Release of Mortgage_Hartig Realty III LC, 703 Main St. Copyrighted
February 5, 2018
City of Dubuque Consent Items # 23.
ITEM TITLE: Signed Contract(s)
SUMMARY: I IW, PC Technical Services Task Order No. 17-03 for the
17th Street/W. Locust Street Storm Sewer Improvements
Project; I IW, PC Technical Services Task Order No. 18-01
for 22nd St./Kaufmann Ave. Storm Sewer Improvement
Project; Pillar Design Studios, LLC for Dubuque Skate Park
Designer and Landscape Architect; Releases of Mortgage
for Duaine Greenfield (190 Main St.); Hartig Realty I I,
LC (703 Main St.); Don Junk (65-73 Main St.); Security
Investments, LLC (800 Main St.); Security Partners, LP
(800 Main St.); and Town Clock Building Co. (823-835 Main
St.).
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
II W, PC Technical Services Task Order No. 17-03 Supporting Documentation
II W, PC Technical Services Task Order No. 18-10 Supporting Documentation
Pillar Design Studios, LLC ContacVBond Supporting Documentation
Release of Nbrtgage- Duaine Greenfield Supporting Documentation
Release of Nbrtgage- Hartig Realty I II, LC Supporting Documentation
Release of Nbrtgage- Don Junk Supporting Documentation
Release of Nbrtgage- Town Clock Building Co. Supporting Documentation
Release of Nbrtgage- Security Investments, LLC Supporting Documentation
Release of Nbrtgage- Security Partners, LP Supporting Documentation
��G�.i. L�..L..:
Dubuque Economic Development Department
THE CITY OF � 50 West 13�h Street
D�� � pllpmericaCily Dubuque, lowa 52001-4864
Office(563)589-4393
� � � ' TTY(563)690-6678
Masterpiece on the Mississippi http://www.cityofdubuque.org
2(]07•2012•?O73
TO: Michael Van Milligen, City Manager
FROM: Maurice Jones, Economic Development Director
SUBJECT: Release of Mortgage for 703 Main Street — Downtown Rehabilitation Loan
DRLP #1-09
DATE: April 28, 2017
INTRODUCTION
The purpose of this memorandum is to inform you of a final loan payment and request
your signature on a release of mortgage.
BACKGROUND
Hartig Realty III, L.C. entered into an agreement in 2009 for a $300,000 loan for the
redevelopment of 703 Main Street. At the time, a mortgage on the property was held as
security on the loan.
DISCUSSION
Regular payments have been made on this loan, and a payment of $240,888.87 has
been made to the Finance Department as of April 27, 2017. This amount closes out the
balance due on the loan.
RECOMMENDATION/ ACTION STEP
I recommend signing the release of mortgage attached to this memo, which will
subsequently be recorded with the County.
Prepared by and return to: Jill Connors, Economic Development Department, 50 W. 13t" Street,
Dubuque, IA 52001, (563) 589-4393
RE: All of Mortgagors' right, title and interest in and to the following described real estate situated in
Dubuque County, lowa (the "Land"); Lot 60 and the southerly 31.5 feet of lot 59, in the City of
Dubuque, lowa, according to the United States Commissioners Map of the Town of Dubuque, lowa
(also known as 703 Main Street)
RELEASE OF REAL ESTATE MORTGAGE
The City of Dubuque, lowa, Economic Development Department, the present owner of the Real
Estate Mortgage hereinafter described and encumbering the above-described real estate, hereby
acknowledges that said Real Estate Mortgage, bearing date of the September 3, 2009 made and executed
by Hartig Realty III, L.C., mortgagor, to the City of Dubuque Economic Development Department,
mortgagee, and recorded in the records of the office of the Recorder of the County of Dubuque, State of
lowa, as Instrument No. 2009-00017503 on the 11th day of September, 2009 is redeemed, paid off, satisfied
and discharged in full.
Dated this 28th day of April, 2017.
City of Dubuque, low
By:
Michae C. Van Milligen
City Manager
City of Dubuque
State of lowa )
) ss:
Dubuque County )
On this � "�4' day of `�- t =� ��-- { , before me, a Notary Public, in and for the state of
lowa, personally appeared Michael C. Van Milligen, to me personally known, and, who being by me duly
sworn, did say that she is the City Manager of the City of Dubuque, lowa; and that the instrument was signed
on behalf of the said City of Dubuque, lowa, by Michael C. Van Milligen, City Manager and that said Michael
C. Van Milligen, acknowledged the execution of the instrument to be her voluntary act and deed and the
voluntary act and deed of the City of Dubuque, lowa, by it voluntarily executed.
