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2008_0317_packet
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2008_0317_packet
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Mortgagor would otherwise be entitled to the payment of or on account of the following in the <br />order listed below: <br />1. reasonable receiver's fees-, <br />2. application of tenant security deposits as required by Minnesota Statuties <br />§B.i78� <br />3. payment, when due, of prior or current real estate taxes or special assessments <br />with respect to the Mortgaged Property, or the periodic escrow for the payment of the <br />taxes or special assessments; <br />4. payment, when due, of premiums for insurance of the type required by this <br />Mortgage, or the periodic escrow for the payment of premiums -1 and, <br />5. all expenses for normal maintenance of the Mortgaged Property,- <br />prodded, however, that nothing herein shall prohibit the right to reinstate pUl 4S Uant to Minnesota <br />rovi <br />Statutes § 580.30, or the right to redeem granted pursuant to, Minnesota Statutes §§ 580.23 and <br />581.10. <br />Any excess cash remaining after paying the expenses listed in clauses (1) through (5 above shall <br />be applied to the payment, of the Note and shall be deemed to be credited to the amount required <br />to be paid to effect a reinstatement or redemption or, 7 if the period of redemption ends without <br />�I <br />c) <br />redemption, such remaining amounts shall be paid to the e purchaser at the recliosure sale its <br />successors or assigns. <br />The Mortgagor does further specifically authorize and instruct each and every present and future <br />lessee, sublessee, tenant or subtenant of the whole, or any part -It of the Mortgaged Property to pay <br />all unpaid rental agreed upon in any lease or sublease to the Mortgagee upon receipt of demand <br />from the Mortgagee so to pay the same. <br />Any tenants, subtenants, or other occupants of all or any part of the Mortgaged Property are <br />hereby authorized to recognize the claims of the Mortgagee hereunder, without investigating the <br />reason for any action taken by the Mortgagee, or the validity or the amount of indebtedness <br />owing to the Mortgagee, or the occurrence or existence of any Event of Default, or the <br />application to be made by the Mortgagee of any amounts to, be paid to the Mortgagee. The sole <br />signature of any officer or attorney of the Mortgagee shall be sufflicient for the exercise of any <br />rights under this assignment of leases and rents and the sole receipt of the Mortgagele for any <br />sums received by such tenants, subtenants or other occupants shall be a full discharge and release <br />therefor. Checks for all or any part of the rentals collected unider this assignment of leases and <br />rents shall be drams to the exclusive order of the Mortgagee. <br />SECTION 1. 11. FURTHER ASSURANCES. At any time and from time to time, upon <br />request by the Mortgagee, the Mortgagor will make, execute and deliver, or, cause,, to be made, <br />executed and delivered, to the Mortgagee, any and all other further instruments, certificates and <br />other documents as may, in the reasonable opinion of the Mortgagee, be necessary or desirable in <br />order to effectuate, complete or perfect, or to continue and preserve,, the obligations, of the <br />2150387vl 8 <br />
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