07-23-2003 Council Agenda - Laserfiche WebLink

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replacement value at all times while any amount remains unpaid under this Mortgage. If any of the buildings, improvements or fixtures are located in a federally designated flood prone area, and if flood insurance is available for that area, Mortgagor shall procure and maintain flood insurance in amounts reasonably satisfactory to Mortgagee. Each insurance policy shall contain a loss payable clause in favor of Mortgagee affording all rights and privileges customarily provided under the so- called standard mortgage clause. In the event of damage to the Property by fire or other casualty, Mortgagor shall promptly give notice of such damage to Mortgagee and the insurance company. The insurance shall be issued by an insurance company or companies licensed to do business in the State of Minnesota and acceptable to Mortgagee. The insurance policies shall provide for not less than ten days written notice to Mortgagee before cancellation, non - renewal, termination or change in coverage, and Mortgagor shall deliver to Mortgagee a duplicate original or certificate of such insurance policies; 4. to pay, when due, both principal and interest of all prior liens or encumbrances, if any, and to keep the Property free and clear of all other prior liens or encumbrances; 5. to commit or permit no waste on the Property and to keep it in good repair; 6. to complete forthwith any improvements which may hereafter be under course of construction on the Property; and 7. to pay any other expenses and attorneys fees incurred by Mortgagee by reason of litigation with any third party for the protection of the lien of this Mortgage. In case of failure to pay said taxes and assessments, prior liens or encumbrances, expenses and attorney's fees as above specified, or to insure said buildings, improvements, and fixtures and deliver the policies as aforesaid, Mortgagee may pay such taxes, assessments, prior liens, expenses and attorney's fees and interest thereon, or obtain such insurance and the sums so paid shall bear interest from the date of such payment at the same rate set forth in the Note, and shall be impressed as an additional lien upon the Property and be immediately due and payable from Mortgagor to Mortgagee and this Mortgage shall from date thereof secure the repayment of such advances with interest. In case of default in any of the foregoing covenants, Mortgagor conveys upon the Mortgagee the option of declaring the unpaid balance of the Note and the interest accrued thereon, together will all sums advanced hereunder, immediately due and payable without notice, and hereby authorizes and empowers Mortgagee to foreclose this Mortgage by judicial proceedings or to sell the Property at public auction and convey the same to the purchaser in fee simple in accordance with the statute, and out of the moneys arising from such sale to retain all sums secured hereby, with interest and all legal costs and charges of such foreclosure and the maximum attorney's fee permitted by law, which costs, charges and fees Mortgagor agrees to pay. The terms of this Mortgage shall run with the Property and bind the parties hereto and their successors in interest. IN TESTIMONY WHEREOF, Mortgagor has hereunto set its hand the day and year first above written. 1455685v6 F -13-