Document:

Amendment to Amended and Restated Agreement for Wholesale Financing

 Exhibit 10.25 
  
 AMENDMENT TO 
 AMENDED AND RESTATED AGREEMENT FOR WHOLESALE FINANCING 
 (Amendment No. 6) 
  
 This Amendment to Amended and Restated Agreement for Wholesale Financing
(“Amendment”) is made by and between GE Commercial Distribution Finance Corporation, a Delaware corporation, successor in interest to GE Commercial Distribution Finance Corporation, a Nevada corporation, f/k/a Deutsche
Financial Services Corporation (“CDF”) and Featherlite, Inc. (“Dealer”). 
  
 WHEREAS, CDF and Dealer entered into that certain Amended and Restated Agreement for Wholesale Financing dated October 6, 1997, as amended
(“Agreement”); and 
  
 WHEREAS, CDF and Dealer
desire to amend the Agreement as provided herein. 
  
 FOR VALUE
RECEIVED, the Agreement is amended to include the following provisions as if they were originally set forth therein: 
  
 1. Amendment/New Motor Coach Wholesale Credit Facility. Paragraph 1 of the Agreement is deleted and amended to read in its entirety as follows:

  
 “1. New Motor Coach Wholesale Credit Facility.
Subject to the terms of this Agreement, CDF will extend credit to Dealer for the purpose of financing completed motor coaches manufactured by Dealer (each a “New Motor Coach”) up to a maximum outstanding principal balance of Twelve
Million Five Hundred Thousand Dollars ($12,500,000) or such greater or lesser amount as CDF may from time to time establish in its sole discretion (“Wholesale Facility”). The Wholesale Facility will be subject to the following
terms: 
  

	 	1.1	Eligible Inventory/Advance Rates. Subject to the maximum amount of the Wholesale Facility, CDF will finance completed New Motor Coaches in an amount not to exceed ninety
percent (90%) of the actual cost to manufacture said New Motor Coach, upon Dealer’s written request in form and substance satisfactory to CDF, and subject to CDF’s review and concurrence with such amount, less the amount of any deposit
made by the prospective purchaser of a New Motor Coach financed by CDF. 

  

	 	1.2	Inspection/Documentation. Prior to funding a completed New Motor Coach, Dealer will provide documentation for the completed unit containing details of all equipment and
options. Upon receipt of such documentation, CDF may arrange a physical inspection of the completed unit to verify completion. Upon CDF’s request, Dealer will permit CDF to review Dealer’s records to confirm the cost to manufacture New
Motor Coaches. The manufacturer’s statement of origin for both the chassis and the completed unit must be delivered to CDF prior to funding to be retained until funding of the retail sale of the unit. Upon funding, CDF may remit the portion of
the advance allocated to the cost of the chassis directly to the manufacturer of the chassis, provided that the manufacturer provides a written release of its lien in said chassis, or, if such amount is paid by Dealer, Dealer will provide evidence
of payment of all amounts due to such 

  

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 manufacturer for such chassis and manufacturer’s written release of its lien in said chassis. CDF
must have a first perfected security interest in each New Motor Coach financed, including the chassis, and all proceeds thereof. 
  

	 	1.3	Due in Full. The outstanding loan balance for each New Motor Coach financed by CDF will be due and payable in full 360 days after the documented date of completion of
manufacture, unless payment is due sooner as provided in Section 10. 

  

	 	1.4	Statement of Transaction. The applicable financing terms will be set forth on the Statement of Transaction provided by CDF to Dealer for each New Motor Coach financed by
CDF.” 

  
 2. Amendment/Used RV Inventory Revolving Credit
Facility. Paragraph 2 of the Agreement is deleted and amended to read in its entirety as follows: 
  
 “2. Used RV Inventory and New Motor Coach Revolving Credit Facility. From time to time, CDF may provide Dealer with financing for
Dealer’s inventory of Used RVs and certain New Motor Coaches on the following terms: 
  

	 	2.1	Used RV and New Motor Coach Inventory Revolving Credit Facility. CDF agrees to grant to Dealer a Used RV and New Motor Coach Inventory Revolving Credit Facility
(“Revolving Credit Facility”) in an amount equal to the lesser of: (i) Twelve Million Five Hundred Thousand Dollars ($12,500,000) or such greater or lesser amount as CDF may from time to time establish in its sole discretion; and
(ii) the aggregate Loan Value. 

  

	 	2.2	Interest. Dealer agrees to pay interest to CDF on the Daily Contract Balance of the Revolving Credit Facility at the Prime Rate per annum. Such interest will: (i) be
computed based on a 360 day year; (ii) be calculated each day by multiplying the Daily Revolver Rate by the Daily Contract Balance; and (iii) accrue from the date that CDF makes an advance under the Revolving Credit Facility until CDF receives the
full and final payment of the principal debt which Dealer owes to CDF, subject to any applicable default interest rate. 

  

	 	2.3	Loans. CDF will from time to time loan to Dealer, at Dealer’s request in a written borrowing base certificate together with supporting information, in form and
substance satisfactory to CDF, such amount as CDF, in its sole discretion, may deem advisable (subject to the maximum amount of the Revolving Credit Facility), but in any event not more than the aggregate Loan Value of Dealer’s Used RVs and New
Motor Coaches, to the extent CDF has a first priority, fully perfected security interest therein, that CDF deems, in its sole discretion, to be acceptable for financing. CDF may limit the number of requests for loans. Dealer represents and warrants
that all Used RVs and New Motor Coaches to be financed by CDF are held in Dealer’s inventory, free and clear of all liens and encumbrances (other than the subordinated lien of U.S. Bank, National Association), in good physical and mechanical
condition, and ready for ordinary retail sale. 

  

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	 	2.4	Limitations. 

  
 2.4.1 Used RVs. Used RVs for which Dealer may request a loan must be the current model year or no more than ten (10) model years prior to the
current model year, subject to the limitations of the Loan Value, in good physical and mechanical condition, and subject to CDF’s approval. Each Used RV for which the Dealer’s acquisition date is more than 720 days from the date of
determination shall not be eligible for use in determining the aggregate Loan Value. CDF reserves the right to limit its advances with respect to any Used RV for which financing is requested and to limit the aggregate amount of advances made with
respect to all Used RVs. 
  
 2.4.2 New Motor Coaches. New
Motor Coaches for which Dealer may request a loan must be at least 361 days old and no more than 1080 days old, in each case as measured from the documented date of completion of manufacture. Each New Motor Coach for which the documented date of
completion of manufacture is more than 1080 days from the date of determination shall not be eligible for use in determining the aggregate Loan Value. CDF reserves the right to limit its advances with respect to any New Motor Coach for which
financing is requested and to limit the aggregate amount of advances made with respect to all New Motor Coaches. 
  

	 	2.5	Collateral Summary Report/Inventory Report. Each week Dealer shall provide CDF with a Collateral Summary Report. The Collateral Summary Report will contain information
current as of the time period requested by CDF. The Collateral Summary Report will include: (i) a borrowing base certificate together with supporting information, in form and substance satisfactory to CDF; (ii) the sales prices of each new Motor
Coach and Used RV sold by Dealer; (iii) an inventory report in form and substance reasonably satisfactory to CDF; and (iv) such other matters and information relating to the Used RVs and New Motor Coaches as CDF may from time to time request. CDF
may request that Dealer provide the Collateral Summary Report on a more frequent basis, or CDF may reduce the frequency of such reporting. 

  

	 	2.6	Inspection Procedures. CDF may at any time conduct a physical inspection of all Used RVs and New Motor Coaches and the titles for such Used RVs and New Motor Coaches. Dealer
grants CDF an irrevocable license to enter Dealer’s business locations during normal working hours without notice to Dealer to account for and inspect the Used RVs and New Motor Coaches and their respective titles and to determine the
Applicable Valuation of the Used RVs and review Dealer’s records to confirm the cost to manufacture the New Motor Coaches. Dealer will maintain possession of the original of the bill of sale or other written evidence of the acquisition of each
Used RV and the certificate of title showing the release of all liens noted thereon. For each New Motor Coach financed, Dealer will deliver to CDF the manufacturer’s statement of origin for both the chassis and the completed unit prior to
funding. 

  

	 	2.7	Paydown. Regardless of the terms of the Revolving Credit Facility, if at any time the aggregate amount of outstanding loans under the Revolving Credit Facility exceeds
the aggregate Loan Value of the Used RVs and New Motor Coaches, Dealer will immediately repay to CDF, as a reduction of Dealer’s outstanding loans under the Revolving Credit Facility, the difference between (i) such aggregate amount of
outstanding loans under the Revolving Credit Facility, and 

  

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 (ii) the aggregate Loan Value. Upon the effective date of termination of the Agreement, Dealer will
immediately repay to CDF all amounts due under the Revolving Credit Facility. 
  

	 	2.8	Definitions. As used in this Agreement: 

  
 “Applicable Valuation” means: 
  
 (a) for any Used RV, the used wholesale value as provided in the most current edition of the N.A.D.A. Recreation Vehicle Appraisal Guide, excluding
adjustments for the value of any added accessories, and if the Used RV is not listed in said guide, the estimated wholesale value of said Used RV, subject to CDF’s review and concurrence with such amount; 
  
 and 
  
 (b) for New Motor Coaches, the actual cost to manufacture said New Motor Coach, subject to CDF’s review and concurrence
with such amount. 
  
 “Daily Contract Balance”
means the amount of the outstanding principal debt which Dealer owes to CDF on the Revolving Credit Facility at the end of each day after CDF has credited the payments which it has received on the Revolving Credit Facility. 
  
 “Daily Revolver Rate” means the quotient of the applicable
annual rate provided herein with respect to the Revolving Credit Facility divided by 360. 
  
 “Loan Value” means with respect to: 
  
 (a) each Used RV, the remainder of: 
  
 (i) seventy percent (70%) of the Applicable Valuation 
  
 minus 
  
 (ii) one and one-half of one percent (1.5%) of the Applicable Valuation on the 360th day after Dealer’s acquisition date and for each thirty (30)
day period thereafter until the Used RV is no longer eligible for use in determining the aggregate Loan Value; and 
  
 (b) each New Motor Coach, the remainder of: 
  
 (i) seventy percent (70%) of the Applicable Valuation 
  
 minus 
  
 (ii) one and one-half of one percent (1.5%) of the Applicable Valuation on the 720th day after Dealer’s documented date of completion of manufacture
and for each thirty (30) day period thereafter until the Used RV is no longer eligible for use in determining the aggregate Loan Value. 
  

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 “Prime Rate” as used in this Agreement and on any Statement of Transaction means the
highest Prime Rate published in the Money Rates column of the Wall Street Journal on the first business day of each month; provided, however, that at such times that the Prime Rate is less than six and one-half percent (6.5%),
the Prime Rate applicable to Dealer’s financing programs will be one-fourth of one percent (0.25% or 25 basis points) higher than the Prime Rate. 
  
 “Used RV” means a recreational vehicle, including but not limited to, travel trailers, camping trailers, motorhomes, mini motorhomes,
truck campers and van conversions, which has been (i) previously sold at retail, or (ii) registered or titled in any state with the appropriate state authorities in accordance with applicable state laws.” 
  
 3. Amendment/Financial Covenants. Paragraph 13.1 of the Agreement is deleted
and amended to read in its entirety as follows: 
  
 “13.1
Financial Covenants. 
  
 (i) Minimum
Consolidated Fixed Charge Coverage Ratio. Dealer will have a Consolidated Fixed Charge Coverage Ratio of at least 1.0 to 1.0 as of the end of each quarter for the year-to-date period then ended, commencing with the fiscal quarter ending
September 30, 2004. 
  
 (ii) Maximum
Consolidated Total Liabilities to Consolidated Tangible Net Worth Ratio. Dealer will have a ratio of (A) Consolidated Total Liabilities to (B) Consolidated Tangible Net Worth of not more than 4.25 to 1.0 as of the last day of each fiscal
quarter, commencing with the fiscal quarter ending September 30, 2004. 
  
 (iii) Minimum Consolidated EBITDA. Dealer will have a Consolidated EBITDA of at least $6,500,000.00 during each fiscal year of Dealer. 
  
 (iv) Capital Expenditures and Capitalized Leases. Dealer will not, and it will not cause or permit
any Subsidiary to, make any Capital Expenditure or enter into any Capitalized Lease if the sum of (A) the aggregate amount of all Capital Expenditure (including the Capital Expenditure in question) made by Dealer and all of its Subsidiaries on a
combined basis during any fiscal year of Dealer plus (B) the aggregate amount of all Capitalized Lease Obligations incurred by Dealer and all of its Subsidiaries on a combined basis during such fiscal year of Dealer would exceed
$2,000,000.00. 
  
 Definitions: 
  
 Attorneys’ Fees shall mean the reasonable fees (and costs,
charges and expenses related thereto) of the attorneys (and all paralegals, accountants and other staff employed by such attorneys employed by CDF (including, without limitation, attorneys and paralegals who are employees of CDF or any affiliate of
CDF) from time to time (a) in connection with the negotiation, preparation, execution, delivery, amendment, modification, extension, renewal, 
  

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 administration and /or enforcement of this Agreement and/or any other Transaction Document, (b) in connection with the
preparation, negotiation or execution of any waiver or consent with respect to this Agreement and/or any other Transaction Document, (c) in connection with any default under this Agreement, (d) to represent CDF in any litigation, contest, dispute,
suit or proceeding, or to commence, defend or intervene in any litigation, contest, dispute, suit or proceeding, or to file any petition, complaint answer, motion or other pleading or to take any other action in or with respect to any litigation,
contest, dispute, suit or proceeding (whether instituted by CDF, Dealer or any other Person and whether in bankruptcy or otherwise) in any way or respect relating to this Agreement, any other Transaction Document, Dealer, any other Obligor, any
Subsidiary, any Collateral and/or any Third Party Collateral, (e) to protect, collect, lease, sell, take possession of or liquidate any Collateral and/or any Third Party Collateral, (f) to attempt to enforce any security interest in or other Lien
upon any Collateral or any Third Party Collateral or to give any advice with respect to such enforcement and/or (g) to enforce any of the rights or remedies of CDF to collect any of the Dealer’s Obligations and/or any guarantor thereof.

