Fill and Sign the Mortgage Deed Assignment of Rent Clause Form

- 1 - MORTGAGE DEED-(ASSIGNMENT OF RENT CLAUSE) INDIVIDUAL TO CORPORATION This In den tu re , M ad e th is _______________ day of ______________________, 20______, be tw een _ _______________ ______________________________________________________, o f th e C ounty of _________ ___________, Sta te of ________________________________, part __ _____ ___ of th e fir s t part, an d _____________ ________________________________, a co rp ora tio n u nder t h e l a w s o f t h e S ta te o f _ ____________________, p arty o f t h e s e co nd p art. W it n esse th , T hat th e s a id p art_ ________ o f th e fir s t p art, in c o nsid era tio n o f th e s u m o f __ _____ _______________ _____________________________________________ DOLLA RS, ($ _____ ___________), to _ _______ in h an d p aid b y th e s a id p arty o f th e s e co nd p art, th e re ceip t wh ere o f i s h ere b y a ck now le d ged , d o_______ h ere b y G ra n t, B arg ain , S ell, a n d C onvey u nto t h e s a id party of th e se co nd part, its su ccesso rs an d assig ns, Fore v er, all th e tr a ct_ _______ or pa rc el_ ______ _ o f la n d ly in g a n d b ein g in th e C ounty o f _ ___________ a n d S ta te o f M in neso ta , de sc rib ed a s f o llo w s, t o -w it:T o H ave a n d to H old th e S am e, T ogeth er w ith th e h ere d ita m en ts an d ap purte n an ces th ere u nto n ow o r h ere afte r b elo ngin g o r in a n y w is e a p perta in in g, in clu din g a ll g as fix tu re s a n d ele ctr ic lig htin g f ix tu re s, a ll h eatin g a n d p lu m bin g a p para tu s a n d f ix tu re s o f e v ery n atu re a n d k in d wh ats o ev er, all sto rm w in dow s, sto rm d oors an d v estib ule s, an d all sc re en d oors an d w in dow scre en s, u nto t h e s a id p arty o f t h e s e co nd p art, F ore v er.A nd th e sa id p art_ ______of th e fir s t p art, d o_____co ven an t w ith th e sa id p arty o f th e se co nd p art, a s fo llo w s: F ir s t, th at _ ___________ la w fu lly s e iz ed o f s a id p re m is e s in fe e s im ple ; Se co nd, t h at _ ________ h a_ _____good r ig ht t o c o nvey t h e s a m e; T hir d , t h at t h e s a m e a re f re e f ro m all lie n s a n d in cu m bra n ces _ _____________________________________________, F ourth , th at sa id p arty o f th e s e co nd p art s h all q uie tly e n jo y a n d p osse ss th e s a m e, a n d th at th e s a id p art_ ___of th e f ir s t p art w ill W arra n t a n d D efe n d t h e t itle t o t h e s a m e a g ain st a ll l a w fu l c la im s n ot h ere in befo re ex pre sse ly e x cep te d .P ro vid ed , N ev erth ele ss, T hat i f t h e s a id p art_ _____ o f t h e f ir s t p art s h all w ell a n d t r u ly p ay or c au se to b e p aid to th e s a id p arty o f th e s e co nd p art, th e s u m o f _ ______ _ _________________ DO LLA RS, ( $ _________), p ay ab le w ith in te re st th ere o n, b efo re a n d a fte r m atu rity , a t th e r a te o f _ _________________ ( _ _________) pe r c en t p er a n num , a cco rd in g to th e c o nditio ns o f _ ____________________ (_ _____________) pr o m is s o ry n ote _ ________ _, e x ecu te d a n d d eliv ere d b y _ _________________________________ - 2 - __ _____ _______________ _____________ s a id p art_ __ _______of th e f ir s t p art to s a id p arty o f th e se co nd p art, p ay ab le t o t h e o rd er o f s a id p arty o f t h e s e co nd p art, a t _ _____________________ a n d bearin g ev en d ate h ere w ith , an d sh all k eep an d p erfo rm all an d sin gula r th e co ven an ts h ere in co nta in ed o n th e p art o f th e s a id p art_ ________of th e f ir s t p art to b e k ep t a n d p erfo rm ed , th en th is de ed sh all b e n ull a n d v oid , o th erw is e to b e a n d re m ain in fu ll fo