3. HRSR 05-16-2005 - Laserfiche WebLink

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20. ACCELERATION; FORECLOSURE. Upon the occurrence of any Event of Default, or at any time thereafter until such Event of Default is cured to the written satisfaction of Mortgagee, Mortgagee may, at its option, exercise one or more of the following rights and remedies available to it: (a) Mortgagee may declare immediately due and payable all unmatured Indebtedness secured by this Mortgage including all sums described in Section 18 hereof as if a prepayment were then made of the Note, and the same shall thereupon be immediately due and payable, without notice or demand. (b) Mortgagee shall have and may exercise with respect to all personal property and fixtures that are part of the Mortgaged Property, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code, as in effect and as amended from time to time in the State of Minnesota. If notice to Mortgagor of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given (in the manner specified in Section 22 hereof) at least ten (10) calendar days prior to the date of intended disposition. (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.