7.5. SR 07-15-2013 - Laserfiche WebLink

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All payments made under this Note shall be applied first to costs, second to any late charges due hereunder, the interest, and finally to principal, except that if any advances made by the City due to the occurrence of an Event of Default are not repaid on demand, any moneys received, at the option of the City, may first be applied to repay such advances, plus interest thereon at the Note Rate, and the balance, if any, shall be applied on account of any principal and/or interest then due. This Note is secured by a Mortgage of even date herewith (the "Mortgage") by which Borrower has granted to the City a mortgage lien on certain real property, as therein defined, located in Sherburne County, Minnesota (the "Property"). The terms of the Mortgage are incorporated herein by reference and made a part hereof. Borrower shall be in default upon the occurrence of any of the following events, circumstances or conditions("Events of Default"): A. Failure by any party obligated on this Note or any other obligations Borrower under this Agreement to make payment when due; or B. Failure to comply with all provisions of the Agreement related to construction of the Project or Article IV thereof, or C. The dissolution or insolvency of, the appointment of a receiver by or on behalf of, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against Borrower, or any co-signer, endorser or surety of this Note. It is agreed that time is of the essence in performance of this Note. Notwithstanding any provision contained in the Note, the City agrees to provide written notice to the Borrower of any default by Borrower under the Note. The Borrower shall have an opportunity to cure such default for a period of thirty (30) days following receipt of such notice. The City agrees not to take any action until the expiration of the thirty (30) day period. In the event Borrower fails to cure any defaults under the Note within thirty (30) days of the notice of a default, then, at the City's option, all or any part of this Note shall be immediately due and payable without notice or demand. The City may exercise all rights and remedies provided by law, equity, this Note, any mortgage, deed of trust or similar instrument and any other security, loan or surety agreements pertaining to this Note. The City is entitled to all rights and remedies provided at law or equity whether or not expressly stated in this Note. By choosing any remedy, the City does not waive its right to an immediate use of any other remedy if the Event of Default continues or occurs again. The remedies of the City, as provided herein and in the Mortgage shall be cumulative and concurrent and may be pursued singularly, successively, or together at the sole discretion of the City and may be exercised as often as the occasion therefore shall arise. Upon the occurrence of an Event of Default, the City may recover from Borrower all reasonable expenses of collection in realizing on any security interest, and if the same is referred to an attorney for collection or any action at law or in equity is brought with respect hereto, Borrower 171419v1 17