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11-13-2024 Council Packet
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11-13-2024 Council Packet
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<br />Mortgage, Assignment of Rents, <br />Security Agreement and Fixture Filing <br />Page 17 <br /> <br />renewal or extensions of any financing statements executed in connection with the Premises; and <br />shall give advance written notice of any proposed change in Borrower’s name, identity or structure <br />and will execute and deliver to Governmental Lender prior to or concurrently with such change all <br />additional financing statements that Governmental Lender may require to establish and perfect the <br />priority of Governmental Lender’s security interest. <br />3.2 Authorization to File. Borrower expressly authorizes the Governmental Lender to file any <br />and all financing statements required to perfect any security interests hereunder without the <br />debtor’s signature. Borrower agrees to provide Governmental Lender advance written notice of (i) <br />any change of Borrower’s name or (ii) any change of Borrower’s jurisdiction. <br />3.3 Maintenance of Property. Subject to the provisions of this Section, in any instance where <br />Borrower in its reasonable discretion determines that any Collateral subject to a security interest <br />under this Security Instrument has become inadequate, obsolete, worn out, unsuitable, undesirable <br />or unnecessary for the operation of the Premises, Borrower may, at its expense, remove and dispose <br />of it and substitute and install other items not necessarily having the same function, provided, that <br />such removal and substitution shall not impair the operating utility and unity of the Premises. All <br />substituted items shall become a part of the Premises and subject to the lien of the Security <br />Instrument. Any amounts received or allowed Borrower upon the sale or other disposition of the <br />removed items of Collateral shall be applied first against the cost of acquisition and installation of <br />the substituted items. <br />3.4 Fixture Filing. As to those items of Collateral described in this Security Instrument that <br />are, or are to become fixtures related to the Property herein, and all products and proceeds thereof, <br />it is intended as to those items that THIS SECURITY INSTRUMENT SHALL BE EFFECTIVE <br />AS A FINANCING STATEMENT FILED AS A FIXTURE FILING from the date of its filing in <br />the real estate records of the County where the Premises are situated. The name of the record <br />owner of said real estate is set forth herein. Information concerning the security interest created <br />by this instrument may be obtained from Governmental Lender, as secured party, at its address as <br />set forth herein. The address of Borrower, as debtor, is as set forth herein. This document covers <br />goods which are or are to become fixtures. Borrower is a limited liability limited partnership <br />organized under the laws of the State of Minnesota. Borrower’s organizational identification <br />number is 1397591100027. The real property to which the Collateral relates is described in Exhibit <br />A attached hereto. <br />4. <br />CONDEMNATION <br />4.1 Condemnation. Borrower will give Governmental Lender prompt notice of any action, <br />actual or threatened, in Condemnation (as defined herein) or eminent domain and hereby assigns, <br />transfers, and sets over to Governmental Lender the entire proceeds of any award or claim for <br />damages for all or any part of the Premises taken or damaged under the power of eminent domain <br />or condemnation (herein referred to as “Condemnation”), Governmental Lender being hereby <br />authorized to intervene in any such action and to collect and receive from the condemning <br />authorities and give proper receipts and acquittances for such proceeds. Borrower will not enter
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