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FORM NO. 43-R�1
MORTGAGE
BY CORPORATION
OR PARTNERSHIP .
MORTGAGE REGISTRY
TAX DUE HEREON:
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THIS INDENTURE, made this 26`�' day of July, 1999, between GEM Development
Company, L.L.C., a coipoi�atioii uiider the laws of the State of Mirulesota, Mortgagor
(whetiler oiie or more), aild the City of Aluei-tviile, a municipai coip�i-ation organized
under the laws of the State of Minnesota, Mortgagee,
WITNESSETH, That Morrtga�oi-, i�i considei�ation of the sum of SEVENTY FIVE
THOUSAND DOLLARS (�75,000.00), to Mortgagor in hand paid by Mortgagee, the
receipt whereof is hereby acknowled�ed, does hereby coiivey unto Moi-t�a�ee, forever,
real property in Wi-igllt C011llty, MlI1IleSOt�1, described as follows: I
Lot 1, Block 1, Gem Business Park, accordin� to the plat of record in the Wright
County Recorder's Office, VVright County, Minnesota.
Together with all liereditaments and appui-tenances belongiiig thereto (the Propei-ty).
TO HAVE AND TO HOLD THE SAME, to Mortgagee forever. Moirtgagoi-
covenants with Mot�tgagee as follows: That Moi-tga�or is lawfully seized of the propei-ry
and has good right to convey the same; that the Pi-opei-ty is fi-ee fi�om all �encuinbrances,
except as follows:
Mortga��Ps of i�ecoT�ci as of the dare of this I��o�-tga�e,
that Mortga�ee shall quietly e»joy and possess the same; and that Moi-tgagor will wai-��ant
and defend the title to the same against all l�iwful claims not hereinbefore specifically
excepted.
PROVI�DED, NEVERTHELESS, That if Moi-tgagor- shall pay to Moirtga�ee t}le su11�
of seventy-five thous�nd dollars ($75,OOU.00) accordin� to the tei7ns of a promissory note
of even date 11e1�ewith (the Note), the final payments bein� due aTid payable oii July I,
2009 witli i�itei�est at the 1-ate pi�ovided in the Note, and sllall i�e�ay to Mortgagee, at the
times and witl� interest as specified, all sums advanced in protecting the iien of this
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Motrtgage, iii payment of taxes on the propei-ty and assessments payable therewith,
111SU1'c121Ce ]�I'ei111LU11S COVeCIIl� li111�CIlI1�S tllel'e011, �tlI1C1]�c�I Ot' llltel'eSt 011 c�lly �1'101' Ile11S,
eXpeIlSeS a11C1 c`11101'lley�S feeS Ilet'elll �1'OV1C�eCI fOI� c1I1C� SllII1S c1CIVc1I1CeC� f01' c111y Ot�lel"
puipose authorized herein, a�id shall keep a»d perfoi-�n all the covenants �and agreements
herein contained, tlieTi tl�is Moi-t�age shall be null and void, and shall be released at the
Mortgagor's expense.
AND MORTGAGOR covenants with Mortgagee as follows:
1. to pay the pri�icipal sum of money and interest as specified in the note;
2. to pay all ta�es and assessments now due or that may hereafter becoine liens
against the Property before penalty attaches thereto;
3. to keep all buildings, improvernents and fixtures now or later located on or a part
of the Pi-opei-ry iiis�ii�ed a�aiilst lose by fii-e, exter�ded coverage perils, vandalisrn,
malicious miscllief aild, if applicable, steam boilei� explosioll foi- at least the
aino�mt of the �narket value of the bl�ildirl� at all tiines while any a�nount ��emai�is
uripaid uiidei- this Mortgage. If any of tlle buildings, improvements or fixtui-es are
located in a fedei�ally desi�nated flood pi-one at-ea, a�id if flood it�slit-a�ice is
available foi- that area, MOI'tbc��01' 5�1�11I �1'OClll'e c�I1CI IT1c1111ta111 fI00C� lilSUl'aI1Ce lIl
amounts re��sonabl}� satisfactory to Moi-tg�i�ee. Each insura�lce policy shall
contain a loss payable clause in favor of Mort���ee affordin��all rights and
privileges customarily provideci under Che so-called standard inoi-t��a�e clause. In
the event of dainabe to the Prope�-ty by fire or other casualty, Mort�a�or shall
pi-omptly give �iotice of such dama�e to moirt�a�ee and the i�is�u�ance company.
