06-20-11 Council Agenda - Laserfiche WebLink

Home Browse Search

be sold at public auction; that notice of such sale must be published for six weeks and served upon all persons in possession of the Mortgaged Yroperty at least four weeks before the sale; that after sale, Mortgagor will have six or twelve months or such other period as may then be provided by law, if any, to redeem the Mortgaged Property so sold, depending upon circumstances outlined in Minnesota Statutes, section 580 23, by paying the sale price, any taxes, assessments, and insurance premiums paid by the purchaser at such sale, and other sums permitted by law, together with interest thereon from the date of sale at the rate of interest according to the terms of the Note in effect on the date of the foreclosure sale. Mortgagor further understands that in the event of such default Mortgagee may take possession of any personal property covered by this Mortgage and dispose of the same by sale or otherwise in one or more parcels, provided that at least 10 days prior notice of such disposition must be given to Mortgagor, all as provided for by the Uniform Commercial Code, as now in effect or as hereafter amended, or by any similar or replacement statute hereafter enacted. Mortgagor further understands that under the Constitutions of the United States and the State of Minnesota, it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will he given to Mortgagor, and neither said procedure for foreclosure by advertisement nor the Uniform Commercial Code requires any such hearing or other judicial proceeding. Mortgagor hereby relinquishes, waives and gives up its constitutional rights, if any, to notice and hearing before sale of the Mortgaged Property and expressly consents and agrees that the Mortgaged Property may he foreclosed by advertisement and that personal property covered by this Mortgage may be disposed of pursuant to the Uniform Commercial Code, all as described above. 3.8 Severabilityand Survival. The unenforceability or invalidity of any provision or provisions of this Mortgage as to any persons or circumstances shall not render that provision or those provisions unenforceable or invalid as to any other persons or circumstances, and all provisions hereof, in all other respects, shall remain valid and enforceable. 3.9 Waiver of Marshalling. Mortgagor, and any party who now or hereafter acquires a lien on the Mortgaged Property and who has actual or constructive notice of this Mortgage hereby waives any and all right to require the marshalling of assets in connection with the exercise of any of the remedies permitted by applicable law or provided herein. 3.10 Survival of Covenants. Foreclosure of this Mortgage will not affect or limit any right or remedy of Mortgagee on account of any breach by Mortgagor of the terms of this Mortgage occurring prior to such foreclosure except to the extent of the amount bid at foreclosure. 15 35