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If the Mortgagor herein shall pay the Mortgagee, its successors and assigns, the sum of
<br />Twenty -Five Thousand dollars ($ 25,000.00)
<br />when it becomes due according to the terms of the above-mentioned Note, then this Mortgage shall be null and
<br />void, otherwise to remain in full force and effect. But if default shall be made in payment of said sum when due or
<br />in any of the covenants or agreements continued herein, then the Mortgagee may declare immediately due and
<br />payable the entire unpaid principal balance together with interest thereon, and the Mortgagee, its successors or
<br />assigns, are hereby authorized and empowered to foreclose this Mortgage by action or advertisement, pursuant to
<br />the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the
<br />Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from
<br />such sale, to pay the principal of the Note with accrued interest, together with all legal costs and charges of such
<br />foreclosure and the maximum attorney's fees permitted by law.
<br />Mortgagee prior to acceleration shall mail notice to Mortgagor specifying: (1) the event of default; (2) the action
<br />required to cure such event; (3) the date, not less than thirty (30) days from the date the notice is mailed to
<br />Mortgagor, by which date such default must be cured; and (4) that failure to cure such default on or before the date
<br />specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property.
<br />The notice shall further inform Mortgagor of the right to reinstate after acceleration and the right to bring a court
<br />action to assert the nonexistence of a default or any other defense of Mortgagor to acceleration and sale. If the
<br />default is not cured on or before the date specified in the notice, Mortgagee at Mortgagee's option, may declare all
<br />of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke
<br />the power of sale hereby granted and any other remedy permitted by applicable law.
<br />Notwithstanding Mortgagee's acceleration of the sums secured by this Mortgage, Mortgagor shall have the right to
<br />have any proceedings begun by Mortgagee to enforce this Mortgage discontinued at any time prior to the earlier of
<br />(i) sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) a judgment enforcing this
<br />Mortgage, if. (a) Mortgagor pays Mortgagee all sums constituting the default actually existing under this Mortgage
<br />and the Note at the commencement of foreclosure proceedings under this Mortgage; (b) Mortgagor cures all
<br />breaches of any other covenants or agreements of Mortgagor contained in this Mortgage; (c) Mortgagor pays all
<br />reasonable expenses incurred by Mortgagee in enforcing the covenants and agreements of Mortgagor contained in
<br />this Mortgage and in enforcing Mortgagee's remedies as provided herein, including, but not limited to, reasonable
<br />attorney's fees, and (d) Mortgagor takes such action as Mortgagee may reasonably require to assure that the lien of
<br />this Mortgage, Mortgagee's interest in the Property and Mortgagor's obligation to pay the sums secured by this
<br />Mortgage shall continue unimpaired. Upon such payment and cure by Mortgagor, this Mortgage and the
<br />obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
<br />The Mortgagor will indemnify, save, and hold harmless the Housing Redevelopment Authority (HRA) in and for
<br />the City of Elk River, Minnesota, and the City of Elk River, Minnesota, their officers, agents, and employees, from
<br />and against any claim, cause of action, damage, liability, loss or expense, including attorney s fees incurred by the
<br />HRA, made by any party in connection with or arising from (i) the presence, if any, of hazardous wastes or
<br />pollutants on the Property; (ii) any loss or damage to property or any injury to or death of any person occurring at
<br />or about or resulting from any defect in the Property, (iii) the performance of, or failure to perform, this Mortgage.
<br />Nothing herein shall be deemed a waiver of any statutory limitations of liability or immunity. The indemnity
<br />provisions of this Section shall survive the foreclosure or other termination of this Mortgage.
<br />MORTGAGOR HEREBY: EXPRESSLY CONSENTS TO THE FORECLOSURE AND SALE OF THE
<br />MORTGAGED PROPERTY BY ACTION PURSUANT TO MINNESOTA STATUTES CHAPTER 581 OR, AT
<br />OPTION OF MORTGAGEE, BY ADVERTISEMENT PURSUANT TO MINNESOTA STATUTES CHAPTER
<br />580, WHICH PROVIDES FOR SALE AFTER SERVICE OF NOTICE THEREOF UPON THE OCCUPANT OF
<br />THE MORTGAGED PROPERTY AND PUBLICATION OF SAID NOTICE FOR SIX WEEKS IN THE
<br />COUNTY IN MINNESOTA WHERE THE MORTGAGED PROPERTY IS SITUATED AND ACKNOWLEDGES
<br />THAT SERVICE NEED NOT BE MADE UPON MORTGAGOR PERSONALLY UNLESS MORTGAGOR IS
<br />AN OCCUPANT AND THAT NO HEARING OF ANY TYPE IS REQUIRED IN CONNECTION WITH THE
<br />SALE AND EXCEPT AS MAY BE PROVIDED IN SAID STATUTES, EXPRESSLY WAIVES ANY AND ALL
<br />RIGHT TO PRIOR NOTICE OF SALE OF THE MORTGAGED PROPERTY.
<br />CEE /.Elk_River_Mortgage / 01-19
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