06-10-2026 Council Packet - Laserfiche WebLink

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Minnesota Statutes Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Mortgagee elects to foreclose by advertisement, it may cause the Premises, or any part thereof, to be sold at public auction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon Mortgagor. Mortgagor further understands that in the event of such default, Mortgagee may also elect its rights under the Code and take possession of any of the personal property which are part of the Premises and dispose of the same, by sale or otherwise, in one or more parcels, provided that at least ten (10) days prior notice of such disposition must be given, all as provided for by the Code, as hereafter amended, or by any similar or replacement statute enacted. Mortgagor further understands that, under the Constitution of the United States and the Constitution of the State of Minnesota, Mortgagor may have the right to notice and hearing before the Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Mortgagor, and neither said procedure for foreclosure by advertisement nor the Code requires any hea1ing or other judicial proceeding. Mortgagor hereby relinquishes, waives, and gives up any constitutional rights Mortgagor may have to notice and hearing before sale of the Premises and expressly consents and agrees that the Premises may be foreclosed by advertisement and that the personal property may be disposed of pursuant to the Code, all as described above. MORTGAGOR ACKNOWLEDGES THAT MORTGAGOR IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT, THIS SECTION AND MORTGAGOR'S CONSTITUTIONAL RJGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL; AND THAT MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIYER. Section 7.9 NONRECOURSE. This Mortgage is nonrecourse to the Mortgagor and its partners, employees, and agents except as provided in the Note or the other LCDA Loan Documents. ARTICLE 8 MISCELLANEOUS PROVISIONS Section 8.1 PRINCIPAL AMOUNT. The maximum principal amount of indebtedness secured by this Mortgage is $922,500.00. Section 8.2 GOVERNING LAW; SEVERABILITY. This Mortgage shall be governed by the laws of the State of Minnesota. The unenforceability or invalidity of any provision hereof shall not render any other provision herein contained unenforceable or invalid, and to this end the provisions of this Mortgage are declared to be severable. Section 8.3 CHANGE OF OWNERSHIP. Mortgagor shall give immediate written notice to Mortgagee of any conveyance, transfer, or change of ownership of the Premises, but this Section shall not constitute the consent of Mortgagee to any such conveyance, transfer, or change where such consent is required by this Mortgage. Transfers of partnership interests in Mortgagor (or transfers of beneficial interests in the limited partner of Mortgagor) shall be permitted without notice to or the consent or approval of Mortgagee. Notwithstanding anything to the contrary in this Mortgage or the other LCDA Loan Documents, the limited partners of the Mortgagor ("Limited Partner") shall have the right to (a) remove the general partner of the Mortgagor under the