HomeMy WebLinkAbout28907 / 77-13.i�
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��.��J� 15 1977
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#13 RESOLUTION
�^.�r� :ail.l be a resolution on the agenda providing for the
f�na�cir�g of the City's Redevelopment Project; namely, a
2�a�e �,aith Oshkosh banks for the purpose of purchasing and
T�L'?�a?'il�� the Redeve2opment Project aXea.
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The City Council of the City of Oshkosh, Winnebago
County, Wis�onsin, met in regular, open, public session at its
regular meeting place on �rlti�P i�,1977, at 7:00 o'clock P.M.,
with the following members present:
Council Members: Kutchera, Don H.; Mather, James A.;
Moser, Robert H.; Propp, Kathleen M.;
Singstock, George N. ; Teichmiller, Bernice;
Schiefelbein, Ken R. (7)
and the following members absent:
None
� * *
(Other business)
The following resolution was introduced by one
Cour:c� �`.e�abe � and was read in full, and pursaaiZt to motion made
by iutchera and Seconded by Moser
was adopted by �he following vote:
Aye: K_utchera, Mather, Moser, Propp, Singstock,
Schiefelbein (6)
Nay: leichmiller (1)
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. �. � ,
RESOLUTION authorizing the issuance
of a�25$,000 Redevelopment Project
Note, Series 1977, of the City of
Oshkosh, and the execution of a
mortgage to First Wisconsin National
Bank of Oshkosh in connection therewith.
WHEREAS, by due and proper action the City Counc�.l and
the Plan Commission of the City of Oshkosh (the "City") have approved
the Redevelopment Plan for the area known as "Redevelopment Project
Area No. 1- Excelsior/Badger" (the "Redevelopment Area"); and
_ WHEREAS, it is necessary that land in the Redevelopment
Area be acquired by the City, such land being described as set out in
Exhibit A hereto; and
WHEREAS, this City Council must provide funds sufficient
for the purchase of the land described in Exhibit A hereto; and
WHEREAS, cities are authorized, pursuant to Section 66.43,
Wisconsin Statutes, to undertake redevelopment projects wherein cities
may acquire land and use, lease, mortgage or sell such land upon terms
determined to be in the best interests of such cities; and
WHEREAS, pursuant to Section 66.43, Wisconsin Statutes,
cities are authorized to borrow money and to issue bonds or notes for
the purpose of acquiring land for redevelopment projects, and to give
such security as may be required, such notes to be limited obligations
of the city payable solely from and secured by a pledge of and lien
upon any or all of the income, proceeds, revenues, funds and property
of the city derived from or held by it in connection with the
redevelopment project undertaken pursuant to Section 66.43, Wisconsin
Statutes, and from other sources (including financial assistance
furnished by the city); and
WHEREAS, pursuant to Section 66.43, Wisconsin Statutes,
cities are empowered to use their general funds to carry out the powers
of said Section; and
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WHEREAS, for the purpose of acquiring the land described in
Exhibit A hereto, First Wisconsin National Bank of Oshkosh has offered
to lend the city $258,000, such indebtedness to be secured by a first
mortgage note of the city in such amount; and
WHEREAS, this City Council considers it desirable to borrow
the sum of $258,000 from the First Wisconsin National Bank of Oshkosh
(the "Bank"), to issue its first mortgage note to the Bank, and to
enter into a mortgage to the Bank;
NOW, THEREFORE, Be It Resolved by the City Council of the
City of Oshkosh, Wisconsin, as follows:
Section 1. It is hereby determined that it is necessary, c�esirable
and in the best interest of the city to acquire the property described
in Exhibit A hereto, to borrow $258,000 which, together with other
moneys of the city shall be used for such land acquisition, to secure
such debt with its first mortgage in the form of Exhibit B hereto, and
to issue to the lender its first mortgage note (the "Note") in the
form set out hereinafter.
Section 2. The Note shall be designated "Redevelopment
Project Note, Series 1977", shall be numbered l, shall be payable to
the Bank, or order, shall be in the denomination of $258,000, shall be
dated
, 1977, shall bear interest on the unpaid balance
at the rate of six per cent (6q) per annum from its date until
maturity, payable l, 1978 and annually thereafter, and
shall mature as to principal on 1 of the years 1978 to 1982,
inclusive, as follows:
Year
1978
1979
lg8o
1g$1
Zg82
Amount
� 3�250
3,500
3,750
4,000
243,500
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Interest and principal shall be paid directly by the Treasurer of
the City to the Bank from the sources set out hereinafter.
