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trees, shrubs and all other fixtures, machinery, equipment, appliances, and personal property of
<br />every kind and nature whatsoever now or hereafter owned by Mortgagor and located in, on, or
<br />about, or used or intended to be used with or in connection with the use, operation, or enjoyment
<br />of the Land, including all extensions, additions, improvements, betterments, renewals, and
<br />replacements of any of the foregoing and all right, title, and interest of Mortgagor in any such
<br />personal property or fixtures, together with the benefit of any deposits or payments now or
<br />hereafter made by Mortgagor or on its behalf; and (c) all hereditaments, easements, rights,
<br />privileges, and appurtenances now or hereafter belonging, attached, or in any way pertaining to
<br />the Land or to any building, structure, or improvement now or hereafter located thereon (all of
<br />the foregoing, together with the Land, are hereinafter referred to as the "Mortgaged Property ").
<br />TO HAVE AND TO HOLD the Mortgaged Property unto Mortgagee forever.
<br />PROVIDED, NEVERTHELESS, That if Mortgagor shall pay to Mortgagee the principal
<br />sum of Two Hundred Ten Thousand, Nine I- Iundred Thirty -Nine Dollars and 48/100 Dollars
<br />($210,939.48), or so much thereof as has been advanced pursuant to the terms of a Construction
<br />Loan Agreement (the "Loan Agreement ") entered into between Mortgagor and Mortgagee of
<br />even date herewith, with interest at the rates and adjustments thereof provided hereinafter and in
<br />Mortgagor's promissory note, bearing even date herewith and payable to the order of Mortgagee
<br />in the principal amount aforesaid, and any extensions or renewals thereof (the "Note "), all of the
<br />terms of which are hereby made a part of this Mortgage to the same extent and with the same
<br />effect as if they were fully set forth herein, and having a maturity date of June , 2016, and
<br />shall pay all other sums, with interest thereon, as may he advanced by Mortgagee in accordance
<br />with this Mortgage to protect the lien of this Mortgage or for any other purpose, and shall keep
<br />and perform all covenants and obligations provided for herein and in the Note to be kept and
<br />performed by Mortgagor, then this Mortgage shall he null and void, in which event Mortgagee
<br />will execute and deliver to Mortgagor in torn suitable for recording a full release of this
<br />Mortgage; otherwise, this Mortgage shall remain in full force and effect. The indebtedness
<br />evidenced by all sums payable under the Note and all sums advanced pursuant to or payable
<br />under this Mortgage are collectively referred to as the "Indebtedness ".
<br />This Mortgage secures an obligation incurred for the construction of an
<br />improvement on Land and is a "Construction Mortgage" as that terns is used in the
<br />Minnesota Uniform Commercial Code, Minnesota Statutes § 336.9- 334(h).
<br />The original principal amount secured by this Mortgage is Two Hundred Ten Thousand,
<br />Nine Hundred Thirty -Nine and 48/100 Dollars ($210,939.48) which amount constitutes the
<br />"Initial Amount of the Debt" within the meaning of Minn. Stat. §287.03, and this Mortgage is
<br />intended to secure the entire Indebtedness.
<br />The Mortgage allows for future advances, but the amounts of any advances are not
<br />currently known. The Mortgagee is aware of Minn. Stat. §287.05, Subd. 5, and intends to
<br />comply with the requirements contained therein.
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