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Last modified
10/26/2007 12:11:41 PM
Creation date
12/9/2004 7:23:52 AM
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Planning Files
Planning Files - Planning File #
3312
Planning Files - Type
Planning-Other
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<br />ADDENDUM <br />SECOND MORTGAGE <br />TIllS SECOND MORTGAGE (the "Mortgage"), dated as of October 30 <br /> <br />. 20~ <br /> <br />is given by <br /> <br />Jian Liang and Li Liang , both single <br /> <br />(marital status) ("Debtor," whether one or more or Mortgagor), whose address is 2018 RamUne <br /> <br />Avenue North <br /> <br />. to: THE GREATER METROPOLITAN HOUSING CORPORATION <br /> <br />OF THE TWIN CITIES, INC., a Minnesota nonprofit corporation ("GMHC" or Mortgagee), <br />whose address is Suite 710, 15 South Fifth Street, Minneapolis, Minnesota 55402. . <br /> <br />RECITALS <br /> <br />Debtor is justly indebted to GMHC in the Principal Amount of Eighty-five <br />Thousand and 00/100 Dollars ($85,000.00), to~ether with interest thereon all as <br />evidenced by that certain Second Mortgage Promissory Note (the "Note"), of <br />even date herewith, trom Debtor payable to the order of GMHC, which Note is <br />fully incorporated herein by reference and is secured hereby. The Note shall <br />mature on or before fifteen (15) years after the first day of the first calendar <br />month after the date of this Mortgage. The maximum amount secured by this <br />Mort~ge shall be the sum of the Principal Amount specified above. <br /> <br />THEREFORE, in consideration of the obligation by Debtor in favor of GMHC, Debtor <br />hereby covenants to GMHC as follows: <br /> <br />1.) Mortgage. To secure payment of the Note, and to secure Debtor's perfonnance of <br />the covenants contained in the Note and herein, Debtor hereby mortgages to GMHC the real <br />property located in the County .of Hennepin, State of Minnesota, leg~l1y described on Exhibit A <br />that is. attached hereto and incorporated herein by reference~ together with all tenements, <br />appurtenances, easements, hereditaments, privileges, minerals and mineral rights, water and <br />water rights, bui1din~s, fixtures, and improvements now or hereafter erected or located on the . <br />above-described real property (the ''Mortgaged Premises"). <br /> <br />2.) Statutory Covenants. Debtor makes and includes in this Mortgage the Statutory <br />Covenants and other provisions set forth in Minnesota Statutes, Section 507.15, or in any future <br />mortgage, and the Debtor covenants with GMHC the following Statutory Covenants: <br />a(a) To warrant title to the Mortgaged Premises, subject to the PeIII?-itted <br />Encumbrances, if any, as set forth on Exhibit A: <br /> <br />(b) To pay the indebtedness as provided in the Note; <br /> <br />(c) To pay all taxes; <br />
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