rc e a n d e ffe ct. The tim e o f pa y m en t of sa id note ____ ____ an d th is m ortg ag e m ay be ex te n ded by th e m utu al w ritte n ag re em en t o f th e h old er th ere o f a n d th e o w ner _ ______ _of s a id p re m is e s, b ut s u ch e x te n sio n s h all no t opera te to re le ase _ __________________________________________ _______ _______________ _________________ th e part_ _____of th e fir s t part fro m pers o nal ob lig atio n u pon s a id n ote _ _ _______________________ __________________________________ A nd th e s a id p art_ __ ___ o f th e fir s t p art d o__ ______ fu rth er c o ven an t a n d a g re e w ith th e sa id p arty o f t h e s e co nd p art, t h at_ ___ _ ________ w ill p ay s a id s u m s o f m oney a b ove s p ecif ie d , a n d th e in te re st th ere o n, at th e tim e an d in th e m an ner ab ove m en tio ned , at th e offic e of __ _____ _______________ __________________, in _ _ ________________, o r a t s u ch o th er p la ce in t h e U nite d S ta te s o f A m eric a a s t h e h old er h ere o f m ay f ro m t im e t o t im e i n w ritin g d esig nate , a n d th at a t a ll tim es d urin g th e c o ntin uan ce o f th is m ortg ag e, a n d u ntil th e s a m e s h all b e fu lly p aid o r re le ase d _ ______________ ______________________ ________________w ill keep th e b uild in gs on sa id p re m is e s u nceasin g ly in su re d a g ain st fir e a n d w in dsto rm in su ch fir s t- c la ss, re sp onsib le , __ _____ ____ In su ra n ce C om pan y o r C om pan ie s a s th e p arty o f th e se co nd p art sh all se le ct o r de sig nate ; su ch fir e in su ra n ce to b e fo r a t le ast th e su m o f _ ______________________ D olla rs ($ _____ _____), an d su ch win dsto rm in su ra n ce to be fo r at le ast th e su m of __ _____ _______________ __________________________________ ___________D olla rs ($ _____ _______), a ll p ay ab le in c ase o f lo ss to s a id p arty o f th e s e co nd p art, to th e a m ount th en secu re d b y th is m ortg ag e, w ith a m ortg ag e a n d s u bro g atio n c la u se s a tis fa cto ry to s a id p arty o f th e se co nd p art, a tta ch ed to s u ch p olic y o r p olic ie s o f in su ra n ce, a n d if a g re ate r a m ount o f in su ra n ce is pla ced u pon s a id b uild in gs t h an t h e a m ount a fo re sa id , t h en a ll s u ch i n su ra n ce s h all b e m ad e p ay ab le in c ase o f l o ss a s a fo re sa id , a n d w ith l ik e s u bro gatio n c la u se , s a id p olic y o r p olic ie s t o b e a t a ll t im es de p osite d w ith sa id p arty o f th e se co nd p art, an d w ill p ro m ptly p ay th e p re m iu m fo r all su ch in su ra n ce, a n d th at _ ______ ___________ w ill d urin g a ll s a id tim e p ay a ll ta x es o r a sse ssm en ts th at ma y f o r a n y a n d a ll p urp ose s b e p ay ab le , a sse sse d o r im pose d o n s a id p re m is e s, o r a n y p art h ere o f, an d w ill p ay th em b efo re th e s a m e s h all b eco m e d elin q uen t a n d b efo re a p en alty m ig ht a tta ch fo r no n-p ay m en t t h ere o f, a n d t h at i n c ase o f f a ilu re s o t o k eep s a id b uild in gs c o ntin ually i n su re d , o r t h e pre m iu m s a fo re sa id p ro m ptl y p aid , o r s u ch t a x es p aid a s h ere in p ro vid ed , o r i f s a id p art _ _______of th e f ir s t p art h ere in s h all f a il to p ay a n d d is c h arg e a n y lie n u pon s a id p re m is e s w hic h th e p ro te ctio n of th e lie n o f th is m ortg ag e m ay re q uir e to b e p aid , th en an d in eith er o f su ch case s th e sa id part_ ______ o f t h e f ir s t p art d o_______ h ere b y a u th oriz e a n d e m pow er t h e s a id p arty o f t h e s e co nd part, a t i ts o pti o n, t o e ffe ct s u ch i n su ra n ce, a n d p ay a ll s u ch u npaid p re m iu m s, a n