06-08-2022 Council Packet - Laserfiche WebLink

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25 Section 6.01. Acceleration; Remedies. At any time during the existence of an Event of Default, Beneficiary, at Beneficiary’s option, may declare the Secured Obligations to be immediately due and payable without further demand, and may foreclose this Mortgage, judicially or by advertisement in accordance with Minnesota law, the power of sale being hereby specifically granted, and may exercise any other remedies permitted by applicable law or provided in this Mortgage or in any other Loan Document. Grantor acknowledges that the power of sale granted in this Mortgage may be exercised by Beneficiary without prior judicial hearing. Beneficiary will be entitled to collect all costs and expenses incurred in connection with any Event of Default, including attorneys’ fees and costs, costs of documentary evidence, abstracts and title reports. Section 6.02. Release. Upon payment of the Secured Obligations, Beneficiary will discharge this Mortgage. Grantor will pay Beneficiary’s reasonable costs incurred in discharging this Mortgage. Section 6.03. Waiver of Homestead. Grantor waives all right of homestead exemption in the Property. Section 6.04. Interest Upon Redemption. In the event the Property is redeemed in accordance with applicable law, Beneficiary will be entitled to collect from the redeeming party, at the time of redemption, interest during the redemption period at the maximum amount and rate permitted by Minnesota law, together with all other amounts permitted to be collected under applicable law. Section 6.05. Definition of Secured Obligations. Except for principal of, and interest on, the Note, the term “Secured Obligations,” as defined in the Granting Clauses of this Mortgage, does not include any amount which is not exempt from the mortgage registry tax pursuant to Minnesota Statutes § 287.05, Subd. 4, or otherwise, and does not include accrued interest which, in accordance with the Note, is added to and becomes a part of the unpaid principal balance. Section 6.06. Financing Statement. This Mortgage constitutes a financing statement with respect to any part of the Property which is or may become a Fixture and for the purposes of such financing statement: (a) Grantor will be deemed the “Debtor” with the address set forth on page 1. (b) Beneficiary will be deemed the “Secured Party” with the address set forth in the first paragraph on page 1. (c) This document covers goods which are or are to become Fixtures. (d) The name of the record owner of the Land is the Debtor. (e) The organizational identification number of the Debtor is set forth in Section 4.06. If notice to Grantor of intended disposition of such Fixtures is required by law in a particular instance, such notice will be deemed commercially reasonable if given to Grantor at least 10 calendar days before the date of intended disposition. Grantor will pay on demand all costs and expenses incurred by Beneficiary in exercising such rights and remedies, including attorneys’ fees and costs.