  
 Capital Expenditure shall mean any expenditure to
purchase or otherwise acquire a fixed asset (other than a Capitalized Lease Obligation) which, in accordance with GAAP, is required to be capitalized on the balance sheet of the Person making the same. 
  
 Capitalized Lease shall mean any lease of Property, whether real
and/or personal, by a Person as lessee which in accordance with GAAP is required to be capitalized on the balance sheet of such Person. 
  
 Capitalized Lease Obligations of any Person shall mean, as of the date of any determination thereof, the amount at which the aggregate rental
obligations due and to become due under all Capitalized Leases under which such Person is lessee would be reflected as a liability on a balance sheet of such Person in accordance with GAAP. 
  
 Consolidated EBITDA shall mean, for the period in question, the sum of
(a) Consolidated Net Income during such period plus (b) to the extent deducted in determining such Consolidated Net Income, the sum of (i) Consolidated Interest Expense during such period, plus (ii) all provisions for any Federal,
state, local and/or foreign income taxes made by Dealer and its Subsidiaries during such period (whether paid or deferred), plus (iii) all depreciation and amortization expenses of Dealer and its Subsidiaries during such period, plus
(iv) any extraordinary losses during such period plus (v) any losses from the sale or other disposition of property other than in the ordinary course of business during such period minus (c) to the extent added in determining such
Consolidated Net Income, the sum of (i) any extraordinary gains during such period plus (ii) any gains from the sale or other disposition of Property other than in the ordinary course of business during such period, all determined on a
consolidated basis and in accordance with GAAP. 
  
 Consolidated EBITDAR shall mean, for the period in question, the sum of (a) Consolidated Net Income during such period plus (b) to the extent deducted in determining such Consolidated Net Income, the sum of (i) Consolidated
Interest Expense during such period, plus (ii) all provisions for any Federal, state, local and/or foreign income taxes made by Dealer and its Subsidiaries during such period (whether paid or deferred), plus (iii) all depreciation and
amortization expenses of Dealer and its Subsidiaries during such period, plus (iv) Consolidated Operating Lease Expense during such period, plus (v) any extraordinary losses during such period plus (vi) any losses from the sale
or other disposition of Property other than in the ordinary course of business during such period minus (c) to the extent added in determining 
  

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 such Consolidated Net Income, the sum of (i) any extraordinary gains during such period plus (ii) any gains from
the sale or other disposition of Property other than in the ordinary course of business during such period, all determined on a consolidated basis and in accordance with GAAP. 
  
 Consolidated Fixed Charge Coverage Ratio shall mean, for the period in question, the ratio of (a) the sum of (i)
Consolidated EBITDAR during such period, minus (ii) cash tax payments and Distributions made by Dealer and its Subsidiaries during such period, minus (iii) cash dividends paid by Dealer and its Subsidiaries during such period,
minus (iv) unfinanced Capital Expenditures made by Dealer and its Subsidiaries during such period, to (b) Consolidated Fixed Charges during such period, all determined on a consolidated basis and in accordance with GAAP. 
  
 Consolidated Fixed Charges shall mean, for the period in question, the
sum of (a) the aggregate amount of all principal payments required to be made by Dealer and its Subsidiaries on all Debt during such period (including the principal portion of payments in respect of Capitalized Leases and Subordinated Indebtedness
by excluding principal payments on the Revolving Credit Loans and principal payments made to GE Commercial Distribution Finance Corporation f/k/a Deutsche Financial Services Corporation), plus (b) Consolidated Interest Expense during such
period, plus (c) Consolidated Operating Lease Expense during such period, all determined on a consolidated basis and in accordance with GAAP. 
  
 Consolidated Interest Expense shall mean, for the period in question, without duplication, all gross interest expense of Dealer and its
Subsidiaries (including, without limitation, all commissions, discounts and/or related amortization and other fees and charges owed by Dealer and its Subsidiaries with respect to letters of credit, the net costs associated with interest swap
obligations of Dealer and its Subsidiaries, capitalized interest expense, the interest portion of Capitalized Lease Obligations and the interest portion of any deferred payment obligation) during such period, all determined on a consolidated basis
and in accordance with GAAP. 
  
 Consolidated Net Income
shall mean the after-tax net Income (or loss) of Dealer and its Subsidiaries for the period in question, determined on a consolidated basis and in accordance with GAAP. 
  
 Consolidated Net Worth shall mean, as of the date of any determination thereof, the amount of the capital stock
accounts (net of treasury stock, at cost) of Dealer and its Subsidiaries as of such date plus (or minus, in the case of a deficit) the surplus and retained earnings of Dealer and its Subsidiaries as of such date, all determined on a
consolidated basis and in accordance with GAAP. 
  
 Consolidated Operating Lease Expense shall mean, for the period in question, the aggregate amount of all Operating Lease Expenses of Dealer and its Subsidiaries during such period, all determined on a consolidated basis and in
accordance with GAAP. 
  
 Consolidated Tangible Net Worth
shall mean, as of the date of any determination thereof, the sum of (a) Consolidated Net Worth as of such date minus (b) the book value of all Intangible Assets of Dealer and its Subsidiaries as of such date plus (c) Subordinated
Indebtedness as of such date, all determined on a consolidated basis and in accordance with GAAP. 
  

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 Consolidated Total Liabilities shall mean, as of the date of any determination thereof, all
liabilities of Dealer and its Subsidiaries s of such date, determined on a consolidated basis and in accordance with GAAP. 
  
 Dealer’s Obligations shall mean any and all present and future indebtedness (principal, interest, fees, collection costs and expenses, and
other amounts), liabilities and obligations (including, without limitation, guaranty obligations, letter of credit reimbursement obligations and indemnity obligations) of Dealer to CDF evidenced by or arising under or in respect of this Agreement,
any note, any other Transaction Document and/or any other agreement, document or instrument heretofore, now or hereafter executed and delivered by Dealer to CDF, in each case whether now existing or hereafter arising, absolute or contingent, joint
and/or several, secured or unsecured, direct or indirect, expressed or implied in law, contractual or tortious, liquidated or unliquidated, at law or in equity, or otherwise, and whether created directly or acquired by CDF by assignment or
otherwise, and any and all costs of collection and/or Attorneys’ Fees from time to time incurred in connection therewith. 
  
 Debt of any Person shall mean, as of the date of determination thereof, the sum of (a) all indebtedness of such Person for borrowed money or which
as been incurred in connection with the purchase or other acquisition of Property (other than unsecured trade accounts payable incurred in the ordinary course of business) plus (b) all Capitalized Lease Obligations of such Person plus
(c) the aggregate undrawn face amount of all letters of credit and/or surety bonds issued for the account and/or upon the application of such Person together with all unreimbursed drawings with respect thereto plus (d) all Guarantees by such
Person of Debt of others. 
  
 Distribution in respect of
any corporation or other entity shall mean: (a) dividends or other distributions (other than stock dividends and stock splits) on or in respect of any of the capital stock or other equity interests of such corporation or other entity; and (b) the
redemption, repurchase or other acquisition of any capital stock or other equity interests of such corporation or other entity or of any warrants, rights or other options to purchase any such capital stock or other equity interests. 
  
 GAAP shall mean, at any time, generally accepted accounting principles
at such time in the United States, as consistently applied by the Dealer in preparing its consolidated financial statements. 
  
 Guarantee by any Person shall mean any obligation (other than endorsements of negotiable instruments for deposit or collection in the ordinary
course of business), contingent or otherwise, of such Person guaranteeing, or in effect guaranteeing, any indebtedness, liability, dividend or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, all obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such indebtedness or obligation or any Property constituting security therefor, (b) to advance or
supply funds (i) for the purchase or payment of such indebtedness or obligation, (ii) to maintain working capital or other balance sheet condition or otherwise to advance or make available funds for the purchase of payment of such indebtedness or
obligation, (iii) to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of the primary obligor to make payment of the indebtedness
or obligation of the ability of the primary obligor to make payment of the indebtedness or obligation or (iv) otherwise to assure the owner of the indebtedness or obligation of the primary obligor against loss in respect thereof. For the purposes of
all computations made under this Agreement, a Guarantee in 
  
  

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 respect of any indebtedness for borrowed money shall be deemed to be indebtedness equal to the then outstanding principal
amount of such indebtedness for borrowed money which has been guaranteed or such lesser amount to which the maximum exposure of the guarantor shall have been specifically limited, and a Guarantee in respect of any other obligation or liability or
any dividend shall be deemed to be indebtedness equal to the maximum aggregate amount of such obligation, liability or dividend or such lesser amount to which the maximum exposure of the guarantor shall have been specifically limited.
Guarantee when used as a verb shall have a correlative meaning. 
  
 Indebtedness shall mean, with respect to any Person, without duplication, all indebtedness, liabilities and obligations of such Person which in accordance with GAAP are required to be classified upon a balance sheet of such Person as
liabilities of such Person, and in any event shall include all (a) obligations of such Person for borrowed money or which have been incurred in connection with the purchase or other acquisition of Property, (b) obligations secured by any Lien on, or
payable out of the proceeds of or production from, any Property owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligations, (c) indebtedness, liabilities and obligations of third parties,
including joint ventures and partnerships of which such Person is a venturer or general partner, recourse to which may be had against such Person, (d) obligations created or arising under any conditional sale or other title retention agreement with
respect to Property acquired by such Person, notwithstanding the fact that the rights and remedies of the seller, CDF or lessor under such agreement in the event of default are limited to repossession or sale of such Property, (e) Capitalized Lease
Obligations of such Person, (f) the aggregate undrawn face amount of all letters of credit and/or surety bonds issued for the account of and/or upon the application of such Person together with all unreimbursed drawings with respect thereto and (g)
indebtedness, liabilities and obligations of such Person under Guarantees. 
  
 Intangible Assets shall mean all patents, trademarks, service marks, copyrights, trade names, goodwill (including any amounts, however designated, representing the cost of acquisition of business and
investments in excess of the book value thereof), unamortized debt discount and expense, unamortized deferred charges, deferred research and development costs, any write-up of asset value after the date of this Agreement, non-competition covenants,
signing bonuses, deferred taxes, loans, advances and/or other amounts due from shareholders, directors, officers, managers and/or employees, intercompany accounts, investments in and receivables due from affiliates, deposits for insurance, utilities
and the like and any other assets treated as intangible assets under GAAP other than prepaid expenses and other forms of prepaid assets. 
  
 Lien shall mean any interest in any Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether
such interest is based on common law, statute or contract, including, without limitation, any security interest, mortgage, deed of trust, pledge, hypothecation, judgment lien or other lien or encumbrance of any kind or nature whatsoever, any
conditional sale or trust receipt, any lease, consignment or bailment for security purposes and any Capitalized Lease. The term “Lien” shall include reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions,
restrictions, leases and other title exceptions and encumbrances affecting Property. 
  
 Obligor shall mean Dealer and each other Person who is or shall at any time hereafter become primarily or secondarily liable on any of the Dealer’s Obligations or who grants CDF a Lien upon any of the
Property of such Person as security for any of the Dealer’s obligations and/or any Guarantee thereof. 
  

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 Operating Lease shall mean any lease of Property, whether real and/or personal, by a Person as
lessee which is not a Capitalized Lease. 
  
 Operating Lease
Expenses shall mean with respect to any Person, for the period in question, the aggregate amount of rental and other expenses incurred by such Person in respect of Operating Leases during such period, all determined in accordance with GAAP.

  
 Person shall mean any individual, sole proprietorship,
partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution, entity or government (whether national, Federal, state, county, city, municipal or otherwise, including, without
limitation, any instrumentality, division, agency, body or department thereof). 
  
 Property shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. Properties shall mean the plural of Property. For purposes of this
Agreement, Dealer and each Subsidiary shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional sale agreement, financing lease or other arrangement pursuant to which title to the Property has been
retained by or vested in some other Person for security purposes. 
  
 Revolving Credit Loan and Revolving Credit Loans shall have the respective meanings ascribed thereto in Section 2.01(a) of the Amended and Restated Loan Agreement dated July 31, 2002, between Dealer and U.S. Bank National
Association, as amended or restated from time to time. 
  
 Subordinated Indebtedness shall mean, as of the date of any determination thereof, the aggregate principal amount of all Indebtedness of Dealer outstanding as of such date which is subordinated in writing (either by its terms or
pursuant to a subordination agreement) to the payment and priority of all of the Dealer’s Obligations in form and substance satisfactory to CDF. 
  
 Subsidiary shall mean any corporation or other entity of which more than Fifty Percent (50%) of the issued and outstanding capital stock or other
equity interests entitled to vote for the election of directors, managers or other persons performing similar functions (other than by reason of default in the payment of dividends or other distributions) is at the time owned directly or indirectly
by Dealer or any Subsidiary. 
  
 Third Party Collateral
shall mean any Property of any Obligor other than Dealer which now or at any time hereafter secure the payment or performance of any of the Dealer’s Obligations and/or any Guarantee thereof. 
  
 Transaction Documents shall mean this Agreement and any and all other
agreements, documents and instruments heretofore, now or hereafter delivered to CDF with respect to or in connection with or pursuant to this Agreement, any loans made hereunder, any of the Dealer’s Obligations, and executed by or on behalf of
Dealer and/or any other Obligor, including, without limitation, any agreement, document or instrument heretofore, now or hereafter executed by Dealer with or in favor of CDF providing for any interest rate swap, interest rate cap or other interest
rate hedge, all as the same may from time to time be amended, modified, extended, renewed or restated.” 
  