d p ay s u ch t a x es o r as se ssm en ts , a n d c an cel a n d d is c h arg e s u ch lie n s, a n d a ll s u ch s u m o r s u m s p aid fo r a n y a n d a ll su ch p urp ose s, s h all b e ta ck ed a n d im pre sse d a s a n a d ditio nal lie n u pon s a id p re m is e s, a n d s h all b e se cu re d b y a n d b e c o lle ctib le a s a p art o f th is m ortg ag e, a n d b ear in te re st a t th e s a m e ra te a s th e in deb te d ness s e cu re d h ere b y . A nd in c ase it s h all b eco m e n ecessa ry o r e x ped ie n t to f o re clo se th is mo rtg ag e b y r e aso n o f a n y d efa u lt i n i ts t e rm s o r c o nditio ns, t h en s a id p art_ _______ o f t h e f ir s t p art do _____ __ h ere b y a u th oriz e a n d fu lly e m pow er s a id p arty o f th e s e co nd p art to e ffe ct in su ra n ce up on th e b uild in gs a fo re sa id fo r a p erio d c o verin g th e tim e o f re d em ptio n fro m th e sa le o f sa id pre m is e s th e a m ount u nder s u ch fo re clo su re a n d to p ay th e p re m iu m th ere fo r, a n d th e a m ount s o - 3 - paid s h all b e ta ck ed a n d im pre sse d a s a n a d ditio nal lie n u pon s a id p re m is e s a n d s h all b e s e cu re d b y and b e c o lle ctib le a s a p art o f th is m ortg ag e, a n d b ear in te re st a t th e s a m e r a te a s th e in deb te d ness se cu re d h ere b y. A nd it is h ere b y s tip ula te d a n d a g re ed b y a n d b etw een th e p artie s h ere to th at in case sa id p art_ ________ o f th e fir s t p art sh all n eg le ct o r fa il to k eep sa id b uild in gs c o ntin ually in su re d o r to p ay th e p re m iu m s f o r in su ra n ce, o r th e ta x es o r a sse ssm en ts a s h ere in s tip ula te d , th e sa id p art_ ____ o f th e f ir s t p art in s u ch c ase d o______ h ere b y b arg ain , s e ll, a ssig n a n d s e t o ver u nto th e s a id p arty o f t h e s e co nd p art, a ll t h e r e n ts a n d m oney s w hic h , w heth er b efo re o r a fte r f o re clo su re or d urin g th e p erio d o f re d em ptio n u ntil th e fu ll a n d c o m ple te p ay m en t o f th e s a id ta x es a n d s a id pre m iu m s, sh all a ccru e a n d b e o w in g fo r th e u se o r o ccu patio n o f th e sa id p re m is e s a n d o f th e bu ild in gs, th ere o n, o r o f a n y p art th ere o f; a n d fo r th e p urp ose a fo re sa id a n d n ot o th erw is e , d urin g th e tim e la st a fo re sa id , th e p art_ _____ o f th e f ir s t p art d o_____ h ere b y c o nstitu te a n d a p poin t s a id party o f th e s e co nd p art, _ _ ______ a tto rn ey in f a ct, ir re v ocab ly in _ ____________________nam e, to r e ceiv e, c o lle ct a n d r e ce ip t f o r a ll s u m s d ue o r o w in g f o r s u ch u se a n d o ccu patio n, a s th e s a m e ac cru e, a n d o ut o f a m ount s o c o lle cte d t o p ay a n d d is c h arg e a ll t a x es, a sse ssm en ts a n d p re m iu m s f o r in su ra n ce u po n sa id p re m is e s, so fa r a s th e su m s so c o lle cte d b y it sh all b e su ffic ie n t fo r th at pu rp ose , p ay in g t h e o verp lu s f ro m t im e t o t im e, i f a n y t h ere b e, t o s a id p art_ ______ o f t h e f ir s t p art. T he p art_ ______ o f th e fir s t p art d o______ fu rth er c o ven an t a n d a g re e th at if a n y lie n fo r la b or, s k ill o r m ate ria l s h all b e f ile d f o r r e co rd d urin g th e lif e o f th is m ortg ag e, u pon o r a g ain st th e pre m is e s h ere b y m ortg ag ed , th e s a id m ortg ag or_ ______ w ill, w ith in th ir ty d ay s a fte r th e d ate o f its fil in g f o r r e co rd , e ith er p ay o ff th e s a id lie n a n d s e cu re its s a tis fa ctio n o f r e co rd , o r w ill p ro te ct th e mo rtg ag ee ag ain st an y lo ss o r d am ag e g ro w in g o ut o f its en fo rc em en t, b y d ep ositin g w ith th e mo