4.5 HRSR 09-06-2016 - Laserfiche WebLink

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Section 2.5 Foreclosure. The institution of foreclosure or other enforcement proceedings by the holder of any other lien on the Mortgaged Property (without hereby implying Mortgagee's consent to any mortgage or other lien). Section 2.6 Sale of Property Other than Permitted Encumbrances, the sale, assignment, conveyance, mortgage, encumbrance, lease or transfer of Mortgagor's interest in the Mortgaged Property or any part thereof, or any interest therein without the prior written consent of Mortgagee, which consent may be granted or withheld by Mortgagee at its sole discretion. Section 2.7 Breach of Other Agreements, etc. Any default or breach under any other note, mortgage or other obligation of Mortgagor now held or hereafter acquired by Mortgagee, or any other failure to comply with the terms and conditions thereof and the continuance thereof beyond any applicable notice andior cure period contained therein. ARTICLE THREE ACCELERATION AND FORECLOSURE; OTHER REMEDIES Upon any Event of Default, Mortgagee may, at its option, exercise one or more of the following rights and remedies (and any other rights and remedies available to it): Section 3.1 Acceleration. Mortgagee may declare immediately due and payable all unmatured Indebtedness secured by this Mortgage, and the same shall thereupon be immediately due and payable, without notice or demand. Section 3.2 UCC Remedies. Mortgagee shall have and may exercise with respect to all fixtures and any personal property included in the Mortgaged Property, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code, as in effect in the State of Minnesota. Section 3.3 Foreclosure; Action or Advertisement. Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Mortgaged Property at public auction and convey the same to the purchaser to the full extent of Mortgagor's interest and, out of the proceeds arising from such sale, to pay all Indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees Mortgagor agrees to pay. Any real estate or interest or estate sold hereunder may be sold in one parcel, as an entirety, or in such parcels and in such manner or order as Mortgagee, in its sole discretion, may elect. In case 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, Mortgagee, its successors and 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 any sum then due under the Note and any claims for interest accrued and unpaid thereon, together with all other sums, with interest, advanced and unpaid hereunder, and all statutory charges for such foreclosure including 385595v3 iSI3 ELI 85-12 -10--