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 4. Amendment/Notices. Paragraph 21 of the Agreement is deleted and amended to read in its entirety as
follows: 
  
 “21. Notices. Except as otherwise stated
herein, all notices, arbitration claims, responses, requests and documents will be sufficiently given or served if mailed or delivered: (a) to Dealer at Dealer’s principal place of business specified above; and (b) to CDF at 5595 Trillium
Boulevard, Hoffman Estates, Illinois 60192, Attention: Chief Credit Officer, or such other address as the parties may hereafter specify in writing.” 
  
 5. No Other Modifications. Except as expressly modified or amended herein, all other terms and provisions of the Agreement shall remain unmodified and in full
force and effect and the Agreement, as hereby amended, is ratified and confirmed by CDF and Dealer. 
  
 6. Capitalized Terms. Except as otherwise defined herein, all capitalized terms will have the same meanings set forth in the Agreement. All references in the Agreement to “Deutsche Financial Services
Corporation” or “DFS” shall mean CDF. 
  
 IN
WITNESS WHEREOF, CDF and Dealer have executed this Amendment as of the 22nd day of February, 2005. 
  

			
	GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION
		
	 By:
	 	 /s/ Tim Wass

	 Print Name:
	 	 Tim Wass

	 Title:
	 	 Director of Underwriting

	
	 FEATHERLITE, INC.

		
	 By:
	 	 /s/ C Clement

	 Print Name:
	 	 Conrad D. Clement

	 Title:
	 	 President and CEO

  

 11Mortgage, Security Agreement, Assignment of Leases and Rents

 EXHIBIT 10:26 
  
 MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS, 
 AND FIXTURE FILING 
  
 THIS MORTGAGE HEREIN “Instrument”), made as of the 21st day of January, 2005, by the Mortgagor,
FEATHERLITE, INC., a Minnesota corporation, whose address is P O Box 320, Highway 9 & 63, Cresco IA 52136, Attn: Jeff Mason (herein “Borrower”), in favor of the Mortgagee, GE COMMERCIAL FINANCE BUSINESS PROPERTY CORPORATION, a Delaware
corporation, whose address is 10900 Northeast Fourth Street, Suite 500, Bellevue, Washington 98004, Attn: Middle Market Risk (herein “Mortgage), 
  
 WITNESSETH: 
  
 THAT, WHEREAS, Borrower is justly indebted to Mortgagee in the principal sum of $5,280,000, pursuant to a certain Promissory Note of even date herewith,
more particularly described below, 
  
 NOW, THEREFORE, in
consideration of the indebtedness herein recited, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, CONVEYS, WARRANTS, ASSIGNS AND
SETS OVER unto Mortgagee all of Borrower’s right, title and interest, now owned or hereafter acquired, including any reversion or remainder interest, in the real property located in the City of Sanford, County of Seminole, State of Florida,
commonly known as 4441 Orange Boulevard and more particularly described on Exhibit A attached hereto and incorporated herein including all heretofore or hereafter vacated alleys and streets abutting the property, and all easements, rights,
appurtenances, tenements, hereditaments, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock appurtenant to the property (collectively “Premises”): 
  
 TOGETHER with all of Borrower’s estate, right, title and interest, now
owned or hereafter acquired, in, under and to: 
  
 (a) all
buildings, structures, improvements, parking area, landscaping, fixtures and articles of property now or hereafter erected on, attached to, or used or adapted for use in the operation of the Premises; including but without being limited to, all
heating, air conditioning and incinerating apparatus and equipment; all boilers, engines, motors, dynamos, generating equipment, piping and plumbing fixtures, water heaters, ranges, cooking apparatus and mechanical kitchen equipment, refrigerators,
freezers, cooling, ventilating, sprinkling and vacuum cleaning systems, fire extinguishing apparatus, gas and electric fixtures, carpeting, floor coverings, under padding, elevators, escalators, partitions, mantels, built in mirrors, window shades,
blinds, draperies, screens, storm sash, awnings, signs, furnishings of public spaces, halls and lobbies, and shrubbery and plants, and including also all interest of any owner of the Premises in any of such items hereafter at any time acquired under
conditional sale contract, chattel mortgage or other title retaining or security instrument, all of which property mentioned in this clause (a) shall be deemed part of the realty covered by this Instrument and not severable wholly or in part without
material injury to the freehold of the Premises (all of the foregoing together with replacements and additions thereto are referred to herein as “Improvements”); and 
  
 (b) all compensation, awards, damages, rights of action and proceeds, including interest thereon and/or the proceeds of any
policies of insurance therefore, arising out of or relating to (i) a taking or damaging of the Premises or Improvements thereon by reason of any public or private improvement, condemnation proceeding (including change of grade), sale or 

  

 
transfer in lieu of condemnation, or fire, earthquake or other casualty, or (ii) any injury to or decrease in the value of the Premises or the Improvements
for any reason whatsoever; 
  
 (c) return premiums or other
payments upon any insurance any time provided with respect to the Premises, Improvements, and other collateral described herein for the benefit of or naming Mortgagee, and refunds or rebates of taxes or assessments on the Premises; 
  
 (d) all written and oral leases and rental agreements (including extensions,
renewals and subleases; all of the foregoing shall be referred to collectively herein as the “Leases”) now or hereafter affecting the Premises including, without limitation, all rents, issues, income, profits and other revenues and income
therefrom and from the renting, leasing or bailment of Improvements and equipment (“Rents”), all guaranties of tenants’ performance under the Leases, and all rights and claims of any kind that Borrower may have against any tenant
under the Leases or in connection with the termination or rejection of the Leases in a bankruptcy or insolvency proceeding; 
  
 (e) plans, specifications, contracts and agreements relating to the design or construction of the Improvements; Borrower’s rights under any payment,
performance, or other bond in connection with the design or construction of the Improvements; all landscaping and construction materials, supplies, and equipment used or to be used or consumed in connection with construction of the Improvements,
whether stored on the Premises or at some other location; and contracts, agreements, and purchase orders with contractors, subcontractors, suppliers, and materialment incidental to the design or construction of the Improvements; 
  
 (f) all contracts, deposits, deposit accounts, accounts, all rights, claims
or causes of action pertaining to or affecting the Premises or the Improvements, including, without limitation, all supporting obligations and any and all proceeds thereof, all options or contracts to acquire other property for use in connection
with operation or development of the Premises or Improvements, management contracts, service or supply contracts, permits, licenses, franchises and certificates, and all commitments or agreements, now or hereafter in existence, intended by the
obligor thereof to provide Borrower with proceeds to satisfy the loan evidenced hereby or improve the Premises or Improvements, and the right to receive all proceeds due under such commitments or agreements including refundable deposits and fees;

  
 (g) all books, records, surveys, reports and other documents
related to the Premises, the Improvements, the Leases, or other items of collateral described herein; and 
  
 (h) all additions, accessions, replacements, substitutions, proceeds and products of the real and personal property, tangible and intangible, described
herein. 
  
 All of the foregoing described collateral is exclusive
of any equipment, inventory, future, furnishings or trade fixtures owned and supplied by tenants of the Premises. The Premises, the Improvements, the Leases and all of the rest of the foregoing property are herein referred to as the
“Property.” 
  
 TO HAVE AND TO HOLD the Property and all
parts, rights, members and appurtenances thereof to the use, benefit and behoof of Mortgagee and its successors and assigns in fee simple forever. 
  
 TO SECURE TO Mortgagee (a) the repayment of the indebtedness evidenced by Borrower’s Promissory Note dated of even date herewith in the principal sum
of Five Million Two Hundred Eighty Thousand and no hundredths Dollars ($5,280,000.00), with interest thereon at the rate of 6.49 per annum as set forth therein, and having a maturity date of February 1, 2017, and all renewals, extensions and
modifications thereof (herein “Note”); (b) the repayment of any future advances, with interest thereon, made by Mortgagee to Borrower pursuant to Section 28 hereof (herein “Future Advances”); (c) the payment of all other
sums, with interest thereon, 

  

 
advanced in accordance herewith to protect and security of this Instrument or to fulfill any of Borrower’s obligations hereunder or under the other Loan
Documents (as defined below); (d) the performance of the covenants and agreements of Borrower contained herein or in the other Loan Documents; and (e) the repayment of all sums now or hereafter owing to Mortgagee by Borrower pursuant to any
instrument which recites that it is secured hereby. The indebtedness and obligations described in clauses (a)-(e) above are collectively referred to herein as the “Indebtedness”. The Note, this Instrument, and all other documents
evidencing, securing or guaranteeing the Indebtedness (except the Environmental Indemnity Agreement Regarding Hazardous Substances (“Indemnity”)), as the same may be modified or amended from time to time, are referred herein as the
“Loan Documents.” The terms of the Note secured hereby may provide that the interest rate or payment terms or balance due may be indexed, adjusted, renewed, or renegotiated from time to time, and this Instrument shall continue to secure
the Note notwithstanding any such indexing, adjustment, renewal or renegotiation. 
  
 PROVIDED, ALWAYS, that if Borrower shall pay unto Mortgagee the Indebtedness and if Borrower shall duly, promptly and fully perform, discharge, execute, effect, complete and comply with and abide by each and every of
the stipulations, agreements, conditions and covenants of the Note and this Instrument, then this Instrument and all assignments contained herein and liens created hereby shall cease and be null and void; otherwise to remain in full force and
effect. 
  
 Borrower represents and warrants that Borrower has
good, marketable and insurable title to, and has the right to mortgage an indefeasible fee simple estate in, the Premises, Improvements, Rents, and Leases, and the right to convey the other Property, that the Property is unencumbered except as
disclosed in writing to and approved by Mortgagee prior to the date hereof, and that Borrower will warrant and forever defend the title to the Property against all claims and demands, subject only to the exceptions set forth in Schedule 1 attached
hereto (“Permitted Exceptions”). 
  
 Borrower
represents, warrants, covenants and agrees for the benefit of Mortgagee as follows: 
  
 1. PAYMENT OF PRINCIPAL AND INTEREST. Borrower shall promptly pay when due the principal of and interest on the Indebtedness, any prepayment and other charges provided in the Loan Documents and all other sums
secured by this Instrument. 
  
 2. FUNDS FOR TAXES, INSURANCE
AND OTHER CHARGES. Except as in hereinafter provided with respect to the impounding of such payments by Mortgagee following the occurrence of an Event of Default, Borrower shall pay or cause to be paid when due, prior to delinquency, all annual
real estate taxes, insurance premiums, assessments, water and ser rates, ground rents and other charges (herein “Impositions”) payable with respect to the Property. Upon the occurrence of an Event of Default (hereinafter defined), and at
Mortgagee’s sole option at any time thereafter. Borrower shall pay in addition to each monthly payment on the Note, one-twelfth of the annual Impositions (as estimated by Mortgagee in its sole discretion), to be held by Mortgagee without
interest to Borrower, for the payment of such Impositions (such payments being referred to herein as “Impounds”). 
  
 Annually during the term of this Instrument, Mortgagee shall compare the Impounds collected to the Impositions paid or to be paid. If the amount of such
Impounds held by Mortgagee at such time shall exceed the amount deemed necessary by Mortgagee to provide for the payment of Impositions as they fall due, if no Event of Default shall have occurred and be continuing, such excess shall be at
Borrower’s options, either repaid to Borrower or credited to Borrower on the next monthly installment or installments of Impounds due. If at any time the amount of the Impounds held by Mortgagee shall be less than the amount deemed necessary by
Mortgagee to pay Impositions as they fall due, Borrower shall pay to Mortgagee any amount necessary to make up the deficiency within thirty (30) days after notice from Mortgagee to Borrower requesting payment thereof. Upon the occurrence of an Event
of Default hereunder, 

  

 
Mortgagee may apply, in any amount and in any order as Mortgagee shall determine in Mortgagee’s sole discretion, any Impounds held by Mortgagee at the
time of application (i) to pay Impositions which are now or will hereafter become due, or (ii) as a credit against sums secured by this Instrument. Upon payment in full of all sums secured by this Instrument, Mortgagee shall refund to Borrower any
Impounds then held by Mortgagee. If requested by Mortgagee, Borrower shall promptly furnish to Mortgagee all notices of Impositions which become due, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Mortgagee
receipts evidencing such payments. 
  
 3. APPLICATION OF
PAYMENTS. Unless applicable law provides otherwise, each complete installment payment received by Mortgagee from Borrower under the Note or this Instrument shall be applied by Mortgagee first in payment of amounts payable to Mortgagee by
Borrower under Section 2 hereof, then to interest payable on the Note, then to principal of the Note, and then to interest and principal on any Future Advances in such order as Mortgagee, at Mortgagee’s sole discretion, shall determine.
Upon the occurrence of an Event of Default, Mortgagee may apply, in any amount and in any order as Mortgagee shall determine in Mortgagee’s sole discretion, any payments received by Mortgagee under the Note or this Instrument. Any partial
payment received by Mortgagee shall, at Mortgagee’s option, be held in a non-interest bearing account until Mortgagee receives funds sufficient to equal a complete installment payment. 
  
 4. CHARGES, LIENS. Borrower shall promptly discharge or bond off any
lien which has, or may have, priority over or equality with, the lien of this Instrument, and Borrower shall pay, when due, the claims of all persons supplying labor or materials to or in connection with the Property. Without Mortgagee’s prior
written permission, Borrower shall not allow any lien inferior to this Instrument, to be perfected against the Property. If any lien inferior to this Instrument is filed against the Property without Mortgagee’s prior written permission and
without the consent of Borrower, Borrower shall, within thirty (30) days after receiving notice of the filing of such lien, cause such lien to be released of record or bonded off and deliver evidence of such release or bonding to Mortgagee. Borrower
may contest any such lien by appropriate proceedings in good faith, timely filed, provided that enforcement of the lien is stayed pending such contest. Mortgagee may require that Borrower post security for payment of such lien. 
  
