Laserfiche WebLink
being expressly granted to sell the Mortgaged Property at public auction and convey the <br /> same to the purchaser to the full extent of Mortgagor's interest and, out of the proceeds <br /> arising from such sale, to pay all Obligations secured hereby with interest, and all legal <br /> costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, <br /> which costs, charges and fees Mortgagor agrees to pay. Any real estate or interest or <br /> estate sold hereunder may be sold in one parcel, as an entirety, or in such parcels and in <br /> such manner or order as Mortgagee, in its sole discretion, may elect. In case of any sale <br /> of the Mortgaged Property pursuant to any judgment or decree of any court or at public <br /> auction or otherwise in connection with the enforcement of any of the terms of this <br /> Mortgage, Mortgagee, its successors and assigns, may become the purchaser, and for the <br /> purpose of making settlement for or payment of the purchase price, shall be entitled to <br /> deliver over and use any sum then due under the Entity Guaranty and any claims for <br /> interest accrued and unpaid thereon, together with all other sums, with interest, advanced <br /> and unpaid hereunder, and all statutory charges for such foreclosure including maximum <br /> attorney's fees allowed by law in order that there may be credited as paid on the purchase <br /> price the sum then due under the Note and all other sums, with interest, advanced and <br /> unpaid hereunder, and all charges and expenses of such foreclosure including maximum <br /> attorney's fees allowed by law. <br /> 3.4 Receiver. Mortgagee shall be entitled as a matter of right without notice <br /> and without giving bond and without regard to the solvency or insolvency of Mortgagor, <br /> or waste of the Mortgaged Property or adequacy of the security of the Mortgaged <br /> Property, to apply for the appointment of a receiver, in accordance with the statutes and <br /> law made and provided. The receiver shall collect the rents, and all other income of any <br /> kind; manage the Mortgaged Property so to prevent waste; execute leases within or <br /> beyond the period of receivership, pay all expenses for normal maintenance of the <br /> Mortgaged Property and perform the terms of this Mortgage and apply the rents, issues <br /> and profits in the following order to (i) payment of the reasonable fees of said receiver, <br /> (ii) application of tenant security deposits as required by Minnesota Statutes § 504B.178, <br /> (iii) payment when due of prior or current real estate taxes or special assessments with <br /> respect to the Mortgaged Property or, if this Mortgage so requires, to the periodic escrow <br /> for the payment thereof, (iv) the payment when due of premiums for insurance of the type <br /> required by this Mortgage or, if this Mortgage so requires, to the periodic escrow for the <br /> payment thereof, and (v) as further provided in any Assignment of Rents executed by <br /> Mortgagor as further security for the Obligations (whether included in this Mortgage or <br /> separate instrument), including but not limited to applying the same to the costs and <br /> expenses of the receivership, including reasonable attorney's fees, to the repayment of the <br /> Obligations and to the operation, maintenance, upkeep and repair of the Mortgaged <br /> Property, including payment of taxes and payments of premiums of insurance. <br /> Mortgagor does hereby irrevocably consent to such appointment. <br /> 3.5 Specific Performance. Mortgagee may bring suit for specific performance <br /> of any covenant or warranty hereunder. <br /> 3.6 Forbearance and Other Rights of Mortgagee. Any delay by Mortgagee in <br /> exercising any right or remedy hereunder, or otherwise afforded by law or equity, shall <br /> not be a waiver of or preclude the exercise of such right or remedy or any other right or <br /> -11- <br />