04-14-2021 Council Packet - Laserfiche WebLink

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13068487v2 33 contained herein, the Corporation shall not be deemed in default during the continuance of such disability. The term “force majeure” as used herein includes but is not limited to the following: acts of God; strikes, lockouts or other employee disturbances; acts of public enemies; orders of any kind of the government of the United States of America or of the State of Minnesota or any of their departments, agencies, political subdivisions or officials, or any civil or military authority; insurrections; riots; epidemics; landslides; lightning; earthquakes; fires; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions, breakage or accident to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event not reasonably within the control of the Corporation. (2) If the Default can be remedied but not within a period of thirty days after notice and if the Corporation has taken all action reasonably possible to remedy such Default within such thirty day period, the Default shall not become an Event of Default for so long as the Corporation shall diligently proceed to remedy such Default and in accordance with any directions or limitations of time made by the Trustee. The Corporation agrees, however, to use its best efforts to remedy with all reasonable dispatch any cause or causes preventing the Corporation from carrying out its agreements. Section 7.02 Remedies on Default. Subject to the terms of the Subordination and Intercreditor Agreement, dated as of May 1, 2021 between Bremer Bank, National Association and U.S. Bank National Association, whenever any Event of Default shall have happened and be subsisting, any one or more of the following steps may be taken: (a) The Trustee may declare all or any amounts of Loan Repayments thereafter to become due and payable under Section 4.02 hereof or otherwise for the remainder of the term of this Loan Agreement to be immediately due and payable, whereupon the same shall become immediately due and payable. (b) The Trustee may foreclose the Mortgage or take whatever action in law or in equity which appears necessary or desirable to enforce this Loan Agreement, the Mortgage, the Lease Assignment, or the Indenture in accordance with the provisions thereof. Any amounts collected by the Trustee pursuant to action taken under the foregoing paragraphs shall be applied as provided in Section 7.05 of the Indenture. Whenever any Default shall occur, the Trustee (or the Issuer directly and without the necessity of consent of or joinder by the Trustee, with respect to Sections 4.03(b), 6.01, 7.04 and 7.05 hereof) may take whatever action at law or in equity which may appear necessary or desirable to collect the payments then due and thereafter to become due or to enforce performance and observance of any obligation, agreement or covenant of the Corporation under this Loan Agreement, the Mortgage or the Lease Assignment. Section 7.03 Remedies Cumulative, Delay Not to Constitute Waiver. No remedy conferred upon or reserved to the Issuer, the Trustee, or a receiver by this Loan Agreement, the Lease Assignment, or the Mortgage is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Loan Agreement, the Lease Assignment, or the Mortgage or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or