Notary Public in and for said
.,,� County and State '
o�pidL s JUkPd(Tk HIl.KtN �
.
_�� Comn�l��lon �lumber 7 i� �`� i .c l� + � i � <->L'��
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a.• �y Ca��nls�lon Erpir� :�-.` C� ' :��l'i j �
Commission Expires: -, ('� f,�C� J cJ,"
1 t
Dubuque Finance Department
THE CITY OF � 5o West 13th Street
Dubuque,Iowa 52001-4805
D�� � 1 l AmerlcaCit� Office(563)589-4133
I I0 Fax(563}690-6689
TTY(563)690-6678
financeQcityofdubuque.org
Masterpiece on the Mississi.ppi www.cityofdubuque.org
zoo�•zoiz•zols
Api-i127, 2017
Hartig Re21ty IV LLC
Attn: Richard Hartig
703 Nlain St
Dubuqne, IA 52001
R�: Loan Repayinent
Dear Mr. Hartig:
Enclosed is the original promissory note for your Community and
Economic Developinent loan. The City receivcd your final payment of$240,888.87 on
April 27, 2017 and considers this loan paid in filll. Please retain the enclosed "paid"
proinissory note for your records.
The security on the loan has been released. If you have any additional questions,please I
contact me at 589-4141.
Thank you for your attention to this matter.
Sincerely,
_��c `?����;��
Jean M Nachhnan
Finance Director
�nclosure
cc: Maurice Jones, Ecanomic Development Directoi�
Seivice People Inte�,rity Responsibility InnovaHon Teamivork
� � �
APR 2 7 �0�� 1111iiIIll'IIiIIIIIIIIIIIIIIIIIHIIi�IIII�IIIIIIiIIIIdYIfI18II�iIIINluhl8l
. Doc ID; OOB562750003 Type: GEN
Klnd: MoqTGAt3E
Recorded; 09/1]/20Ds at o3;30;31 PI1
Pee Amt; $19,00 Pape 1 of 3
��r������R�U���„ Kathy�Flynn�ThurloH Recorder
� 2009-00017503
Flle
prepared b�,Aaron M DeJonq jty Hall 50 W 13th Street Dubuoue lowa 52001 Phone•563-583-4393
Return to: saine � "
MORTGAGE
THIS MORTGAGE is made behveen Hartig ReaBy 111,LC.("Mortgagor')and City oF�ubuque,lowa("Mortgagee").
[]If this box is checked,this Morlgege is a Purchase Money Morfgage as defined in Ihe loeva Code.
1.Grant of Mortgage and Security Interest Morigagor hereby sell,convey and mortgage unto Mortgagee,and granl a
security interest Lo Mortgagee in Ihe following described proper�y.
a.Land and Buildings. All of hlortgagors'right,tiUa and interest in and to Ihe following described real asta[e siluated in Dubuque
County,lowa(Ihe"Land");Lot 60 and ihe southerly 31.5 feet of lot 59,In the Clty of�ubuque,lowa,according to the United States
Commissioners Map of Ihe Town of Dubuque,lowa(also known as 7D3 Main Street),and�all buildings,struclures and improvements
now sfanding or at any time hereaRer conslructed or placed upon the Land(the"Buildings'�,including all hereditaments,easements,
appurtenances,riparian righls,mineral righ4s,water righls,righls In and to the lands lying in streels,alleys and roads adjolning Ihe
land,eslatas and other rights and interests no�N or hereafter beionging to or in any way pertaining to the Land.
b.Personal Proper[y. All fiMures and other personal property integrally belonging to,or herzafter becoming an integral
part of the Land or Buildings.whelher attached or detached,including but not limited to,Iight fiztures,shades,rods,bllnds,
Venetian blinds,ewnings,storm wlndows,screens,linoleum,water sokeners,aulomaiic heating and air-condilioning
equipmenl and all pmceeds,producis,fncrease,issue,accessions,altachments,accessori2s,paits,adtlitions,repairs.
replacements and substilutes o(,to,and for ihe foregoing(fhe"Personal Properi�').
c.Revenues and Income. All rents,issues,profits,leases,condemnalion awards and insurance proceeds now or
hereafler arising from lhe ownership,occupancy or use of the Land,Buildings and Personal Property,or any parf thereof
(lhe"Revenues and Income").
