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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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(a) All alterations to the Project Buildings shall be located within the <br /> boundary lines of the Land and shall become a part of the Mortgaged Property; <br /> jb) Alterations to the Project Buildings shall not substantially impair <br /> the structural strength or utility of any Project Buildings or significantly alter <br /> the character or purpose or detract from the value or operating efficiency of the <br /> Project Facilities or Mortgaged Property,and the Borrower shall have delivered <br /> to the Trustee a Certificate of the Authorized Borrower Representative to such <br /> effect; and <br /> (c) The alterations shall not significantly impair the revenue <br /> producing capacity of the Project Facilities and the Mortgaged Property, and <br /> the Borrower shall have delivered to the Trustee a Certificate of the Authorized <br /> Borrower Representative to such effect. <br /> The Trustee may,in its discretion, require the Borrower to furnish an opinion <br /> of an Independent Engineer,at the expense of the Borrower,to the effect of paragraph <br /> (b) if the alterations shall exceed $50,000 in the aggregate. <br /> Removal of Equipment and Release of Property and Equipment <br /> If no Default exists,the Borrower shall have the right to remove Equipment from the <br /> Mortgaged Property and have the Equipment released from the lien of the Mortgage if, in <br /> addition with satisfying other requirements of the Loan Agreement,(i)the Borrower replaces <br /> such Equipment with substitute Equipment, or(ii)the Equipment becomes obsolete and is <br /> no longer useful in the operation of the Project Facilities. In the event any such removal of <br /> equipment causes damage to buildings, the Borrower shall restore or repair such damage at <br /> its expense. The Trustee shall execute and deliver as provided in the Indenture such releases <br /> or other documents (if any) as the Borrower may properly request in connection with any <br /> action taken by the Borrower in conformity with the provisions summarized above with <br /> respect to the removal of equipment. The removal from the Project Facilities of any portion <br /> of equipment pursuant to the provisions summarized above with respect to the removal of <br /> equipment shall not entitle the Borrower to any abatement or diminution of Loan <br /> Repayments subsequently due. <br /> Subject to the terms of the Ground Lease, the Borrower shall have the right, at an' <br /> time and from time to time, to a release of Land from the Mortgage and the Subordinate <br /> Mortgage,but only as follows: <br /> (a) Land not containing any permanent structure necessary for the total <br /> operating unity and efficiency of the Project Facilities may be released for the <br /> purpose of selling the same to a third person or to facilitate the construction or <br /> financing of additions to the Project Buildings or additional structures not related to <br /> the Project on the Land, and the Trustee shall, from time to time, release from the <br />
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