mortgagee may be advised by counsel to be