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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
Metadata
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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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Updated
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(a) Mortgagee has received written notice (or oral notice in case of any <br /> emergency) from a governmental entity indicating the possibility of an environmental <br /> concern with the Mortgaged Property; or <br /> (b) Mortgagee otherwise has received written notice(or oral notice in case of <br /> an emergency) indicating in its reasonable opinion, the reasonable likelihood of there <br /> being Hazardous Substances on the Mortgaged Property. <br /> The Mortgagor agrees that if Mortgagee determines at any time that removal of <br /> any Hazardous Substance from the Mortgaged Property is required by applicable governmental <br /> or regulatory authorities or pursuant to applicable laws or regulations, Mortgagee may, in its <br /> reasonable discretion, require the removal or containment of such Hazardous Substances at the <br /> Mortgagor's expense. The Mortgagor hereby agrees that it will indemnify Mortgagee from and <br /> against any and all liabilities, claims, demands, costs and expenses, including attorneys' fees, <br /> resulting from or due to the release or threatened release of any Hazardous Substances, which <br /> were,or are claimed or alleged to have been located on or removed from the Mortgaged Property <br /> by any person at any time, except that the Mortgagor shall not be liable for any releases of <br /> Hazardous Substances which occur following Mortgagee's acquisition of the Mortgaged <br /> Property by reason of a foreclosure sale(after the period of redemption)or a conveyance in lieu <br /> of a foreclosure sale or following a sale by the Mortgagor which results in the release of the <br /> Mortgagor on the Loan Agreement, provided that such Hazardous Substances release was not <br /> caused by an act or omission of the Mortgagor prior to the date of such transfer or conveyance <br /> and provided further that such Hazardous Substances were first placed on the Mortgaged <br /> Property following Mortgagee's acquisition of the Mortgaged Property by reason of a <br /> foreclosure sale(after the period of redemption) or a conveyance in lieu of a foreclosure sale or <br /> following a sale by the Mortgagor which results in the release of the Mortgagor on the Loan <br /> Agreement. <br /> 20. Authorization. The execution and delivery of this Mortgage by the <br /> Mortgagor, and performance by Mortgagor of its obligations hereunder have been duly <br /> authorized by all necessary action on the part of Mortgagor and its constituent entities, and do <br /> not and will not violate any present regulation, order, writ, injunction or decree of any court or <br /> governmental or quasi-governmental body, agency or other instrumentality (collectively, <br /> "Governmental Authorities") applicable to Mortgagor or the Mortgaged Property <br /> (collectively, "Laws"), or result in a breach of any of the terms, conditions or provisions of, or <br /> constitute a default UNDER, or (except as created by this Mortgage) result in the creation or <br /> imposition of any lien of any nature whatsoever upon any of the assets of Mortgagor pursuant <br /> to the terms of, any mortgage, deed of trust, indenture, agreement or instrument to which <br /> Mortgagor is a party or by which it or any of its properties is bound. <br /> 21. Compliance with Laws. Mortgagor(either directly or through its tenants), <br /> at its own sole cost and expense (or the cost and expense of its tenants), shall promptly comply <br /> 13 <br />
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