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(6) declare the entire unpaid principal of the Note and all accrued <br /> interest thereon immediately due and payable without notice; <br /> (7) foreclose the Mortgage and any other security instrument referred <br /> to in this Agreement and/or exercise any other rights or remedies it may have <br /> under the Mortgage and such other security instrument. <br /> 16. Default under Note and Mortgage. The failure by Borrower to keep or <br /> perform any of the terms, covenants and conditions to be kept or performed by it under <br /> this Agreement shall constitute a default under the Note, the Mortgage and any other <br /> security instrument held by Lender in connection with the Loan. <br /> 17. Notices. Any notices given hereunder shall be in writing and shall be <br /> deemed to have been given when delivered personally or three (3)days after deposited in <br /> the United States mail,registered,postage prepaid, addressed as follows: <br /> If to Borrower: <br /> GRM of Minnesota,LLC <br /> 19141 Freeport St NW <br /> Elk River,Minnesota 55330 <br /> If to Lender: <br /> Housing and Redevelopment Authority of the City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, Minnesota 55330 <br /> or addressed to any such party at such other address as such party shall hereafter furnish <br /> by notice to the other party. Any notice delivered personally to Borrower shall be <br /> delivered to an officer of Borrower, and any notice delivered personally to Lender shall <br /> be delivered to an officer of Lender at the address for Lender for the mailing of notices. <br /> Either party may change its address for the giving of notices by giving the other party at <br /> p tY Y g g g Yg g <br /> least ten(10)days' notice in the manner provided above. <br /> 18. Headings. The headings used in this Agreement are for convenience only <br /> and do not define,limit or construe the contents of this Agreement. <br /> 19. Bindings on Successors and Assigns. Subject to the limitations on transfer <br /> contained in this Agreement, this Agreement shall be binding upon and inure to the <br /> benefit of the successors and assigns of the parties hereto. <br /> 20. Assignability. Borrower shall not assign this Agreement or all or any part <br /> of any advances to be made hereunder without written consent of Lender which consent <br /> may be granted or withheld in the sole discretion of Lender. <br /> 385593v4 JSB EL185-12 <br /> -12- <br />