The iiistu-ance shall be issued by aii insura�ice compaily oi- compaliies lice�ised to
do business in the State of Min»esota and acceptable to Mort�agee. The insurance
policies shall provide for not less than ten days written notice to Mortgagee before
c�ncellation, noil-renewal, terniination, or chan�e in covera�e, and Moi-tgagor
shall deliver to Mort�a�ee a duplicare ori�inal or certificate of such insurance
policies;
4. to pay, wherl due, both pri»cipal a�ld interest of all pi-ior liens oi� encuTnbi-ances, if
a�iy, ailcl to Keep tiie Prop�i�ty free a��d clear of ali oti�ei� pi-ioi� liens or
encumbrances;
5. to coinmit oi- pei-mit no waste on tlle Pi•opei-ty and to keep it i�i �ood repaii-;
6. to complete forthwith any improvements which may hereafter be under cotn�se of
consh�uction on the Property; and �
7. to pay any other expenses and attorney's fees i»cu�7-ed by Mortga�ee by reason of
litigation with any third pai�ty for the protection of the lien of this Moirtga�e.
In case of fail�n�e to pay said taaes and assessments, prior liens or encumbrances.
expenses and �1tt01'll�'y's fees �ls above specified, or to insure said btiildin�s,
improvements, and fiarures and deliver the policies as aforesaid, Moirtga�ee may pay such
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taxes, assessments, prior liens, e�penses and attoiziey's fees and inte:est thereon, or obtain
such insurance, and the sums so paid shall bear interest fi-om the date of such payment at
the saine rate set forth in the note, and shall be impressed as an �dditional lien upon the
Property aiid be immediately d�ie arid payable fi�om Moitgagoi- to Mortgagee and tliis
Mortgage shall fi-om the date thereof secure the repayment of such advances with interest.
In case of default in any of the foregoing covenants, Mortgagor confers upon the
Mortgagee the optior� of declaring the unpaid balance of the Note and the interest accrued
thereon, together with all sums adva�iced liei�euiidei�, immediately due aiid payaUle
without notice, a�ld hei-eby autllor�izes and empowers moi-tgagee to foi-eclose this
Mortgage by judicial proceedings or to sell the Property at public auction and convey the
same to the puT-chasei� in fee simple iri accoi-daiice with tlie statute, and out of the mo�leys
arising fi-om such sale to retain all sums secured hereby, with interest and all legal costs
and charges of such foreclosiu�e and the maxiTnum atto�7�ey's fee permitted by law, which
costs, charges and fees Mort�agor a�rees to pay.
,
The tei�ns of this Moirtgage shall r�m with the Propei�ty and bind the parties hereto and
their successors in iliterest.
IN TESTIMONY WHEREOF, Mortga�or has hereunto set its hand the day and year
first above wi-itteTl.
MORTGAGOR
� � �,
B� : Greg iy D. Mundahl
Its: Chief Manager/President
� �
STATE OF MINNESOTA ) � �
) SS.
COUNTY OF WRIGHT )
The foregoil�g insti-ument was acknowledged befoi-e me this 2�,G� day of July, 1999
by Gregoiy D. Mwidahl, tlie Chief Ma�ia�ei�/Pi�esident of Ge�n Developii7ent Compaily,
L.L.C., a co1-poration ullder- the laws of Min»esota, on behalf of t}ie coiporation.
r�., _ .. �
MICHAELC.COL!RI � SIGNATURE OF PERSON TAKING
;���" NOTARYPUBLIC-P�1i�JN�SOTA
.�.' HENNEPINCOU�tiTY ,ACKNOWLEDGEMENT
`��•° My Commission Ex�:r�s Jan.31,2000
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THIS INSTRUMENT WAS DRAFTED BY:
Couri & MacArthur Law Office
P.O. Box 369
705 Cenn�al Avenue East ��R�"��•
St. Michael, MN 55376
FAILURE TO RECORD OR FILE THIS MORTGAGE
MAY AFFECT THE PRIORITY OF THIS MORTGAGE
4
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.... FORM NO. 43-M
;.~ MORTGAGE
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. '.' 'OR PARTNERSHIP
"MORTGAGE REGISTRY
. TAX DUE HEREON.: .