TO HAVG AND TO I IOLD the Land,Buildinys,Personal Property and Revenues and income(collectively called tlie
"Mortgaged Property'�,toc�ether with all privileges,hereditamenls thereunto now or hereafter belonging,or in any way
appertaining and the products and proceeds thereof,unto Mortgagee,its successors and assigns.
2.Obligations. This Modgage secures the following(hereinafter colleclively referred lo as the"Obligalions'�:
a,The payment of lhe loan made by Mortgagee to Harlig Real(y III,L.C.evidenced hy a promissory note dalzd
�;-�iz�;e�. � ,2009 in the principal amount of 5300,000.00,any renewals,extansions,modificalions or refinancing
ihereof and any promissory notes issued in subslilution therefor;and
b.All other obligations of Mortgagors to Mortgagee,now exisling or herea(ter arising,whether direct or indlrect,contingent
or absolute and whether as maker or surely,including,but not limited lo,future adv�nces and amounls advanced and
ezpenses incurred by Mortgagee pursuant to this Mortgage.
3.Representafions and Warranties of Mortgagors. Mortgagors represent,warrant and covenanl to Mortgagee that(i)
Mortgagors hold clear tille[o the Mortgaged Properry and litle in fee simple in the Land;(ii)Modgagors have the rlght,power and
aulhority to execute lhis Mortgage and to modgage,and grant a securily interesl in the MoAgayed Propedy;(iii)the Mortgaged
Property is free and clear of all Ilens and encurnbtances,except for real estate taxes not yet delinquent and except as o�lier.vise I
stated in subparagraph 1 a.herein;(iv)Mortgagors will warrant and dafand�ille to lhe Mortgaged Property and the lien and priority of
Ihis Morlgage against all claims and demands oF all persons,whether no�v exisfing or hereafter arising;and(v)all buiWings and
improvemenls no�v or hereafler located on fhe Land are,or will be.located ent(rely wilhin lhe boundaries ot the Land.
4.Payment and Performance of the Obligations. Mortgagors will pay all amounts payable under lhe Obligations in
accordance wilh the terms of the Obligations when and as due and will timely perform all other obliyalions of Morigagors under the
Obligations.The provisions of the Obligations are herehy inr.orporated by reference into this Mort9age as if fully set forth herein.
5.Taxes. Morigagors shall pay eacii inslallmenl of all taxes and special assessmenls of every kind,now or hereafter levied
against the Mortgaged Property before Ihe same become delinquent,without notice or demand,and shall deliver to Mortgagee proof
of such payment within fikeen(15j days aker fhe date in which such lax or assessmenl becomes delinquent.
6.Liens. Martgagors shall no[creale,incur orsuffer fo exist any Ilen,encumbrance,security interesl or charge on the
Pnortgaged Property or any part lhereof whicli might or could be held to be equal or prior to the Ilen of this Mortgage,other than the
lien of cu«ent real estale taxes and inslallmenls of special assessments with respect fo which no penalty is yet payaBle.MoAgagors
shall pay,when due,the claims of all persons supplying labor or materials to or in connection with lhe Mortgaged Property.
7.Compliance with Laws. Mortgagors shall comply wilh all present and(ulure statules,laws,rules,orders,reyulalions and
ordinances affecting the Morlga�ed Property,any part lhereof or fhe use thereof.
S.Permitted Contests. Mortgagors shall not be required to(i)pay any lax,assessmenl or other charge referred to In
paragraph 5 hereof,(ii)discharge or remove any lien,encumhrance or charge referred to in para�raph 6 hereof,or(lii)comply with
any statute,law,rule,regulation or ordinance referred to in paragraph 7 hereoF,so long as morigagors shall contest,in good failh,the
existence,amount or the validity thereof,ihe amount of damages caused Ihereby or the extenl of Morlga9ors'Ilabilily therefor,by
appropriate proceedings which shall operate during the pendency thereof to prevent(A)lhe colledion of,or olher realization upon ihe
tax,assessment,charge or lien,encumbrances or charge so con(ested,(8)Ihe sale,forfeiWre or loss of lhe Mortgaged Propedy or
any part thereof,and(C)any inlederence with the use or occupancy of the Modgaged Property or any part Ihereof.Mortgagors shall
give prompt wriiten notice to Morigagee of the commencement of any contest referred to in this paragraph B.
