5.1. HRSR 05-02-2005 - Laserfiche WebLink

Home Browse Search

(c) 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 in fee simple, and out of the proceeds arising from such sale, to pay all Indebtedness secured hereby with interest including all sums described in Section 18 hereof as if a prepayment were then made of the Note, and all legal costs, and charges of such foreclosure, and the maximum attorney's fees permitted by law, which costs, charges, and fees Mortgagor agrees to pay; and THE UNDERSIGNED MORTGAGOR HEREBY EXPRESSLY CONSENT(S) TO SALE OF THE MORTGAGED PROPERTY BY ADVERTISEMENT PURSUANT TO MINNESOTA STATUTES, CHAPTER 580, WHICH PROVIDES FOR THE SALE AFTER SERVICE OF NOTICE THEREOF UPON THE OCCUPANT OF THE MORTGAGED PROPERTY AND PUBLICATION OF SAID NOTICE FOR SIX WEEKS IN THE LOCALITY. SERVICE MAY NOT BE MADE UPON MORTGAGOR PERSONALLY, AND NO HEARING OF ANY TYPE IS REQUIRED IN CONNECTION WITH THE SALE. EXCEPT AS REQUIRED BY THE AFORESAID STATUTORY PROVISIONS, THE UNDERSIGNED HEREBY EXPRESSLY WAIVE(S) ANY AND ALL RIGHTS TO NOTICE OF SALE OF THE MORTGAGED PROPERTY AND ANY AND ALL RIGHTS TO A HEARING OF ANY TYPE IN CONNECTION WITH THE SALE OF THE MORTGAGED PROPERTY. (d) Mortgagee shall be entitled, without notice and without any showing of waste of the Mortgaged Property, inadequacy of the Mortgaged Property as security for the Note, or insolvency Mortgagor, to the appointment of a receiver of the rents and profits of the Mortgaged Property, including those past due. 21. FORBEARANCE NOT A WAIVER; RIGHTS AND REMEDIES CUMULATIVE. Any delay by Mortgagee in exercising any right or remedy provided herein or otherwise afforded by law or equity shall not be a waiver of or preclude the exercise of such right or remedy. All such rights and remedies shall be distinct and cumulative and may be exercised singly or serially (in any order) or concurrently, and as often as the occasion therefor arises. Mortgagee's taking action pursuant to Section 3, 11, or 12 hereof, or receiving proceeds, awards, or damages pursuant to Section 6, 12, or 13 hereof, shall not impair any right or remedy available to Mortgagee under Section 20 hereof. Development Name, City LMIR-Combination Mortgage, Security Agreement and Fixture Financing Statement 13 Dev. # Date