Principal installments of the note may be prepaid at any
time, in whole or in part, at the option of the city, upon fifteen days
written notice to the Bank.
The Note shall be signed by the City Manager and the City
Clerk of the city and sealed with the corporate seal of the city.
Section 3. The Note shall be in substantially the following
form, the omissions to be appropriately completed when the Note
is prepared:
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,
(Form of Note)
UNITED STATES OF AMERICA
State of Wisconsin
County of Winnebago
City of Oshkosh
REDEVELOPMENT PROJECT NOTE, SERIES 1977
No. 1
$258,000
KNOW ALL MEN BY THESE PRESENTS: That the City of Oshkosh, in the County of Winnebago,
State of Wisconsin, hereby acknowledges itself to owe and for value received promises to
pay to FIRST WISCONSIN NATIONAL BANK OF OSHKOSH, Oshkosh, Wisconsin, or order, solely
from the source hereinafter stated the principal sum of TWO HUNDRED FIFTY EIGHT THOUSAND
DOLLARS ($258,000), payable in installments on the day of of each of
the yea.rs 1978 to 19$2, iriclusive, as follows: _
Year Amount
1978 $ 3,250
1979 3,500
1980 3,750
Year Amount
19$1 � 4,OQ0
1982 243,500
with interest at the rate of six per cent (6.00�) per annum on the unpaid principal from
the date hereof until the principal amount shall have been fully paid, such interest
being payable annually on the day of of each year, directly to
the �ender by the Treasurer of the City of Oshkosh.
This Note is payable by the City of Oshkosh from the proceeds of sale of or lease
rentals from certain land described in the Mortgage and Security Agreement with Assign-
ment of Rents between the City of Oshkosh and the First Wisconsin National Bank of
Oshkosh, dated the date hereof, and is not a general obl.igation of the City of Oshkosh.
The registered holder hereof shall have no 'right to compel the City of Oshkosh to use
its general funds or its taa�ing power.to pay either the principal of or interest upon
this Note. �
The Note is subject to prepayment at any time at the option of the City of Oshkosh,
in whole or in part, upon fifteen days written notice to the registered holder
hereof.
This Note is issued to evidence the indebtedness incurred by the borrowing of money
in such amount for the purpose of paying the cost of acquiring certain land Pursuant to
and in all respects in compliance with Section 66.43 of the Wisconsin Statutes and a
resolution adopted by the City Council of said city on , 19'�7, and entitled,
"RESOLUTION authorizing the issuance of a�258,000 Redevelopment Project Note, Series 1977,
of the City of Oshkosh, and the execution of a mortgage to First Wisconsin National Bank
of Oshkosh in connection therewith."
It is hereby certified and recited that all conditions, things and acts required by
law to exist, to be or to be done precedent to and in the issuance of this Note have been,
have existed and have been performed in due form and time; that the indebtedness of said
city, including this Note, does not exceed any limitation imposed by law; and that said
city has entered into a Mortgage and Security Agreement with Assignment of Rents dated
the date hereof for the purpose of securing the payment of the principal of and interest
upon this Note.
IN fiESTIMONY WHEREOF, the City of Oshkosh, by its City Council, has caused this Note
to be signed by its City Manager and by its City Clerk, and its corporate seal to be
impressed hereon, all as of the day of , 1977•
City Clerk
[ S E A L ]
—5—
��
,���o„�,�. , �_� �w.��� ,� ��
City Manager
. ' � ' , , ,
Section 4. The Note shall be payable, both principal and
interest solely from, and is secured by a lien upon, any moneys
derived from the leasing or sale of the property described in Exhibit A
hereto, together with any moneys which the city, at its option, may
from time to time appropriate from its general fund or other legally
available sources. The Note is not a general obligation of the city
and neither the Bank nor any subsequent holder shall have the right to
compel the city to use its general funds to pay principal of or
interest upon the Note, or to compel the city to use its taxing
power to raise sums sufficient to pay such principal or interest.
Section 5. The City Clerk shall keep, maintain and preserve
an adquate and correct register account of the Note issued pursuant
to this resolution and all payments and other transactions relating
thereto.
Section 6. When the Note shall have been prepared and
executed, the same shall be delivered by the City Treasurer to the
Bank upon receipt of the borrowed money.