9.Care of Property. Modgagors shall take good care of the Modgaged Properiy,shall keep Ihe Euildings and Personal
Pwparty now or later placed upon Ihe Mortgaged Properly in good antl reasonable repair and shall not injure,destroy or remove
either the Buildings or Personal Propady during Ihe(erm of Ihis Mortgage.Modgagors shall not make any material alleration to�he
Morigaged Property wilhout the prior writlen consent of Morigagee.
t0.lnsurance,
a.Risks to be Insured. Mortgagors,at fheir sole cost and expense,shall malntain insuran�e on Ihe Duildings and ofher
Improvements now existing or hereafter erecled on ihe Land and on lhe Personal PropeAy included in the Morigaged
Property agalnst loss by fire,extended coverage perils and such olher hazards as Morlgagee may from ilme to time
require,such Insurance lo have a"Replacement Cosf'endorsemenl at�ached lhereto,with the amount of ihe Insurance at
leasl equal to lhe balance of lhe Obligations.At Modgagors'option,such policy may have a colnsurance dause of nol less
Ihan 90%of replacernent cost provided the policy contalns an appropriate form of cost escalation endorsement.
Mortgagors will af lheir sole cost and expense,from time to lime,and at any time at the request of Morlgagee,provide
Mortgagee wi�h evidence satisfactory lo Mortgagee of the replacement cos[of Modgaged Property.Mortgago�s will
maintain such other insurance as Moiigagee may reasona6ly require.
b.Policy Prov(slons. All Insurance policles and renewals thereof mainlained by Modgagors pursuant to this Mortgage I
shell be wrillen by an insurance carrier satisfactory fo Mortgagee,conta(n a mortgagea clause In favor of and in form
acceptable lo Morlgagee.confain an agreement of ihe insurer lhat it will not amend,modify or cancel lhe policy except �
O r'19�t:'
�:�a y�,,�_
�
afler thiriy(30)days prior wrillen nolice ro Mortgagee,and be reasonably safisfactory to Morigagee in all other respects.
a Delivery of.Policy or Ce�tificate. If requested by Mortgagee,Mortgagors vrill dellver to Morlgagee original polldes
satisfactory to Morigagee evidencing lhe Insurance which(s�equired under this Mortgage,and Mortga9ors shall prompUy
furnish to Moitgagee all rene�val nolices and,upon request of Mortgagee,evidence of payment thereof.At least ten(10)
�—� --- ----- - —----- ��----days�prior to�the expiration-date-ot.a.required.policy,-ModgagoLs_shall_defi_ver to M4�gagee_a renewal policy in fortn
- --------------.._._ _ ---- --
salis(actory lo Mortgagee.
d.Assignment of Policy. If tbe Mortgaged Property is sold ai a(oreclosure sale or If Mortgagee shall.acqulre till0�o�h�e�,. �
Mortgaged Propedy,Mor�gagee shall have all of the right,litle and inlerest of Mortgagors in and to any insurance policies
required hereunder,and lhe uneamed premiums thereon,and in and to the proceeds Ihereof resWting from any damage to
lhs Mortgaged Property prlor to surh sale or acquisilion. '
e.Notice of�amac�e or Destruction;Adjusting Loss. If lhe Mortgaged Property or any part fliereof shall be damaged
or destroyed by iire or ofher casualty,Morlgagors tvill,wilhin five(5)calendar days afterihe occurrence of such damage or
destrucUon,give wrilten notice thereot to the insurance wrrier and to Mortgagee and will not adjost any damage or loss
which is estimafed by Mortgagors in good failh to exceed$25,000 unless Mortgagee shall have joined in or concurred wilh
such adjustmenl;but if Ihere has been no adjuslmenl of any such damage or loss��riihin four(4)months from the tlate of
occurrence lhereof and if an Event of Detaiill shall exist al the end of such four(4)monlh period or et any fime thereafter,
Mortgagee may alonc make prooF oF loss,adjust and compromise any claim under the policies,and appear in and
prosecute any action arising from such policies.In conneclion therevri(h.Mortgagors do hereby irrevoca6ly aulhorize,
empower and appoinl Mortgagee as altorney-In-fact for Mortgagor(tvhlch appointment is coupled with an inleiest}to do
any and all of Ihe foregoing in the name and on behalf of Morigagors.