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',:'.{i.'<:i{.: .~j):ll1Hi;S"'fND'EN"U1tE~ ;~~d~ ~is 26~"d8~" of Jid~;'l ~99~' between~EM De~lop~ent., ;', .
:' ; ,.' ';'. Company, L.L.C.. a corporatIon under the laws oftbe State ofMmnesota, M9rtgagor
(whether one or more), and the City of Albertville. a municipal corporation organiied
under the laws of the State of Minnesota. Mortgagee. :.,.; .' '
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WITNESSETH. That Mortgagor. in consideration of the sum 'ofSEVENTY FIVE:.
THOUSAND DOLLARS ($75~OOO.OO). toMottbagoril{h~nd paid by Mortgagee'. the' '.
receipt whereof is hereby ackn.owledged. does hereby conv~y unto Mortgagee. forever.'
real property in Wright County. Minnesota. described 'as fol1?ws: ..'
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Lot 1, Block I. Gem Business Park. according to the pl~t of record i'n the Wright
County Recorder's Offi~e, Wnght COWlty, Minnesota.. . ".. .
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.Together with all hereditam~ntsi~~d appurt~nan~es belonging thereto (the f.r6.~e~~.:;,;>'
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TO HAVE AND TO HOLD THE SAME, (oMQrtgag~~ forever." Mortgagor ,~;:. ,':":~::':'.
covenants with Mortgagee as follows::.That Mortgagor is . lawfully . seized oOhe p~6pertY.:
and has good right to convey the sai:ne;'~att~e.PrdJ>eriy)s{ree from all~ncumbra:nc:es:.".
exceptasfollows:..,.,.;. :.r::.!:'.....:~ :;..:.,<;' : .....:..:....' .... . ." .,
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'.. Mortgages of record as of the date of this Mongage: ,.:
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,,;,#:;,,~:;:;,';i~J;~..i;;.,that Mortgage~shC\llq.u.i~.tly..el)jQ~talldp.QssesS;.tht:~iune;.a'n4 Jh.~i..Mortgagor.wi~i '}yarrilin . . ""'" "
. .' "".' and defend the title 'to the same agaihst all lawful claims not hereinbefore specifically" .' ,.'. ..
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PROVIDED, NEVERTHELESS. That if Mortgagor shall pay to Mortgagee the sum
of seventy-five thousand dollars ($75.000.00) according to the terms of a promissory note
"oleven date:herewith (the Note). the final payments being due and payable on July I,
,2OQ9 \Vith interest at the rate provided in the Note, and shall repay to Mongagee. at the
.tiines'spd with interest as specified, all sums advanced in protecting the lien of this
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'Ffler OF COUNTY f<['COklJh
WR1GflT COUN T Y. HINNESO T A'
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OO:'FEB 28 PH 4t f 9
This statement is present for filing in' ReaJEstale records under
Minnesota Statulcs Chapter 336.9-401 subdivision 1. paragraph c.
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This fix~ financing s~~~me!ll is maQC this . i..!.. . 26th " .'
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r the State of M.i.nniasota . . Zip' 55301 ,
l.::.,'Ibis FiXture F~ing Sta~enl Covers The Following 'Fill.lUre(S):,
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h deSciibedas follows. t.o-wit: '.
'1;::' IQtl, dlock 1, Gem BusineSs park, ~'tO~ ~'piatt.hereof; arrl'
,~r~-?;;'<.'si~~;:~~':oo;~rYi~()f.'~ville, Wright ~tY':~~"'-".""':"~T" "":
and Stale ofMin(I~' .',>
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, R.,ecoid oWnerohbove' deScribed aul esiatcir' Other ;,~ debtors:
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Tbe foregoing instru~t w~ 8Cm()wledgCd llCfore me this _.
I " . . 19~' by' .. (;..... .},;,' J1.
Cnlri & Mac-Arthur Law Offi: I
26Th
day of
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St. . Mic:hael~"fti 55376
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. CERTlnEO TO SUllED
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'ffr .tb1.{~";. p<<o<At iOi fif;ilgi~~ &late reconIs u~~?j~,:
~nilesota StaliatesalaPter.336.9-401 subdivision I, par~:c;.;,(~
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this fixture financing statement is made this _ 26th
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55301 .
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1ius~1Xiure Ft~ing Statem'entt~v~ThC'Follo.;wirii Fixture(s):'
AU fi:xtures.
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and State6fMinnesota; l .
