DURING THE ENTIRE TERM OF
THE NOTE AND THIS MORTGAGE, BORROWER AGREES NOT TO CONVERT THE PREMISES TO ANY
USE OTHER THAN AS AN DRY MILL ETHANOL FACILITY.
ANY OTHER USE OF THE PREMISES
SHALL CONSTITUTE AN EVENT OF DEFAULT.
9.10
PRIORITY OF FUTURE ADVANCES.
ANY ADVANCE OR
FURTHER AGREEMENT MADE BETWEEN LENDER AND BORROWER PURSUANT TO THIS MORTGAGE
SHALL BE SUPERIOR TO THE RIGHTS OF THE HOLDER OF ANY INTERVENING LIEN OR
ENCUMBRANCE.
THIS MORTGAGE SECURES ALL FUTURE ADVANCES BY LENDER TO BORROWER
AND ALL FUTURE OBLIGATIONS OF BORROWER TO LENDER PURSUANT TO THE NOTE UP TO AND
INCLUDING THE STATED PRINCIPAL INDEBTEDNESS OF $33,984,846.77.
THE PARTIES
AGREE THAT THIS MORTGAGE CONSTITUTES A COLLATERAL REAL ESTATE MORTGAGE PURSUANT
TO SDCL § 44-8-26.
9.11
ADJUSTABLE RATE NOTE.
THE NOTE SECURED BY THIS
MORTGAGE PROVIDES FOR ADJUSTMENTS IN ITS INTEREST RATE FROM TIME TO TIME IN
ACCORDANCE WITH ITS TERMS.
REFERENCE IS MADE TO THE NOTE FOR THE TIMES, TERMS
AND CONDITIONS OF THE ADJUSTMENT IN THE INTEREST RATE.
SUCH TIMES, TERMS AND
CONDITIONS ARE INCORPORATED HEREIN BY REFERENCE.
9.12
ENTIRE AGREEMENT.
THE PARTIES ACKNOWLEDGE THAT
THE WRITTEN TERMS OF THE NOTE, THIS MORTGAGE, AND THE OTHER DOCUMENTS ISSUED IN
CONNECTION WITH THE LOAN, ACCURATELY REFLECT THE MUTUAL UNDERSTANDING OF
BORROWER AND LENDER, AS TO ALL MATTERS ADDRESSED THEREIN, AND BORROWER FURTHER
REPRESENTS AND WARRANTS THAT THERE ARE NO OTHER AGREEMENTS OR UNDERSTANDINGS,
WRITTEN OR ORAL, WHICH EXIST BETWEEN BORROWER AND LENDER RELATING TO THE MATTERS
ADDRESSED IN SAID DOCUMENTS.
9.13
LENDER'S EXPENSE.
SHOULD LENDER MAKE ANY
PAYMENTS HEREUNDER OR UNDER THE NOTE OR UNDER ANY OTHER LOAN DOCUMENT, OR INCUR
ANY LIABILITY, LOSS OR DAMAGE UNDER OR BY REASON OF THIS MORTGAGE, THE NOTE OR
ANY OTHER LOAN DOCUMENT, OR IN THE DEFENSE OF ANY CLAIMS OR DEMANDS, THE AMOUNT
THEREOF, AND ALL COSTS AND EXPENSES, INCLUDING ALL FILING, RECORDING, AND TITLE
27
FEES AND ANY OTHER EXPENSES RELATING TO THE INDEBTEDNESS SECURED HEREBY,
INCLUDING WITHOUT LIMITATION FILING FEES FOR UCC CONTINUATION STATEMENTS AND ANY
EXPENSE INVOLVING MODIFICATION THERETO, ATTORNEYS' FEES, AND ANY AND ALL COSTS
AND EXPENSES INCURRED IN CONNECTION WITH MAKING, PERFORMING, OR COLLECTING THE
INDEBTEDNESS OR EXERCISING ANY OF LENDER'S RIGHTS UNDER THE NOTE, THIS MORTGAGE
OR ANY OTHER LOAN DOCUMENT, INCLUDING ATTORNEYS' FEES, THE COST OF APPRAISALS
AND THE COST OF ANY ENVIRONMENTAL INSPECTIONS IN CONNECTION THEREWITH, AND ALL
CLAIMS FOR BROKERAGE AND FINDER'S FEES WHICH MAY BE MADE IN CONNECTION WITH THE
MAKING OF THE LOAN, TOGETHER WITH INTEREST THEREON, AT THE DEFAULT RATE, SHALL
BECOME PART OF THE INDEBTEDNESS SECURED HEREBY AND SHALL BE SECURED BY THIS
MORTGAGE AND THE OTHER LOAN DOCUMENT AND BORROWER HEREBY AGREES TO REIMBURSE
LENDER THEREFOR IMMEDIATELY UPON DEMAND.
SUCH SUMS, COSTS AND EXPENSES SHALL
BE, UNTIL SO PAID, PART OF THE INDEBTEDNESS SECURED HEREBY AND LENDER SHALL BE
ENTITLED, TO THE EXTENT PERMITTED BY LAW, TO RECEIVE AND RETAIN THE FULL AMOUNT
OF THE INDEBTEDNESS SECURED HEREBY IN ANY ACTION FOR REDEMPTION BY BORROWER, FOR
AN ACCOUNTING