GRANTED TO THE MORTGAGEE TO SELL THE MORTGAGED PROPERTY AT PUBLIC
AUCTION AND CONVEY THE SAME TO THE PURCHASER IN FEE SIMPLE, PURSUANT TO THE
STATUTES OF THE STATE OF MINNESOTA, AND, OUT OF THE PROCEEDS ARISING FROM SUCH
SALE AND FORECLOSURE, TO SATISFY ALL GUARANTEED OBLIGATIONS TOGETHER WITH ALL
SUCH SUMS OF MONEY AS THE MORTGAGEE SHALL HAVE EXPENDED OR ADVANCED PURSUANT TO
THIS MORTGAGE OR PURSUANT TO STATUTE TOGETHER WITH INTEREST THEREON AS HEREIN
PROVIDED AND ALL COSTS AND EXPENSES OF SUCH FORECLOSURE, INCLUDING THE MAXIMUM
LAWFUL ATTORNEYS' FEES, WITH THE BALANCE, WHICH COSTS, CHARGES AND FEES THE
MORTGAGOR AGREES TO PAY.
ALL EXPENDITURES AND EXPENSES OF THE NATURE IN THIS
SECTION MENTIONED AND SUCH EXPENSES AND FEES AS MAY BE INCURRED IN THE
PROTECTION OF THE LAND AND THE MAINTENANCE OF THE LIEN OF THIS MORTGAGE,
INCLUDING, BUT NOT LIMITED TO, THE FEES AND EXPENSES OF ANY ATTORNEYS EMPLOYED
BY MORTGAGEE IN ANY LITIGATION OR PROCEEDING AFFECTING THIS MORTGAGE, THE
GUARANTEED OBLIGATIONS OR THE LAND, INCLUDING BANKRUPTCY OR PROBATE PROCEEDINGS,
OR IN THE PREPARATION FOR THE COMMENCEMENT OR DEFENSE OF ANY PROCEEDING OR
THREATENED SUIT OR PROCEEDING, SHALL BE IMMEDIATELY DUE AND PAYABLE BY
MORTGAGOR, WITH INTEREST THEREON AT THE DEFAULT RATE (AS DEFINED IN THE CREDIT
AGREEMENT), AND SHALL BE SECURED BY THIS MORTGAGE.
(C)
MORTGAGEE SHALL HAVE THE RIGHT TO OBTAIN THE APPOINTMENT OF A
RECEIVER AND MAY APPLY FOR THE APPOINTMENT OF A RECEIVER TO THE DISTRICT COURT
FOR THE COUNTY WHERE THE LAND OR ANY PART THEREOF IS LOCATED, BY AN ACTION
SEPARATE FROM ANY FORECLOSURE OF THIS MORTGAGE PURSUANT TO MINNESOTA STATUTES
CHAPTER 580 OR PURSUANT TO MINNESOTA STATUTES CHAPTER 581, OR AS A PART OF THE
FORECLOSURE ACTION UNDER SAID CHAPTER 581 (IT BEING AGREED THAT THE EXISTENCE OF
A FORECLOSURE PURSUANT TO SAID CHAPTER 580 OR A FORECLOSURE ACTION PURSUANT TO
SAID CHAPTER 581 IS NOT A PREREQUISITE TO ANY ACTION FOR A RECEIVER HEREUNDER).
MORTGAGEE SHALL BE ENTITLED TO THE APPOINTMENT OF A RECEIVER WITHOUT REGARD TO
WASTE, ADEQUACY OF THE SECURITY OR SOLVENCY OF MORTGAGOR.
UNTIL THE GUARANTEED
OBLIGATIONS ARE FULLY PAID AND SATISFIED AND, IN THE CASE OF A FORECLOSURE SALE,
DURING THE ENTIRE REDEMPTION PERIOD, THE RECEIVER, WHO SHALL BE AN EXPERIENCED
PROPERTY MANAGER, SHALL HAVE POWER: (I) TO COLLECT THE RENTS DURING THE PENDENCY
OF SUCH FORECLOSURE SUIT AND, IN CASE OF A SALE AND A DEFICIENCY, DURING THE
FULL STATUTORY PERIOD OF REDEMPTION, IF ANY, WHETHER THERE BE REDEMPTION OR NOT,
AS WELL AS DURING ANY FURTHER TIMES WHEN MORTGAGOR, EXCEPT FOR THE INTERVENTION
OF SUCH RECEIVER, WOULD BE ENTITLED TO COLLECT SUCH RENTS; (II) TO EXTEND OR
MODIFY ANY LEASES AND TO MAKE NEW LEASES, WHICH EXTENSIONS, MODIFICATIONS AND
NEW LEASES MAY PROVIDE FOR TERMS TO EXPIRE, OR FOR OPTIONS TO LESSEES TO EXTEND
OR RENEWAL TERMS TO EXPIRE, BEYOND THE MATURITY DATE OF THE INDEBTEDNESS
HEREUNDER AND BEYOND THE DATE OF THE ISSUANCE OF A DEED OR DEEDS TO A PURCHASER
OR