 5. INSURANCE. Borrower shall obtain and maintain the following types
of insurance upon and relating to the Property: 
  
 (a)
“Special Form” Property and fire insurance (with extended coverage endorsement including malicious mischief and vandalism) in an amount not less than the full replacement value of the Property (with a deductible not to exceed $10,000)
naming Mortgagee under a lender’s loss payable endorsement naming Mortgagee as mortgagee and loss payee and including agreed amount, inflation guard, replacement cost and waiver of subrogation endorsement; 
  
 (b) Commercial general liability insurance in an amount not less than
$2,000,000 per occurrence and on an occurrence basis, insuring against personal injury, death and property damage and naming Mortgagee as additional insured; 
  
 (c) Business interruption insurance or rent-loss insurance, as applicable, covering loss of rental or other income (including all expenses payable by
tenants) for up to twelve (12) months; 
  
 (d) Boiler and
machinery coverage for mechanical and electrical failure; 
  
 (e)
Flood hazard insurance with respect to the Property in amounts not less than the maximum limit of coverage then available with respect to the Property or the amount of the Indebtedness, whichever is less if the Property is located in an area
designated by 

  

 
the Federal Emergency Management Act or is hereafter designated or identified as an area having special flood hazards by the Department of Housing and Urban
Development or such other official as shall from time to time be authorized by federal or state law to make such designation pursuant to any national or state program of flood insurance; 
  
 (f) Hurricane insurance, if the Premises are located in a hurricane zone; and 
  
 (g) Such other types of insurance or endorsements to existing insurance as
may be required from time to time by Mortgagee in accordance with its standard commercial lending practices. 
  
 Upon the request of Mortgagee, Borrower shall increase the coverages under any of the insurance policies required to be maintained hereunder or otherwise
modify such policies in accordance with Mortgagee’s standard commercial lending practices. All of the insurance policies required hereunder shall be issued by corporate insurers licensed to do business in the state in which the Property is
located and having a Best’s Rating-Financial Size Rating of A: VIII or better as determined and published by A.M. Best Company, and shall be in form acceptable to Mortgagee (which may include the requirement of an Acord 28 “Evidence of
Property Insurance” form as to property insurance), along with evidence of payment in full of all premiums required thereunder, prior to or contemporaneously with Borrower’s execution of this Instrument. All such certificates shall be in
form acceptable to Mortgagee and shall require the insurance company to give to Mortgagee at least thirty (30) days’ prior written notice before canceling the policy for any reason or materially amending it. Certificates evidencing all renewal
and substitute policies of insurance shall be delivered to Mortgagee, along with evidence of the payment in full of all premiums required thereunder, at least fifteen (15) days before termination of the policies being renewed or substituted. If any
loss shall occur at any time when Borrower shall be in default hereunder, Mortgagee shall be entitled to the benefit of all insurance policies held or maintained by Borrower, to the same extent as if same had been made payable to Mortgagee, and upon
foreclosure hereunder, Mortgagee shall become the owner thereof. Mortgagee shall have the right, but not the obligation, to make premium payments, at Borrower’s insurance maintained by Borrower, and such payments shall be accepted by the
insurer to prevent same. If Borrower fails to procure and maintain any insurance required under this Instrument, Mortgagee may (but shall not be obligated to) procure and maintain such insurance, at Borrower’s expense, in the amounts
provided above or in such lesser amounts as Mortgagee may deem appropriate, in order to protect Mortgagee’s interest in the Property. Such insurance purchased by Mortgagee may, but need not, protect Borrower’s interest in the Property.
Such insurance purchased by Mortgagee may not pay and claim that Borrower makes or any claim that is made against Borrower in connection with the Property. Borrower may later cancel any insurance purchased by Mortgagee, but only after providing
Mortgagee with evidence acceptable to Mortgagee that Borrower has obtained and paid for such insurance as required under this Instrument. If Mortgagee procures and maintains such insurance, Borrower shall be responsible for the costs of such
insurance, including interest as described in Section 8 below and any other charges that Mortgagee may impose in connection with the placement of such insurance, until the effective date of the cancellation or expiration of such insurance.
All such costs, interest band charges shall become immediately due and payable by Borrower and shall be secured by this Instrument. Such costs may be more than the cost of insurance Borrower may be able to obtain on its own. 
  
 If any act or occurrence of any kind or nature (including any casualty for
which insurance was not obtained or obtainable) shall result in damage to or destruction of the Property (such event being called a “Loss”), Borrower will give prompt written notice thereof to Mortgagee. If no Event of Default has occurred
hereunder and is continuing, Mortgagee shall apply all such insurance proceeds to the restoration, replacement and rebuilding of the damaged portion of the Property, and such restoration, replacement and rebuilding shall be accomplished, upon
satisfaction of each and all of the following conditions: (i) except as provided in (ii) below, 

  

 
Mortgagee shall be satisfied that by the expenditure of such insurance proceeds the Property will be fully restored within a reasonable period of time to its
value immediately preceding the loss or damage, free and clear of all liens, except the lien of this Instrument, the permitted exceptions set forth in Schedule 1 attached hereto, and such other liens as are specifically approved by Mortgagee in
writing under this Instrument; (ii) in the event such proceeds shall be insufficient to restore or rebuild the Property, Borrower shall deposit promptly with Mortgagee funds which, together with the insurance proceeds, shall be sufficient in
Mortgagee’s judgment to restore and rebuild the Property; (iii) Borrower shall make reasonable efforts to obtain a waiver of the right of subrogation from any insurer under such policies of insurance who, at that time, claims that no liability
exists as the Borrower or the then owner or the assured under such policies; (iv) the excess of such insurance proceeds above the amount necessary to complete such restoration and compensate Borrower for all other insured losses shall be applied on
account of the Indebtedness (first to interest, then to expenses reimbursable to Mortgagee and then to principal amounts falling due under the Note without prepayment premium); (v) Mortgagee reviews and approves in writing the plans and
specifications for the restoration work and Mortgagee receives written evidence satisfactory to Mortgagee that the same have been approved by all governmental authorities having jurisdiction; (vi) Borrower shall have furnished to Mortgagee, for
Mortgagee’s approval, a detailed budget and cost breakdown for said restoration work signed by Borrower and describing the nature and type of expenses and amount thereof estimated by Borrower for said restoration work including, but not limited
to, the cost of material and supplies, architect and designer fees, general contractor’s fees, and the anticipated monthly disbursement schedule, and Mortgagee shall have given to Borrower written approval of such budget and cost breakdown (if
Borrower determines at any time that its actual expenses differ or will differ from its estimated budget, it will so advise Mortgagee promptly); (vii) Borrower has delivered to Mortgagee evidence satisfactory to Mortgagee that all Leases existing at
the time of the Loss will remain in full force and effect subject only to abatement of rent in accordance with the terms of the Leases until completion of such repair and restoration; and (viii) in Mortgagee’s reasonable judgment, such
restoration work can be completed at least six (6) months prior to the maturity of the Note. 
  
 In the event any of such conditions are not or cannot be satisfied, then all of the insurance proceeds payable with respect to such Loss will be applied to the payment of the Indebtedness in such order as Mortgagee
may elect. 
  
 Under no circumstances shall Mortgagee become
obligated to take any action to restore the Property; all proceeds released or applied by Mortgagee to the restoration of the Property pursuant to the provisions of this Section 5 shall be released and/or applied to the cost of restoration
(including within the term” restoration” any repair, reconstruction or alteration) as such restoration progresses, in amounts which shall equal ninety percent (90%) of the amounts from time to time certified by an architect approved by
Mortgagee to have been incurred in such restoration of any and all of the Property (i.e., 90% of the total amount expended by the contract for the project under a contractor approved by Mortgagee and billed by the contractor to Borrower) and
performed by a contractor reasonably satisfactory to Mortgagee and who shall furnish such payment and performance bonds, if any, as may be reasonably required by Mortgagee in accordance with the plans and specifications therefore approved by
Mortgagee and the remaining ten percent (10%) upon completion of such restoration and delivery to Mortgagee of evidence reasonably satisfactory to Mortgagee that no mechanics’ lien exists with respect to the work of such restoration; that the
restoration work has been completed and fully paid for in accordance with plans and specifications for said work approved by Mortgagee; and that all leases existing at the time the Loss occurred are in full force and effect with all tenants in
possession and paying full Lease rental; and that all governmental approvals required for the completion of said restoration work and occupancy of the Property have been obtained and the same are in form and substance satisfactory to Mortgagee.

  
 If within a reasonable period of time after the occurrence of
any Loss, Borrower shall not have submitted to Mortgagee and receive Mortgagee’s approval of plans and specifications for 

  

 
the repair, restoration or rebuilding of such Loss or shall not have obtained approval of such plans and specifications from all governmental authorities
whose approval is required, or if, after such plans and specifications are approved by Mortgagee and by all such governmental authorities, Borrower shall fail to commence promptly such repair, restoration or rebuilding, or if thereafter Borrower
fails to carry out diligently such repair, restoration or rebuilding, or is delinquent in the payment to mechanics, materialmen or others of the costs incurred in connection with such work, or if any other condition of this Section 5 is not
satisfied within a reasonable period of time after the occurrence of any such Loss, then Mortgagee may, in addition to all other rights herein set forth, at Mortgagee’s option, (A) declare that an Event of Default has occurred and/or apply all
of the insurance proceeds payable with respect to such Loss to the payment of the Indebtedness in such order as Mortgagee may elect, and/or (B) Mortgagee, or any lawfully appointed receiver of the Property may at their respective options, perform or
cause to be performed such repair, restoration or rebuilding, and may take such other steps as they deem advisable to carry out such repair, restoration or rebuilding, and may enter upon the Property for any of the foregoing purposes, and Borrower
hereby waives, for itself and all others holding under it, any claim against Mortgagee and such receiver (other than a claim based upon the alleged gross negligence or intentional misconduct of Mortgagee or any such receiver)arising out of anything
done by them or any of them pursuant to this Section 5 and Mortgagee may in its discretion apply any proceeds held by it to reimburse itself and/or such receiver for all amounts expended or incurred by it in connection with the performance of
such work, including attorneys’ fees, and any excess costs shall be paid by Borrower to Mortgagee and Borrower’s obligation to pay such excess costs shall be secured by the lien of this Instrument and shall bear interest at the default
rate set forth in the Note, until paid. 
  
 Nothing herein, and no
authority given to Borrower to repair, rebuild or restore the Property or any portion thereof, shall be deemed to constitute Borrower the agent of Mortgagee for any purpose, or to create, either expressly or by implication, any liens or claims or
rights on behalf of laborers, mechanics, materialmen or other lien holders which could in any way be superior to the lien or claim of Mortgagee, or which could be construed as creating any third party rights of any kind or nature to the insurance
funds. At reasonable times during the work of restoration, and upon reasonable notice, Mortgagee, either personally or by duly authorized agents, shall have the right to enter upon the Property for inspection of the work. Borrower expressly assumes
all risk of loss, including a decrease in the use, enjoyment or value of the Property from any casualty whatsoever, whether or not insurable or insured against. 
  

Borrower waives any and all right to claim or recover against Mortgagee or its officers, employees, agents and representatives, for loss of or damage
to Borrower, the Property, Borrower’s property or the property of others under Borrower’s control from any cause insured against or required to be insured against under this Section 5. 
  
 6. PRESERVATION AND MAINTENANCE OF PROPERTY; LEASEHOLDS. Borrower (a)
shall not commit waste or permit impairment or deterioration of the Property, (b) shall not abandon the Property, (c) shall restore or repair promptly and in a good and workmanlike manner all of any part of the Property to the equivalent of its
original condition, or such other condition as Mortgagee may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or
repair, (d) shall keep the Property, including all Improvements, thereon, in good repair and shall replace fixtures, equipment, machinery and appliances on the Property when necessary to keep such items in good repair, (e) shall comply with all
laws, ordinances, regulations and requirements of any governmental body applicable to the Property, (f) if all or part of the Property is for rent or lease, then Mortgagee, at its option after the occurrence of an Event of Default, may require
Borrower to provide for professional management of the property by a property manager satisfactory to Mortgagee pursuant to a contract approved by Mortgagee in writing, unless such requirement shall be waived by Mortgagee in writing, and (g) shall
give notice in writing to Mortgagee of and, unless otherwise directed in writing by Mortgagee, appear in and defend any action or proceeding purporting to affect the Property, the 

  

 
security of this Instrument or the rights or powers of Mortgagee hereunder. Neither Borrower nor any tenant or other person, without the written approval of
Mortgagee, shall remove, demolish or alter any Improvement now existing or hereafter erected on the Premises or any Property, except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind.

  
 Borrower represents warrants and covenants that the Property
is and shall be in substantial compliance with the Americans with Disabilities Act of 1990 and all of the regulations promulgated thereunder, as the same may be amended from time to time. 
  
 7. USE OF PROPERTY. Unless required by applicable law or unless Mortgagee has otherwise agreed in writing, Borrower
shall not allow changes in the use for which all or any part of the Property was intended at the time this Instrument was executed. Borrower shall not, without Mortgagee’s prior written consent, (i) initiate or acquiesce in a change in the
zoning classification (including any variance under any existing zoning ordinance applicable to the Property), (ii) permit the use of the Property to become a non-conforming use under applicable zoning ordinances, (iii) file any subdivision or
parcel map affecting the Property, or (iv) amend, modify or consent to any easement or covenants, conditions and restrictions pertaining to the Property. 
  
 8. PROTECTION OF MORTGAGEE’S SECURITY. If an Event of Default shall have occurred and be continuing, or if any action or proceeding is
commenced which affects the Property or title thereto or the interest of Mortgagee therein, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Mortgagee
at Mortgagee’s option may make such appearances, disburse such sums and take such action as Mortgagee deems necessary, in its sole discretion, to protect Mortgagee’s interest, including, but not limited to, (i) disbursement of
attorneys’ fees, (ii) entry upon the Property to make repairs, and (iii) procurement of satisfactory insurance as provided in Section 5 hereof. 
  
