2009_1207_Packet - Laserfiche WebLink

Home

totaling $426,500 (the "LCDA/TBRA Loan"), to Mortgagor pursuant to this Mortgage and the Note subj ect to the following conditions: (a) The LCDA funds can be used to finance only the removal of obsolete infrastructures ($127,000); stormwater management ($138,000); design and engineering for site demolition, grading drainage, and stormwater management plan ($45,100); and site grading for directing water away from buildings ($24,000), as provided in the LCDA Grant Agreement; (b) The TBRA funds can be used to finance only Clean-up Costs, as that term is defined in the TBRA Grant Agreement. (c) LCDA/TBRA Loan funds may only be drawn down upon the Mortgagee's receipt of documentation demonstrating that the work for which the funds are being requested has been completed and paid for; (d) The work financed by the LCDA/TBRA Loan must be completed by December 31, 2010, or all or a portion of the LCDA/TBRA Loan could be required to be repaid to the Mortgagee; and (e) The Mortgagor shall comply with all requirements of the LCDA/TBRA grant program and if it fails to do so and the Mortgagee is obligated to repay all or any portion of the LCDA/TBRA grant to the Metropolitan Council the Mortgagor shall be liable to and shall pay to the Mortgagee the amount required to be repaid. 18. Mortgagor will permit Mortgagee and its agents to enter and to authorize others to enter upon any or all of the Premises, or Mortgagor's records regarding the Premises at reasonable times to inspect the same, to perform or observe any covenants, conditions, or terms which Mortgagor shall fail to perform, meet or comply with and which Mortgagee is authorized to perform under the terms of this Mortgage, or for any other purpose in connection with the protection or preservation of Mortgagee's security, without thereby becoming liable to Mortgagor or any person in possession under Mortgagor. [Signature page followsJ fb.us.4624999.03