6.1 EDSR 07-20-2015 - Laserfiche WebLink

Home Browse Search

(d) All funds shall be disbursed, at City's option, in accordance with City's customary disbursement procedures for construction loans. (e) The Condemnation shall have occurred more than twelve (12) months prior to the Maturity Date. (f) No tenant shall have the right to terminate any Lease as a result of the Condemnation. If any of these conditions shall not be satisfied, then City shall have the right to use the condemnation proceeds to prepay the Purchase Price Note. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Developer, or at City's discretion, used to prepay the Purchase Price Note. ARTICLE IV DEFAULTS AND REMEDIES Section 4.1 Events of Default. A Developer Event of Default, as defined in the Abatement Agreement, shall constitute an"Event of Default"hereunder. Section 4.2 Remedies. Upon the occurrence of an Event of Default, all of the Obligations, at the option of City, shall be accelerated and become immediately due and payable upon notice to Developer. In either event, the Obligations shall be due and payable without presentment, demand or further notice of any kind. Except as provided in Section 4.2 of the Abatement Agreement, City shall have the right to proceed to protect and enforce its rights by one or more of the following remedies: (a) City SHALL HAVE THE RIGHT TO SELL THE MORTGAGED PROPERTY AT PUBLIC AUCTION AND CONVEY THE SAME TO THE PURCHASER IN FEE SIMPLE, as provided by law, Developer to remain liable for any deficiency. Said sale may be as one tract or otherwise, at the sole option of City. In the event of any sale of the Mortgaged Property pursuant to any judgment or decree of any court or at public auction or otherwise in connection with the enforcement of any of the terms of this Mortgage, City, its successors or assigns, may become the purchaser, and for the purpose of making settlement for or payment of the purchase price, shall be entitled to deliver over and use the Purchase Price Note, together with all other sums, with interest, if any, advanced or secured hereby and unpaid hereunder, in order that there may be credited as paid on the purchase price the total amount of the Obligations then due, including principal of the Purchase Price Note and all other sums, with interest, if any, advanced or secured hereby and unpaid hereunder or under any of the other Abatement Documents. (b) City SHALL HAVE THE RIGHT TO OBTAIN THE APPOINTMENT OF A RECEIVER at any time after the occurrence of an Event of Default. City may apply for the appointment of a receiver to the district court for the county where the Mortgaged Property or any part thereof is located, by an action separate from any foreclosure of this Mortgage pursuant to Minnesota Statutes Chapter 580 or pursuant to Minnesota Statutes Chapter 581, or as a part of the foreclosure action under said Chapter 581 (it being agreed that the existence of a foreclosure C-9 455958v10 SJS EL185-31