 Any amounts disbursed by Mortgagee pursuant to this Section 8, with interest thereon, shall become additional Indebtedness of Borrower secured by
this Instrument. Unless Borrower and Mortgagee agree to other terms of payment, such amounts shall be immediately due and payable and shall bear interest from the date of disbursement at the Default Rate (as defined in the Note). Borrower hereby
covenants and agrees that Mortgagee shall be subrogated to the lien of any mortgage or other lien discharged, in whole or in part, by the Indebtedness. Nothing contained in this Section 8 shall require Mortgagee to incur any expense or take
any action hereunder. 
  
 9. INSPECTION. Mortgagee may make
or cause to be made reasonable entry upon the Property to inspect the interior and exterior thereof. Except in case of emergency, such inspection shall be with reasonable prior notice and shall in any case be with due regard to rights of tenants.

  
 10. FINANCIAL DATA. Borrower will furnish to Mortgagee,
and will cause any guarantor of the Indebtedness to furnish to Mortgagee on request, within ninety (90) days after the close of its fiscal year (i) annual balance sheet and profit and loss statements prepared in accordance with generally accepted
accounting principles and practices consistently applied and, if Mortgagee so requires, accompanied by the annual audit report of an independent certified public accountant reasonably acceptable to Mortgagee, (ii) an annual operating statement,
together with a complete rent roll and other supporting data reflecting all material information with respect to the operation of the Property and Improvements, and (iii) all other financial information and reports that Mortgagee may from time to
time reasonably request, including, if Mortgagee so requires, income tax returns of Borrower and any guarantor of any portion of the Indebtedness, and financial statements of any tenants designated by Mortgagee. 
  

 11. CONDEMNATION. If the Property, or any part thereof, shall be condemned for any reason,
including without limitation fire or hurricane damage, or otherwise taken for public or quasi-public use under the power of eminent domain, or be transferred in lieu thereof, (such event being called a “Taking”) and if an Event of Default
has not occurred hereunder and is not continuing, Mortgagee shall apply all such proceeds to the restoration, replacement and rebuilding of the Property, and such restoration, replacement and rebuilding shall be accomplished, upon satisfaction of
each and all of the following conditions: (i) except as provided in (ii) below, Mortgagee shall be satisfied that by the expenditure of such proceeds the Property will be fully restored within a reasonable period of time to its value immediately
preceding the Taking, free and clear of all liens, except the lien of this Instrument, the permitted exceptions set for tin Schedule 1 attached hereto, and such other liens as are specifically approved by Mortgagee in writing under this
Instrument; (ii) in the event such proceeds shall be insufficient to restore or rebuild the Property, Borrower shall deposit promptly with Mortgagee funds which, together with the proceeds, shall be sufficient in Mortgagee’s judgment to restore
and rebuild the Property; (iii) the excess of such proceeds above the amount necessary to complete such restoration and compensate Borrower for all other losses shall be applied on account of the Indebtedness (first to interest, then to expenses
reimbursable to Mortgagee and then to principal amounts falling due under the Note without prepayment premium); (iv) Mortgagee reviews and approves in writing the plans and specifications for the restoration work and Mortgagee receives written
evidence satisfactory to Mortgagee that the same have been approved by all governmental authorities having jurisdiction; (v) Borrower shall have furnished to Mortgagee, for Mortgagee’s approval, a detailed budget and cost breakdown for said
restoration work signed by Borrower and describing the nature and type of expenses and amounts thereof estimated by Borrower for said restoration work including, but not limited to, the cost of material and supplies, architect and designer fees,
general contractor’s fees, and the anticipated monthly disbursement schedule, and Mortgagee shall have given to Borrower written approval of such budget and cost breakdown (if Borrower determines at any time that is actual expenses differ or
will differ from its estimated budget, it will so advise Mortgagee promptly); (vi) Borrower has delivered to Mortgagee evidence satisfactory to mortgagee that all Leases existing at the time of the Taking will remain in full force and effect subject
only to abatement of rent in accordance with the terms of the Leases until completion of such repair and restoration; and (vii) in Mortgagee’s reasonable judgment, such restoration work can be completed at least six (6) months prior to the
maturity of the Note. 
  
 In the event any of such conditions are
not or cannot be satisfied, then all of the proceeds payable with respect to such Taking will be applied to the payment of the Indebtedness in such order as Mortgagee may elect. 
  
 Under no circumstances shall Mortgagee become obligated to take any action to restore the Property; all proceeds released or
applied by Mortgagee to the restoration of the Property pursuant to the provisions of this Section 11 shall be released and/or applied on the cost of restoration (including within the term “restoration” any repair, reconstruction or
alteration) as such restoration progresses, in amounts which shall equal ninety percent (90%) of the amounts from time to time certified by an architect approved by Mortgagee to have been incurred in such restoration of any and all of the Property
(i.e., 90% of the total amount expended by the contractor for the project under a contract approved by Mortgagee and billed by the contractor to Borrower) and performed by a contractor reasonably satisfactory to Mortgagee and who shall furnish such
payment and performance bonds, if any, as may be reasonably required by Mortgagee in accordance with the plans and specifications therefore approved by Mortgagee and the remaining ten percent (10%) upon completion of such restoration and delivery to
Mortgagee of evidence reasonably satisfactory to Mortgagee that no mechanics’ lien exists with respect to the work of such restoration; that the restoration work has been completed and fully paid for in accordance with plans and specifications
for said work approved by Mortgagee; and that all Leases existing at the time the Taking occurred are in full force and effect with all tenants in possession and paying full Lease rental; and that all governmental approvals required for the
completion of said restoration work and occupancy of the Property have been obtained and the same are in form and substance satisfactory to Mortgagee. 
  

 If within a reasonable period of time after the occurrence of any Taking, Borrower shall not have
submitted to Mortgagee and received Mortgagee’s approval of plans and specifications for the repair, restoration or rebuilding of the Property or shall not have obtained approval of such plans and specifications from all governmental
authorities whose approval is required, or if, after such plans and specifications are approved by Mortgagee and by all such governmental authorities, Borrower shall fail to commence promptly such repair, restoration or rebuilding, or if thereafter
Borrower fails to carry out diligently such repair, restoration or rebuilding or is delinquent in the payment to mechanics, materialmen or others of the costs incurred in connection with such work, or if any other condition of this Section 11
is not satisfied within a reasonable period of time after the occurrence of any such Taking, then Mortgagee may, in addition to all other rights herein set forth, at Mortgagee’s option, (A) declare that an Event of Default has occurred and/or
apply all of the proceeds of the Taking to the payment of the Indebtedness in such order as Mortgagee may elect, and/or (B) Mortgagee, or any lawfully appointed receiver of the Property may at their respective options, perform or cause to be
performed such repair, restoration or rebuilding, and may take such other steps as they deem advisable to carry out such repair, restoration or rebuilding, and may enter upon the Property for any of the foregoing purposes, and Borrower hereby
waives, for itself and all others holding under it, any claim against Mortgagee and such receiver (other than a claim based upon the alleged gross negligence or intentional misconduct of Mortgagee or any such receiver) arising out of anything done
by them or any of them pursuant to this Section 11 and Mortgagee may in its discretion apply any proceeds held by it to reimburse itself and/or such receiver for all amounts expended or incurred by it in connection with the performance of
such work, including attorneys’ fees, and any excess costs shall be paid by Borrower to Mortgagee and Borrower’s obligation to pay such excess costs shall be secured by the lien of this Instrument and shall bear interest at the default
rate set forth in the Note, until paid. 
  
 Nothing herein, and no
authority given to Borrower to repair, rebuild or restore the Property or any portion thereof, shall be deemed to constitute Borrower the agent of Mortgagee for any purpose, or to create, either expressly or by implication, any liens or claims or
rights on behalf of laborers, mechanics, materialmen or other lien holders which could in any way be superior to the lien of claim of Mortgagee, or which could be construed as creating any third party rights of any kind or nature to the proceeds. At
reasonable times during the work of restoration, and upon reasonable notice, Mortgagee, either personally or by duly authorized agents, shall have the right to enter upon the Property for inspection of the work. Borrower expressly assumes all risk
of loss, including a decrease in the use, enjoyment or value of the Property from any casualty whatsoever, whether or not insurable or insured against. 
  
 12. BORROWER AND LIEN NOT RELEASED. From time to time, Mortgagee may, at Mortgagee’s option, without giving notice to or obtaining the consent
of Borrower, Borrower’s successors or assigns or of any junior lien holder or guarantors, without liability on Mortgagee’s part and notwithstanding the occurrence of an Event of Default, extend the time for payment of the Indebtedness or
any part thereof, reduce the payments thereon, release anyone liable on any of the Indebtedness, accept an extension or modification or renewal note or notes therefore, modify the terms and time of payment of the Indebtedness, release from the lien
of this Instrument any part of the Property, take or release other or additional security, reconvene any part of the Property, consent to any map or plan on the Property, consent to the granting of any easement, join in any extension or
subordination agreement, and agree in writing with Borrower to modify the rate of interest or period of amortization of the Note or change the amount of the monthly installments payable thereunder. Any actions taken by Mortgagee pursuant to the
terms of this Section 12 shall not affect the obligation of Borrower or Borrower’s successors or assigns to pay the sums secured by this Instrument and to observe the covenants of Borrower contained herein, shall not affect the guaranty
of any person, corporation, partnership or other entity for payment of the Indebtedness, and shall not affect the lien of priority of the lien hereof on the Property. Borrower shall pay Mortgagee a service charge, together with such title insurance

  

 
premiums and attorneys’ fees as may be incurred at Mortgagee’s option, for any such action if taken at Borrower’s request. 
  
 13. FORBEARANCE BY MORTGAGEE NOT A WAIVER. Any forbearance by
Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any other right or remedy. The acceptance by Mortgagee of payment of any sum secured by this
Instrument after the due date of such payment shall not be a waiver of Mortgagee’s right to either require prompt payment when due of all other sums so secured or to declare a default for failure to make prompt payment. The procurement of
insurance or the payment of taxes or other liens or charges by Mortgagee shall not be a waiver of Mortgagee’s right to accelerate the maturity of the Indebtedness secured by this Instrument, nor shall Mortgagee’s receipt of any awards,
proceeds or damages under Section 5 and 11 hereof operate to cure or waive Borrower’s default in payment of sums secured by this Instrument. 
  

14. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This Instrument is intended to be a security agreement pursuant to the Uniform Commercial Code
for any of the items specified above as part of the Property which, under applicable law, may be subject to a security interest pursuant to the Uniform Commercial Code, and Borrower hereby grants and conveys to Mortgagee a first and prior security
interest in all of the Property that constitutes personally (“Collateral”, for purposes of this Section 14), whether now owned or hereafter acquired. Borrower agrees that Mortgagee may file this Instrument, or a reproduction
thereof, in the real estate records or other appropriate index, as a financing statement for any of the items specified above as part of the Collateral. Any reproduction of this Instrument or of any other security agreement or financing statement
shall be sufficient as a financing statement. In addition, Mortgagee may submit for filing any financing statements, as well as extensions, renewals and amendments thereof, and reproductions of this Instrument in such form as Mortgagee may deem
appropriate to perfect a security interest with respect to the foregoing items. Borrower shall pay all costs of filing such financing statements and any extensions, renewals, amendments, and releases thereof, and shall pay all costs and expenses of
any record searches for financing statements Mortgagee may require. 
  
 Borrower expressly warrants and covenants: 
  

	 	(a)	Except for the security interest granted hereby, Borrower is the owner of the Collateral free from any lien, security interest or encumbrance. Borrower understands that any further
encumbrance of the Collateral is prohibited. Borrower shall defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein. 

  

	 	(b)	The Collateral is used or bought primarily for use in the business of Borrower and not for consumer purposes. 

  

	 	(c)	Borrower’s business address is as stated above. The Collateral is located at or on or is used or owned for or in connection with the Premises and other Property.

  

	 	(d)	Borrower shall promptly notify Mortgagee of any change in the location of the Collateral or any change in Borrower’s principal place of business. 

  

	 	(e)	Borrower shall pay when due, prior to delinquency, all taxes and assessments of every nature which may be levied or assessed against the Collateral 

  

	 	(f)	Except for liens in favor of Mortgagee and the Permitted Exceptions, without Mortgagee’s prior written consent, Borrower shall not permit or allow any lien, security interest
or encumbrance whatsoever upon the Collateral and shall not permit the Collateral to be attached or relieved. Mortgagee’s consent to a junior lien by an entity owned by, or under common control with, Mortgagee shall not be unreasonably
withheld. 

  

	 	(g)	The Collateral is in good condition and Borrower shall keep the Collateral in good condition (reasonable ear and tear excepted) and from time to time, forthwith, replace and repair
all such parts of the Collateral as may be broken, worn out, or damaged without allowing any lien to be created upon the Collateral on account of such replacement or repairs. Mortgagee may examine and inspect the Collateral at any time, wherever
located, subject to reasonable prior notice. 

  

	 	(h)	Borrower will not use the Collateral in violation of any applicable statues, regulations or ordinances. 

  

	 	(i)	Notwithstanding anything else contained herein to the contrary, if any personal property for use on the Property will be leased to Borrower, Mortgagee’s interest therein shall
be subordinate to lessor’s interest therein. 

  
 Until the occurrence of an Event of Default, Borrower may have possession of the Collateral and use it in any lawful manner, and upon the occurrence of an Event of Default Mortgagee shall have the immediate right to the possession of the
Collateral. 
  
