04-26-2023 Council Packet - Laserfiche WebLink

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26 (ii) If the purchaser at the foreclosure sale is Beneficiary, to Beneficiary to the extent of any deficiency remaining after application of the net sale proceeds to repay th e Secured Obligations and the balance to be retained by Beneficiary as a credit to the redemption price, but if the Property is not redeemed, then to Beneficiary, whether or not such deficiency exists. The rights and powers of Beneficiary under this Mortgage and the application of rents and revenues will continue until the expiration of all applicable redemption periods from any foreclosure sale, whether or not any deficiency remains after a foreclosure. Section 6.08. Non-Agricultural Use. Grantor represents and warrants that as of the date of this Mortgage the Property is not in agricultural use as defined in Minnesota Statutes § 40A.02, Subd. 3, and is not used for agricultural purposes. Section 6.09. Future Advances. (a) To the extent that this Mortgage secures future advances, the amount of such advances is not currently known. The acceptance of this Mortgage by Beneficiary, however, constitutes an acknowledgment that Beneficiary is aware of the provisions of Minnesota Statutes Section 287.05, Subd. 5, and intends to comply with the requirements contained in this Mortgage. (b) The maximum principal amount of Secured Obligations secured by this Mortgage at any one time, excluding any amounts constituting an “indeterminate amount” under Minnesota Statutes Section 287.05, Subd. 4 and 5, will be the amount set forth in the second paragraph on page 1 of this Mortgage. (c) The representations contained in this Section are made solely for the benefit of county recording authorities in determining the mortgage registry tax payable as a prerequisite to the recording of this Mortgage. Grantor acknowledges that such representations do not constitute or imply an agreement by Beneficiary to make any future advances to Grantor. Section 6.10. WAIVER OF TRIAL BY JURY. (a) GRANTOR AND BENEFICIARY EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS GRANTOR AND BENEFICIARY THAT IS TRIABLE OF RIGHT BY A JURY. (b) GRANTOR AND BENEFICIARY EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.