PRIOR NOTICE OF SUCH DISPOSITION MUST
BE GIVEN TO BORROWER, ALL AS PROVIDED FOR BY THE MINNESOTA UNIFORM COMMERCIAL
CODE, AS HEREAFTER AMENDED, OR BY ANY SIMILAR OR REPLACEMENT STATUTE HEREAFTER
ENACTED.
BORROWER FURTHER UNDERSTANDS THAT UNDER THE CONSTITUTION OF THE UNITED STATES IT
MAY HAVE THE RIGHT TO NOTICE AND HEARING BEFORE THE PROPERTY MAY BE SOLD AND
THAT THE PROCEDURE FOR FORECLOSURE BY ADVERTISEMENT DESCRIBED ABOVE DOES NOT
INSURE THAT NOTICE WILL BE GIVEN TO BORROWER, AND NEITHER SAID PROCEDURE FOR
FORECLOSURE BY ADVERTISEMENT NOR THE MINNESOTA UNIFORM COMMERCIAL CODE REQUIRES
ANY HEARING OR OTHER JUDICIAL PROCEEDING.
BORROWER HEREBY RELINQUISHES, WAIVES AND GIVES UP ANY CONSTITUTIONAL RIGHTS TO
NOTICE AND HEARING BEFORE SALE OF THE PROPERTY AND EXPRESSLY CONSENTS AND AGREES
THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PORTION
THEREOF WHICH IS
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SUBJECT TO THE SECURITY INTEREST HEREINBEFORE GRANTED MAY BE DISPOSED OF
PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE.
BORROWER ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE
SIGNING THIS DOCUMENT THIS SECTION AND ITS CONSTITUTIONAL RIGHTS WERE FULLY
EXPLAINED BY SUCH COUNSEL AND THAT IT UNDERSTANDS THE NATURE AND EXTENT OF THE
RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.
8.8
No Agricultural Use
Borrower represents and warrants that as of the date of this Mortgage, the
Property is not in agricultural use as defined in Minnesota Statutes
Section 40A.02, Subd. 3, and is not used for agricultural purposes.
8.9
Wells and Sewer Systems
Borrower does not know of any wells (as defined by Minnesota Statutes §103I.005,
Subd. 21, as amended) on the Land, nor of any individual sewage systems (within
the meaning of Minnesota Statutes §115.55, Subd. 1(g)) on or serving the Land.
8.10
Future Advances
The maximum principal amount of indebtedness secured by this Mortgage at any one
time, excluding advances made by Lender in protection of the Property or the
lien of this Mortgage, shall be $35,600,000.
To the extent that this Mortgage
secures future advances, the amount of such advances is not currently
known.
The acceptance of this Mortgage by Lender, however, constitutes an
acknowledgment that Lender is aware of the provisions of Minnesota Statutes
§287.05, Subd. 5, and intends to comply with the requirements contained
therein.
The representations contained in this Section are made solely for the
benefit of the county recording authorities in determining the mortgage registry
tax payable as a prerequisite to the recording of this Mortgage.
Borrower
acknowledges that such representations do not constitute or imply an agreement
by Lender to make any future advances to Borrower.
Borrower agrees to pay any
additional mortgage registry tax payable in connection with any future advances,
if made.
(Execution pages follow).
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IN WITNESS WHEREOF, Borrower has caused this instrument to be duly executed
effective as of the date first above written.
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Exhibit A
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EXHIBIT A
DESCRIPTION OF THE LAND
Parcel 1:
Lot 1, Block 1,