 Upon the occurrence of an Event of Default,
Mortgagee shall have the remedies of a secured party under the Uniform Commercial Code, and Mortgagee may also invoke the remedies provided in Section 26 of this Instrument as to such items. In exercising any of said remedies Mortgagee may
proceed against the items of real property and any items of Collateral specified above separately or together and in any order whatsoever, without in any way affecting the availability of Mortgagee’s remedies under the Uniform Commercial Code
or of the remedies provided in Section 26 of this Instrument. Within ten (10) days following any request therefore by Mortgagee, Borrower shall prepare and deliver to Mortgagee written inventory specifically listing all of the Collateral
covered by the security interest herein granted, which inventory shall be certified by Borrower as being true, correct, and complete. 
  
 Addresses and Other Information for Fixture Filing: The following information is provided in order that this Mortgage shall comply with
requirements of the Uniform Commercial Code, as enacted in the State of Florida, for instruments to be filed as financing statements and with other requirements of applicable law: 
  

					
	 (a)
	  	Name of Borrower (Debtor):	  	FEATHERLITE, INC
			
	 	  	Address of Borrower:	  	 P O Box 320
 Highway 63 & 9
 Cresco IA 52136
 Attn: Jeff Mason

			
	 (b)
	  	 Name of Mortgagee
 (Secured Party)
	  	 GE COMMERCIAL FINANCE
 BUSINESS PROPERTY
CORPORATION

			
	 	  	Address of Mortgagee:	  	 10900 Northeast Fourth Street, Suite 500
 Bellevue,
Washington 98004
 Attention: Middle Market Risk

			
	 (c)
	  	 Record Owner of Real Estate
 Described on
Exhibit A hereto
	  	BORROWER
			
	 (d)
	  	Jurisdiction of Organization	  	Minnesota corporation
			
	 (e)
	  	Organizational ID No.:	  	 
			
	 (f)
	  	Federal Tax ID No.:	  	41-1621676

  

 15. LEASES OF THE PROPERTY. Borrower shall comply with and observe Borrower’s obligations as
landlord under all Leases of the Property or any part thereof. All Leases now or hereafter entered into will be in form and substance subject to the approval of Mortgagee. Borrower shall pay all attorney’s fees incurred by Mortgage in reviewing
any Lease or proposed Lease. All Leases of the Property shall specifically provide that such Leases are subordinate to this Instrument; that the tenant attars to Mortgagee, such attornment to be effective upon Mortgagee’s acquisition of title
to the Property; that the tenant agrees to execute such further evidences of attornment as Mortgagee may from time to time request; that the attornment of the tenant shall not be terminated by foreclosure; and that Mortgagee may, at Mortgagee’s
option, accept or reject such attornments (except as to third-party credit tenants unrelated to Borrower, as to which Mortgagee shall grant a non-disturbance provision). Borrower shall not, without Mortgagee’s written consent, request or
consent to the subordination of any Lease of all or any part of the Property to any lien subordinate to this Instrument. If Borrower becomes aware that any tenant proposes to do, or is doing, any act or thing which may give rise to any right of
set-off against rent, Borrower shall (i) take such steps as shall be reasonably calculated to prevent the accrual of any right a set-off against rent, (ii) immediately notify Mortgagee thereof in writing and of the amount of said set-offs, and (iii)
within ten (10) days after such accrual, reimburse the tenant who shall have acquired such right to set-off or take such other steps as shall effectively discharge such set-off or deduction. Upon Mortgagee’s receipt of notice of the occurrence
of any default or violation by Borrower of any of its obligations under the Leases, Mortgagee shall have the immediate right, but no the duty or obligation, without prior written notice to Borrower or to any third party, to enter upon the Property
and to take such actions as Mortgagee may deem necessary to cure the default of violation by Borrower under the Leases. The costs incurred by Mortgagee in taking any such actions pursuant to this paragraph shall become part of the Indebtedness,
shall bear interest at the rate provided in the Note, and shall be payable by Borrower to Mortgagee on demand. Mortgagee shall have no liability to Borrower or to any third party for any actions taken by Mortgagee or not taken pursuant to this
paragraph. 
  
 16. REMEDIES CUMULATIVE. Each remedy
provided in this Instrument is distinct and cumulative to all other rights or remedies under this Instrument or afforded by law or equity, and may be exercised concurrently, independently, or successively, in any order whatsoever. 
  
 17. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN BORROWER;
SUBORDINATE FINANCING PROHIBITED; ASSUMPTION. Mortgagee may, at its option, declare all sums secured by this Instrument to be immediately due and payable, and Mortgagee may invoke any remedies permitted by Section 26 of this Instrument,
if title to the Property is changed without the prior written consent of Mortgagee, which consent shall be at Mortgagee’s sole discretion. Any transfer of any interest in the Property or in the income therefrom, by sale, lease (except for
Leases to tenants in the ordinary course of managing income property which are approved by Mortgagee pursuant to Section 15 of this Instrument), contract, mortgage, deed of trust, further encumbrance or otherwise (including any such transfers
as security for additional financing of the Property), and any change in the ownership interests in Borrower (including any transfer, pledge, assignment, or hypothecation of, or other change in, the ownership interests in Borrower or any legal
entities which comprise or control Borrower), shall be considered a change of title, except Permitted Transfers (as defined below). Leasehold mortgages and collateral assignments of any Lease of the Property given by tenants of the Property are
prohibited without the prior written consent of Mortgagee, which consent may be withheld in Mortgagee’s sole discretion. Notwithstanding the foregoing, additional but subordinate deeds of trust may be granted to Mortgagee and, subject to the
prior written consent of Mortgagee, which consent my be withheld in Mortgagee’s sole discretion, may be granted to entities owned by or under common control with Mortgagee. 
  

 Mortgagee shall have the right to condition its consent to any proposed sale or transfer described in
this Section 17 upon (other than Permitted Transfers), among other things, Mortgagee’s approval of the transferee’s creditworthiness and management ability, based on Mortgagee’s then-current underwriting criteria for similar
properties and transactions. If required by Mortgagee, any sale or transfer shall be subject to the imposition of an assumption fee of one percent (1%) of the then outstanding balance of the Indebtedness or $2,500, in the case of Permitted Transfers
of the Property pursuant to clause (c) below. (No assumption fee shall be due in the instance of Permitted Transfers pursuant to clauses (a) and (b) below.) 
  
 The following shall constitute “Permitted Transfers” as to which Mortgagee’s consent shall not be required: (a) changes in ownership
interest in Borrower and the entities which comprise or control Borrower by devise or descent; and (b) transfers of direct or indirect interests in Borrower among the current owners of such interests or into trusts established for the benefit of any
of the foregoing, for bona-fide estate-planning or tax-planning purposes. Borrower shall proved to Mortgagee prompt written notice of any Permitted Transfer. 
  
 Borrower and the transferee shall be required, prior to any sale or transfer of the Property, to execute a written assignment and assumption agreement
containing such terms as Mortgagee may require. Consent by Mortgagee to one transfer of the Property shall not constitute consent to subsequent transfers or waiver of the provisions of this Section 17. No transfer by Borrower shall relieve
Borrower of liability for payment of the Indebtedness, unless Mortgagee shall otherwise agree in writing at the time of such transfer. Borrower shall pay any recording tax, recording cost, title insurance premium, attorneys’ fees, or other
third-party expenses incurred by Mortgagee in connection with any transfer, whether or not consent is required. 
  
 The transfer to and assumption by an approved transferee of the Borrower’s obligations under the Loan shall not constitute a “prepayment”
of the Loan requiring payment of “Prepayment Premium” (as defined in the Note). 
  
 18. NOTICE. Except for any notice required under applicable law to be given in another manner, any and all notices, elections, demands, or request permitted or required to be made under this Instrument or under
the Note shall be writing, signed by the party giving such notice, election, demand or request, and shall be delivered personally, or sent by registered, certified, or Express United States mail, postage prepaid, or by Federal Express or similar
nationally recognized delivery service requiring a receipt, to the other party at the address stated above, or to such other party and at such address within the United States of America as any party may designate in writing as provided herein. The
date of receipt of such notice, election, demand or request shall be the earliest of (i) the date of actual receipt, (ii) three (3) business days after the date of mailing by registered or certified mail, (iii) one (1) business day after the date of
sending via overnight delivery by Express Mail, Federal Express, or another similar service requiring receipt, or (iv) the date of personal delivery (or refusal by or on behalf of the addressee upon presentation for delivery of a properly addressed
notice.) 
  
 19. SUCCESSORS AND ASSIGNS BOUND; JOINT AND
SEVERAL LIABILITY; AGENTS; CAPTIONS. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective heirs, successors and assigns of Mortgagee and Borrower, subject to the provisions of
Section 17 hereof. If Borrower is comprised of more than one person or entity, whether as individuals, partners, partnerships, limited liability companies or corporations, each such person or entity shall be jointly and severally liable for
Borrower’s obligations hereunder. In exercising any rights hereunder or taking any actions provided for herein, Mortgagee may act through its employees, agents or independent contractors as authorized by Mortgagee. The captions and headings of
these sections of this Instrument are for the convenience only and are not to be used to interpret or define the provisions hereof. 
  

 20. WAIVER OF STATUTE OF LIMITATIONS. Borrower hereby waives the right to assert any statute of
limitations as a bar to the enforcement of the lien of this Instrument or to any action brought to enforce the Note or any other obligation secured by this Instrument. 
  
 21. WAIVER OF MARSHALLING. Notwithstanding the existence of any other security interests in the Property held by
Mortgagee or by any other party, Mortgagee shall have the right to determine the order in which any or all of the Property shall be subjected to the remedies provided herein. Mortgagee shall have the right to determine the order in which any or all
portions of the Indebtedness secured hereby are satisfied from the proceeds realized upon the exercise of the remedies provided herein. Borrower, any party who consents to this Instrument and any party who now or hereafter acquires a security
interest in the Property and who has assets in connection with the exercise of any of the remedies permitted by applicable law or provided herein. 
  
 22. HAZARDOUS WASTE. Mortgagee has obtained, and Borrower has reviewed, a Phase I Environmental Site Assessment dated January 20, 2005, prepared by
Clayton Group Services, Inc. (the “Report”). Except as disclosed to Mortgagee in the Report, Borrower has received no notification of any kind suggesting that the Property or any adjacent property is or may be contaminated with any
hazardous waste or materials or is or may be required to be cleaned up in accordance with any applicable law or regulation; and Borrower further represents and warrants that, except as previously disclosed to Mortgagee in writing, to the best of its
knowledge as of the date hereof, there are no hazardous waste or materials located in, on or under the Property or any adjacent property, or incorporated in any Improvements, nor has the Property or any adjacent property ever been used as a landfill
or a waste disposal site, or a manufacturing, handling, storage, distribution, or disposal facility for hazardous waste or materials, except for reasonable quantities of ordinary office supplies, cleaning supplies insecticides, pesticides, and paint
used in the normal operation and maintenance of the Real Property, provided that the same are used, stored, handled, and disposed of in accordance with applicable laws (“Permitted Substances”). As used herein, the term “hazardous
waste or materials” includes an substance or material defined in or designated as hazardous or toxic wastes, hazardous or toxic material, a hazardous, toxic or radioactive substances, or other similar term, by any federal, state or local
statute, regulation or ordinance now or hereafter in effect. Borrower shall promptly comply with all statues, regulations and ordinances, and with all orders, decrees or judgments of governmental authorities or courts have jurisdiction, relating to
the use, collection, treatment, disposal, storage, control, removal or cleanup of hazardous waste or materials in, on or under the Property or any adjacent property, or incorporated in any Improvements, at Borrower’s expense. In the event that
Mortgagee at any time has reason to believe that the Property is not free of all hazardous waste or materials other than Permitted Substances or that Borrower has violated any applicable environmental law with respect to the Property, then
immediately upon request by Mortgagee, Borrower shall promptly order, diligently pursue obtaining and furnish the Mortgagee, at Borrower’s sole cost and expense, an environmental audit and inspection of the Property from an expert satisfactory
to Mortgagee. In the event that Borrower fails to immediately obtain such audit or inspection, Mortgagee or its agents may perform or obtain such audit or inspection at Borrower’s sole cost and expense. Mortgagee may, but is not obligated to,
enter upon the Property and take such actions and incur such costs and expenses to effect such compliance as it deems advisable to protect its interest in the Property; and whether or not Borrower has actual knowledge of the existence of hazardous
waste or materials on the Property or any adjacent property as of the date hereof, Borrower shall reimburse Mortgagee as provided in Section 23 below for the full amount of all costs and expenses incurred by Mortgagee prior to Mortgagee
acquiring title to the Property through foreclosure or acceptance of a deed in lieu of foreclosure, in connection with such compliance activities. Neither this provision nor any of the other Loan Documents shall operate to put Mortgagee. The rights
granted to Mortgagee herein and in the other Loan Documents are granted solely for the protection of Mortgagee’s lien and security interest covering the Property, and do not grant to Mortgagee the right to control Borrower’s actions,
decisions or policies regarding hazardous waste or materials. 
  

 23. ADVANCES, COSTS AND EXPENSES. Borrower shall pay within ten (10) days after written demand
from Mortgagee all sums advanced by Mortgagee and all costs and expenses incurred by Mortgagee in taking any actions pursuant to the Loan Documents including attorneys’ fees and disbursements, accountants’ fees, appraisal and inspection
fees and the costs for title reports and guaranties, together with interest thereon at the rate applicable under the Note after an Event of Default from the date such costs were advanced or incurred. All such costs and expenses incurred by
Mortgagee, and advances made, shall constitute advances under this Instrument to protect the Property and shall be secured by and have the same priority as the lien of this Instrument. If Borrower fails to pay any such advances, costs and expenses
and interest thereon, Mortgagee may apply any undisbursed loan proceeds to pay the same, and, without foreclosing the lien of this Instrument, may at its option commence and independent action against Borrower for the recovery of the costs, expenses
and/or advances, with interest, together with costs of suit, costs of title reports and guaranty of title, disbursements of counsel and reasonable attorneys’ fees incurred therein or in any appeal therefrom. 
  