rtg ag ee th e a m ount c la im ed to b e d ue o n s a id lie n , w ith a n a d ditio nal s u m o f $ 100.0 0 to c o ver in te re st a n d c o sts ; o r b y f u rn is h in g a b ond f o r th e s a m e a m ount in th e f o rm a n d w ith th e s u re tie s to be a p pro ved b y th e m ortg ag ee. If th e v alid ity o f s a id lie n s h all b e e sta b lis h ed e ith er b y a g re em en t of th e lie n or a n d th e m ortg ag or_ _____, o r b y a le g al a d ju dic atio n, th e m ortg ag ee m ay u se s o m uch of th e m oney s d ep osite d w ith it, a s a fo re sa id , a s m ay b e n ecessa ry f o r th e p urp ose , to p ay o ff a n d dis c h arg e s a id l ie n , r e tu rn in g a n y s u rp lu s t o t h e m ortg ag or_ ______.A nd it is h ere b y s tip ula te d a n d a g re ed b y a n d b etw een th e p artie s h ere to , th at in c ase o f th e pa y m en t o f ta x es o r a sse ss m en ts u pon th e s a id p re m is e s b y th e s a id p arty o f th e s e co nd p art, a s he re in befo re p ro vid ed , th e r e ceip t o r r e ceip ts o f th e p ro per o ffic er f o r th e s a m e in th e h an ds o f th e sa id p arty o f th e s e co nd p art s h all b e c o nclu siv e e v id en ce o f th e v alid ity a n d a m ount o f s u ch ta x es or asse ssm en ts , an d th at if d efa u lt sh all b e m ad e in an y o f th e co nditio ns o r co ven an ts h ere in co nta in ed o n th e p art o f th e s a id p art_ ____ o f th e f ir s t p art, to b e k ep t a n d p erfo rm ed , th at th en a n d fro m t h en cefo rth , i t s h all b e l a w fu l f o r t h e s a id p arty o f t h e s e co nd p art o r i ts a g en t o r a tto rn ey , a t i ts ele ctio n, to d ec la re th e w ho le s u m h ere b y s e cu re d a s im med ia te ly d ue a n d p ay ab le w ith out n otic e, an d p ro ceed to e n fo rc e th e p ay m en t th ere o f in lik e m an ner a s if th e sa m e h ad b eco m e d ue a n d pay ab le b y t h e t e rm s o f s a id n ote _ _______.A nd it is als o h ere b y stip ula te d an d ag re ed b y an d b etw een th e p artie s h ere to , th at th e pa rt_ ______ o f t h e f ir s t p art s h all n ot a n d w ill n ot a p ply f o r o r c la im a n y d ed uctio n b y r e aso n o f t h is mo rtg ag e f ro m th e ta x ab le v alu e o f s a id la n d, p re m is e s o r p ro perty , b ut w ill p ay a ll ta x es u pon th e sa m e i n f u ll.T he p art_ ______ o f th e f ir s t p art w ill p ay a ll ta x es, e x cep tin g o nly th e f e d era l in co m e ta x , wh ic h m ay b e a sse sse d u po n th e s a id la n d, p re m is e s o r p ro perty , o r u pon th e p arty o f th e s e co nd part's in te re st th ere in , o r u p on th is m ortg ag e o r th e m oney s s e cu re d h ere b y, w ith out re g ard to a n y law h ere to fo re , e n acte d , o r h ere afte r to b e e n acte d , im posin g p ay m en t o f th e w hole o r a n y p art - 4 - th ere o f u pon th e p arty o f th e s e co nd p art. U pon v io la ti o n o f th is u nderta k in g o r th e p assa g e b y th e Sta te o f a la w im posin g p ay m en t o f th e w hole o r a n y p o rtio n o f a n y o f th e ta x es a fo re sa id u pon th e pa rty o f th e s e co nd p art; o r u pon th e r e n derin g b y a n y C ourt o f c o m pete n t ju ris d ic tio n o f a d ecis io n th at th e u nderta k in g b y th e p art_ _____ o f th e f ir s t p art a s h ere in p ro vid ed to p ay a n y ta x o r ta x es is le g ally in opera tiv e, th en a n d in a n y su ch e v en t th e d eb t h ere b y se cu re d , w ith out a n y d ed uctio n, sh all, at th e o ptio n o f th e p arty o f th e se co nd p art b eco m e im med ia te ly due an d co lle ctib le , no tw ith sta n din g a n yth in g c o nta in ed i n t h is m ortg ag e o r a n y l a w h ere afte r e n acte d , u nle ss, f o llo w in g th e le v y o f a n y s u ch ta x th e p