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described as foU~ws. to-wit:, '. . ,;, :," '. " .'. f~ i:
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Iptl;, Block 1."Gen\~mess' Park,' acCordi.rx.J '.t:Otne::~l;'deQp ~t.:..:tb~r,..i300;:,.
. situatediil.the'Ci~ of Albertville, wdcjht Countr~' Minnesota. '. ...:" -- -" " /'
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c" . 1be foregoing instrument was 'aC~wledged bC:fore me this
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taxes,aS~ssmeiits, prior liens: expenses and attorney's fees ana interest' iliereon,'or obtain
such fusUran~e,' and the sums so.pai'd. shall bear interest frol11 tqe date 'of such payment at
the s8Iri~ rate Jet fOl1h illdie:note, "and shail' be iinpressed as' an'iiddition.'81'Hen upon the .
:. Pr()p'erty 8ridbeiinm~diately'due)uld payable from MortgagorJO Mortgage~, and.~is .
:' Mortgage shall from th~,date thereof secure the repayment 'of such 'advances with. interest.
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. In case of default in any of the foregoing covenants, Mortgagor confers upon the
. Mortgagee the option ofdeclaring the unpaid balance of the Note and the inter'est accnJf::d ')
.~: ~ thereon, together with an sums advanced hereunder, immediately due and payable .
. ....., :'. without noti~e,: and hereby authorizes and empowers moi1gagee to foreclose this
;'i,),~,':;.d"ii:.f,\;~i';;i!;;M9~~:;~~~~~'iI~h~r~~~~in~~~~r~~:;~RIJdw~:?roperty ,~t '11~.~1\.9 'l,l't.~~o~'~~,~9-nxey.th~.;-.'
\1rl'i;:),.'i.;:'.\< Same~to thepurchaSei" in reesirriple:iif accordance with the statUte, arid out of the moneys ,
. ".arismgtfon{st)9h 's~le to 'retain all sWns secured hereby, with interest and all legal costs .
and charges';of s'uchforeci9s.ure and'tlle maximul1\ anomey's feeperminedby law~ '-"'hich
costs,c~~~e~~".~.fe.~:.~0I1gagoragre.~sto pay. . "',,' < ..' : :,' ';'::: ..
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Tbe.tei111s.bfthis Mortgage shal.,1 run with the)?ropertY alldi.hind.the 'parties heretO' an~ ." ..' ,:\:
theiI:'su'c~~ssors'~nioterest::,;:'::: ::, ~., ;",:,:' ."" ':.<r:';";\;:" 'i~: "::.,i.'. ,'~. .." . ..
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IN TeSTIMONY ~HEREOF:, :Mortgagorhas herelintosefits hiln'djhe'daY'and year. .
nrstabov~' writte'J'i.',':-;:-; :,' . :'.;'" :.,' . . 'i,' ", '.... ", .;.,' '. .
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B : Greg~D:}1undnhl '-.",.:: '. ...: '....". <.
Its: ChiefManager/Presidellt' ':;;. ~::(.,:' ',::',; ;"'" ,- . .
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~ '. ., GOtJNTY'QF.WRIGHT' >:' ..:.,. ." . L' '. ';' : ",,', ..'..i~":,,:...,,,
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.,. , , .',' '1before~6~g ills~me~t ~~~c'kn6~leclged ~i~kme ~his~ ':'2(" d~Y of JulY,'1.99~" ;
.. by Gregory D. Mundahl, the Chief Mllnager/Presidellt of Gem Development Company,
L.L.C., a corporation under the laws of Minnesota, on behalf of th~ cOrPora'tion.
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. . .. H9lNEPIN COUNri ." - ... . .
. . My~~resJJI',31.~. ,:, . ACKNOWLEDGEMENT
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703109
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:1f!~ . Mortgage,.'ih: payrilellt ~r hl~es. ~n the" pro~ertYa~ld as~essmentsp~yabl~ ~erl~with,.' .~,..! ,,: t,",.,
insurance premhims 'coverillg buildings thereon, pnncipal' or interest on'any' prlQr Herts:'.: .'" ,'J-'
expenses'ai1d attorney's fees herein provided for arid sums advanced fodmy other'~:: ','
purpose authorized herein, and shall keep and perfonn all the covenants :andagreements
herein contained, then this M0I1gage shall be null and void, and shall be released at the
Mortgsgor's expense,. , . ' ' '. . ',' ;.
