HomeMy WebLinkAbout883013i
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-T'834
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as: a
(such
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natural person
n`a
iha
other .
emit
ortor is an Y
IN THE MORTAGQR.' if M S$g est in Mott a or', is sold
9' TRANSFER 'OF AN INTEREST demand immediate payment if (1) a beneficial ]Hier g g 3
may
corporation or other), organization), Lender I ' entity; or or transferred; (12) there is a change in either 'ithe l identity Ilorlll nwtnber of me Qf aco poration or sirriilarnentity. However, l
° of the llvoting stock .
there,is a,:change In ownership of more than 25 percept • roh' ited b law as of the date of this Mortgage
s tb y
in the above situations if it I p rtgagor
Lender may notlldemand Payment
entity 10. ANTI I";Y WARRANTIESAND REPRESENTATIONS. Ift~M~'ender thefollowi 9 warrant es and' represen ations which shall)
corporation or other organization),, Mortgagor makes
)n (or
be continuing, as tong as the secured Debt remains outs l'tanding:l
A. Mort gizaagtolor is ar ;entity ortgagor which in is good! 'organized al ~ statellsl in whichg'Mortgagor# transacts bus nessnMortgagor has,
nj. M is standing in
organ ,
owe nd authority to, own the 'Property)) and' to ',carry on its business as now being conducted and, as
the r a tes..
ate in ch Mortgagor obligation evidenced by the
appl p icable, is qulalifled to do so in each 'st oi
B, The execution, delivery' and performance of this Mortgage by Mortgagor and the
.
Evidence of, Debt are within the power of Mort )gags r of law,I Or order of court or governmental agelncy cessary
governmental approval, and will not Violate any prPv o its name within the last ten years and' has not used
a or has not changed
,
C, Other. than'disalosed 9,
anY other trade or fictitious Mort9 g titious name Without Le In tier's prior written e,onsent, Mortgagor does not and will lnot use' other name and will' preserve it's existing ;name, trade names and franchises undl
'the Secured Debt is
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'satisfed. I ; ~I
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condition and make
will keep
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11. PROPERTY CONDITION, ALTERATIONS AND; INSPEC ONI. Mortgagor P the Property in good
alll repairs that are reasonably necessary. 'MartgagooWill ,iliee' Lender grasses. f any loss r:dae agi6 join in der
iting
Property. Mortgagor will keep the Property) free of nl
consent to any change, in any private restrictive covenant; zoning ordinane the Property, e public of private res ri prior' W
de o the Property orll any part of
ordefining ritten
o h
nt
the vises law , which:
or regulation regarding gail use, wne rshi hioh may be ma f actions against Mortgagor or any ter
consent. Mortgagor will notify tender of all demands), proceedings, claims, and
of the Property. ;;Mortgagor will ;comply
u P and occ p Q ~ Mortgagor
owner made under
with: all legal requirements and restrictions, ;whether pudlic or private, with respect to the use of the Property: also
No 'agrees that the nature of the occupancy and use wirill not change without Lender's prior written consent.
-mate iall altered without Lender's prior written consent
be removed„ demolish ~ d 11 , or~l r. Y at become'
p 'ert Y well
I ' portion f' the Pro:
except that ortgagor has the right toremgve litemafl personal property composing a part of the Property th
equal in:, value to
prop ti I~er~retentionadevic,el, personal property . o other enc>tmbrance. Such
worn or, obsolete,rproyided that Such from any
the replaced personal property, free
, I I reated replacement of personal tviderth Pwill, roperty without Lender''stpriorw it ennconsent. Lender or Lenderrs agents mortga aygat
inspecting the Property. Any inspection of
shall not partition' or 'subdivide P Y
Latxier's option, enter the Property at any reasonable time for the purpose of
the Property shalll',be entirely for Lender's benefit an' 'Mortgagor will in no way rely on Lender's inspection:'
I I 'I'~Mort a e or any
12. AUTHORITY other
TO PERFORM. If mortgagor flails to her lien document tha~ ,has under this
over this !Mortgage, Lender may,
ln~fact to sign
mortgage, deed of trust, security agreement, or o as or cause
them to
without notice, perform than uaimount necessary for pelrfarmance. If or y co nstruction nether Proper y isdis discontinued or
Mortgagor's name or, pay, y not carried on in a re'Iasonable manner, Lendllet lrnay c o mbateV r is ''necessary to protect Lenders security interest in the
Property, This may Include completing the construct, n.l
Iilure to'
Lender's right to perform for Mortgagor shall not cre to an obligation to perform, and Lender's aa: Any amounts erform will not
paid by
A- r P .
