BEAR INTEREST AT THE HIGHEST RATE WHICH MAY BE COLLECTED FROM THE
MORTGAGOR UNDER APPLICABLE LAW.
29.
FUTURE ADVANCES.
(A)
TO THE EXTENT THAT THIS MORTGAGE SECURES FUTURE ADVANCES, THE
AMOUNT OF SUCH ADVANCES IS NOT CURRENTLY KNOWN.
THE ACCEPTANCE OF THIS MORTGAGE
BY THE MORTGAGEE, HOWEVER, CONSTITUTES AN ACKNOWLEDGMENT THAT THE MORTGAGEE IS
AWARE OF THE PROVISIONS OF MINN. STAT. § 287.05, SUBD. 5, AND INTENDS TO COMPLY
WITH THE REQUIREMENTS CONTAINED THEREIN.
(B)
THE MAXIMUM PRINCIPAL AMOUNT OF INDEBTEDNESS SECURED BY THIS
MORTGAGE AT ANY ONE TIME, EXCLUDING ADVANCES MADE BY THE MORTGAGEE IN PROTECTION
OF THE MORTGAGED PROPERTY OR THE LIEN OF THIS MORTGAGE, SHALL BE $6,325,000.00.
(C)
THE REPRESENTATIONS CONTAINED IN THIS PARAGRAPH 29 ARE MADE SOLELY
FOR THE BENEFIT OF COUNTY RECORDING AUTHORITIES IN DETERMINING THE MORTGAGE
REGISTRY TAX PAYABLE AS A PREREQUISITE TO THE RECORDING OF THIS MORTGAGE.
THE
MORTGAGOR ACKNOWLEDGES THAT SUCH REPRESENTATIONS DO NOT CONSTITUTE OR IMPLY AN
AGREEMENT BY THE MORTGAGEE TO MAKE ANY FUTURE ADVANCES TO THE MORTGAGOR.
(D)
NOTWITHSTANDING ANY OTHER PROVISION OF THIS MORTGAGE TO THE
CONTRARY, ANY GUARANTEED OBLIGATIONS AS TO WHICH MORTGAGE REGISTRY TAX IS
PAYABLE SHALL NOT BE SECURED BY THIS MORTGAGE UNLESS AND UNTIL THE TAX IS PAID.
30.
LIMITATION ON LIABILITY.
THE OBLIGATIONS OF THE MORTGAGOR
HEREUNDER ARE SUBJECT TO THE LIMITATIONS ON LIABILITY IN THE SUBSIDIARY
GUARANTEE AGREEMENT.
31.
REVOLVING LINE OF CREDIT.
THIS MORTGAGE SECURES A REVOLVING LINE
OF CREDIT UNDER WHICH ADVANCES, PAYMENTS OR READVANCES MAY BE MADE FROM TIME TO
TIME IN ACCORDANCE WITH THE CREDIT AGREEMENT.
MORTGAGOR HEREBY AGREES THAT, IF
THE OUTSTANDING, UNPAID BALANCE OF THE REVOLVING LINE OF CREDIT UNDER THE CREDIT
AGREEMENT IS EVER REDUCED TO ZERO, THE LIEN AND SECURITY INTEREST HEREOF SHALL
BE DEEMED TO REMAIN IN FULL FORCE AND EFFECT TO SECURE ANY FUTURE ADVANCES MADE
UNDER SAID REVOLVING LINE OF CREDIT, SUBJECT TO THE PROVISIONS HEREOF LIMITING
ENFORCEMENT OF THIS MORTGAGE TO A DEBT AMOUNT OF $6,325,000 UNDER CHAPTER 287 OF
MINNESOTA STATUTES.
32.
ASSIGNMENT OF LEASES AND RENTS.
ALL RIGHT, TITLE, AND INTEREST OF
MORTGAGOR IN AND TO ALL PRESENT LEASES AFFECTING THE MORTGAGED PROPERTY AND
INCLUDING AND TOGETHER WITH ANY AND ALL FUTURE LEASES, WRITTEN OR ORAL, UPON ALL
OR ANY PART OF THE MORTGAGED PROPERTY AND TOGETHER WITH ALL OF THE RENTS,
INCOME, RECEIPTS, REVENUES, ISSUES, AVAILS AND PROFITS FROM OR DUE OR ARISING
OUT OF THE MORTGAGED PROPERTY ARE HEREBY TRANSFERRED AND ASSIGNED SIMULTANEOUSLY
HEREWITH TO MORTGAGEE AS FURTHER SECURITY FOR THE PAYMENT OF THE GUARANTEED
OBLIGATIONS.
ALL FUTURE LEASES AFFECTING THE MORTGAGED PROPERTY SHALL BE
SUBMITTED BY MORTGAGOR TO MORTGAGEE FOR ITS APPROVAL PRIOR TO EXECUTION, WHICH
APPROVAL SHALL NOT BE UNREASONABLY WITHHELD OR DELAYED.
EACH LEASE, INCLUDING
ALL FUTURE LEASES SHALL BE SUBORDINATE TO THIS MORTGAGE, PROVIDED THAT, UPON THE
REQUEST OF THE MORTGAGOR AND THE LESSEE UNDER ANY SUCH LEASE, MORTGAGEE SHALL
ENTER INTO A SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT (OR SIMILAR
AGREEMENT) WITH SUCH LESSEE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
MORTGAGEE,