f.Appiication of Insurance Proceeds. All sums paid under any insurance policy required by(his P�ortgage shall 6e paid
to Mortgagee,which shall,at its option,appty the same(afler first deduding(here6om Modgagee's expenses incurred in
collecting the same including but not limited lo reasonable attorneys fees)to the reduction of fhe Obligafions or to the
payment of the resloration,repaif,replacement or re6uilding of Mortgaged Property that is damayed or desiroyed in such
manner as Mortgagee shall determine and secondly to the reduction of the Obiigations.Any application of insurance
proceeds to principal of the Obligations shall not extend or postpone Ihe due date of the installments payable under the
Obllgations or change lhe amount of such installments.
. g.Relmbursement of MoRgagee's Expenses. Mortgagors shall promptly reimburse Morlgagee upon demand for all of
Mortyagee's ezpenses iacurred In conneclion with fhe colleclion of the insurance proceeds,inGuding hut no(IimRed to
reasonable attorneys fees,and all such expenses shall 6e adddlonal amounts secured by ihis Mortgage.
1'I.Inspection. Mortgagee,and its agents,shall have the right at all reasonable times,to enter upon Ihe Mortgaged Property
for the purpos2 of inspecting the Morigaged Properly or any part thereof. Mortgagee shall,however,have no duty to make such
inspeclion.Any inspection oF the Mortgaged Property by hAodgagee shall be entirely for ils benefit and Mortgagors shall in no�vay rely
or daim reliance ihereon.
12.Protectlon of Morlgagee's Seeurity. Subjecf to the rights of tJ�ortgagors under paragraph 8 hereof,if Modgagors fail ro
perform any of the covenants and agreements contained in Ihis Mortgage or if any action or proceeding is commenced which aftects
lhe Mortgaged Property or lhe inlerest of the Nlortgagee therein,or Ihe tilie ihereto,lhen Mortgagee,at Mortgagee's opiion,may
perform such covenants and agreements,defend againsi or investigate such action or proceeding,and take such o(her aciion as
Mortgagee deems necessary to protect Modgagee's interesL Any amounts or expenses disbursed or incurred by Mortgogee in good
failh pursuant to this paragraph 12 with interest thereon at the rate of 10%per annurn,shall become an Obligation of Mortgagors
secured by this Mortgage.Such amounts advanced or disbursed by Mortgagee hereunder shall be immedialely due and payable by
Mortgagors unless Morigagors and Moftgagee egree in writing to other terms of repayment.Morigagee shall,at ils oplion,be
subrogated to the lien of any morigage or olher lien discharged In whole or in part by the Obllgations or by Mortgagee under the
provisions hereof,and any such subrogalion riglils shall be additional and cumulative security for lhls Morigage.Nothing contained in
this paragraph shall require Mortgagee to incur any expense or do any act hereunder,and Modgagee shall not be liable to
Mortgagors for any damage or claims arising out of action taken by Morigagee pursuant to this paragraph.
13.Condemna0on. Mortgagors shall give Mortgagee prompt noGce of any action,actual or threatened,in condemnafion or
erninent domain and hereby assign,transfer and set over lo Modgagee the enlire proceeds of any award or claim for damages for all
or any part of ihe Mortgaged Pmperty laken or damaged under Ihe power of eminent domaln or wndemnation.Mortgagee is hereby
authorized to intervene in any such action in the names of Morigagors,to compromise and setlle any such action or claim,and to
collect and receive from the condemning aulhorities and give proper recelpls and acquittances for such proceeds.Any expenses
incurreU by Mortgagee in Intervening in such action or compromisin�end sellling sucFi aclion or claim,or collecting such proceeds
shall be reimbursed lo FAortgagee first out of lhe proceads.The remaining proceeds or any paR thereof shall be applied to reduction
of that portion of lhe Obligations Ihen most remotely to be paid,whether due or not,or to the restoration or repair of lhe Morlgaged
Property,lhe choice of application to 6e solely at ihe discrelion ef Mortgagee.
14.Fixture Filing. From the date of its recording,this htortgage shall be effecfive as a financing statement ftled as a fixture
filing with respect lo the Personal Property and for this p�rpose�he name and address of the debtor is lhe name and address of
. Mortgagors as set forlh in paragraph 20 hemin and the name and address of ihe secured party is tha name and address of lhe �
Mortgagee as set fo�{h in paregraph 20 herein.