Section 7. The principal proceeds from the sale of the Note
shall be used only for the purpose of paying the cost of acquiring the
land described in Exhibit A hereto. This City Council covenants and
agrees that the principal proceeds of the sale of the Note shall be
devoted to and used with due diligence for the land acquisition for
which the Note is herein authorized to be issued, and represents and
certifies that:
(a) The City Council expects within six months after
delivery of the Note to incur a substantial binding obligation
with respect to such acquisition, said binding obligation com-
prising not less than 2-1/2% o�' the estimated total cost of
such acquisition;
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(b) The City Council expects that over 85% of the
spendable proceeds of the Note (including investment proceeds)
will be expended on or before June l, 1980, for the purpose of
paying the cost of such acquisition, said date being within three
years following the date of issue of the Note;
(c) Such acquisition is expected to proceed with due
diligence to completion;
(d) Such land is not expected to be sold or otherwise
disposed of in whole or in part prior to the payment in full of
the principal of and accrued interest upon the Note.
(e) All of the proceeds of the Note are needed for the
purpose stated in the form of Note above set out, including
expenses incidental to such purpose and to the issuance of the
Note; and
(f) To the best of the knowledge and belief of the City
Council there are no facts, estimates or circumstances that
would materially change the conclusions and representations set
out in this section.
This City Council also certifies and further covenants with the
purchaser and holder of the Note that so long as the Note remains out-
standing, moneys on deposit in any fund or account in connection with
the Note, whether or not such moneys were derived from the proceeds of
the sale of the Note or from any other sources, will not be used in a
manner which will cause such Note to be an "arbitrage bond" within the
meaning of Section 103(c) of the Internal Revenue Code of 1954, as
amended, and any lawful regulations promulgated or proposed thereunder,
including Sections 1.103-13 and 1.103-14 of the Income Tax Regulations
(26 CFR Part 1), as the same presently exist, or may from time to time
hereafter be amended, supplemented or revised. The City Council reserves
the right, however, to make any investment of such moneys permitted by
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state la"� i£, t,�^�en and to the extent that said Section 103(c) or
re�u�a�ions pro�ul��tpd thereunder shall be repealed or relaxed or
snall be held vojd by final decision of a court of competent juris-
d?c�?on, but onl;� if any investment made by virtue of such repeal,
r�laxation or d�cision would not, in the opinion of counsel of
recoonized cor:pe�ence in such matters, result in making the interest
or. tne No�e subject to federal income taxation.
Section 8. The City Manager and City Clerk are hereby
directed �o execu�e and deliver to the Bank a first mortgage on the
lan3 describea in Exhibit A hereto, such mortgage to be in substantially
��e form set ou� as Exh�bit B hereto.
Adopted Ju�e 16 , 1977.
I�AC07'Cic''Ci `'TU'=2 �� � 19 ! 1•
tttes�.
City C1er'_�
x � z:
esident
(Other Business)
L'�an r.:o�ion oi iCutchera , seconded by Propp �
�nd unanir::ousl.y adop�ed, the City Council adjourned.
A� �e.=, � .
C- �;� Cler�:
i
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President
s�r.�T� c� :JT��'O:tis� rr )
) ss.
COUNTY OF j��T�1��:EBAGO )
I, COI;VERSE C. MARKS, hereby certify that I am the duly
qualified and acting Clerk of the City of Oshkosh, Wisconsin, and as
such official I further certify that attached hereto is a copy of
excerpts from the minutes of the meeting of the City�Council of said
city held on J�"''� i6, 1977; that I have compared said copy with the
original minute record of said meeting in my official custody; and that
said copy is a true, correct and complete transcript from said
original minute record insofar as said original record relates to a
$258,000 Redevelopment Project Note, Series 1977, of said city, dated
l, 1977, and a first mortgage to be entered into in
connection there,aith.
I fur�her certify that a true and corx�ect statement of each
step or proceeaino had or taken to date in connection with the author-
ization of said note has been recorded by me in a separate record book
as required by la�rr.
WIT?iESS my official signature and the seal of sai.d city
this lo' day of June � i977,
City Clerk
( S EA L )
RHG/kp
6/8/77
EXHIFiI`P A
Parcel #1
-'fhat part of FRACTIONAL LOT TWO (2) of Section Twenty-three (23)
Township Eighteen (18) North, of Range Sixteen (16) East, in the
Sixth Ward, City of Oshkosh, Winnebago County, Wisconsin, per
Leach's Map of 1894, described as follows, viz:-
Commencing at the point where the Northeasterly line of the right
of way of the Chicago, Milwaukee, St. Paul and Pacific Railroad
Company intersects the South Line of the North 581.6 feet of said
Fractional Lot 2, the place of beginning; thence northwesterly,
along the Northeasterly line of said right of way, 75 feet; thence
northeasterly, at right angles to the Northeasterly line of said
right of way, to the Westerly Bank of the Fox River; thence south-
erly, along the Westerly Bank of said River, to point of inter-
section with the South line of said Fractional Lot 2; thence west,
along the South line of said Fractional Lot 2, to the Northeasterly
line of said right of way; thence northwesterly, alang the North-
easterly line of said right of way, 884.7 feet, to the place of
beginning.
