7.5 SR 06-17-2024 - Laserfiche WebLink

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12. GOVERNING LAW; SEVERABILITY. This Mortgage shall be governed by the law of the State of Minnesota. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. To this end, the provisions of this Mortgage and the Note are declared to be severable. 13. BORROWER'S RIGHT TO REINSTATE. If Developer meets certain conditions, Developer shall have the right to have enforcement of this Mortgage discontinued at any time prior to the earlier of (a) 5 days before sale of the Property pursuant to any power of sale contained in this Mortgage; or (b) entry of a judgment enforcing this Mortgage. Those conditions are that Developer: (a) pays City all sums which then would be due under this Mortgage and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Mortgage, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as City may reasonably require to assure that the lien of this Mortgage, City's rights in the Property and Developer's obligation to pay the sums secured by this Mortgage shall continue unchanged. Upon reinstatement by Developer, this Mortgage and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. 14. HAZARDOUS SUBSTANCES. Developer shall not cause or permit the presence, use, disposal, storage, or release of any hazardous substances on or in the Property, except those solvents, oils, cleaning materials, and other substances as are used in the ordinary course of Developer's business. Developer shall not do, and will use its best efforts not to allow anyone else to do, anything affecting the Property that is in violation of any environmental law. Developer shall promptly give City written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private parry involving the Property and any hazardous substance or environmental law of which Developer has actual knowledge. If Developer learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any hazardous substance affecting the Property is necessary, Developer shall promptly take all necessary remedial actions in accordance with that environmental law. As used in this Section 14, "hazardous substances" are those substances defined as toxic or hazardous substances by environmental law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this Section 14, "environmental law" means federal or state laws that relate to environmental protection. 15. ACCELERATION, REMEDIES. City shall give notice to Developer prior to acceleration following Developer's breach of any covenant or agreement in this Mortgage. The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Developer by which the default must be cured, provided, however, if Developer is diligently pursuing a cure, Developer shall have such additional time as is reasonably necessary to complete the cure; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Developer of the right to reinstate after acceleration and sale. If the default is not cured on or before the date specified in the notice, City at its option may require immediate payment in full of any sums secured by this Mortgage without further demand and may invoke the power of sale and any other remedies permitted by law. City shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 15, including, but not limited to, reasonable attorneys' fees. EL185\77\951254.v6 Page 347 of 372