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PRILIMINARY OFFIC STATEMENT 11-15-2001 44.
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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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PRILIMINARY OFFIC STATEMENT 11-15-2001 44.
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8/22/2023 4:55:46 PM
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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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Agreement, the Borrower, may, upon request to the Trustee, be released and forever <br /> discharged from its obligations under the Loan Documents. <br /> For purposes of Sections 5.02 and Section 6.04 of the Loan Agreement, any <br /> change of the sole member of the Borrower from the Sole Member to another person <br /> shall be deemed a sale of all of the Project Facilities to such person. <br /> The Borrower will pay or cause to be paid all utility charges and other charges <br /> arising from the operations at the Project Facilities and the Mortgaged Property which., <br /> if unpaid,would become a lien on the Project Facilities or the Mortgaged Property and <br /> will not permit any lien or encumbrance except Permitted Encumbrances to be <br /> established or to remain unsatisfied against the Project Facilities or the Mortgaged <br /> Property, including any mechanics' liens; provided, that if no Event of Default has <br /> occurred and is continuing, the Borrower may at its own expense diligently prosecute <br /> and in good faith contest any mechanics' or other liens filed or established against the <br /> Project Facilities or Mortgaged Property, and in such event may permit the items so <br /> contested to remain undischarged and unsatisfied during the period of such contest and <br /> any appeal therefrom unless the Trustee shall notify the Borrower that,in the opinion <br /> of Independent Counsel, by nonpayment of any such items the Project Facilities, the <br /> Mortgaged Property or any part thereof will be subject to loss or forfeiture, in which <br /> event the Borrower shall promptly pay and cause to be satisfied and discharged all <br /> such unpaid items; provided that the Borrower may continue to contest such liens if it <br /> posts security deemed adequate by Independent Counsel and complies with all <br /> requirements related thereto in the Mortgage. <br /> The Borrower will pay or cause to be paid,as the same respectively become duet <br /> any taxes, special assessments, license fees and governmental charges of any kind <br /> whatsoever that may at any time be lawfully assessed or levied against or with respect <br /> to the operations at the Project Facilities or Mortgaged Property,or any improvements., <br /> equipment or related property installed or brought by the Borrower therein or thereon. <br /> If no Event of Default has occurred and is continuing,the Borrower may,at its expense, <br /> in good faith contest any such taxes, assessments, license fees and other governmental <br /> charges and,in the event of any such contest,may permit the taxes,assessments,license <br /> fees or other charges so contested to remain unpaid during the period of such contest <br /> and any appeal therefrom unless the Trustee shall notify the Borrower that, in the <br /> opinion of Independent Counsel, by nonpayment of any such items, the Project <br /> Facilities or Mortgaged Property or any part thereof,or the revenue therefrom,will be <br /> subject to loss or forfeiture, in which event such taxes, assessments, license fees or <br /> charges shall be paid promptly. <br /> The Borrower shall have the privilege from time to time at its cost and expense., <br /> of remodeling and of making additions,modifications, alterations,improvements and <br /> changes (hereinafter collectively referred to as "alterations") in or to the Project <br /> Facilities and Mortgaged Property as it,in its discretion,may deem to be desirable for <br /> its uses and purposes, subject, however, to the following: <br />
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