preclude inder.I,rom , exercising, any
otherwise end'ngtheiProperty and Lender'srsecurity'in interest willlbe due onl demand
)lender for in I 'i g, preserving or P otecti
and will bear interest from the date of the payment 'until) paid in full at the interest rate m effect frorn time, to time
according'to the Germs, of the Evidence of Debt.
5 ned unit
=Ial
loci
If thProperty
NIUMS; PLANNED UNI7 DEVELOPMENT
13. CONDOMI
odes a unit in a coedominium development, Mortgagor wperform all of IMortgg is d~ esetiesriunder the covenants, by-)aw , or rons of the
condominium or planned unit development.
occur:
al lowing '
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14. DEFAULT. Mortgagor will be in default if anY, of. the
ant when due; .
o payment
ob,iclad on the Secured Defail , ti ;t make P
t loan agreement,
A, Any party
B. A breach of Ia any. term' or covenant In this l~llortgage, any prior mortgage,, or, any construction security;agreiement or any other document evidencing, guaranying, securing or otherwise relating to the Secured
Debt;
ki or furnishing of any verbal or wr tten rep tation, statement or warranty.'Ito Lendderhat is false or
C, The a n
or entity obligated on the Secured Debt;
ncor ect'', in any material, respect by Mortgagor or any.lpers on
(Page 3 of 71
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82
S VV! e/dot
a-RE
Form A
M Cloud MN
Inc .
a Systems,
er
IBenk
®1,893.2001, S I I I _ I
XPEML St.
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D. The death, dissolution or insolvencYI y ~ of, aPPq in ant of a receiver for, or application O fanY debtor relief low to
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Mortgagor or any person or entity obligated or tF~a Secured Debt;
E. A,good falth belief by Lender at any time that Lender Is insecure with respect to any person or entity obligated on
the;iSecured Debt or that the prospect of any payment is impaired or' he value of the Property is impaired;
F. 'A' material adverse change in Mortgagor's bysiness including ownership, management, and financial conditions,
which Lender ln,its opinion believes impairs the value of the Property or repayment of the Secured Debt, or
G. Any loan proceeds are used fora purpose that will contribute to excessive' erosion of highly erodible land or to the
conversion of wetlands to produce an agricultural commodity, as further explained in 7 C,F,R. Part ,194,), Subpart
G, Exhibit) M. l
15. REMEDIES O DEPAULT. Insome instances federal'. grid 'state I iw'will require Lender to rov de' orta' o w t h ce
p. i M g g r r h ti
of the right tb cure, mediation notices or other',notices and may es#a6lish time schedules for foreclosure actions.(, Subject
to these limitations, if, any, Lender may accelerate the Slecured Debtl,and foreclose this Mortgage in a manner provided by
law if this Morf ga:gon is in default.
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At the option of Lender, all or,any part of the agreed fees Il,and charges, accrued interest and !,principal, shall become
immediately 'due and payable, after giving i notice r )squired by, law, upon the occurrence of a default or anytime
thereafter. In addition, Lender shall be entitled to all the (remedies provided by law, the Evidence of Debt, other evidences
of debt, this Mortgage and any related documents including without limitation, the power t6 sell the Property. All
remedies are distinct, cumulative and not exclusive; end the :'Lender is entitled to all remedies provided at law or equity;
whether expressly set forth or not. The>acceptance ;by Lender, of any:.sum In,payment or partial payment 'on the Secured
Debt after the balance is 'due or is accelerated! or after foreclosure proceedings are filed shall not'constltute a waiver of :
Lender's right to require full and complete cure of any existing default. By not exercising any remedyon Mortgagor's
default, Lender does not waive Lender's right to later, consider -the eivent a default if it continues or appens again.
