04-26-2023 Council Packet - Laserfiche WebLink

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24 THE BENEFICIARY AND/OR THE CONTROLLING PERSON MAY EMPLOY AN ATTORNEY OR ATTORNEYS TO PROTECT OR ENFORCE ITS RIGHTS, REMEDIES AND RECOURSES UNDER THIS MORTGAGE AND THE OTHER FUNDING LOAN DOCUMENTS, AND TO ADVISE AND DEFEND BENEFICIARY AND/OR THE CONTROLLING PERSON WITH RESPECT TO ANY SUCH ACTIONS AND OTHER MATTERS. THE GRANTOR SHALL REIMBURSE BENEFICIARY AND/OR THE CONTROLLING PERSON FOR THEIR RESPECTIVE ATTORNEYS’ FEES AND EXPENSES (INCLUDING EXPENSES AND COSTS FOR EXPERTS) IMMEDIATELY UPON RECEIPT OF A WRITTEN DEMAND THEREFOR, WHETHER ON A MONTHLY OR OTHER TIME INTERVAL, AND WHETHER OR NOT AN ACTION IS ACTUALLY COMMENCED OR CONCLUDED. ALL OTHER REIMBURSEMENT AND INDEMNITY OBLIGATIONS HEREUNDER SHALL BECOME DUE AND PAYABLE WHEN ACTUALLY INCURRED BY THE BENEFICIARY AND/OR THE CONTROLLING PERSON. ANY PAYMENTS NOT MADE WITHIN TEN (10) DAYS AFTER WRITTEN DEMAND THEREFOR SHALL BEAR INTEREST AT THE DEFAULT RATE FROM THE DATE OF SUCH DEMAND UNTIL FULLY PAID. THE PROVISIONS OF THIS SECTION 5.18 SHALL SURVIVE REPAYMENT OF THE INDEBTEDNESS AND PERFORMANCE OF THE OBLIGATIONS, THE RELEASE OF THE LIEN OF THIS MORTGAGE, ANY FORECLOSURE (OR ACTION IN LIEU OF FORECLOSURE), THE TRANSFER BY THE GRANTOR OF ANY OR ALL OF ITS RIGHT, TITLE AND INTEREST IN OR TO THE PROPERTY AND THE EXERCISE BY BENEFICIARY OR THE CONTROLLING PERSON OF ANY AND ALL REMEDIES SET FORTH HEREIN. Section 5.19. Cross-Collateralization Rider. Exhibit B (Cross-Collateralization Rider) is incorporated herein by reference and made a part of this Mortgage. ARTICLE 6 STATE SPECIFIC PROVISIONS In the event of any inconsistencies between the terms and conditions of this Article 6 and the other terms and conditions of this Mortgage, the terms and conditions of this Article 6 shall control and be binding. 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.