15.Events of�efaulL Each of the following occurronces shall constitute an eveN of default hereunder("Event of OefaulP'):
a.Mortgagors shall de(ault in the due observance or performance of or breach its agreement containetl In paragraph 4
hereoFor shall default in the due observance or performance of or breach any olher covenant,condillon or agreemenl on
its pad 10 be observed or pertarmed pursuant to the lerms of this Morlgaye.
b.Mortgagors shall make an assignment for the benefts of ils creditors,or a petilion shall be filed by or against
Mortgagors under the United States Bankruptcy Code or Mortgagors shall seek or consenl to or acquiesce in the
appoinlmenl of any�rustee,receiver or liquidator of a malerial part of its propeAies or of the Mortgaged Property or shall
not,wilhin thirty(30)days afler tha appointment of a hustee,receiver or liquidator of any malerial pa«ot its properties or of
ihe Morlgaged Property,have such appoin6nenf vacated.
c.A judgmenl,writ or�varrant of attachment or execulion,or simflar process shall 6e entered and become a lien on or be
issued or levied against the Nlorigaged Properly or any part thereoiwhich is not released,vacated or fully bonded within
thirry(30)days afterits entry,issue or levy.
d.An event of default,ho�vever defined,shall occur under any other modgage,assignment or ofher security document
conslituling a Iten on Uie Mortgaged Proped/or any pad Ihereof.
16.Acceleralion;Foreclosure. Upon ihe occurrence of any Event of Default and at any time thereaiter while such Event of
Default exisis,Mortgagee may,at i(s option,afier such nolfce as may be required by law,excrclse ane or more of the follov�ng rights
and remedies(and any other righls and remedies available lo il):
a.Mortgagee may declare immedialely due and payable all Obligatlons secured by thls Morlgage,and the same shall
thereupon be immediately due and payable,wilhoul iurther notice or demand.
b.Morlgagee shall have and may exerclse with respect to lhe Personal Property,all the rights and remedies accorded
upon default lo a sewred pady under lhe lowa Uniform Comme�cial Code. I(notice to Morigegors of Intended disposition
of sueh propedy Is required by law in a pariicular instance,such nolice shall be deemed commercially reasonable if c�lven
io Moric�agors at Ieast len(1Q)days prior to Ihe dale of iNended disposition.
c.Mortgagee may(and is hereby authorized and empowered to)foreclose this Modgage in accordance with Ihe law of the _
State of lowa,and al any time a(ler Ihe commeocement of an action in(oreclosure,or during ihe period of redemplion,the
court having jurisdidion of Ihe case shall at Ihe request of Mortgagee appnint a receiver to take immedlate possession oi
the Morigaged P�operly and of Ihe Revenues and Income accruing Ihere from.and to rent or cultivate ihe same as he may
deem best for Ihe interest of all padies concerned,and such receiver shall be Ilable lo account to Modgagors only for the
net profils,after application of rents,issues and profits upon the cosls and expenses of lhe receiversh(p antl foreclosure
and upon the Obligafions.
17.Redemption. It is agreed that if Ihis Mortgage covers less ihan ten(70)acres of la�d,and in the event of Ihe foreclosure of
lhis Morfgage and sale of the property by sheriffs sale in sucb foreclosure proceedings,the time ot one year tor tedemptlon from sald
sale provided by the stahies of the Slale of be�a shall be reduced to six(6)monlhs provided the Mortgagee,in such actlon fles an
eleclion to waive any deficioncy judgmenl against MorlgagOrS which may arise out of the toreclosure proceedings;a0[o be r.onsistent
with lhe provisions of Chapler 628 of Ihe lowa Code.If the redemption period is so reduced,for the first three(3)monlhs after sale
such right of redemption shali be exclusive to the Mortgagor,and ihe Iime periods in Seclions 620.5,628.15 and 626.16 of Ihe Io�va
Code shall be reduced to four(4)months. it Is furthar agreed that the periotl of redemptlon afler a(oreclosure of Ihis Morlgage shall
be reduced to siaTy(60)days if all of the Ihree follovring contingencies develop:(i)The real estafe is less lhan ten(10)acres in size;
(2)Ihe Court finds a(fiimalively lhat(he sa(d real estate has been abandoned by the owners and lhose persons personally liable
under thfs Mortgage at the time of such forec�osure;and(3)Mortgagee in such action files an eleclion[o waive any defclency
judgment against Mortgagors or their successors in inferest In such action.If iha redemption period is so reduced,Morigagors or
their succe,sors fn inlerest or the owner shall have the exclusive righ[to redeem for Ihe first thirty(30)days after such sale,and the
tlrne provlded for redemplion by creditors as provided in Sections 628 5,626.15 and 62f3.16 of lhe lowa Cnde shall be reduced to
forty(40)days.Enlry of appearance by pleading or docket entry by or on behalf of Mortyagors shall be a presumplion that Ihe
property Is not abandoned.Any such redemption period shall be conslslent wlth all of the provlslons of Chaptar 628 of Ihe lowa
� Code_This paragraph shall nof be construed to limit or othenvise affecl any other redempfion provlslons contalned in Chapler 628 of
the lowa Code.
