OF A FINANCING STATEMENT PURSUANT TO THE CODE SHALL EVER
IMPAIR THE STATED INTENTION OF THIS MORTGAGE THAT ALL COLLATERAL COMPRISING THE
PREMISES AND AT ALL TIMES AND FOR ALL PURPOSES AND IN ALL PROCEEDINGS BOTH LEGAL
OR EQUITABLE SHALL BE REGARDED AS PART OF THE REAL PROPERTY CONVEYED AND SECURED
HEREUNDER IRRESPECTIVE OF WHETHER SUCH ITEM IS PHYSICALLY ATTACHED TO THE REAL
PROPERTY OR ANY SUCH ITEM IS REFERRED TO OR REFLECTED IN A FINANCING STATEMENT.
BORROWER WILL ON DEMAND DELIVER ALL FINANCING STATEMENTS THAT MAY FROM TIME TO
TIME BE REQUIRED BY LENDER TO ESTABLISH, PERFECT AND CONTINUE THE PRIORITY OF
LENDER'S SECURITY INTEREST IN THE COLLATERAL AND SHALL PAY ALL EXPENSES INCURRED
BY LENDER IN CONNECTION WITH THE RENEWAL OR EXTENSIONS OF ANY FINANCING
STATEMENTS EXECUTED IN CONNECTION WITH THE PREMISES; AND SHALL GIVE ADVANCE
WRITTEN NOTICE OF ANY PROPOSED CHANGE IN BORROWER'S NAME, IDENTITY OR STRUCTURE
AND WILL EXECUTE AND DELIVER TO LENDER PRIOR TO OR CONCURRENTLY WITH SUCH CHANGE
ALL ADDITIONAL FINANCING STATEMENTS THAT LENDER MAY REQUIRE TO ESTABLISH AND
PERFECT THE PRIORITY OF LENDER'S SECURITY INTEREST.
2.2
MAINTENANCE OF PROPERTY.
SUBJECT TO THE
PROVISIONS OF THIS SECTION, IN ANY INSTANCE WHERE BORROWER IN ITS SOUND
DISCRETION DETERMINES THAT ANY COLLATERAL SUBJECT TO A SECURITY INTEREST UNDER
THIS MORTGAGE HAS BECOME INADEQUATE, OBSOLETE, WORN OUT, UNSUITABLE, UNDESIRABLE
OR UNNECESSARY FOR THE OPERATION OF THE PREMISES, BORROWER MAY, AT ITS EXPENSE,
REMOVE AND DISPOSE OF IT AND SUBSTITUTE AND INSTALL OTHER ITEMS NOT NECESSARILY
HAVING THE SAME FUNCTION, PROVIDED, THAT SUCH REMOVAL AND SUBSTITUTION SHALL NOT
IMPAIR THE OPERATING UTILITY AND UNITY OF THE PREMISES.
ALL SUBSTITUTED ITEMS
SHALL BECOME A PART OF THE PREMISES AND SUBJECT TO THE LIEN OF THE MORTGAGE.
ANY AMOUNTS RECEIVED OR ALLOWED BORROWER UPON THE SALE OR OTHER DISPOSITION OF
THE REMOVED ITEMS OF COLLATERAL SHALL BE APPLIED FIRST AGAINST THE COST OF
ACQUISITION AND INSTALLATION OF THE SUBSTITUTED ITEMS.
NOTHING HEREIN CONTAINED
SHALL BE CONSTRUED TO PREVENT ANY TENANT FROM REMOVING FROM THE PREMISES TRADE
FIXTURES, FURNITURE AND EQUIPMENT INSTALLED BY THE TENANT AND
8
REMOVABLE BY THE TENANT UNDER ITS TERMS OF THE LEASE, ON THE CONDITION, HOWEVER,
THAT THE TENANT SHALL AT ITS OWN COST AND EXPENSE, REPAIR ANY AND ALL DAMAGES TO
THE PREMISES RESULTING FROM OR CAUSED BY THE REMOVAL THEREOF.
2.3
FIXTURE FILING.
THIS MORTGAGE SHALL BE
EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING WITH RESPECT TO ALL
GOODS CONSTITUTING A PART OF THE COLLATERAL WHICH ARE OR ARE TO BECOME FIXTURES
RELATED TO THE PREMISES.
FOR PURPOSES OF THE UNIFORM COMMERCIAL CODE THE
FOLLOWING INFORMATION IS FURNISHED:
(A)
THE NAME AND ADDRESS OF THE RECORD OWNER OF
THE REAL ESTATE DESCRIBED IN THIS INSTRUMENT IS:
Great Plains Ethanol, LLC
27716 - 462nd Avenue
Chancellor, South Dakota
57015
(B)
THE NAME AND ADDRESS OF THE DEBTOR IS:
Great Plains Ethanol, LLC
27716 - 462nd Avenue
Chancellor, South Dakota
57015
(C)
DEBTOR'S FEDERAL TAX ID NO. 46-0459188
(D)
THE NAME AND