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<br /> <br /> <br />EXHIBIT B PERMITTED ENCUMBRANCES <br />The following are permitted encumbrances, but the listing of a permitted encumbrance herein does <br />not change or override the order of lien priority or any other agreements as to the priority of <br />security agreed to in the Loan Agreement, any other applicable agreement, or under applicable <br />law: <br /> <br />1. Liens for taxes and special assessments not then delinquent, or delinquent but being <br />contested by 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, <br />pollution control, water conservation and other laws, regulations, rules and ordinances of <br />the Federal Government and State of Minnesota and respective agencies thereof and the <br />political subdivisions in which the Project is located. <br />5. Other encumbrances agreed to by Lender as listed on Lender's pro-forma Title Policy as <br />of the Date of Closing. <br /> <br />42972521v3 <br />