18.Attorneys'Fees. Mortgagors shall pay on demand all costs and expenses incurred by Morlgagee in enforcing or protecting
ils rights and remedies hereunder,incWding,6u[not limited to,reasonable altomey�fees and legal expenses.
19.Forbearance not a Waiver,Righis and Remedies Cumulative, No delay by��lortgagee In exercising any nght or remedy
provided herein or otherwise afforded by law or equiry shall be deemed a watver of or preclude Ihe exercise of such dght or remedy,
and no waiver by MoAgagee ot any particular provisions of lbis Mortgage shall be deemed effectrve unless in writing signed by
Morigagee.All such rights and�emedies p�ovided tor herein or whfth Mortgagee or Ihe holder of the Obligations may have
otherroise,al law or in equity,shall be distinct,separate and cumulative and may he exercised concurrently,independenity or
successlvely in any order whalsoever,and as otten as the occasion therefor arises.
20.Notices. All notices required to be given hereunder shall bz in wnling and deemed given when personally deliverad or
deposited in the United Stales mail,pos[age prepaid,sent cerlified or registered,addressed as follo�vs
a.If to Mortgagors,to:Hartig Really III,L.C.,Attn;Richard J.Hariig,703 Main Street,Dubuque,lowa 52001
b.If lo Mortgagee,to;Economic Development Depadmenl;Ciiy hlall;50 West 131h St.,Dubuque,lowa 520D1
or to such other address or person as herea(ter designated in wriling by the applicable party in lhe manner provided in this paragraph
Tor the giving of notices.
21.Severa6illty, In the event any poRion of this Mortgage shall,(or any reason,be held lo be invalid,illegal or uneniorceable in
whole or in part,the remaining provisions shall not he aFfected thereby and shall continue to be valitl and eniorceable and i(,for any
reason,a cvurt fnds ihat any provision ot Ihis Mortgage is invalid,ille�al,or unenforcea6le as wntten,but that 6y limifing such
provision it would becqme valid,leyal and enforceable ihen such provislon shall be deemed to be wriften,construed and enforced as
so limited_
22.Further Assurances. AI any lime anA from lime to time until payment fn full of the Obligations,Mortgagors will,af ihe request of
Mortgagee,promplly executa and deliver lo Mortgagee such additional inslruments as may be r2asonably required to further
evidence Ihe lien of this Mortgage and to further protect the secudty intzresf of A9ortgagee with respect to the Morigaged Properly,
including,but no[limited to,addilional security agreemenls,financiny sl•atemen�s and toMinualion slalements,Any a�enses
incurred by Mortgagee in connection with the recordahon of any such instruments shall become addilional Obligations of Mortgagors
secured by ihis Mortgage.Such amounts shall be immediatety tlue and payable by Mortgagors to Mortgagee,
23.Successors and Assigns bound;Number,Gender;Agents;Captlons, The righis,covenants and agreemznts contained
herein shall he binding upon and inure to lhe benefil of Ihe respeclive legal representalives,successors and assigns of the parties,
Worcls and phreses containetl herein,including acknowledgmenl hereof,shall be conslrued as in Ihe singular or plural number,and
as mascullne,(emfnine or neuter gender according lo the conlex�s.The capUons and headings of Ihe paragraphs oi lhis Niortgage
are for conveniance only and are not to be used to interpret or define the provlslons hereof.
24.Governing Law. This Morigage shall be governed by and construed in accordance with the laws of the State of lowa.
25.Release of Righ2s of Dower,Homestead and Distributive Share. Each of the undersiyned hereby relinquishes ali righls of
dowzr,homestead and dislributive share in and to the Mortgaged Property and waives all rights of exemption as fo any of Ihe
Mortgaged Property.