art _ _____ o f th e fir s t p art s h all h av e p aid s a id ta x b efo re th e s a m e be co m es d elin q uen t. B ut i f d efa u lt s h all b e m ad e i n t h e p ay m en t o f s a id s u m o r s u m s o f m oney o r i n te re st, o r a n y part th ere o f, o r in p ay in g th e ta x es, a sse ssm en ts o r in su ra n ce p re m iu m s o n sa id p re m is e s, o r in can celin g o r d is c h arg in g th e lie n s a b ove r e fe rre d to , a t th e tim e a n d in m an ner h ere in s p ecif ie d f o r th e p ay m en t th ere o f, o r in th e p erfo rm an ce o f a n y o f th e c o ven an ts o r a g re em en ts h ere in c o nta in ed , th e sa id p art_ _ ______ o f th e fir s t p art in su ch case d o__________ h ere b y au th oriz e an d fu lly em pow er th e s a id p arty o f th e s e co nd p art to f o re clo se th is m ortg ag e a n d s e ll s a id p re m is e s h ere b y gra n te d , a t p ublic a u ctio n, a n d c o nvey th e s a m e to th e p urc h ase r, in fe e s im ple , a g re eab ly to th e sta tu te in s u ch c ase m ad e a n d p ro vid ed , a n d o ut o f th e p ro ceed s a ris in g f ro m s u ch s a le to r e ta in th e prin cip al a n d in te re st w hic h s h all th en b e o w in g o n s a id n ote _ _______, to geth er w ith a ll s u ch s u m or su m s o f m oney as th e sa id p arty o f th e se co nd p art sh all h av e p aid fo r ta x es, asse ssm en ts , in su ra n ce, o r d is c h arg in g lie n s a s a fo re sa id , w ith in te re st th ere o n a s h ere in p ro vid ed a n d a ll c o sts an d c h arg es o f s u ch fo re clo su re , in clu din g th e s u m o f _ _____________ _ ___________________ DO LLA RS ($ __________ _____) as atto rn ey 's fe es, an d pay th e overp lu s, if an y to th e sa id part_ ________ o f th e fir s t p art. It is a g re ed th at th e re co rd o f a ssig nm en t o f th is m ortg ag e in th e offic e o f th e C ounty R eco rd er o f s a id _ ____________C ounty , s h all o f its e lf b e d eeem ed n otic e o f su ch a ssig nm en t t o s a id p art_ ______ o f t h e f ir s t p art f o r a ll p urp ose s.A ll g ra n ts , p riv ile g es, c o ven an ts , a g re em en ts , o blig atio ns a n d c o nditio ns se t fo rth in th is in str u m en t sh all in ure to a n d b e o blig ato ry u pon th e h eir s , le g al re p re se n ta tiv es, su ccesso rs a n d assig ns o f t h e r e sp ectiv e p artie s h ere to , a s f u lly i n a ll r e sp ects a s t h ough s p ecif ic ally h ere in befo re s e t fo rth .In T estim on y W hereo f, T he s a id p art_ ______ o f th e f ir s t p art h a_ _________ h ere u nto s e t __ _____ ____________ h an d__________________ t h e d ay a n d y ear f ir s t a b ove w ritte n . ____________________________________.____________________________________.____________________________________.____________________________________. State of _________________ ) - 5 - ) ss. County of ___________________ )On th is _ ___ ___________ ____ d ay o f _ ________________, 2 0______, b efo re m e, a _______ __ _____ ___ w ith in an d fo r sa id C ounty , pers o nally ap peare d __________________________ __ _____ _______________ __________________________________________________________ _______ _______________ ______________________________________________________ to me k now n to b e th e p ers o n _ _______ d esc rib ed in a n d w ho e x ecu te d th e fo re g oin g in str u m en t, __ _____ ________, an d ack now le d ged th at_ _____ __ he_ ______ ex ecu te d th e sa m e as __ _____ ____fre e a ct a n d d eed _ _____________________THIS INSTRUMENT WAS DRAFTED BY____________________________________ (Name) ________________________________________________________________________ (Address)__________________________________Notary Public ____________County, Minn. My commission expires ________, 20___.