Parcel #2
That part of Lot One Hundred Eleven (111) according to :�IAP OF S. W.
1/4 of SEC. 23, in the Sixth Ward, City of Oshkosh, Winnebago
County, Wisconsin, per Leach's Map of 1894, described as follows,
viz:-
Commencing at the Northeast corner of said Lot 111; thence south-
along the East line of said Lot 111, to the Northeasterly line
of the right of the E�st line of said Lot 111, to the Northc�astcrly
line of tt�e right of way of the Chicago, ;'lilwaukee, St. Paul
and Pacific Railroad Company; th�nce nortnwesterly, along the
Northeasterly line of said right of way, to the ?dorth line of
said Lot 111; thence e�st, along the North line of said Lot 111,
to the place of begirining, excepting therefrom that portion
thereof heretofore conveyed to the City of Oshkosh by Dee�
recorded in Vol.ume 1347 on P�3ge 591.
Parcel #3
Lot One (1) in WAK�'MAN A?1D DICHt°1ANN' S REPLF�T and that part of
Ohio Street (now vacated) and of Wisconsin Avenue (now vacated)
lying south of the Fox River, all in the Sixth Ward, City of
Oshkosh, Winnebago County, Wisconsin, described as follows, viz:-
Commencing at the Northwest corner of said Lot l; thence east,
� along the North line of said Lotl, to the �-]esterly Bank of the
Fox River; thence southerly, along the Westerly Bank of said
River,.to the Northwesterly line of Ohio Street, as now located;
thence southwesterly, along the Northwesterly line of said
Ohio Street, as now loca�ted, to the Northwesterly line of tract
of land conveyed by Deed, to the City of Oshkosh, recorded in
Volume 1347 on Page 591; thence southwesterly, along the North-
westerly line of tract of land heretofore conveyed, as aforemen-
tioned, to the t�'est line of Ohio Street (r.ow vacated); thence north
along the 41est line of said Ohio Street (now vacated), to the
extended North line of said Lot l; thence east, along the
extended North line of said Lot 1, to the place of beginning.
Parcel #4
That part of Lots Thirteen (13), Fourteen (14), and�Fifteen (15)
of Block Ninety-three (93) and of Texas Street (now vacated) and
of Third Street (now vacated� all in the plat of the ORIGINAL THIR�
WARD, in the Sixth Ward, City of Oshkosh, W'innebago County, Wis.
per Leach's Map of 1894, described as follows, viz:-
Commencing at a point on the Center line of said ihird Street
(now vacated), that is 104.5 feet easterly of the East line of
Ohio Street, measured along the Center line of said Third Street
(now vacated), which point is also 20 feet westerly, measured
y: ,.,� �
� a i ti
at right angles to, the center line of Chicago, Milwaukee,
St. Paul and Pacific Railroad Company most Glesterly lead track
across said Block 93; thence westerly, along the Center line
of said Third Street (now vacated), 83.53 feet, to its
intersection with the extended Center line of said Texas Street
(now vacated); thence northeasterly, along the extended Center
line, and the Center line of said Texas Street (now vacated),
137.9 feet, to a point which is 20 feet westerly of, measured
at right angles to, the Center line of the ��lesterly lead track
of said Railrcad; thence southerly, on a 12 degree curve to the
right, parallel with and 20 feet distant `rom, measured at right
angles to, the center line of the fr?esterl;� lead track of right
angles to, the Center line of the ��:esterly lead tract of said
Railroad, to the place of beginning.
Parcel #5
Lots Two (2), Three (3), the Northwesterly 1/2 of Texas Street
(now vacated) and the North 1/2 of Third Street (now vacated),
lying west of the extended Center line of said Texas Street
(now vacated) and East of the East line of Ohio Street, all in
WAKEMAN AND DICHMANN'S REPLAT, in the Sixth Ward, City of
Oshkosh, Winnebago County, Wisconsin, excepting therefrom that
portion thereof heretofore conveyed to the City of Oshkosh for
relocation of Ohio Street by Deed recorded in Volume 466 on
Page 583.
