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Home My WebLink About230 Ohio Street, Suite 200 04-0435-0200 RECEIVED ,1 05-0 AUG 262G?1 11111111W61 Tx:4551024 Mortgage CITY CLERK'S OFFICE DOC# 1859952 NATALIE STROHMEYER Document Number Document Title REGISTER OF DEEDS WINNEBAGO COUNTY, WI RECORDED ON: OB/12/2021 10:04 AM 1. BORROWER. Means Cabrini School Lofts, LLC, a Wisconsin RECORDING FEE: 30.00 Limited Liability Company, with principal offices at 230 Ohio PAGES: 4 Street, Suite 200, Oshkosh,Wisconsin 54902. 2. LENDER. Means the City of Oshkosh, Wisconsin, as a Recording Area Name and Return Address Wisconsin Municipal Corporation. Lender is the mortgagee under City Attorneys Office this security instrument. P.O.Box 1130 Oshkosh,WI 54903-1130 3. NOTE. Means the Deferred Payment Note signed by Borrower 90404350200 and dated June 17, 2021. The Note states that Borrower owes the Parcel Identification Number (PIN) Lender, City of Oshkosh, Two Hundred Thousand and NO/110 Dollars ($200,000.00). 4. SECURITY INSTRUMENT. This security instrument secures to Lender: a) the repayment of the Loan as described in the Note, and all renewals, extensions, and modifications of the Note; and, b) the performance of Borrower's covenants and agreements under this security instrument and the Note. Borrower hereby mortgages, conveys, and warrants to the CITY OF OSHKOSH, a Municipal Corporation located in Winnebago County, Wisconsin (mortgage lender), in consideration of my receiving a Deferred Payment Note in the amount of TWO HUNDRED THOUSAND DOLLARS and No/100 ($200,000.00) for the rehabilitation,preservation and enhancement of rental residential real Property, described as: Lot Two (2) of Certified Survey Map No. 7579, filed with the Winnebago County Register of Deeds on January 16, 2021 as Document Number 1808014, located in the Fourth Ward, Section 24, Township 18 North, Range 16 East, City of Oshkosh, Winnebago County, Wisconsin. Property Address: 619 Merritt Avenue, Oshkosh, Wisconsin 54901 This is not homestead property. This is not a purchase money mortgage. 5. OTHER TERMS. Borrower certifies that it has title to this Property and that the title is free and clear of all encumbrances, excepting only restrictions and easements of record, municipal and the zoning ordinances, current taxes and assessments not yet due and any encumbrance noted: a first position mortgage to the Wisconsin Housing and Economic Development Authority and a to-be-executed second position HOME loan mortgage and a to-be-executed fourth position Northpointe Development Corporation mortgage. Lender agrees to subordinate this mortgage to the foregoing loans upon written request of Borrower. a. Borrower will keep the mortgaged property free from any lien or encumbrance superior to the lien of this Mortgage, except for those noted above. 1 June 2, 2021 IA) I h , . a b. Borrower's payment of the full amount of the Deferred Payment Note secured by this Mortgage will cause the Note and this Mortgage to be satisfied. However, the terms of the Declaration of Deed Restrictions will only be satisfied according to the terms of the Declaration. c. Borrower will pay before they become delinquent all taxes and assessments which may be levied or assessed against the Property described above. Borrower will deliver to Mortgage lender, upon demand, a receipt showing due payment of any tax or assessment. d. Borrower will keep the Mortgaged Property insured for fire and extended coverage perils for at least the full and fair market value of the Property and pay the premiums thereon when due. e. Borrower agrees to keep the Mortgaged Property in good condition and repair. Borrower will not do anything to diminish or impair the value of the Mortgaged Property. f. Under any foreclosure proceeding, all foreclosure costs and expenses, including reasonable attorney's fees, will also be added to the amount of the Deferred Payment Note and become due as incurred, and in case of judgement, will be included therein. g. If Borrower fails to act according to the terms and conditions of this Mortgage, the Note, or the Declaration of Deed Restrictions for a period of more than thirty (30) days after written receipt of the same from the City of Oshkosh, then the balance of the Deferred Payment Note will, at the option of the Mortgage Lender, become due and payable without notice. Under this circumstance, excepting the written notice required herein, I hereby waive my right to notice. h. Borrower understands that the Mortgage Lender is not responsible for the work performed by any contractor on the Property, whether paid for out of Deferred Payment Note funds or otherwise. i. Unless otherwise required by law, the invalidity or unenforceability of any provision of this Mortgage will not affect the validity or enforceability of any other provision. j. All the terms, conditions and covenants of this mortgage will be binding on my heirs, legal representatives, successors or any other individual to whom an interest in the mortgaged property or this mortgage is assigned. k. Borrower shall not transfer, sell or convey any legal or equitable interest in the property (by deed, land contract, option, long-term lease or in any other way) without the prior written consent of the mortgage lender, unless either the indebtedness secured by this mortgage is first paid in full or the interest conveyed is a mortgage or other security interest in the property, subordinate to the lien of this mortgage. The entire indebtedness under the note secured by this mortgage shall become due and payable in full, at the option of the mortgage lender without notice,upon any transfer, sale or conveyance made in violation of this paragraph. Notwithstanding the foregoing, the following shall be permitted without consent of Mortgage Lender and shall not constitute an event of default or result in any fee: (i) the transfer of investor member interests in Borrower pursuant to the terms of Borrower's First Amended and Restated Operating Agreement("Operating Agreement"); (ii) the removal and replacement of the managing member of the Borrower in accordance with the terms of the Operating Agreement, and/or(iii) an amendment of the Operating Agreement memorializing the transfers or removal described above. Borrower shall provide written notice to Lender within thirty days after each 2 June 2, 2021 change in the identity of any of its members. In addition, Borrower shall deliver to Lender a copy of the amendment to its operating agreement or other document that evidences the change in membership. Such notices shall be sent to: City of Oshkosh Department of Community Development 215 Church Avenue,P.O. Box 1130 Oshkosh, Wisconsin 54903-1130 Attention : Community Development Director Lender may, by written notice given to Borrower, change the address for its notices, but notice of a change of address shall only be effective upon receipt. SIGNATURE PAGE FOLLOWS This instrument drafted by: Attorney David J.Praska Oshkosh,WI 54903-1130 3 June 2, 2021 J .. J r t a . Dated this 17 day of A J G , 2021. CABRINI SCHOOL LOFTS, LLC By: C-7v'-'(-----1 0. 4 /Aisi L. Ste.GI� 1-4-2. , Ft e c 102.,v4 Print Name Title STATE OF WISCONSIN ) ) ss. WINNEBAGO COUNTY ) ,Personally came before me this 1-7 day of JVNL , 2021, the above named UALt.PO4 L. Sc.. 1Sri LT Z , to me known to be such person who executed the foregoing instrument and acknowledged the same, for the purpose herein co ain d. _ i C, ,, Not Pu li , Sta - of Wisconsin M ommission expires: 2/ZS12 Si ttttt"IIIlrfriiii.r mot+QECCA 4 f , ir 4 June 2, 2021 A . •