16. EXPENSES; ADVANCES ON COVENANTS; I ATTORNEYS' FEES; CIOLLECTION COSTS. Except when prohibited', by law,
Mortgagor agrees to (pay all of Lender's expenses if Mortgagor breaches any covenant in this Mortgaga.'Mortgagor will
also pay, on demand Jill of Lender's expensesl,ihcurrein collecting,lInsuring, preserving or protecting the'Property or In
any inventories audits, inspections or other examination by Lender'in respect to the Property. Mortgagor agrees to pay l
a'Il costs and 'exp'enses: incurred Iby,Lender in enforcing 'or protecting Lender's rights and remedies under',this, ortgage',
Including, but not, limited, to, attorneys' fees, court costs, and other (legal expenses. Once' the Secured Debt is fully and
finally paid,; Lend;er agrees, to release this ~1Aortgage and Moi_rltgagor •agrees lto pay for any recordation costs. All such
amounts are flue on demand and will bear interest from' the tuna of 'the advance at the highest rate 16 effect, from time
to time, as provided] n the' Evidence of Debt and as pe~mitted by law.
17. ENVIRONMPNTAL LAWS AND HAZARDOU5 SUBSTANCES 'A5 used in this section, 111 Environmental Law" means',
without limitation, th,e Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C.
9601 et seq..), all other federal, state and local laws, regulations ordinances, court orders, attorney general opinions or
interpretive letters concerning the public Ihsaith, safety, welfare,' environment or a hazardous substance; and (2)
"Hazardous Substance" means any toxic, radioactive or hazardous), material,! waste, pollutant or contaminant which has
characteristics w ~hich render thee,substance j dangerous or p,ootentially. dangerous to the public health, safety, welfare or
environment. Theiterm includes, without lirrsitation, an',y substa'nciidefined as "hazardous material," ":toxic substances,"'
"hazardous waste" or "hazardous substance" .under any) Environmental Law. Mortgagor represents warrants and agrees
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that; except as previously disclosed and, acknbwledged in writing:
A. No Hazardous, Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled'
b an ersonlon u e
rid r or, about the-Pro e e ce t in the c' course o
Y YI p p rty, x p, I !nary of business and m strict compliance
with ail applicable Environmental Law.
B Mortgagor -I has, not and will not cause, contribl~lute to, or permit the release of any Hazardous Substance' on the
G.i Mortgagor WIIi'regula~iy u,wN`••~ r r
that all permite, licenses or approvals required by 'any'( al
with'.
H, Mortgagor 1, permit, or Icause any (tenant to, )permit l -Let
and !revtevv all records at any reasonable ttme to deti,
Hazardous (Substance on, under or about the Properly;))
Hazardous Substance that has been released on, under
and env tenant are in compliance witFi applicabllle Environn
able Environmental Law are Uu►auicu p,lm r
or Lender's agent to enter and inspect the Property
ne (1) the existence, location and nature of any
e existence, location, nature,'', and magnitude of any
bout the Property; or (3) whether, or not Mortgagor
al Law.
