Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />claims or liens, including claims or liens for materials or labor against the mortgaged property, <br />and there shall be no claims or liens for unpaid Impositions affecting the mortgaged property. <br /> <br />b. <br /> <br />The Mortgagor and the Mortgagee shall provide to the City a written construction cost <br />certification certified by the Mortgagor, the Mortgagee and the Mortgagor's contractor, <br />setting forth the total amount of all mortgage loan proceeds expended for construction of the <br />Improvements. <br /> <br />c. <br /> <br />The loan-to-value ratio of the Mortgage shall be and remain no more than seventy percent <br />(70%) based on an as built appraisal certified to the City of the value of the Improvements <br />(excluding the value of the mortgaged property) prepared by an appraiser chosen by the City. <br /> <br />d. <br /> <br />The Improvements and the mortgaged property shall be in good condition, satisfactory to the <br />City in its sole reasonable discretion, based upon soils condition tests, environmental analyses, <br />engineering reports, surveys and other analyses and documentation obtained by the City at <br />its sole discretion. <br /> <br />e. <br /> <br />No event of default shall have occurred pursuant to the Mortgage that is not a monetary <br />default due to the failure of the Mortgagor to pay principal and interest, and taxes and <br />insurance due thereunder as and when due; <br /> <br />f. <br /> <br />The City shall have successfully terminated the Mortgagor's rights pursuant to the Ground <br />Lease, prior to the expiration of the Mortgagor's statutory right of redemption pursuant to <br />the Mortgage, and there shall be no unresolved claims, actions or demands by the Mortgagor <br />against the City with respect to such termination; <br /> <br />g. The City Council for the City of Elk River shall have approved the terms of this Agreement. <br /> <br />11. With respect to subparagraph (f) of Section 10 above, the City agrees that it will <br />exercise its rights to terminate the Ground Lease in a timely and good faith manner as required and <br />permitted by law, in the event of any Event of Default by Mortgagor pursuant to the Ground Lease. <br />The City will not unreasonably withhold or delay such exercise for the purpose of avoiding its <br />undertakings pursuant to this Mortgagee Agreement. <br /> <br />12. This Agreement may not be amended, modified or revised by the parties hereto except <br />by written agreement executed by all parties hereto. <br /> <br />13. This Agreement shall be construed under and enforced in accordance with the laws <br />of the State of Minnesota. <br /> <br />14. This Agreement may be executed in separate counterpart originals, all of which <br />together shall constitute one agreement. <br /> <br />* * * * * * * <br /> <br />BURNIS 592193.2 <br /> <br />-3- <br />