AND MORTGAGOR covenants with Mortgagee as fol1ows:
,,~:,'l~ "'""""'"'~' ".~; ',.;,;.' .~'~V:~~~~t~~~i~~~TJttt6t}~~d~~;~if'i~1eiest;~';~p~'dfi~d''iri:.'th.~"ribte~;' ". " ..; ..', ',.... '.:
~lF1~';:;~f~::~~::~'W~lr' >:lb~ay ;~l r'ta5l~san{LaS~~e~shi~nts:nd~ d~~ 6~ that may her~afte{bec6m,e ~l i'ens':'~'
::',,'.'.,':'.;,.~.J. aglllk' nst thalel' bPr?I:P~rty b~forepenalty anadChfies thereto;," I d " :" ,
" 3. to:eep . UI dmgs, Improvements an xtures now or atet locate ort or a part c, <:
J,,~ of the Property insured against lose by tire. extended coverage perils. vandalism. "
:"i;' . malicious mischief and. if applicable, steam boiler explosfon for at least the '
~'".;I,",,~.",..~::.:..,,~;,,'."': .. . amoUnt of the market value .of the building at all times while any amount remains
.... . Unpaid under this Mortgage: lfany'ofthe buildings, imprqvements'or t'ixtutes are'
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.' . contain a ;Io'ss payable clause ill favor of Mortgagee affording all' righls aJ:id I :.' !.
i:.:~!~(', privileges Clistotn~rilypi'ovided under the so-called standard mortgage da'use. In
"~.l"".!,,'.,:,....':I,;.i.::,::.,..'.'.';,..:.'.;,.:.'.:',.' ',:~;~; ~;'rio~;e l~;~~c~r~~~%:;of:~~;::r .;,~~~~~~::~~:g:I;~~~Y~!;/""?':" ..'
:~ . . . The insurance shall be Issued by an lrisurance, companY,or companleslcertsedto.:..:'."'i':,:,,":,,,
I,.,..,,: ,... 'do business,in ih" State of Minnesotaanda(:ceptabl.e to Mortgagee: . :Th7, irts\iranc~:'."."::.:'.'\;;' ,
\~::r.:'i. " . .' ..policiesshaU provid,e for not less ,thant~ndays\Vritten n,otiCetl?fv1ortgagee be:fot~::'~6;: :.:j, ,',',,:, ':,
l:~.t~ ; .', ,"ca."1cellati()I1,: non-renewal. terulinatil)Jl,' ordiange 1'1 coverag'e, .aild Mortgagdf' '. ,.,. \,\,'::~:.i. . ~. '.
:~:,!:I~:. ...,:.~" .. ~ ..... .,.~. ::i~~han d~liver ~oMortgagee a ~llP)icateorigillal ()r cel1ificateof such insurance, .' '. :..
<1~{:[ ".~: ":;poliCies;"': ", . '. " .....', " .' "',., ,", .:,
':' \i',:i ' . n. 4~ to pay. Whel\ due~'both principal and inte~'est of all prior liens or encumbranceS, ,if ..' .:.: "".,~., .
l'~<;::., . .',:. ' :,....... any, anbd to ,Keep .th~ Pror 'ItY ~re~ and clear ~f all other 'p{ior liens or ' '.: . . . .; " '," ,
:.,;1..'; t.,." '. :.' ,encum rances~, .' .' ' .' . ,,.. . , . ", . , ;
~t~l!'I~ld~.~I..J:..j4.l"'P :... ..'" - ...... 1_ ,',0- .... ...~ ..;j".............,......_ """~..~.~.:........... '. , . I ~ ' ,....'.. .
Ii", . ' '. 5. to commit or penuit no wast~ on the Property and to keep It in good iepair; ." . . .,
r~: 6. to complete f0l1hwith any improvements which may hereafter be under course of
f: construction on the Property; and .
t 7. to pay any other expo enses and anomey's fees IIlculTed by~ MOItgagee by reason of
I litigation with any third party for the protection of the lien of this Mortgage. .
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" . hl,'cas~of f~il,l,lre to pay s,aid~ ulx~'~' al~d assessments,pr~OI' liens :01' encllI~bran~es. ,
,~xpenses: ~nd anomey'~ fee5 as above specified; pr t()' insure said buildings., .
~provement.s.: iU~QJixt~ln~s~nd.<ietiver th~ policies. as ~foresaid, Mortgagee.may pay,such
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