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proceedings have been commenced, whether or not a foreclosure sale has <br />occurred; <br />(d) exercise any right or remedy provided in the Note or the Mortgage or <br />available under applicable law. <br />The exercise of any of the foregoing rights or remedies and the application of the rents, <br />profits and income pursuant to paragraph 7 herein, shall not cure or waive any Event of Default <br />(or notice of default) under the Mortgage or invalidate any act done pursuant to such notice. <br />7. Application of Rents, Profits and Income. All Rents collected by the Assignee or <br />the receiver each month shall be applied as follows: <br />(a) to payment of all reasonable fees of the receiver approved by the court; <br />(b) to payment of all tenant security deposits then owing to tenants under any <br />of the Leases pursuant to the provisions of Minnesota law; <br />(c) to payment of all prior or current real estate taxes and installments of <br />special assessments which become due with respect to the Mortgaged <br />Property; <br />(d) to payment of all premiums then due for the insurance required by the <br />provisions of the Mortgage; <br />(e) to payment of expenses incurred for normal maintenance of the Mortgaged <br />Property and for alterations and improvements approved by the <br />Mortgagee; <br />(f) if received prior to any foreclosure sale of the Mortgaged Property, to the <br />Assignee for payment of the indebtedness secured by the Mortgage or this <br />Lease Assignment, but no such payment made after acceleration of the <br />indebtedness or commencement of foreclosure proceedings shall affect <br />such acceleration or foreclosure proceedings; <br />(g) <br />if received during or with respect to the period of redemption after a <br />foreclosure sale of the Mortgaged Property: <br />(1) <br />if the purchaser at the foreclosure sale is not the Assignee, first to <br />the Assignee to the extent of any deficiency of the sale proceeds to <br />repay the indebtedness secured by the Mortgage or this <br />Assignment, second to the purchaser as a credit to the redemption <br />price, but if the Mortgaged Property is not redeemed, then to the <br />purchaser of the Mortgaged Property; <br />4 <br />