7A Request from Presbyterian Homes for Conduit Financing

Home Browse Search

_ _ _ .. .. security interest or other lien in the Loan Agreement to secure payment of any o�her indebtedzaess; ar (b} receive or collect or permit ihe receipt ar collection of any payrnents, receipts, rentals, profits ar other moneys under the Loan Agreerz�ent {except as aIlowed under Section 79 thereo fl or assign, transfer or hypothecat� (other than to the Lender hereunder) any or the saane then due or to accrue in the future. 5. The City expressly covenants and agrees that the Lender sha11 be entitled ta receive all payments under the Loan Agr�ement (except any payments due the City under Section 7.9 ther�of}, and hereby authorizes and directs the Borrower to make such payments directly to ihe Lender. The Lender covenants and agrees that all payments received by the Lender pursuant to t�ie Loan Agreemeni shall be applied as �rovided in the Loan Agreernent. 6. The Lender agrees to advance the purchase price of the Note direcily to the Borrower as �rovided in the Note and the Loan Agreement, In accordance with Section 7.9 of the Loan Agreement the Lender hereb� assumes the Ciiy's and Lender's obligations to the Borrower there�der. 7. If an Event of Default (as defined in ihe Loan Agreement) shall occur ax�d he continuing, the Lender may exercise any one or �are or a11, and in ar�y order, of the reznedies hereinafter set forth, in addiiion ta any other remedy at 1aw or i� equity or specified in the Loan Agreement, it being expressly understaod that no remedy herein conferred is intended to be exclusive of any other remedy or remedies; but each arfd every zemedy shall be curnuiative and shall be in addition to every ather remedy given herein or now or hereafter existing at law ar in equity or by statute: {a) The Lender may, without prior notice of any kind declare the principal of and interest accrued and any premium (as defined in the Loan Agreernent} on the Note immediately due and payabie. (b) The Lender may exercise any rights and remedies and options of a secured party under the Uniform Commercial Co�e as adopted in the Sia�e of Minnesota ar�d any and alI rights available to it undez- the Loa� Agreem�nt arid Mortgage securing payment of the Note. 8. Whenever any of the parties hereto is refezxed to, such reference shall be deemed to include the successars and assigns of such party; and all th� covenanis, promises and agreemenis in this Pledge Agreement contained by or on behalf oi the Ciiy or the Lende�- shall bind and inure to the benefii of the respective successors and assig�s of such parties whether so expressed or not. 9. The unenforceabiliiy or invalidity of any provision or provisions of this Pledge Agreemeni shall not re�.der any oiher provision oz- provisions herein contained unenforceable or invalid. 10. This Pledge Agreement shal� in all respects be consirued in accoz-dance with and govez�ed by the laws of the State of Minnesota. This Pledge Agreement may not be amended or a�x�.odified except in vvritxng signed by the City arxd the Lender. zzosaisv� 2