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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 />" , <br /> <br />(f) Debtor shall promptly pay when due all charges for utilities or other <br />services to the Mortgaged Premises including, but not limited to, water, sanitary sewer, <br />electricity, gas, telephone, and trash and garbage removal and, upon request of GMHC, <br />shall provide evidence of such payment. <br /> <br />(g) <br />residence. <br /> <br />Debtor shall use and occupy the Mortgaged Premises solely as a primary <br /> <br />(h) Debtor shall not lease, rent or otherwise use the Mortgaged Premises for <br />the production of income. <br /> <br />(i) Debtor shall give GMHC notice within thirty (30) days of any default or <br />breach by Debtor of any of Debtor's obligations under the First Mortgage. <br /> <br />5.) Payment by GMHC. If Debtor fails to pay taxes. and assessments, prior liens or <br />encumbrances, expenses and attorneys' fees as above specified, to insure said buildings, <br />improvements and fixtures, or deliver the insurance policies as aforesaid, GMHC may pay such <br />taxes, assessments, prior liens, expenses, and attorneys' fees and interest thereon, or obtain such <br />insurance coverage. The sums so paid shall be impressed as an additional lien upon the <br />Mortgaged Premises and be immediately due and payable from Debtor to GMHC with interest <br />thereon at the lesser of the maximum rate allowed by Minnesota law or eight percent (8%) per <br />annum. This Mortgage shall also secure the repayment of such advances. <br /> <br />6.) Events of DefaultJ Acceleration of Maturity. At the option of GMHC and in <br />addition to GMHC'srights to accelerate the maturity of the mdebtedness secured hereby as set <br />forth in the Statutory Covenants, the entire remaining indebtedness secured by this Mortgage, <br />with interest. thereon at the lesser of the maximum rate allowed by Minnesota law or eight <br />percent (8%) per annum, as provided in the Note, shall become immediately due and payable in <br />full upon the occurrence of any of the following, each of which is herein referred to as an ''Event <br />of Default: " <br /> <br />(a) <br />Mortgage; <br /> <br />(b) A default by Debtor in the performance Qf any other covenants or <br />agreements contained herein; <br /> <br />A default by Debtor (Mortgagor) under the terms of the Note or this <br /> <br />(c) A default under the terms of the First Mortgage or the promissory note <br />secured thereby; <br /> <br />(d) if Mortgagor shall: (1) apply for or consent to the appointment of a <br />receiver, trustee, or liquidator of itself or of its property; (2) admit in writing that its is <br />unable to pay its debts as they mature; (3) make a general assignment for the benefit of <br />creditors; (4) be adjudicated a bankrupt or an insolvent; or (5) file a voluntary petition in <br />bankruptcy or a petition or answer seeking reorganization or an arrangement with <br />creditors or take advantage of any insolvency law or file any answer admitting the <br />material allegations of a petition filed against it in any bankruptcy, reorganization, or <br />insolvency proceeding; or <br /> <br />-3- <br />
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