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10-25-01 3. MORTGAGE
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2040 Wayzata Boulevard West - 34-118-23-21-0036 - (Orono HRA)
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2040 Wayzata Blvd Land Use - Dunbar
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Dunbar Sr. Hsg. - Finance Doc's - Mike Gaffron File Cabinet 1
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10-25-01 3. MORTGAGE
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Last modified
8/22/2023 4:55:34 PM
Creation date
10/4/2021 10:01:43 AM
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x Address Old
House Number
2040
Street Name
Wayzata
Street Type
Boulevard
Street Direction
West
Address
2040 Wayzata Boulevard West
Document Type
Land Use
PIN
3411823210036
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16. Collection of Rents. Unless permitted by the Mortgagee,the Mortgagor will <br /> not collect or accept any Rents for the use or occupancy of the Mortgaged Property for more than <br /> one month in advance. Security deposits shall not be deemed Rents for purposes of this <br /> paragraph. <br /> 17. Protecting the Security of This Assignment. Should the Mortgagor fail to <br /> perform or observe any covenant or agreement contained in this Assignment, then the <br /> Mortgagee, but without obligation to do so and without releasing the Mortgagor from any <br /> obligation hereunder, may make or do the same in such manner and to such extent as the <br /> Mortgagee may deem appropriate to protect the security hereof, including, specifically,without <br /> limiting its general powers,the right to appear in and defend any action or proceeding purporting <br /> to affect the security hereof or the rights or powers of the Mortgagee, and also the right to <br /> perform and discharge each and every obligation, covenant and agreement of the Mortgagor <br /> contained in the Leases and in exercising any such powers to pay necessary cots and expenses, <br /> employ counsel and pay reasonable attorneys' fees. The Mortgagor will pay immediately upon <br /> demand all sums expended by the Mortgagee under the authority of this Assignment, together <br /> with interest thereon, and the same shall be added to said indebtedness and shall be secured <br /> hereby. <br /> 18. Present Assignment. This Assignment shall constitute a perfected, absolute <br /> and present assignment,provided that the Mortgagor shall have the right to collect,but not prior <br /> to accrual (except as permitted by paragraph 16 above), all of the Rents, and to retain, use and <br /> enjoy the same unless and until an Event of Default shall occur under the Loan Agreement or <br /> the Mortgage or the Mortgagor shall have breached any warranty or covenant in this <br /> Assignment. Any Rents which accrue prior to an Event of Default under the Loan Agreement <br /> or this Mortgage but are paid thereafter shall be paid to the Mortgagee. <br /> 19. Hazardous Waste. The Mortgagor represents and warrants to Mortgagee <br /> that,to the best of the Mortgagor's actual knowledge and subject to any matters disclosed by any <br /> environmental report delivered to Mortgagee by the Mortgagor, there is not presently located <br /> anywhere in, on or under the Mortgaged Property any asbestos, urea-formaldehyde foamed-in- <br /> place insulation or polychlorinated biphenyls ("PCB's") or any other hazardous substance, <br /> hazardous waste, hazardous facility, pollutant or contaminant (including petroleum products), <br /> all as defined in any applicable state, local or federal statute, ordinance, code or regulation <br /> "Hazardous Substances" and Mortgagee,or an authorized agent of Mortgagee, <br /> (collectively, )� g <br /> shall be permitted to enter upon the Mortgaged Property at any time for the purpose of <br /> performing inspections, taking soil borings, or conducting any other tests or procedures, which <br /> Mortgagee deems appropriate to determine whether any Hazardous Substances are present on <br /> the Mortgaged Property. Any such inspections or tests will be at the expense of the Mortgagor <br /> only if: <br /> 12 <br />
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