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10-25-01 4. SUBORDINATE COMBO MORTG, SECURITY AGREE,FIXTURE FINANC STATE.ASSIGN OF LEASES AND RENTS
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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 4. SUBORDINATE COMBO MORTG, SECURITY AGREE,FIXTURE FINANC STATE.ASSIGN OF LEASES AND RENTS
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8/22/2023 4:55:34 PM
Creation date
10/4/2021 10:07:47 AM
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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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hereafter belonging, or in anywise appertaining, and the proceeds thereof, unto the <br /> Mortgagee, its successors and assigns forever, <br /> In Trust Nevertheless, upon the terms and trust as part of the Trust <br /> Estate set forth in the Indenture, for the equal and proportionate benefit, security and <br /> protection of all owners of the Bonds, without preference, priority or distinction as to <br /> lien or otherwise of any of the Bonds over any of the others, <br /> Provided, nevertheless, that these presents are upon the express <br /> condition that if the Mortgagor shall pay or cause to be paid the principal of, premium <br /> (if any) on and interest on the Bonds, and if the Mortgagor shall pay all Additional <br /> Payments owing under Section 4.03 of the Loan Agreement, and if the Mortgagor <br /> shall pay all rebates owing to the United States in respect of the Bonds, under Section <br /> 148 of the Internal Revenue Code of 1986, as amended, (the "Code") and if the <br /> Mortgagor shall strictly observe and perform all of the terms, covenants and <br /> conditions contained in the Loan Agreement, the Indenture and this Mortgage, <br /> including without limitation payment of all amounts which may be owing to the City <br /> or the Trustee thereunder, then this Mortgage and the estate, right and interest of the <br /> Mortgagee in and to the Mortgaged Property, and the Revenues and Income thereof, <br /> shall cease and be and become void and of no force and effect, and shall be satisfied at <br /> the Mortgagor's expense, otherwise to remain in full force and effect, <br /> Provided, further, that this Mortgage is expressly subordinate in all <br /> respects to the Combination Mortgage, Security Agreement, Fixture Financing <br /> Statement and Assignment of Leases and Rents, dated as of November 1, 2001, <br /> between the Mortgagor and the Mortgagee, filed in the Office of the Hennepin County <br /> Registrar of titles on November , 2001, as Document No. (the <br /> "Senior Mortgage"). <br /> The Mortgagor and the Mortgagee further agree as follows: <br /> 1. Definitions. Terms used in this Mortgage not otherwise defined in <br /> this Mortgage, but defined in the Loan Agreement or the Indenture, shall have the <br /> same meaning as in the Loan Agreement or the Indenture unless the context clearly <br /> indicates a contrary meaning. <br /> 2. Amount and Maturity of Bonds; Loan Repayments. The parties <br /> represent and agree as follows: <br /> (a) The Bonds shall be in the aggregate principal amounts set forth <br /> in the Loan Agreement and shall mature (subject to mandatory sinking fund <br /> redemptions as provided in the Indenture) on November 1 of the years and in <br /> the amounts, and bear interest at the rates, as set forth in the Indenture. <br /> (b) Loan Repayments are required to be made monthly by the <br />
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