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REAL ESTATE MORTGAGE AND SECURITY AGREEMENT
WITH ASSIGNMENT OF RENTS
THIS REAL ESTATE MORTGAGE AND SECURITY AGREEMENT WITH
ASSIGNMENT OF RENTS from the City of Oshkosh, Winnebago County, Wisconsin,
a Wisconsin municipal corporation ("Mortgagor"), to First Wisconsin
National Bank of Oshkosh, a banking corporation organized under the laws
of the United States of America, with its principal place of business
at 111 North Main Street, Oshkosh, Wisconsin ("Mortgagee");
WITNESSETH THAT:
WHEREAS, Mortgagor has executed and delivered a promissory
note bearing even date herewith in the principal amount of $258,000,
made payable to the order of Mortgagee in and by which Mortgagor promises
to pay said principal sum, together with interest on the balance of
principal from time to time outstanding and unpaid thereon at the rate
of 6% per annum in annual installments of principal and interest as
therein provided with the final installment of principal and interest,
if not sooner paid, being due on , 19_ (said promissory
note and any and all extensions and renewals thereof and any notes
issued in replacement or substitution therefor being herein referred to
as the "Note"); and
WHEREAS, the Note evidences a loan from Mortgagee to
Mortgagor which is to be advanced to the Mortgagor upon delivery of the
Note;
NOW,THEREFORE, Mortgagor, in exercise of its authority
pursuant to Section 66.43, Wisconsin Statutes, and in consideration of
Ten Dollars and other good and valuable consideration, receipt of which
is hereby acknowledged, does by these presents grant, bargain, sell,
convey, mortgage, warrant, assign and pledge unto Mortgagee, its
successors and assigns and does hereby grant to Mortgagee, its successors
and assigns a security interest in all and singular the properties,
rights, interests and privileges described in Granting Clauses I, II,
III and IV below, all of same being collectively referred to herein
as the "Mortgaged Premises":
GRANTING CLAUSE I
That certain real estate lying in Winnebago County, Wisconsin,
more particularly described in Exhibit A attached hereto and made a
part hereof.
GRANTING CLAUSE II
All right, title and interest of Mortgagor now owned or here-
after acquired in and to all and singular the estates, tenements,
hereditaments, privileges, easements, franchises and appurtenances
belonging or in any ways appertaining to the property described in the
preceding Granting Clause I and every part thereof and the reversions,
rents, issues, revenues and profits thereof, including all interest of
This instrument prepared by:
Richard H. Goss
111 West Monroe Street
Chicago, Illinois 60603
Mortgagor in all rents, issues and profits of the aforementioned
property and all rents, issues, profits, revenues, royalties, bonuses,
rights and benefits due, payable or accruing (including all deposits of
money as advanced rent or for security) under any and all leases or
subleases and renewals thereof of said property (including during any
period allowed by law for the redemption of said property after any
foreclosure or other sale), together with the right, but not the obli-
gation, to collect, receive and receipt for all such rents and apply
them to the indebtedness hereby secured and to demand, sue for and
recover the same when due or payable, provided that the assignments made
hereby shall not impair or diminish the obligations of Mortgagor under
the provisions of such leases nor shall such obligations be imposed
upon Mortgagee. By acceptance of this instrument, Mortgagee agrees,
not as a limitation or condition hereof, but as a personal covenant
available only to Mortgagor that until an event of default shall occur
giving Mortgagee the right to foreclose this Mortgage, Mortgagor may
collect, receive and enjoy such rents.
GRANTING CLAUSE III
All right, title and interest of Mortgagor, as lessor, in,
under or pursuant to any and all contracts, agreements, or options for
the leasing or letting of the Mortgaged Premises or any part thereof,
whether now existing or hereafter arising, and all proceeds thereof.
Nothing herein contained shall be construed as imposing any obligation
on Mortgagee in respect of any of the foregoing or as subordinating
the lien thereof to any oi the foregoing.
GRANTING CLAUSE IV
All property and rights, if any, which are by the express
provisions of this instrument required to be subjected to the lien
hereof and any additional property and rights that may from time to time
hereafter, by installation or writing of any kind, be subjected to the
to the lien hereof by Mortgagor or by anyone in Mortgagor's behalf.
TO HAVE AND TO HOLD the Mortgaged Premises and the properties,
rights and privileges h�reby granted, bargained, soled, conveyed,
mortgaged, warranted, pledged and assigned, and in which a security
interest is granted or intended so to be, unto Mortgagee, its
successors and assigns, forever; provided, however, that this instru-
ment is upon the express condition that if the principal of and interest
on the Note shall be paid in full and all other indebtedness hereby
secured shall be fully paid and performed, or if at the maturity of the
Note or any other time, the Mortgagee shall convey title to the land
described in Exhibit A to the Mortgagee, then this instrument and the
estate and rights hereby granted shall cease, determine and be void and
this instrument shall be released by Mortgagee upon the written request
and at the expense of Mortgagor, otherwise to remain in full force and
effect.
