|
<br />
<br />THIS INSTRUMENT IS EXEMPT FROM REGISTRATION TAX UNDER MINN.
<br />STAT. § 287.04(f)
<br />COMBINATION MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY
<br />AGREEMENT, AND FIXTURE FINANCING STATEMENT
<br />(Metropolitan Council Livable Communities Demonstration Account (LCDA))
<br />THIS INDENTURE (this “Mortgage”) is made this ___ day of ____________, 2026, by LC
<br />Apartments, LP, a Minnesota limited partnership ("Mortgagor"), for the benefit of City of Little
<br />Canada, Minnesota, a Minnesota municipal corporation ("Mortgagee").
<br />WITNESSETH, that Mortgagor, in accordance with the terms of the Loan Agreement
<br />(Metropolitan Council Livable Communities Demonstration Account (LCDA)) by and between
<br />Mortgagor, as borrower, and Mortgagee, as lender, dated as of _______________ (the "Loan
<br />Agreement") and in consideration of the advances to be made under the Promissory Note (the
<br />"Note") executed by Mortgagor and payable to the order of Mortgagee dated as of
<br />_________________ and due December 31, 2066 (or such earlier date set forth in the Loan
<br />Agreement) (the "Maturity Date") of a principal indebtedness of $922,500.00, does hereby
<br />mortgage, grant, bargain, sell, and convey unto Mortgagee, its successors and assigns, forever, the
<br />following (all of the following being hereinafter collectively referred to as the "Premises"):
<br />A. REAL PROPERTY
<br />All of Mortgagor's right, title and interest in and to the tracts or parcels of real property, as
<br />more fully described in Exhibit A attached hereto and made a part hereof, together with all the
<br />estates and rights in and to the real property and in and to lands lying in streets, alleys, and roads
<br />adjoining the real property and all buildings, structures, improvements, fixtures, and annexations,
<br />access rights, easements, rights-of-way or use, servitudes, licenses, tenements, hereditaments, and
<br />appurtenances now or hereafter belonging or pertaining to the real property; and
<br />B. PERSONAL PROPERTY
<br />Together with all buildings, equipment, fixtures, building supplies and materials, and
<br />personal property now or hereafter owned by Mortgagor, attached to, placed in and necessary to
<br />the use of the improvements on the Premises, including, but without being limited to, all
<br />machinery, fittings, fixtures, apparatus, equipment, or articles used to supply heating, gas,
<br />electricity, air conditioning, water, light, waste disposal, power, refrigeration, ventilation, and
<br />fire and sprinkler protection, as well as all elevators, escalators, overhead cranes, hoists, and
<br />assists, and the like, supplies, awnings, blinds and shades, draperies and curtains, stoves and ranges,
<br />maintenance and repair equipment, floor coverings, screen and storm windows, shrubbery and
<br />plants (it being understood that the enumeration of any specific articles of property shall in no way
<br />be held to exclude any items of property not specifically enumerated), as well as renewals,
<br />replacements, proceeds, additions, accessories, increases, parts, fittings, and substitutes thereof,
<br />together with all interest of Mortgagor in any such items hereafter acquired, all of which personal
<br />property mentioned herein shall be deemed fixtures and accessory to the freehold and a part of the
<br />realty and not severable in whole or in pa1t without material injury to the Premises, but excluding
<br />therefrom the trade fixtures, inventory, and removable personal property of any tenant or licensee
<br />of the Premises; and
|