26.Acknowledgment of Receipt of Coples of Debt Instrument. Morte�agors hereby acknoa�ledge the recEipt of a copy of Ihls
Mortgage togelher with a copy of each promissory note secured hereby.
27.Addilional Provisions.
Dated: !—�,.�'^�,2009
HarUg Realty III,L_C., Mortgagor
—�,c,.ef/j t�. g.. � I
,,,,..d.�
I UNDERSTAND THAT OMESTEAD PROPERTY IS IN MANY CASES PROTECTED FROM THE CLAIMS OF CREDITORS AN�
EXEMP7 FROM JUDICIAL SALE;AN�THAT BY SIGNING THIS MORTGAG[,I VOLUNTARILY GIVE UP MY RIGHT TO THIS
PROTECTION FOR THIS MORTGAGED PROPERTY WITH RESPECT TO CLAIMS BASED 11PON THIS MORTGAGE.
Daied: /"6���J
`p ELU 50PPE
STATE OF IOWA
F Commisalon Numb r 743485
ss; �.e. �Y Comm.Ezp. -� �`�r�Y�
COUNTYOFDUBUQUE
�e�1
On this day ofe�'- �P��2009,Before me,the underslgned,a Notary Puhlic,personally appeared Richard J.Hariig,to
me known 10 be the idenlical person named in and who executed the foregoing instrument,and acknowledged that they executed lhe
same as their volunlary act and deed.
�-4\.�L. �>���- �C�I:� �i
.�- ;...�-..._.._._..
,NotaryPublic
Name Hartig Realty IV LLC
SS#/�edlD#
Contact Richard Hartig
Address 703 Main
City State Zip Dubuque, IA 52001-6814
Mortgage orig date 9/3/2009
Loan #
Loan Location 703 Main St
Activity/Account 24160241
Interest Rate 3%
Payment Amount $1,933.63
Beginning Balance 12/31/2015 $261,168.21
Payment Payment FY Payment Principal Interest Ending
NBR Due Date �ate Due Date (43405) (43105) Balance
76 01/01/2016 01/07/2016 1,280J1 652.92 259,887.50
77 02/01/2016 02/01/2016 1,283.91 649.72 258,603.59
78 03/01/2016 03/01/2016 1,287.12 646.51 257,316.47
79 04/01/2016 04/01/2016 1,290.34 643.29 256,026.13
80 05/01/2016 05/02/2016 1,293.56 640.07 254,732.57
81 06/01/2016 06/01/2016 1,296.80 636.83 253,435.77
82 07/01/2016 07/11/2016 2017 1,300.04 633.59 252,135.73
83 08/01/2016 08/04/2016 2017 1,303.29 630.34 250,832.44
84 09/01/2016 09/02/2016 2017 1,306.55 627.08 249,525.89
85 10/01/2016 10/10/2016 2017 1,309.81 623.82 248,216.08
86 11/01/2016 11/28/2016 2017 1,313.09 620.54 246,902.99 �
87 12/01/2016 12/01/2016 2017 1,316.37 617.26 245,586.62
88 01/01/2017 01/04/2017 2017 1,319.66 613.97 244,266.96
89 02/01/2017 02/01/2017 2017 1,322.96 610.67 242,944.00
90 03/01/2017 03/03/2017 2017 1,326.27 607.36 241,617.73
91 04/01/2017 04/05/2017 2017 1,329.58 604.05 240,288.15
92 05/01/2017 2017 1,332.91 600.72 240,288.15
93 06/01/2017 2017 1,336.24 597.39 240,288.15
94 07/01/2017 1,339,58 594,05 240,288.15
95 08/01/2017 1,342.93 590.70 240,288.15 j
96 09/01/2017 1,346.29 587.34 240,288.15
97 10/01/2017 1,349.65 583.98 240,288.15
98 11/01/2017 1,353.03 580.60 240,288.15
99 12/01/2017 1,356.41 577.22 240,288.15
100 01/01/2018 1,359.80 573.83 240,288.15
101 02/01/2018 1,363.20 570.43 240,288.15
102 03/01/2018 1,366.61 567.02 240,288.15
103 04/01/2018 1,370.02 563.61 240,288.15
104 05/01/2018 1,373.45 560.18 240,288,15
105 06/01/2018 1,376.88 556.75 240,288.15