04-26-2023 Council Packet - Laserfiche WebLink

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25 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. Section 6.07. Application of Rents. Notwithstanding anything apparently to the contrary in Section 2.01, all rents and revenues collected by Beneficiary or any receiver of the Property subsequent to the occurrence of an Event of Default will be applied: (a) First as provided in Minnesota Statutes § 576.25, Subd. 5. (b) Thereafter, prior to any non-judicial foreclosure sale of the Property, or prior to the entry of a decree of foreclosure in an action to foreclose this Mortgage, to Beneficiary for the payment of the Secured Obligations, but no such payment made after the acceleration of all or any of the Secured Obligations will affect such acceleration unless such payment is sufficient to reinstate this Mortgage under Minnesota Statutes §580.30. (c) Thereafter as follows: (i) If the purchaser at the foreclosure sale is not Beneficiary, first to Beneficiary to the extent of any deficiency remaining after application of the net sale proceeds to repay the Secured Obligations, second to the purchaser as a credit to the redemption price, but if the Property is not redeemed, then to the purchaser of the Property.