My WebLink
|
Help
|
About
|
Sign Out
Home
2009_1207_Packet
Roseville
>
City Council
>
City Council Meeting Packets
>
2009
>
2009_1207_Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/9/2012 3:21:20 PM
Creation date
12/14/2009 8:28:47 AM
Metadata
Fields
Template:
General
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
243
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
EXHIBIT B TO MORTGAGE <br />MORTGAGE LOAN RIDER <br />THIS RIDER is attached to and made a part of the promissory note and the mortgage or <br />other document(s) evidencing, securing and governing a loan in the amount of Four Hundred <br />Twenty-Six Thousand Five Hundred and No/100 Dollars ($426,500.00) (the "Loan") made by <br />THE CITY OF ROSEVII,LE, a Minnesota municipal corporation ("Mortgagee") to <br />SIENNA GREEN I LIMITED PARTNERSHIP ("Mortgagor") for certain costs involved in <br />the construction of one hundred twenty (120) units of affordable housing for families to be <br />located in Roseville, Minnesota (the "Project"). The form of this Rider has been designed for <br />use whether Mortgagor is a limited partnership, a land trust of which a limited partnership is the <br />beneficiary, or otherwise. Accordingly, the Mortgagor, whether or not identified as Mortgagor, <br />is sometimes referred to herein as the "Partnership". The Amended and Restated Limited <br />Partnership Agreement continuing the Partnership is referred to herein as the "Partnership <br />Agreement". <br />The parties hereto agree that the following covenants, terms and conditions shall be part of and <br />shall modify or supplement each of the documents evidencing, securing, or governing the <br />disbursement of the Loan (the "Loan Documents"), and that in the event of any inconsistency or <br />conflict between the covenants, terms, and conditions of the Loan Documents and this Rider, <br />the following covenants, terms and conditions shall control and prevail: <br />1. Partner Chan�e. Any assignment of either the limited partner's or a general partner's <br />interest in the Partnership shall not constitute a default under any of the Loan <br />Documents, nor require the consent of the Mortgagee. <br />2. Monetarv Default. If a monetary event of default occurs under the terms of any of the <br />Loan Documents, prior to exercising any remedies thereunder, Mortgagee shall give <br />Mortgagor written notice of such default at the address provided by the Mortgagor as <br />indicated in the Loan Documents. Mortgagor shall have a period of seven (7) days after <br />such notice is given within which to cure the default prior to exercise of remedies by <br />Mortgagee under the Loan Documents, or such longer period of time as may be <br />specified in the Loan Documents. <br />3. Non-Monetarv Default. If a non-monetary event of default occurs under the terms of <br />any of the Loan Documents, prior to exercising any remedies thereunder Mortgagee <br />shall give Mortgagor written notice of such default at the address provided by the <br />Mortgagor as indicated in the Loan Documents. If the default is reasonably capable of <br />being cured within thirty (30) days, Mortgagor shall have such period to effect a cure <br />prior to exercise of remedies by Mortgagee under the Loan Documents, or such longer <br />period of time as may be specified in the Loan Documents. If the default is such that it <br />is not reasonably capable of being cured within thirty (30) days or such longer period if <br />so specified, and if Mortgagor (a) initiates corrective action within said period, and (b) <br />diligently, continually, and in good faith works to effect a cure as soon as possible, then <br />Mortgagor shall have such additional time as is agreed to in writing by the Mortgagee <br />: <br />
The URL can be used to link to this page
Your browser does not support the video tag.