This instrument is made and given to secure and shall secure
(i) the prompt payment when due and at all times thereafter of.the
principal of and interest on the Note; (ii) the observance and perform-
ance of all covenants and agreements of Mortgagor herein contained;
and (iii) all other indebtedness, obligations and liabilities which
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this instrument by any of its terms secures (the Note and the other
indebtedness, obligations and liabilities described in (ii) and (iii)
above being herein collectively referred to as "the indebtedness
hereby secured").
Mortgagor hereby covenants, warrants and agrees with
Mortgagee as follows:
l. Payment of the Indebtedness. The indebtedness hereby
secured shall be promptly paid as and when the same becomes due, but
solely from the sources set out in the Note and the resolution of the
City Council of the Mortgagor authorizing the execution of this
Mortgage.
2. Further Assurances. Mortgagor will execute and deliver
such further instruments and do such further acts as may be necessary
or proper to carry out more effectively the purpose of this instrument
and, without limiting the foregoing, to make subject to the lien
hereof any property agreed to be subjected hereto or covered by the
Granting Clauses hereof or intended so to be.
3• Possession. While Mortgagor is not in default here-
under, Mortgagor shall be suffered and permitted to remain in full
possession, enjoyment and control of the Mortgaged Premises, subject
always to the observance and performance of the terms of this instru-
ment.
4. Recordation and Payment of Taxes and Expenses Incident
Thereto. Mortgagor will cause this Mortgage, all mortgages supple-
mental hereto and any financing statement or other notice of a
security interest required by Mortgagee at all times to be kept,
recorded and filed at its own expense in such manner and in such places
as may be required by law for the recording and filing or for the re-
recording and refiling of a mortgage, security interest, assignment or
other lien or charge upon the Mortgaged Premises, or any part thereof,
in order fully to preserve and protect the rights of Mortgagee hereunder
and, without limiting the foregoing, Mortgagor will pay or reimburse
Mortgagee for the payment of any and all taxes, fees or other charges
incurred in connection with any such recordation or rerecordation,
including any documentary stamp tax or tax imposed upon the privilege
of having this instrument or any instrument issued pursuant hereto
recorded.
5• Liens and Encumbrances. Mortgagor will not, without the
prior written consent of Mortgagee, directly or indirectly, create or
suffer to be created or to remain and will discharge or promptly cause
to be discharged any mortgage, lien, encumbrance or charge on, pledge
of or conditional sale or other title retention agreement with respect
to the Mortgaged Premises or any part thereof, except for this
instrument.
6. Subrogation. Mortgagee shall be subrogated to al1 liens
or claims for lien discharged out of the proceeds of the loan evidenced
by the Note or out of any advance by Mortgagee hereunder. .
7. Tnspection by Mortga�ee. Mortgagee shall have the right
to inspect the Mortgaged Premises at all reasonable times, and access
thereto shall be permitted for that purpose.
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8. Events of Default. Any one or more of the following shall
constitute an event of default hereunder:
(a) Default in the observance ar compliance with any of
terms or provisions of this instrument and such default shall
continue for more than 10 days after notice thereof to Mortgagor;
or
(b) The Mortgaged Premises or any part thereof shall be sold,
transferred, or conveyed, whether voluntarily or involuntarily,
by operation of law or otherwise.
9. Remedies. When any event of default has happened and is
continuing (regardless of the pendency of any proceeding which has or
might have the effect of preventing Mortgagor from complying with the
terms of this instrument and of the adequacy of the security for the
Note); and in addition to such other rights as Mortgagee may have under
applicable law:
(a) Uniform Commercial Code. Mortgagee shall, with respect
to any part of the Mortgaged Premises constituting property of the
type in respect of which realization on a lien or security
interest granted therein is governed by the Uniform Commercial
Code, have all the rights, options and remedies of a secured party
under the Uniform Commercial Code of Wisconsin, including without
limitation, the right to the possession of any such property, or
any part thereof, and the right to enter without legal process
any premises where any such property may be found. Any requirement
of said Code for reasonable notification shall be met by mailing
written notice to Mortgagor/debtor at its address above set
forth at least 10 days prior to the sale or other event for which
such notice is required. The expenses of retaking, selling and
otherwise disposing of said property, including reasonable
attorney's fees and legal expenses incurred in connection therewith,
shall constitute so much additional indebtedness hereby secured and
shall be payable upon demand with interest at 10% per annum.