 24. ASSIGNMENT OF LEASES AND RENTS. Borrower, for good and valuable
consideration, the receipt of which is hereby acknowledged, to secure the Indebtedness, does hereby absolutely and unconditionally grant, bargain, sell, transfer, assign convey, set over and deliver unto Mortgagee all right, title and interest of
Borrower in, to and under the Leases of the Property, whether now existence or hereafter entered into, and all guaranties, amendments, extensions and renewals of said Leases and any of them, and all Rents which may now or hereunder be or become due
or owning under the Leases, and any of them, or on account to the use of the Property. 
  
 Borrower represents, warrants, covenants and agrees with Mortgagee as follows: 
  
 (a) The sole ownership of the entire lessor’s interest in the Leases is vested in Borrower, and Borrower has not, and shall not, perform any acts or
execute any other instruments which might prevent Mortgagee from fully exercising its rights with respect to the Leases under any of the terms, covenants and conditions of this Instrument. 
  
 (b) The Leases are and shall be valid and enforceable in accordance with
their terms and have not been altered, modified, amended, terminated, canceled, renewed or surrendered except as approved in writing by Mortgagee’s then-current underwriting criteria for similar properties and transactions. The terms and
conditions of the Leases have not been and shall not be waived in any manner whatsoever except as approved in writing by Mortgagee, which approval shall not be unreasonably withheld. 
  
 (c) Borrower shall not decrease the term or the amount of rent payable under any Lease without prior written notice to
Mortgagee and Mortgagee’s consent. 
  
 (d) There are no
defaults now existing under any of the Leases and, to the best of Borrower’s knowledge, there exists no state of facts which, with the giving of notice or lapse of time or both, would constitute a default under any of the Leases. 
  
 (e) Borrower shall give prompt written notice to Mortgagee of any notice
received by Borrower claiming that a default has occurred under any of the Leases on the part of Borrower, together with a complete copy of any such notice. 
  
 (f) Each of the Leases shall remain in full force and effect irrespective of any merger of the interest of lessor and any lessee under any of the Leases.

  
 (g) Borrower will not permit any Lease to become subordinate
to any lien other than the lien of this Instrument. 
  

 The assignment made hereunder is an absolute, present assignment from Borrower to Mortgagee, effective
immediately, and is not merely an assignment for security purposes but is irrevocable by Borrower so long as the Indebtedness remains outstanding. Notwithstanding the foregoing, until a notice is sent to the Borrower in writing that an Event of
Default (as defined below) has occurred under the terms and conditions of the Note or any instrument constituting security for the Note (which notice is hereafter called a “Notice”), Borrower is granted a license to receive, collect and
enjoy the Rents accruing from the Property. 
  
 If an Event of
Default shall occur, Mortgagee may, at its option, after service of a Notice, receive and collect all such rents as they become due, from the Property. Mortgagee shall thereafter continue to receive and collect all such Rents, until Mortgagee shall
otherwise agree in writing. All sums received by Borrower after service of such Notice shall be deemed received in trust and shall be immediately turned over to Mortgagee. 
  
 Borrower hereby irrevocably appoints Mortgagee its true and lawful attorney-in-fact with power of substitution and with full
power for Mortgagee in its own name and capacity or in the name of capacity of Borrower, from and after service of Notice, to demand, collect, receive and give complete acquittances for any and all Rents accruing from the Property, either in its own
name or in the name of Borrower or otherwise, which Mortgagee may deem necessary or desirable in order to collect and enforce the payment of the Rents and to demand, collect, receive, endorse, and deposit all checks, drafts, money orders or notes
given in payment of such Rents. Such appointment is coupled with an interest and is irrevocable. Mortgagee shall not be liable for or prejudice by any loss of any note, checks drafts, etc., unless such loss shall have been found by a court of
competent jurisdiction to have been due to the gross negligence or willful misconduct of Mortgagee. 
  
 Mortgagee shall apply the Rents received from Borrowers’ lessees, to accrued interest and principal under the Note. If no Event of Default remains
uncured, amounts received in excess of the aggregate monthly payment due under the Note shall be remitted to Borrower in a timely manner. Nothing contained herein shall be construed to constitute Mortgagee as a mortgagee-in-possession in absence of
its physically taking possession of the Property. 
  
 Borrower
also hereby irrevocably appoints Mortgagee from and after service of notice as its true and lawful attorney-in-fact to appear in any state or federal bankruptcy, insolvency or reorganization proceeding in any state or federal court involving any of
the tenants of the Leases. Lessees of the Property are hereby expressly authorized and directed, from and after service of a Notice to pay any and all amounts due Borrower pursuant to the Leases to Mortgagee or such nominee as Mortgagee may
designate in writing deliver to and received by such lessees who are expressly relieved of any and all duty, liability or obligation to Borrower in respect of all payments made. 
  
 If an Event of Default shall occur, Mortgagee is hereby vested with full power from and after service of a Notice to use all
measures, legal and equitable, deemed by it necessary or proper to enforce the assignment granted hereunder and to collect the Rents assigned hereunder, including the right of Mortgagee or its designee, to enter upon the Property, or any part
thereof, and take possession of all or any part of the Property together with all personal property, fixtures, documents, books, record, papers and accounts of Borrower relating thereto, and may exclude the Borrower, its agents and servants, wholly
therefrom. Borrower hereby grants full power and authority to Mortgagee to exercise all rights, privileges and powers herein granted at any and all times after service of a Notice, with full power to use and apply all of the Rents and other income
herein assigned to the payment of the costs of managing and operating the Property and of any indebtedness or liability of Borrower to Mortgagee, including but not limited to the payment of taxes, special assessments, insurance premiums, damage
claims, the costs of maintaining, repairing, rebuilding and restoring the Improvements on the Premises or of making the same rentable, reasonable attorneys’ fees incurred in connection with the enforcement of the assignment granted hereunder,
and the principal and interest payments due 

  

 
from Borrower to Mortgagee on the Note and this Instrument, all in such order as Mortgagee may determine. Mortgagee shall be under no obligation to exercise
or prosecute any of the rights or claims assigned to it hereunder or to perform or carry out any of the obligations of the lessor under any of the Leases and does not assume any of the liabilities in connection with or arising or growing out of the
covenants and agreements of Borrower in the Leases. It is further understood that the assignment granted hereunder shall not operate to place responsibility for the control, care, management or repair of the Property, or parts thereof, upon
Mortgagee, nor shall it operate to make Mortgagee liable for the performance of any of the terms and conditions of any of the Leases, or for any other person, or for any dangerous or defective condition of the Property or for any negligence in the
management, upkeep, repair or control of the Property resulting in loss or injury or death to any lessee, licensee, employee or stranger, unless the same shall have been found by a court of competent jurisdiction to have been due to the gross
negligence or willful misconduct of Mortgagee. 
  
 25.
DEFAULT. The following shall each constitute an event of default (“Event of Default”): 
  
 (a) The occurrence of an “Event of Default” under the Note. 
  
 (b) Failure of Borrower within the time required by this Instrument to make any payment for taxes, insurance or for reserves
for such payments, or any other payment necessary to prevent filing of or discharge of any lien, and such failure shall continue for a period of ten (10) days after written notice is given to Borrower by Mortgagee specifying such failure.

  
 (c) Failure by Borrower or any guarantor of the Loan to
observe or perform its obligations to Mortgagee on or with respect to any transactions, debts, undertakings or agreements other than the transaction evidenced by the Note, following the giving of any notice required thereunder and/or the expiration
of any applicable period of grace provided thereby. 
  
 (d)
Failure of Borrower to make any payment or perform any obligation under any superior liens or encumbrances on the Property, within the time required thereunder, or commencement of any suit or other action to foreclose any superior liens or
encumbrances. 
  
 (e) Failure by Borrower to observe or perform
any of its obligations under any of the Leases, following the giving of any notice required thereunder and/or the expiration of any applicable period of grace provided thereby. 
  
 (f) The Property is transferred or any agreement to transfer any part or interest in the Property in any manner whatsoever
is made or entered into without the prior written consent of Mortgagee, except as specifically allowed under this Instrument, including without limitation creating or allowing any subordinate liens on the Property or leasing any portion of the
Property. 
  
 (g) Filing by Borrower of a voluntary petition in
bankruptcy or filing by Borrower of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, or similar relief for itself under any present or future federal, state or other statue,
law or regulation relating to bankruptcy, insolvency or other relief for debtors, or the seeking, consenting to, or acquiescing by Borrower in the appointment of any trustee, receiver, custodian, conservator or liquidator for Borrower, any part of
the Property, or any of the Rents of the Property, or the making by Borrower of any general assignment for the benefit of creditors, or the inability of or failure by Borrower to pay its debts generally as they become due, or the insolvency on a
balance sheet basis or business failure of Borrower, or the making or suffering of a preference within the meaning of federal bankruptcy law or making of a fraudulent transfer under applicable federal or state law, or concealment by Borrower of any
of its property in fraud of creditors, or the imposition of a lien upon any of the property of Borrower which is not discharged in the manner permitted by Section 4 of this Instrument, or the giving of notice by Borrower to any governmental
body of insolvency or suspension of operations. 
  

 (h) Filing of a petition against Borrower seeking any reorganization, arrangement, composition,
readjustment, liquidation, or similar relief under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for debts, or the appointment of any trustee, receiver, custodian, conservator or
liquidator of Borrower, of any part of the Property or of any of the Rents of the Property, unless such petition shall be dismissed within sixty (60) days after such filing, but in any event prior to the entry of an order, judgment or decree
approving such petition. 
  
 (i) The institution of any proceeding
for the dissolution or termination of Borrower voluntarily, involuntarily, or by operation of law, unless such proceeding shall be dismissed within sixty (60) days after such filing, but in any event prior to the entry of an order, judgment or
decree for relief, or the death or incompetence of Borrower. 
  
 (j) INTENTIONALLY DELETED. 
  
 (k) Any warranty,
representation or statement furnished to Mortgagee by or on behalf of Borrower under the Note, this Instrument, any of the Loan Documents or the Indemnity, shall prove to have been false or misleading in any material respect when made. 

 
 (l) Failure of Borrower to observe or perform any other covenant or
condition contained herein and such default shall continue for thirty (30) days after notice is given to Borrower specifying the nature of the failure, or if the default cannot be cured within such applicable cure period, Borrower fails within such
time to commence and pursue curative action with reasonable diligence or fails at any time after expiration of such applicable cure period to continue with reasonable diligence all necessary curative actions; provided, however, that no notice of
default and no opportunity to cure shall be required with respect to defaults under Section 17 hereof or if during the prior twelve (12) months Mortgagee has already sent more than one (1) notice to Borrower concerning default in performance
of the same obligation. 
  
 (m) Failure of Borrower to observe or
perform any other obligation under any other Loan Document or the Indemnity when such observance or performance is due, and such failure shall continue beyond the applicable cure period set forth in such Loan Document, or if the default cannot be
cured within such applicable cure period, Borrower fails within such time to commence and pursue curative action with reasonable diligence or fails at any time after expiration of such applicable cure period to continue with reasonable diligence all
necessary curative actions. No notice of default and no opportunity to cure shall be required if during the prior twelve (12) months Mortgagee has already sent more than one (1) notice to Borrower concerning default in performance of the same
obligation. 
  
 (n) Any of the events specified in (g) – (j)
above shall occur with respect to any tenant of the property, with respect to any guarantor of any of Borrower’s obligation in connection with the Indebtedness or with respect to any guarantor of any of tenant’s obligations relating to the
Property, or such guarantor dies or is declared legally incompetent. 
  
 26. RIGHT AND REMEDIES ON DEFAULT. 
  
 26.1
Remedies. Upon the occurrence of any Event of Default and at any time thereafter, Mortgagee may exercise any one or more of the following rights and remedies: 
  

	 	(a)	Mortgagee may declare all sums secured by this Instrument immediately due and payable, including any prepayment premium which Borrower would be required to pay.

  

	 	(b)	Mortgagee shall have the right to foreclosure this Instrument in accordance with applicable law. 

  

	 	(c)	In the event of any foreclosure, to the extent permitted by applicable law, Mortgagee will be entitles to a judgment which will provide that if the foreclosure sale proceeds are
insufficient to satisfy the judgment, execution may issue for any amount by which the unpaid balance of the obligations secures by this Instrument exceeds the net sale proceeds payable to Mortgagee. 

  

	 	(d)	With respect to all or any part of the Property that constitutes personality, Mortgagee shall have all rights and remedies of secured party under the Uniform Commercial Code.

  

	 	(e)	Mortgagee shall have the right to have a receiver appointed to take possession of any or all of the Property, with the power to protect and preserve the Property, to operate the
Property preceding foreclosure or sales, to collect all the Rents from the Property and apply the proceeds, over and above costs of the receivership, against the sums due under this Instruments and to exercise all of the rights with respect to the
Property described in Section 24 above. The receiver may serve without bond if permitted by law. To the extent permitted by law, Mortgagee’s right to the appointment of a receiver shall exist whether or not apparent valve of the Property
exceed the sums due under this Instrument by a substantial amount. Employment by Mortgagee shall not disqualify a person from serving as a receiver. 

  

	 	(f)	In the Event Borrower remains in possession of the Property after the Property is sold as provided above or Mortgagee otherwise becomes entitled to possession of the Property upon
default of Borrower, Borrower shall become a tenant at will of Mortgagee or the purchaser of the Property and shall pay a reasonable rental for use of the Property while in Borrower’s possession. 

  

	 	(g)	Mortgagee shall have any other right or remedy provided in this Instrument, the Note, or any other Loan Document or instrument delivered by Borrower in connection therewith, or
available at law, in equity or otherwise. 

