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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />MORTGAGE <br /> <br /> THIS MORTGAGE (the “Mortgage”) is made effective as of __________, 2018, by <br />BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a Minnesota limited partnership <br />(“Mortgagor”), in favor of the CITY OF MOUNDS VIEW, a Minnesota municipal corporation <br />(“Mortgagee”). <br /> <br />W I T N E S E T H: <br /> <br /> WHEREAS, Mortgagee has agreed to make a loan in the amount of $500,000 (the <br />“Loan”) pursuant to that certain Promissory Note of even date herewith executed by Mortgagor <br />and made payable in the original principal amount of $500,000 (the “Note”); and <br /> WHEREAS, Mortgagor will secure the Note by this Mortgage. <br /> NOW THEREFORE, THIS MORTGAGE FURTHER WITNESSETH, that in <br />consideration of the aggregate sum of $500,000 (the “Mortgage Amount”) made available to <br />Mortgagor and other good and lawful consideration, the receipt and sufficiency of which are <br />hereby acknowledged, and to secure, and as security for, the payment of the principal of and <br />other premiums, penalties and charges on the Note and the performance and observance by <br />Mortgagor of all of the covenants, agreements, representations, warranties and conditions <br />contained herein, Mortgagor hereby mortgages, bargains and conveys, and grants a security <br />interest to Mortgagee forever, in and to the tract(s) of land legally described in Exhibit A <br />attached hereto and made a part hereof (hereinafter referred to as the “Land”); <br /> Together with (a) all of the buildings, structures and other improvements now standing or <br />at any time hereafter constructed or placed upon the Land; (b) all hereditaments, easements, <br />rights, privileges and appurtenances now or hereafter belonging, attached or in any way <br />pertaining to the Land or to any building, structure or improvement now or hereafter located <br />thereon; (c) the immediate and continuing right to receive and collect all rents, income, issues <br />and profits now due and which may hereafter become due under or by virtue of any lease or <br />agreement (oral or written) for the leasing, subleasing, use or occupancy of all or part of the <br />Land now, heretofore or hereafter made or agreed to by Mortgagor; and (d) all insurance and <br />other proceeds of, and all condemnation awards with respect to, the foregoing (all of the <br />foregoing is hereinafter collectively referred to as the “Mortgaged Property”) subject to the rights <br />of all holders of mortgages with priority over the Mortgage.