6.1 EDSR 07-20-2015 - Laserfiche WebLink

Home Browse Search

D. AFTER ACQUIRED PROPERTY AND PROCEEDS All after acquired property similar to the property herein described and conveyed which may be subsequently acquired by Developer and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property. TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of City, its successors and assigns, forever. PROVIDED NEVERTHELESS, should Developer pay and perform all the Obligations, then these presents will be of no further force and effect, and this Mortgage shall be satisfied by City, at the expense of Developer. This Mortgage constitutes an assignment of rents and profits within the meaning of Minnesota Statutes, §§ 559.17 and 576.01, and is intended to comply fully with the provisions thereof, and to afford City, to the fullest extent allowed by law, the rights and remedies of a mortgage City or secured City pursuant thereto. This Mortgage also constitutes a security agreement within the meaning of the Uniform Commercial Code as in effect in the State of Minnesota(the "UCC"), with respect to all property described herein as to which a security interest may be granted and/or perfected pursuant to the UCC, and is intended to afford City, to the fullest extent allowed by law, the rights and remedies of a secured party under the UCC. DEVELOPER FURTHER agrees as follows: ARTICLE I AGREEMENTS Section 1.1 Performance of Obligations; Incorporation by Reference. Developer shall pay and perform the Obligations. Time is of the essence hereof. All of the covenants, obligations, agreements, warranties and representations of Developer contained in the Abatement Documents and all of the terms and provisions thereof, are hereby incorporated herein and made a part hereof by reference as if fully set forth herein. Section 1.2 Further Assurances. If City requests, Developer shall sign and deliver and cause to be recorded as City shall direct any further mortgages, instruments of further assurance, certificates and other documents as City reasonably may consider necessary or desirable in order to perfect, continue and preserve the Obligations and City's rights, title, estate, liens and interests under the Abatement Documents. Developer further agrees to pay to City, upon demand, all costs and expenses incurred by City in connection with the preparation, execution, recording, filing and refiling of any such documents, including attorneys' fees and title insurance costs. Section 1.3 Sale, Transfer, Encumbrance. City acknowledges that Developer intends to sell the Mortgaged Property to a third-party before the maturity of the Purchase Price Note, C-3 455958v10 SJS EL185-31