  

	 	(h)	Mortgagee shall have all the rights and remedies set forth in Section 23 and 24. 

  
 26.2 Sale of Property. In exercising its rights and remedies, Mortgagee may, at Mortgagee’s sole discretion, cause all
or any part of the Property to be sold as a whole or in parcels, and certain portions of the Property may be sold without selling other portions. Mortgagee may bid at any public sale on all or any portion of the Property. 
  
 26.3 Notice of Sale. Mortgagee shall give Borrower reasonable notice of the
time and place of any public sale of any personal property or of the time after which any private sale or other intended disposition of the personal property is to be made. Reasonable notice shall mean notice given in accordance with applicable law,
including notices given in the manner and at the times required for notices in a nonjudicial foreclosure. 
  
 26.4 Waiver; Election of Remedies. A waiver by either party of a breach of a provision of this Instrument shall not constitute a waiver of or prejudice
the party’s right otherwise to demand strict compliance with that provision or any other provision. Election by Mortgagee to pursue any remedy shall not exclude pursuit of any other remedy, and all remedies of Mortgagee under this Instrument
are cumulative and not exclusive. An election to make expenditures or take action to perform an obligation of Borrower shall not affect Mortgagee’s right to declare a default and exercise its remedies under this Instrument. 
  

 27. SATISFACTION OF MORTGAGE. Upon payment of all sums secured by this Instrument, Mortgagee shall
execute a satisfaction (or at Borrower’s option, an assignment) of the Instrument and shall surrender this Instrument and all notes evidencing Indebtedness secured by this Instrument to the person or persons legally entitled thereto. Such
person or persons shall pay Mortgagee’s costs incurred in connection with satisfaction or assignment of this Instrument. 
  
 28. FUTURE ADVANCES. This Instrument is given to secure not only existing indebtedness, but also future advances, whether such advances are
obligatory or are to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Instrument. The total
amount of indebtedness that may be so secured may not exceed twice the face amount of the Note, plus interest thereon. 
  
 29. USE OF PROPERTY. The Property is not currently used for agricultural, farming, timber or grazing purposes. Borrower warrants that this
Instrument is and will at all times constitute a commercial mortgage, as defined under appropriate state law. 
  
 30. IMPOSITION OF TAX BY STATE. 
  
 (a) State Taxes Covered. The following constitute state taxes to which this Section applies: 
  
 (b) A specific tax upon mortgages or upon all or any part of the indebtedness secured by a mortgage. 
  
 (c) A specific tax on a mortgagor which the taxpayer us authorized or
required to deduct from payments on the indebtedness secured by a mortgage. 
  
 (d) A tax on a mortgage chargeable against the mortgagee or the holder of the note secured. 
  
 (e) A specific tax on all or any portion of the indebtedness or on payments of principal and interest made by a mortgagor. 
  
 (f) Remedies. If any state tax which this section applies is enacted
subsequent to the date of this Instrument, this shall have the same effect as an Even of Default, and Mortgagee may exercise any or all of the remedies available to it unless the following conditions are met: 
  
 (g) Borrower may lawfully pay the tax or charge imposed by state tax, and

  
 (h) Borrower pays the tax or charge within (30) days after
notice from Mortgagee that the tax has been levied. 
  
 31.
ATTORNEYS’ FEES. In the event suit or action is instituted to enforce or interpret any of the terms of this Instrument (including without limitation efforts to modify or vacate any automatic stay or injunction), the prevailing party
shall be entitled to recover all expenses reasonably incurred at, before and after trial and on appeal whether or not taxable as costs, or in any bankruptcy proceeding including, without limitation, attorneys’ fees, witness fees (expert and
otherwise), deposition costs, copying charges and other expenses. Whether or not any court action is involved, all reasonable expenses, including but not limited to the costs of searching records, obtaining title reports, surveyor reports, and title
insurance, incurred by Mortgagee that are necessary at any time in Mortgagee’s opinion for the protection of its interest or enforcement of its right shall become a part of the Indebtedness payable on demand and shall bear interest from the
date of expenditure until repaid at the interest rate as provided in the Note. The term 

  

 
“attorneys” fee as used in the Loan Documents shall be deemed to mean such fees as are reasonable and are actually incurred. 
  
 32. GOVERNING LAW; SEVERABILITY. This Instrument shall be governed by
the law of the State of Florida applicable to contracts made and to be performed therein (excluding choice-of-law principles). In the event that any provision or clause of this Instrument or the Note conflicts with applicable law, such conflict
shall not affect other provisions of this Instrument or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Instruments and the Note are declared to be severable. 
  
 33. TIME OF ESSENCE. Time is of the essence of the Instrument.

  
 34. CHANGES IN WRITING. This Instrument and any of its
terms may only be changed, waived, discharged or terminated by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. Any agreement subsequently made by Borrower or Mortgagee
relating to this Instrument shall be superior to the rights of the holder of any intervening lien or encumbrance. 
  
 35. NO OFFSET. Borrower’s obligation to make payments and perform all obligations, covenants and warranties under this Instrument and under
the Note shall be absolute and unconditional and shall not be affected by any circumstance, including without limitation any setoff, counterclaim, abatement, suspension, recoupment, deduction, defense or other right that Borrower or any guarantor
may have or claim against Mortgagee or any entity participating in making the loan secured hereby. The foregoing provisions of this section, however, do not constitute a waiver of any claim or demand which Borrower or any guarantor may have in
damages or otherwise against Mortgagee or any other person, or preclude Borrower from maintaining a separate action thereon; provided, however, that Borrower waives any right it may have at law or in equity to consolidate such separate action with
any action or proceeding brought by Mortgagee. 
  
 36. WAIVER
OF JURY TRIAL. BORROWER AND MORTGAGEE HEREBY KNOWINGLY, VOLUNTARILY AND INTELLIGENTLY WAIVE ANY AND ALL RIGHTS THAT EACH PARTY TO THIS INSTRUMENT MAY NOW OR HEREAFTER HAVE UNDER THE LAWS OF THE UNITED STATES OF AMERICA OR THE STATE OF FLORIDA,
TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING DIRECTLY OR INDIRECTLY IN ANY ACTION OR PROCEEDING RELATING TO THIS INSTRUMENT, THE LOAN DOCUMENTS OR ANY TRANSACTIONS CONTEMPLATED THEREBY OR RELATED THERETO. IT IS INTENDED THAT THIS WAIVER SHALL
APPLY TO ANY AND ALL DEFENSES. RIGHTS, CLAIMS AND/OR COUNTERCLAIMS IN ANY SUCH ACTION OR PROCEEDING. BORROWER UNDERSTANDS THAT THIS WAIVER IS A WAIVER OF A CONSTITUTIONAL SAFEGUARD, AND EACH PARTY INDIVIDUALLY BELIEVES THAT THERE ARE SUFFICIENT
ALTERNATE PROCEDURAL AND SUBSTANTIVE SAFEGUARDS, INCLUDING, A TRIAL BY AN IMPARTIAL JUDGE, THAT ADEQUATELY OFFSET THE WAIVER CONTAINED HEREIN.  
  
 37. MAXIMUM INTEREST CHARGES. Notwithstanding anything contained herein or in any of the Loan Documents to the contrary, in no event shall
Mortgagee be entitled to receive interest on the loan secured by this Instrument (the “Loan) in amounts which, when added to all of the other interest charged, paid to or received by Mortgagee on the Loan, causes the rate of interest on the
Loan to exceed the highest lawful rate. Borrower and Mortgagee intend to comply with the applicable law governing the highest lawful rate and the maximum amount of interest payable on or in connection with the Loan. If the applicable law is ever
judicially interpreted so as to render usurious any amount called for under the Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Loan, or if acceleration of the final maturity date of the Loan or if any
prepayment by Borrower results in Borrower having paid or demand having been made on Borrower to pay, any interest in excess of the amount permitted by applicable law, then all excess amounts theretofore collected by Mortgagee shall be 

  

 
credited on the principal balance of the Note (or, if the Note has been or would thereby be paid in full, such excess amounts shall be refunded to Borrower),
and the provisions of the Note, this Instrument and any demand on Borrower shall immediately be deemed reformed and the amounts thereafter collectible thereunder and hereunder shall be reduced, without the necessity of the execution of any new
document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for thereunder and hereunder. The right to accelerate the final maturity date of the Loan does not include the right to
accelerate any interest which has not otherwise accrued on the date of such acceleration, and Mortgagee does not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Mortgagee for the use,
forbearance or detention of the Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread through the full term of the Loan until payment in full so that the rate or amount of interest on account of the loan
does not exceed the applicable usury ceiling. By execution of this Instrument, Borrower acknowledges that it believes the Loan to be usurious and agrees that if, at any time, Borrower should have reason to believes the Loan is in fact usurious, it
will give Mortgagee written notice of its belief and the reasons why Borrower believes the Loan to be usurious, and Borrower agrees that Mortgagee shall have (90) days following its receipt of such written notice in which to make appropriate refund
or other adjustment in order to correct such condition if in facts exists. 
  

 IN WITNESS WHEREOF, Borrower has executed this Instrument or has caused the same to be executed under
seal by its duly authorized President/CEO as of the day and year first written above. 
  

									
	 	 	 	 	 BORROWER:

			
	Signed, sealed and delivered in
The presence of:	 	 	 	FEATHERLITE, INC.,
a Minnesota corporation
					
	 Witness:
	 	 /s/ Jeffery A. Mason
	 	 	 	 By:
	 	 /s/ Conrad Clement

	 Print Name:
	 	 Jeffery A. Mason
	 	 	 	 Type Name:
	 	 Conrad Clement

	 	 	 	 	 	 	 Title:
	 	 President/CEO

					
	 Witness:
	 	 /s/ Tracy J. Clement
	 	 	 	 Attest:
	 	 /s/ Cathy Saltou

	 Print Name:
	 	 Tracy J. Clement
	 	 	 	 Title:
	 	 Executive Assistant

	 	 	 	 	 	 	 	 	 [Seal]

  
 Exhibits: 
  
 Exhibit A – Description of Property 
 Schedule 1 – Permitted Exceptions 
  

					
	STATE OF IOWA	  	}	  	 
	 	  	}	  	ss:
	COUNTY OF HOWARD	  	}	  	 

  
 The foregoing
instrument was acknowledged before me on this 20th day of January, 2005, by Conrad Clement , as President/CEO FEATHERLITE, INC., a Minnesota corporation, on behalf of the corporation. He/she is personally known to me or has produced D.L. as
identification. 
  

					
			
	  	 	 	 	 /s/ Cathy Saltou

	Notarial Seal	 	 	 	 Notary Public, State of Iowa

	 Iowa
 Cathy Saltou Commission #709371
 My Commission Expires 4/12/2007
	 	 	 	 Cathy Saltou

	 	 	 	 	 Printed Name of Notary Public

  
 Commission # 709371

  

 Loan No.: 001-12315-001 
  
 EXHIBIT A 
  
 4441 Orange Boulevard 
 Sanford, FL 32771

  
 Legal Description: 
  
 Lots 1, 2, 3, 13, 14 and 15, and the East 104.41 feet of Lot 4 and the East 87.78 feet of Lot
12, BELL’S SUBDIVISION, according to the plat thereof as recorded in Plat book 6, Page 47, of the Public Records of Seminole County, Florida (LESS that part thereof in State Road 400 as described in Official Records Book 220, Page 405, Seminole
County Records); TOGETHER with that part of vacated road as described in Official Records Boos 3371, Page 1848, of the Public Records of Seminole County, Florida; AND ALSO TOGETHER with the West 1⁄2 of vacated Elder Road as described in Official
Records Book 3704, Page 119, of the Public Records of Seminole County, Florida 
  
 AND 
  
 Lot 27 of FLORIDA LAND AND COLONIZATION COMPANY LIMITED W.
BEARDALL’S MAP OF ST. JOSEPHS, according to the plat thereof as recorded in Plat Book 1, Page 114, of the Public Records of Seminole County, Florida (LESS the part thereof in State Road 400 as described in Official Records Road 220, Page 405,
Seminole County Records). 
  

 Loan No: 001-12315-001 
  
 SCHEDULE 1 
  
 4441 Orange Boulevard 
 Sanford, FL 32771

  
 Permitted Exceptions: 
  

	1.	Restrictions, conditions, reservations, easements, and other matters contained on the Plat of Bell’s Subdivision, as recorded in Plat Book 6, Page(s) 47, NOTE: Resolution
recorded in O.R. Book 3371, Page 1853, Public Records of Seminole County, Florida abandoned, closed and vacated 7-foot utility easements as shown on the plat recorded in Plat Book 6, Page 47 of the Public Records of Seminole County, Florida.

  

	2.	Easement recorded in O.R. Book 1529, Page 768, Public Records of Seminole County, Florida as located on that certain plat of survey dated January 12, 2005, prepared by Kitner
Surveying, Inc. entitled Plat of “ALTA/ACSM” Survey for Featherlite, Inc. 

  

	3.	Development Order recorded in O.R. Book 2221, Page 1156, Public Records of Seminole County, Florida. 

  

	4.	Development Order recorded in O.R. Book 3638, Page 642, Public Records of Seminole County, Florida. 

  

	5.	Agreement of Sewer Service recorded in O.R. Book 3575, Page 444, Public Records of Seminole County, Florida. 

  

	6.	Agreement of Water Service recorded in O.R. Book 3575, Page 407, Public Records of Seminole County, Florida. 

  

	7.	Terms and Conditions of Warranty Deed to Seminole County recorded in O.R Book 3870, Page 449, Public Records of Seminole County, Florida. 

  

	8.	Easement recorded in O.R. Book 3711, Page 1501, Public Records of Seminole County, Florida as located on that certain plat of survey dated January 12, 2005, prepared by Kitner
Surveying, Inc., entitled Plat of “ALTA/ACSM” Survey for Featherlite, Inc.

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