#ime, 1111 r#gagorl ayrbgs, at Mortgagor's expense, to engage a qualified
1. Upon ender's request and at any Q
envi ronmental: engineer to prepare and environ ental audit of ;the Property an d t is subjeit the results such ct to Lender's approval audit
to Lender. !Thei cho{ce of the; environmen ationgitoe ps fo m )any per of orm such obl{gations under, this section at
J. Lender l, has the; right, but not the obi g
Mortgagor's exxpense. " I', (1) Mortgagor
K. As a c'i nsequence,of any breac nder'sre c
M warranty #ess rs or ass gnsrharrniess from eand eg;a nst 'all losses, claims,,
will' Indemnify) and hold Lender and L
demands, Jiakiiities damages, cleanup, respuo se and remediation' costs, penalties and expenses, including
without limitafion all costs of lit(gat{on and attorneys` f ees,which Lender and Lende'r's successors or assigns may
sustatti; and (2) at tender's discretion, Lender may, r'eleas'e this Mortgage and in 'return Mortgagor will provide
gender with cpllateral of at least equal' value, to he Property jsecured by this Mortgage without prejudloe to any of
the terms of this section shall
Lender's rights under this Mortgage.,
L. Notwithstanding any of the language!contained in this Mortgage to the contrary,
survive any foreclosure l or satisfaction of tills MI claims and defenses to he contrary areehe eby Waived. any
dis osition byl Lender'of any or all of the Property.
p
by private or public
NDEMNATION. ortgagor will give Lender prompt na#tce of, 'any action, realourh threatenei
condemnation, eminent domain,
18 entities to purchase or take any, or all of the Property, including any ea hinsttuted for the establishment of any
rtgagor further, agrees to notityl Lender of any proceedings: o
or it.
' any other means. 'iiMo the Property
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sewer, water, consQrvatio,n, ditch, drainage, or other w#istric relating to or binding upon yr 'any part
Mortgagor authorizes nder to intervene in, Mort- aggo rcla
Le
nraabo rn rtgagor ass gns to Lenderl he pYocieeds of any awPrld;or
collect and receive all, sums resulting from the; action art of the Property. Such proceeds shall
claim forldamages connected with a condemnation or other'taking!of all ar'any p
be considered payments and will be applied ;as provided in,this Mortgage. This assignment of proceeds is subject to the
terms of 'any'prior mbrtgage, deed of trust, security grsoment or other lien document.
ortg g a 9rees'to;maintain linsurancl' as follgw
a or s
19. INSURANCE M . and risks reasonably
A. Mortgagor shall keep the Property insured gainst ~oss by fire, theft and other, hazards an and
or'
exam associated with the Property due to its typl,e anT sc nsuranOae shall be maintainedsin the include, amount1 and for the
coverage'' against loss due to floods or flooding: Mortgagor
,
periods that lender requires. The insurance earner providing the insurance shall be chosen by subject
to Lender's ain the coverage
approval, which shall) not be unreaso ablyithheld. If Mortgagor falls to meint
described ab',ove, Lender may, at Lender's option, obtain coverage to protect tender's rights in the' Property
according to (the terms of this Mortgage,
all. Include a standard "mortgage clause"
sh
to' Lender and
ab
le
acce t
Aill in''surance policies and renewals shall be i,
and, where applicable, "lender loss payee,c`ause." Mortgagor shall immediately notify Lender of cancellation o,
termination of the insurance. Lender (shall have the) right :to hold the policies and rene,wais. if Lender requires,
Mortgagor shall knltlediately give Tito Lender all receipts of plaid premiums and renewal 'notices. Upon loss,
Mortgwsgor shall give immediate notice to the insurance Carrier and Lender. Lender may make proof of loss if not
made immedliately, by Mortgagor.
be applied to restoration or
,
proceeds
shall .I
insurance
Unless Lend'i r and Mortgagor otherwise agree in writing,
repair of, the Property damaged if, the restoration or repair is econoi'nicelly feasible and Lenders security is not
lessened. If' the restoration or repair; is not ecorro di Debt feasible, whetherr or enot then dcurity uew thuany excess paidt to
insurance proceeds shell be applied to the Secure
Mortgagor, If Mortgagor abandons the Property, or does not answer within 30 days a notice'frorn Lender that the
red to settle a cla m', thenLender may collect the insurance proceeds. Lender may use
insurance carrier as offe
the proceeds to repair restore the Property) or tol; pay the Secured Debt whether or not then -due. The 30-day
or
he
period will blegin when t,Flotica is given.
