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<br />Mortgage, Assignment of Rents, <br />Security Agreement and Fixture Filing <br />Page 28 <br /> <br />time of redemption, interest during the redemption period at the maximum amount and rate <br />permitted by Minnesota law, together with all other amounts permitted to be collected under <br />applicable law. <br />7.12 Acknowledgment of Waiver of Hearing Before Sale. Borrower understands and agrees <br />that if an Event of Default shall occur, Governmental Lender has the right, inter alia, to foreclose <br />this Security Instrument by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter <br />amended, or pursuant to any similar or replacement statute hereafter enacted; that if Governmental <br />Lender elects to foreclose by advertisement, it may cause the Premises, or any part thereof, to be <br />sold at public auction; that notice of such sale must be published for six (6) successive weeks at <br />least once a week in a newspaper of general circulation and that no personal notice is required to <br />be served upon Borrower. Borrower further understands that upon the occurrence of an Event of <br />Default, Governmental Lender may also elect its rights under the Uniform Commercial Code and <br />take possession of the Collateral and dispose of the same by sale or otherwise in one or more <br />parcels provided that at least ten (10) days’ prior notice of such disposition must be given, all as <br />provided for by the Uniform Commercial Code, as hereafter amended or by any similar or <br />replacement statute hereafter enacted. Borrower further understands that under the Constitution <br />of the United States and the Constitution of the State of Minnesota it may have the right to notice <br />and hearing before the Premises may be sold and that the procedure for foreclosure by <br />advertisement described above does not insure that notice will be given to Borrower and neither <br />said procedure for foreclosure by advertisement nor the Uniform Commercial Code requires any <br />hearing or other judicial proceeding. BORROWER HEREBY EXPRESSLY CONSENTS AND <br />AGREES THAT THE PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND <br />THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE <br />UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER <br />ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE <br />SIGNING THIS DOCUMENT THIS SECTION AND BORROWER’S CONSTITUTIONAL <br />RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER <br />UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND <br />THE EFFECT OF SUCH WAIVER. <br />7.13 Investor’s Right to Cure. MCI Ride Apartments, LLC, an Indiana limited liability <br />company, and its permitted successors and assigns, the investor limited partner of Borrower, shall <br />have the right, but not the obligation, to cure any defaults on behalf of Borrower, and the <br />Governmental Lender shall accept such cure as if tendered by the Borrower. <br />8. <br />HAZARDOUS SUBSTANCE <br />8.1 Covenants and Representations of Borrower. The terms, conditions, covenants, <br />indemnifications, and representations included in that certain Environmental and ADA <br />Indemnification Agreement executed by Borrower and Guarantor in favor of Initial Funding <br />Lender, dated as of the date hereof are included herein by reference.