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<br /> <br />EXHIBIT B <br /> <br />PERMITTED ENCUMBRANCES <br />1. Liens for taxes and special assessments not then delinquent, or delinquent but being contested by <br />the Borrower. <br />2. Utility, access and other easements and rights-of-way, restrictions and exceptions that the <br />Borrower certifies will not interfere with or impair the operation of the Project. <br />3. Any mechanic’s, laborer’s, materialman’s, supplier’s, or vendor’s lien or right in respect <br />thereof if payment is not yet due under the contract in question or if such lien is being <br />contested in accordance with the Loan Documents. <br />4. Any building, zoning and subdivision ordinances and any other applicable development, pollution <br />control, water conservation and other laws, regulations, rules and ordinances of the Federal <br />Government and State of Minnesota and respective agencies thereof and the political subdivisions <br />in which the Project is located. <br />5. Other encumbrances agreed to by Lender as listed on Lender’s pro-forma Title Policy as of the <br />Date of Closing. <br /> <br />