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value" shall.,._mean..,the setucelactk.,, sz ,Ls)k' 111 . loperty (excluding..._foundation .ate
<br /> excavation costs .anth.c9:S.L5.pj....l11 ut,Ul.„,,,,: M,:p.tpxe_drain and o het items e ,tomarlly_
<br /> • I• .• •11 -. -11', • + •1 1 •.• - _ . 1•.__ �-� 1 1 _ :
<br /> depreciation. The Owner will assign andtd deliyyer [je poli&,ies of such insurance to-the hiRA 0-and
<br /> in such manner and..._fornu►at tlte HRA shall at all imes,..._until the full .,payment of said
<br /> •e, -.t I, - ,1. I• . I• • .• ' . .i . ' her ecu i f. 1 •, 11-1 •.
<br /> said indebtedness, or at the option Qf the HRA will make such policies payable in case of loss to
<br /> the HRA as its interest may appear and will deposit them with the HRA, and in default of so
<br /> .•i . th t the H' I,_ . ,s • _bligation to,obtain such insurance_from ear to -,r •• for
<br /> one or more years at a time, and pay the premiums therefor. and that the Owner will forthwith
<br /> repay to the HRA the same, with interest at the mortgage rate. and that the same shall become a
<br /> part of the debt secured by this mo ,age in like manner as the principal sum. The Owner may
<br /> retain an mane s receive. . t • •1 - •I'ci• . he am- -IA ./.lv in . rt .a m-It •
<br /> this mortgage.
<br /> Z 5. Said lienThis Mortgage shall terminate and shall be of no further force or effect upon payment
<br /> in the event the City has not, on or before commenced an action in the
<br /> aforesaid manner to foreclose the same. fu.11..of._the...[nst..1.l.merit...Loan_.atid._ac.Gtued.10ter_e.st..thereon..
<br /> $,__the Owner wilt-in_demnify,sage and hold harmless the HRA the Ci of 1 .River,_NJint�esot ,
<br /> Central Minnesota Housing;Partnership Inc their officers agents and employees, from_and
<br /> again any cl jm,.cause....of...action., ...Q.....cx.pgnse>-_including atttorn_ey's.-.fetes
<br /> incurred by the HRA, made_y any party in connection with or arising from (i) the presence if
<br /> rt of hazardous wastes or pollutants on the Propertv: (ii)any loss or damage to property or any
<br /> injury to or d•ath of any person occurring at or about or resulting from any defect in the Property,
<br /> (iii) the performance of, or failure to perform, this Mortgage. Nothing herein shatl=6e deemed a
<br /> waiver of any statutory limitations of liability or immunity.
<br /> 9., 6-This AgreementMortgage shall run with the aforesaid real estate and shall inure to the benefit of
<br /> and be binding upon the parties hereto and their respective heirs, executors, representatives,
<br /> successors,and assigns.
<br /> 10. Any forbearance by the HRA in exercising any right or remedy shall not_b_ea waiver of or
<br /> preclude the exercise of apyright.or remedy
<br /> I I. This Mortgage_._shall._be..,governed by_theJaw._of_the state._of_Minnesota,_____-In_the.._eyent that any
<br /> provision or clause of this Mortgage conQjcts with applicable law such conflict shall not affect
<br /> Other provisions of this Mortgage w_(iich can be given effect without the conflicting provision. To
<br /> this end.the provisions of this Mortgage are Iclared to be severable.
<br /> l� This Agreement may be executed in any number of counterparts each of which shall constitute
<br /> one and the same instrument.
<br />
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