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2007-07-11 Set Agenda & Handouts
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2007-07-11 Set Agenda & Handouts
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<br />TO HAVE AND TO HOLD THE SAME, to Mortgagee forever. Mortgagor covenants with Mortgagee as <br />follows: That Mortgagor is lawfully seized of the Property and has good right to convey the same; that the Property is <br />free from all encumbrances, except as follows: <br /> <br />[1ist mortgages] <br /> <br />that Mortgagee shall quietly enjoy and possess the same; and that Mortgagor will warrant and defend the title to the <br />same against all lawful claims not hereinbefore specifically excepted. <br /> <br />PROVIDED, NEVERTHELESS, that the Mortgage will be satisfied at the time of closing upon the <br />compliance by Mortgagor with the terms of the Pmchase Agreement dated .2007. <br /> <br />AND MORTGAGOR covenants with Mortgagee as follows: <br /> <br />1. to pay all taxes and assessments now due or that may hereafter become liens against the Property before <br />penalty attaches thereto; <br />2. to keep all buildings, improvements and fixtw'es now or later located on or a part of the Property insured <br />against loss by ::fire, extended coverage perils, vandalism, malicious mischief and, if applicable, steam boiler <br />explosion, at all times while any amount remains unpaid under this Mortgage. If any of the buildings, <br />improvements or fixtures are located in a federally designated flood prone area, and if flood insurance is <br />available for that area, Mortgagor shall procure and maintain flood insurance in amounts reasonably <br />satisfactory to Mortgagee. Each insurance policy shall contain a loss payable clause in favor of Mortgagee <br />affording all rights and privileges customarily provided under the so-called standard mortgage clause. In the <br />event of damage to the Property by ::fire or other casualty, Mortgagor shall promptly give notice of such <br />damage to Mortgagee and the insurance company. The insurance shall be issued by an insurance company or <br />companies licensed to do business in the State of Minnesota and acceptable to Mortgagee. The insurance <br />policies shall provide for not less than ten days written notice to Mortgagee before cancellation, non-renewal, <br />termination, or change in coverage, and Mortgagor shall deliver to Mortgagee a duplicate original or <br />certificate of such insurance policies; <br />3. to pay, when due, both principal and interest of all prior liens or encumbrances, if any, and to keep the <br />Property free and clear of all other prior liens or encumbrances; <br />4. to commit or permit no waste on the Property and to keep it in good repair; <br />5. to complete forthwith any improvements which may hereafter be under course of construction on the <br />Property; and <br />6. to pay any other expenses and attorney's fees incurred by Mortgagee by reason of litigation with any third <br />party for the protection of the lien of this Mortgage. <br /> <br />In case of failure to pay said taxes and assessments, prior liens or encumbrances, expenses and attorney's fees <br />as above specified, or to insure said buildings, improvements, and fixtures and deliver the policies as aforesaid, <br />Mortgagee may pay such taxes, assessments, prior liens, expenses and attorney's fees and interest thereon, or obtain <br />such insurance, and the sums so paid shall be impressed as an additional lien upon the Property. <br /> <br />In case of default in any of the foregoing covenants, Mortgagor confers upon the Mortgagee and hereby <br />authorizes and empowers Mortgagee to foreclose this Mortgage by judicial proceedings or to sell the Property at public <br />auction and convey the same to the purchaser in fee simple in accordance with the statute, and out of the moneys <br />arising from such sale to retain all sums secured hereby, with interest and all legal costs and charges of such foreclosure <br />and the maximum attorney's fee permitted by law, which costs, charges and fees Mortgagor agrees to pay. <br />
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