'shallnot ex nd
te a li
, „ y pp
Unless Len~er and Mortgagor otherwise agrllee in writin an cation of proceeds to principal
or postpone ,the due date of scheduled pay l or change the ernount of the payments. If the Property is
acquired by Lender, Mortgagor's' right to fiany insiurancle l policies' and proceeds resulting from damage to the
Property before the acquisition shall pass to tender to the axfent of the Secured Debt 1mmedlately' before the
acquisition. P
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a9e 5'of 71
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MN Fonn AG RE s<s
M Inc., SA Claud,
Fj~~~ 993,:2 1 aenka raSystema,
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B. Mortgagor agrees
to maintain coraPl rehensiV
an amount acceptable to sender, i InsuringaS
Property:.,
C. Mortgago, r agrees to maintain 'rental loss or t
equal to I'at lileast coverage of, one year's Id
separately In l writing), under a form of policy a
20. NO ESC'ROVY FOR TAXES AND INSURANCE.I Unless
required to pay to Lender, funds for taxes and Insuranli
21. FINANCIAL REPORTS AND ADDITIONAL DOCUMEF
statement' or information Lender may deep necessaF
Mortgaggrl provides to Lender are, or will be accurst
as Lender,, may' 'reasonably request any additional di
perfect, continue, and pre'serve' Mortgagors obligatia
Mortgagor fails to do so, Lender may sign, deliver
Mortgagor hereby irrevocably appoints Lender'' or Ler
with this section'.
22. JOINT AND iNDiVIDUAL LIABILITY; CO-SIGNERS; Sll
are joint and Individual,' If Mortgagor signs this Mortt
to mortgage, Mortgagor's Interest in the Property to 1.
to be personally liable on the Secured Debt. Mortgag
modify or,,make any ' ange in the terms :of ,this Mont
change will not release. Mortgagor•from the, terms o
and benefit the successors and assigns of Mortgagor~i
If this Mortgage s :a guaranty between Lender)
guarantied, Mortgagor agrees to waive any rights it
Mortgagor,ior any party°'indebted under the Ilob,ligatioin i
23. APPLICABLE LAW, ISEVERABILITY; INTERPRETAIT
which Lender is ,located, except to the extent otherw
located. This Mortgage is complete and fully ante Ig
agreement. Any 'sectlon or clause in this Mortgage;
conflicts with applic>~Me law, will not be effective, u,nli
agreements, If any section lior clause of this Mortgage
wilt be severed and will not affect the enforceability ;o
ihcude the plural and the plural the singular, The l 11
convenience only' anI care not to be,used'to interpret;'1
Mortgage.
24. NOTICE. Unless'othe'rwise required bylaw, any notioe
th'e appropriate party's address on page 1 of this Mod
Mort gagor'will be: deemed to'be notice to all ,mortgag Io
25. WAIVERS, Except to the extent prohibited by law, III
assets and all homestead exemption rights nelating,to It
26. U.C.C. PROVISIONS. If checked;' the following Iare app
® Construction Loan. This Mortgage secures a'q
Property.
❑ Fixture, `Filing. Mortgagor grants to Lender a I's
future and that are or will become fixtures relat
❑ Crops; Timber; Minerals; Rents,, Issues, and Pi
timber and minerals located on the Property a
limited, to, Conservation Reserve Program FC
programs {all of which shall also be included in
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O Personal Property. Mortgagor grant's
Lender]
Jtd
with the Property. This security interest includ
instruments, clhattel paper, general intangibles,.
the future,and,that are used or useflGl in.the co
the Pr~perlty. ~The term "'personal property" si
secured in connection with a "consumer" I
governing unfair and deceptive credit prac,tices..
515Fr M ®1993, 20,01 Bankers Syatema, inc., SL Cloud, MN Form AGCQ
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