Agenda Packets - 2018/12/10 - Laserfiche WebLink

Home Browse Search

transaction under which the Mortgagor receives proceeds of the new financing. Recording of this Mortgage will evidence Mortgagee’s acceptance of this provision. SECTION 1.11. GRANT AGREEMENT. Mortgagor shall duly and punctually perform and observe all of the Mortgagee’s and other applicable covenants, agreements and provisions of that certain Metropolitan Livable Communities Act Grant Agreement dated as of [__________, 2018] by and between Mortgagee and the Metropolitan Council, having an end date of December 31, 2020. ARTICLE II. INSURANCE, CONDEMNATION AND USE OF PROCEEDS SECTION 2.1. INSURANCE. Until the Indebtedness Secured Hereby has been paid in full, Mortgagor shall keep any buildings, structures, fixtures and other improvements now existing or hereafter erected on the Land insured against loss by fire, vandalism, and malicious mischief, perils of extended coverage, and such other hazards, casualties and contingencies, in an amount not less than the greater of (a) the full replacement cost thereof and (b) the full insurable value thereof, which in no event shall be less than the amount of Indebtedness Secured Hereby, and naming the Mortgagee as loss payee. Mortgagor shall also maintain comprehensive general public liability insurance providing for limits of coverage of not less than $1,000,000 per occurrence, and $2,000,000 combined single limit coverage, and naming the Mortgagee as an additional insured. SECTION 2.2. CONDEMNATION. Mortgagor shall give immediate written notice of the actual or threatened commencement of any proceedings under condemnation or eminent domain affecting all or any part of the Mortgaged Property or any easement therein or appurtenance thereof. Subject to the Permitted Encumbrances, if all or any part of the Mortgaged Property is damaged, taken or acquired, either temporarily or permanently, in any condemnation proceeding, or by exercise of the right of eminent domain, the amount of any award or other payment for such taking, acquisition or damages made in consideration thereof, to the extent of the full amount of the remaining unpaid indebtedness secured by this instrument, is hereby assigned to Mortgagee, who is empowered to collect and receive the same and to give proper receipts therefore in the name of Mortgagor and the same shall be paid forthwith to Mortgagee, to be applied to the Indebtedness Secured Hereby. Mortgagee’s rights under this Section 2.2 shall be limited by the rights of senior lenders to Mortgagor. Any condemnation proceeds remaining of payment of all outstanding loans to Mortgagor shall be returned to Mortgagor. SECTION 2.3. RESTORATION. Notwithstanding Section 2.1 or 2.2 of this Mortgage, Mortgagee shall not exercise Mortgagee’s option to apply insurance or condemnation proceeds to the payment of the Indebtedness Secured Hereby but shall make such proceeds available for the restoration and repair of the Mortgaged Property if all of the following conditions are met: (a) Mortgagor is not in breach or default of any provision of this Mortgage or the Note, or Mortgagor’s breach or default has been cured with the applicable cure period, and (b) Mortgagee determines that there will be sufficient funds, through insurance or condemnation proceeds and contributions by Mortgagor, to restore and repair the Mortgaged Property to a condition as close