|
<br />Mortgage, Assignment of Rents,
<br />Security Agreement and Fixture Filing
<br />Page 4
<br />
<br />forever, in trust, all right, title and interest of Borrower in and to the following properties, subject
<br />in all respects to any exceptions to insured coverage set forth in Schedule B to the lender’s policy
<br />of title insurance issued in connection with the Project Loan, which Initial Funding Lender, in its
<br />sole discretion, has determined are acceptable (“Permitted Exceptions”), to secure payment of
<br />the Project Note and all amounts owing under the Project Note and any documents securing the
<br />Project Note (all of the following being hereafter collectively referred to as the “Premises”):
<br />A.
<br />REAL PROPERTY
<br />All the tracts or parcels of real property lying and being in the County of Ramsey, State of
<br />Minnesota, all as more fully described in Exhibit A attached hereto and made a part hereof
<br />(“Property”), together with all the estates and rights in and to the real property, and in and to lands
<br />lying in streets, alleys and roads adjoining the real property and all buildings, structures,
<br />improvements, fixtures and annexations, access rights, easements, rights of way or use, servitudes,
<br />licenses, tenements, hereditaments and appurtenances now or hereafter belonging or pertaining to
<br />the real property, including, but not limited to, all Borrower’s rights under any easements, licenses,
<br />contracts or agreements, written or oral, permitting the parking of motor vehicles; together with
<br />all water rights (whether riparian, appropriative or otherwise whether or not appurtenant) now or
<br />hereafter relating to or used in connection with the Property, and all shares of stock, if any
<br />evidencing such rights.
<br />B.
<br />BUILDINGS AND IMPROVEMENTS
<br />All buildings, equipment, fixtures and improvements now, to be constructed or hereafter located
<br />on the Property, including, but not limited to, the 160-unit multifamily housing facility known as
<br />Ride Apartments (“Improvements”).
<br />C.
<br />PERSONAL PROPERTY
<br />All machinery, fittings, fixtures, apparatus, equipment or articles of personal property now or
<br />hereafter owned by Borrower and now or hereafter attached to, located at or on, or used in the
<br />operations of Borrower’s business on the Premises including all such items used to supply energy,
<br />heating, gas, electricity, air conditioning, water, light, waste disposal, power, refrigeration,
<br />ventilation, and fire and sprinkler protection; all maintenance supplies and repair equipment; all
<br />draperies, carpeting, floor coverings, screens, storm windows and window coverings, blinds,
<br />awnings, shrubbery and plants; all elevators, escalators and shafts, motors, machinery, fittings and
<br />supplies necessary for their use; all building materials and supplies now or hereafter delivered to
<br />the Premises; all furniture, fixtures, carpeting, floor coverings, draperies, chests, chairs and other
<br />furniture, all equipment and fixtures of every kind and nature used in connection with any food
<br />and beverage facilities including but not limited to all kitchen equipment, tables, chairs, booths,
<br />bar equipment, flatware, restaurant equipment, ice machines and entertainment equipment; all
<br />televisions, radios, cabling, telephones, computer systems (hardware and software),
<br />communications systems, switchboards, conduits, call systems, cash registers, safes, office
|