OR A PETITION SHALL BE FILED BY OR AGAINST THE MORTGAGOR UNDER THE
UNITED STATES BANKRUPTCY CODE, OR THE MORTGAGOR SHALL SEEK OR CONSENT TO OR
ACQUIESCE IN THE APPOINTMENT OF ANY TRUSTEE, RECEIVER OR LIQUIDATOR OF A
MATERIAL PART OF ITS PROPERTIES OR OF THE MORTGAGED PROPERTY OR SHALL NOT,
WITHIN 30 DAYS AFTER THE APPOINTMENT (WITHOUT ITS CONSENT OR ACQUIESCENCE) OF A
TRUSTEE, RECEIVER OR LIQUIDATOR OF ANY MATERIAL PART OF ITS PROPERTIES OR OF THE
MORTGAGED PROPERTY, HAVE SUCH APPOINTMENT VACATED.
(I)
A JUDGMENT, WRIT OR WARRANT OF ATTACHMENT OR EXECUTION, OR
SIMILAR PROCESS SHALL BE ENTERED AND BECOME A LIEN ON, ISSUED OR LEVIED AGAINST,
THE MORTGAGED PROPERTY OR ANY PART THEREOF AND SHALL NOT BE RELEASED, VACATED OR
FULLY BONDED WITHIN 30 DAYS AFTER ITS ENTRY, ISSUE OR LEVY.
(J)
THE MORTGAGED PROPERTY, OR ANY PART THEREOF, SHALL BE SOLD,
CONVEYED, TRANSFERRED, ENCUMBERED OR FULL POSSESSORY RIGHTS THEREIN TRANSFERRED,
WHETHER VOLUNTARILY, INVOLUNTARILY OR BY OPERATION OF LAW; THIS PROVISION SHALL
APPLY TO EACH AND EVERY SALE, TRANSFER, CONVEYANCE OR ENCUMBRANCE REGARDLESS OF
WHETHER OR NOT THE MORTGAGEE HAS CONSENTED OR WAIVED ITS RIGHTS, WHETHER BY
ACTION OR OMISSION, IN CONNECTION WITH ANY PREVIOUS SALE, TRANSFER, CONVEYANCE
OR ENCUMBRANCE.
16.
REMEDIES.
UPON THE OCCURRENCE OF ANY EVENT OF DEFAULT, THE
MORTGAGEE MAY, AT ITS OPTION, EXERCISE ONE OR MORE OF THE FOLLOWING RIGHTS AND
REMEDIES (AND ANY OTHER RIGHTS AND REMEDIES AVAILABLE TO IT):
(A)
THE MORTGAGEE SHALL HAVE AND MAY EXERCISE WITH RESPECT TO ALL
PERSONAL PROPERTY AND FIXTURES WHICH ARE PART OF THE MORTGAGED PROPERTY, ALL THE
RIGHTS AND REMEDIES ACCORDED UPON DEFAULT TO A SECURED PARTY UNDER THE UNIFORM
COMMERCIAL CODE, AS IN EFFECT IN THE STATE OF MINNESOTA, INCLUDING, WITHOUT
LIMITATION, THE RIGHT TO PROCEED UNDER THE UNIFORM COMMERCIAL CODE PROVISIONS
GOVERNING DEFAULT AS TO ANY PERSONAL PROPERTY SEPARATELY FROM THE REAL ESTATE
INCLUDED WITHIN THE LAND, OR TO PROCEED AS TO ALL OF THE LAND IN ACCORDANCE WITH
ITS RIGHTS AND REMEDIES IN RESPECT OF SAID REAL ESTATE.
IF MORTGAGEE SHOULD
ELECT TO PROCEED SEPARATELY AS TO SUCH PERSONAL PROPERTY, MORTGAGOR AGREES TO
MAKE SUCH PERSONAL PROPERTY AVAILABLE TO MORTGAGEE AT A PLACE OR PLACES
REASONABLY ACCEPTABLE TO MORTGAGEE.
IF NOTICE TO THE MORTGAGOR OF INTENDED
DISPOSITION OF SUCH PROPERTY IS REQUIRED BY LAW IN A PARTICULAR INSTANCE, SUCH
NOTICE SHALL BE DEEMED COMMERCIALLY REASONABLE IF GIVEN TO THE MORTGAGOR (IN THE
MANNER SPECIFIED IN PARAGRAPH 20) AT LEAST 10 CALENDAR DAYS PRIOR TO THE DATE OF
INTENDED DISPOSITION.
THE MORTGAGOR SHALL PAY ON DEMAND ALL COSTS AND EXPENSES
INCURRED BY THE MORTGAGEE IN EXERCISING SUCH RIGHTS AND REMEDIES, INCLUDING
WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES AND LEGAL EXPENSES.
(B)
THE MORTGAGEE MAY ACCELERATE THE MATURITY OF ALL OF THE GUARANTEED
OBLIGATIONS (OR TAKE ANY OTHER ACTION PROVIDED IN THE CREDIT AGREEMENT OR AT LAW
OR EQUITY) AND THEN MAY (AND IS HEREBY AUTHORIZED AND EMPOWERED TO) FORECLOSE
THIS MORTGAGE BY JUDICIAL PROCEEDING OR BY ADVERTISEMENT WITH POWER OF SALE
BEING HEREBY