(b) Surrender of Possession and Foreclosure. Upon the
occurrence of an event of default the Mortgagor, upon demand of
the Mortgagee, shall forthwith surrender the possession of, and
it shall be lawful for the Mortgagee, by such officer or agent
as it may appoint, to take possession of all or any part of the
Mortgaged Premises together with the books, papers and accounts
of the Mortgagor pertaining thereto, and including the rights
and the position of the Mortgagor under any leases of the real
estate described in Exhibit A hereto, and to ho1d, operate and
manage the same; and the Mortgagee may lease the real estate or
any part thereof in the name and for account of the Mortgagor
and collect, receive and sequester the rents, revenues, issues,
earnings, income, products and profits therefrom, and out of the
same and any moneys received from any receiver of any part thereof
pay, and/or set up proper reserves for l�L�. ..�..����._..L ..1� .."1, �_..__�.
costs and expenses of so taking, holding
including reasonable compensation to the
and counsel.
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Whenever after the surrender of possession as aforesaid,
the Mortgagee shall make demand upon the Mortgagor, the Mortgagor
shall convey fee simple title of the real estate described in
Exhibit A hereto to the Mortgagee, subject to any leases then
entered into by the Mortgagor, as Lessor.
Alternatively upon the occurrence of an event of default the
lien on the Mortgaged Premises created and vested by this Mortgage
may be foreclosed either by sale at public outcry or by proceedings
in equity and the Mortgagee may become the purchaser at any fore-
closure sale if it is the highest bidder. Receipt by the Mortgagee
of the price paid by the highest bidder, if less than the out-
standing balance of the Note, shall fully discharge the lien of
this Mortgage and sha11 constitute payment in full of the Note,
both principal and interest.
10. Application of Proceeds. The proceeds of any fore-
closure ar other sale of the Mortgaged Premises or of any part thereof
shall be distributed in the following order of priority:
First, on account of all costs and expenses incident to the
foreclosure or other proceedings;
Second, to all other items which under the terms hereof
constitute indebtedness hereby secured in addition to that evidenced
by the Note with interest thereon as herein provided;
Third, to all principal of and interest on the Note with any
overplus to whomsoever shall be lawfully entitled to same.
11. No Deficiency Decree. If at any foreclosure proceeding
the Mortgaged Premises shall be sold for a sum less than the total
amount of indebtedness for which judgment is therein given, the
judgment creditor shall not be entitled to the entry of a deficiency
decree against Mortgagor or against the property of Mortgagor for the
amount of such deficiency.
12. Notices. All communications provided for herein shall
be in wr-iting and shall be deemed to have been given when delivered
personally or mailed by first class mail, postage prepa'id, addressed
to the parties hereto at their addresses as shown at the beginning of
this Mortgage or to such other and different address as Mortgagor or
Mortgagee may designate pursuant to a written notice sent in
accordance with the provisions of this Seciton 12.
13• Subject to Applicable Law. All rights, power and
remedies provided herein may be exercised only to the extent that the
exercise thereof does not violate any applicable law, and are intended
to be limited to the extent necessary so that they will not render this
Mortgage invalid, unenforceable or not entitled to be recorded,
registered or filed under any applicable law. If any term of this
Mortgage shall be held to be invalid, illegal or unenforceable, the
validity of the other terms of this Mortgage shall in no way �e affected
thereby.
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0
14. Successors and Assigns. Whenever any of the parties
hereto is referred to, such reference shall be deemed to include the
successors and assigns of such party; and all the covenants, promises
and agreements in this Mortgage contained by or on behalf of Mortgagor,
or by or on behalf of Mortgagee, shall bind and insure to the benefit
of the respective successors and assigns of such parties, whether so
expressed or not.
15. Headings. The headings in this instrument are for
convenience of re�rence only and shall not limit or otherwise affect
the meaning of any provision hereof.
16. Changes, Etc. This instrument and the provisions hereof
may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of the change,
waiver, discharge or termination is sought.
IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be
executed and sealed, all as of this day of , 1977.
ATTEST:
City Clerk
(CITY SEAL)
CITY OF OSHKOSH, WISCONSIN
:
�'�
City Manager
(Seal)
EXHI�iI�P �
Parcel #1
hat part of FRACTIONAL LOT TWO (2) of Section Twenty-three (23)
Township Eighteen (18) North, of Range Sixteen (16) East, in the
Sixth Ward, City of Oshkosh, Winnebago County, Wisconsin, per
Leach's Map of 1894, described as follows, viz:-
Commencing at the point where the Northeasterly line of the right
of way of the Chicago, Milwaukee, St. Paul and Pacific Railroad
Company intersects the South Line of the North 581.6 feet of said
Fractional Lot 2, the place of beginning; thence northwesterly,
along the Northeasterly line of said right of way, 75 feet; thence
northeasterly, at right angles to the Northeasterly line of said
right of way, to the Westerly Bank of the Fox River; thence south-
erly, along the Westerly Bank of said River, to point of inter-
section with the South line of said Fractional Lot 2; thence west,
along the South line of said Fractional Lot 2, to the Northeasterly
line of said right of way; thence northwesterly, alang the North-
easterly line of said right of way, 884,7 feet, to the place of
beginning.
