7.1 HRSR 05-05-2014 - Laserfiche WebLink

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(date{ ,it best theres .immediate) nd paya121t«,ai.. ,,.s,h, f... • .. • the HRA, a. That the City shall be repaid, in full,plus interest thereon,and: b. in any event,the City shall be repaid, in full,with interest thereon,at the end of the(X) year period as set forth above and in accordance with the Truth in date as sign d by Owner.. 2. That as security for Owner's obligation of repayment. and :;ubi t- ,-the-t v-r -a+sd cor+dit+�,++s of hereinafter described as the full amount necessary to satisfy said repayment obligation and the cost attorney's tires, of cc&l-lecting situated in , Minnesota,and is legally described as: Sec Exhibit.1 3. Promptly after the date of any sale, transfer or other conveyance of the above described real estate Owner or his/her heirs,executors,or heirs,executors or representatives shall fail or refuse to make a required repayment within said limited period, the City may, with or without notice.to Owner, foreclose said lien in the same manner as an action for the foreclosure of mortgages upon said real estate, as provided by statute. As_Securit-y_fu_Ownefs...g.b.fig ation.._to...repay._the_In.stal.lme.nt.Loan and accrued interest thereon, and the cost.. l.+.iii. . .. r,o tihi. attorney' ' f tl:! Mortgage, Owner hereby grants, and HRA shall and hereby doeshave, a statutory mortgage on the Property in accordance with Minnesota Statutes. Section 507.15. 4. in the event Owner or his/her heirs, executors or representatives shall fail or refuse to make a foreclose said lien in the same manner as an action for the foreclosure of mortgages upon said real estate, as provi at by statute.The Owner covenants with the HRA the following statutory covenants; a. To warrant the title to the-_P_ r_o_perty subject to permitted encumbrances as set forth_in Exhibit C. b To pay the indebtedness as herein provided. c=To_pa all taxes_ d. That the Property shall be kept in repair and no waste shall be committed. e. That the whole of the principal sum shall become due.afterefault. in th° . Trent .f t installment s2 nrincinal or interest. or of apy taX or in the performance of any other covenant.at the option of the HR./V. .............To...p.ay.uri.nc.i.p.al...and..i.nt-er_est._on_ur..ior._moxtaage.s.. 5. [Ldefa .lt_be.mad.e..in...any...paytn.en.t.o...c.QV.e.cant...h.ere.i.n....the.._F(.RA_shall_.have..th.e-_statototy...pow.er..c?f salmi nil on foreclosure_m retain statutory costs and actornev'ss_fees. For the protection of the HRA,the Owner will,during all The time until the indebtedness secured by....this....mottga,e....is.....fu.l.l.y....p aid.,...-maintain_.all.....risk...-probe.rty'.__i.nsttronce.... .ing....th.e....H..RA..._a additional insured, in an amount not less than the full insurable replacement value of the Property. Said insurance shall be written by a company or companies licensed to do business in Minnesota