8.2. SR 05-05-2014 - Laserfiche WebLink

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and rated Class A-:VII or better by A.M. Best COmpanv. The term "full insurable replacement value" shall mean the actual replacement cost of the Property (excluding foundation and excavation costs and costs of underground flues, pipes, drains_ and other items customarily omitted from replacement cost valuation for insurance purposes)_ without deduction for depreciation. The Owner will assign and deliver the policies of such insurance to the HRA so and in such manner and form that the HRA shall at all times_ until the full payment of said indebtedness_have and hold the said policies as a collateral and further security for the payment of said indebtedness_ or at the option of the HRA will make such policies payable in case of loss to the HRA as its interest may appear and will deposit them with the HRA_ and in default of so doing_that the HRA may_but has no obligation to.obtain such insurance from year to year_or for one or more vears at a time_ and pay the premiums therefor. and that the Owner will forthwith repay to the HRA the same_ with interest at the mortgage rate_ and that the same shall become a part of the debt secured by this mortgage in like manner as the principal sum. The Owner may retain any moneys received by him/her on the policies_but the same shall apply in part payment of this mortgage. 7 5 jj Mortgage shall terminate and shall be of no further force or effect n pavmen in afefesaid mamier to fefeelese the same.-fall of the Installment Loan and accrued interest thereon. 8. The Owner will indemnify_ save_ and hold harmless the HRA_ the City of Elk River_ Minnesota Central Minnesota Housing Partnership__ Inc._ their officers_ agents_ and employees_ from and against any claim_ cause of action_ damage_ liability_ loss or expense_ including attorney's fees incurred by the HRA_ made by any party in connection with or arising from (i) the presence_ if any_ of hazardous wastes or pollutants on the Property_(ii) any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Property (iii)the performance of or failure to perform_ this Mortgage. Nothing herein shall be deemed a waiver of any statutory limitations of liability or immunity. 9 This Agree Rei4M =or=shall run with the aforesaid real estate and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, representatives, successors,and assigns. 10. Any forbearance by the HRA in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. This Mortgage shall be governed by the law of the state of Minnesota. In the event that any rovision or clause of this Mortgage conflicts with applicable law_ such conflict shall not affect other provisions of this Mortgage which can be given effect without the conflicting provision. To his end_the provisions of this Mortgage are declared to be severable. 12. This Agreement may be executed in any number of counterparts_ each of which shall constitute one and the same instrument.