Parcel #2
That part of I�ot One Hundred Eleven (111) according to ^4AP OF S. W.
1/4 of SEC. 23, in the Sixth Ward, City of Oshkosh, Winnebago
County, Wisconsin, per Leach's Map of 1894, described as follows,
viz:-
Commencing at the Northeast corner of said Lot 111; thence south-
along the East line of said Lot 111, to the Northeasterly line
of i:he right of the E3st line of said Lot 111, to the Northeastcrly
line of tt�e right of way of the Chicago, :'lilwaukee, St. Paul
and Pacific Railroad Company; thence nortnwesterly, along the
Northeasterly line of said right of wayy to the ?lorth line of
said Lot 111; thence e�st, along the North line of said Lot 111,
to the place of begirining, excepting the-refrom that portion
thereof heretofore conveyed to the City of Oshkosh by Dee�
recorded in Vol.ume 1347 on P<3ge 591.
Parcel #3
Lot One (1) in WAK�'MAN AND DICHI°1AN?d' S REP?�C,T and that part of
Ohio Street (now vacated) and of Wisconsin Avenue (now vacated)
lying south of the Fox River, all in the Sixth [aard, City of
Oshkosh, Winnebago County, Wisconsin, described as follows, viz:-
Commencing at the Northwest corner of said Lot l; thence east,
along the North line of said Lotl, to the ��]esterly Eank of the
Fox River; thence southerly, along the Westerly Bank of said
River,.to the Northwesterly line of Ohio Street, as now located;
thence southwesterly, along the Northwesterly line of said
Ohio Street, as now loca-ted, to the Northwesterly line of tract
of land conveyed by Deed, to the City of Oshkosh, recorded in
Volume 1347 on Page 591; thence southwesterly, along the North-
westerly line of tract of land heretofore conveyed, as aforemen-
tioned, to the L�'est line of Ohio Street (r.ow vacated); thence north
along the 41est line of said Ohio Street (now vacated), to the
extended North line of said Lot l; thence east, along the
extended North line of said Lot l, to the place of beginning.
Parcel #4
That part of Lots Thirteen (13), Fourteen (14), and�Fifteen (15)
of Block Ninety-three (93) and of Texas Street (now vacated) and
of Third Street (now vacated) all in the plat of the ORIGINAL THIR�
WARD, in the Sixth Ward, City of Oshkosh, W'innebago County, Wis.
per Leach's Map of 1894, described as follows, viz:-
Commencing at a point on the Center line of said Third Street
(now vacated), that is 104.5 feet easterly of the East line of
Ohio Street, measured along the Center line of said Third Street
(now vacated), which point is also 20 feet westerly, measured
at right angles to, the center line of Chicago, Milwaukee,
St. Paul and Pacific Railroad Company most Glesterly lead track
across said Block 93; thence westerly, along the Center line
of said Third Street (now vacated), 83.53 feet, to its
intersection with the extended Center line of said Texas Street
(now vacated); thence northeasterly, along the extended Center
line, and the Center line of said Texas Street (now vacated),
137.9 feet, to a point which is 20 feet westerly af, measured
at right angles to, the Center line of the [�lesterly lead track
of said Railrcad; thence southerly, on a 12 degree curve to the
right, parallel with and 20 feet distant `rom, measured at right
angles to, the center line of the u?esterl� lead track of right
angles to, the Center line of the �•Jesterly lead tract of said
Railroad, to the place of beginning.
Parcel #5
Lots Two (2), Three (3), the Northwesterly 1/2 of Texas Street
(now vacated) and the North 1/2 of Third Street (now vacated),
lying west of the extended Center line of said Texas Street
(now vacated) and East of the East line of Ohio Street, all in
WAKEMAN AND DICHMANN'S REPLAT, in the Sixth Ward, City of
Oshkosh, Winnebago County, Wisconsin, excepting therefrom that
portion thereof heretofore conveyed to the City of Oshkosh for
relocation of Ohio Street by Deed recorded in Volume 466 on
Page 583.
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