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4111 <br /> delivered by or for the account of the Debtor; release such <br /> payments, collections and proceeds to the Debtor or apply the same <br /> to the payment of the Indebtedness; and enforce rights against <br /> third parties. In carrying out its obligations, the Bank shall act <br /> in honesty and in good faith. Neither the Bank nor any of its <br /> directors, officers, employees or agents shall be liable for any <br /> action taken or omitted by the Bank or any of them except in the <br /> case of failure to perform its obligations under this Agreement or <br /> willful misconduct. <br /> 5. All payments received by the Bank after the occurrence of <br /> any Event of Termination (whether such payments are from the Debtor <br /> or out of any collateral or from any other person or out of any <br /> • other property) shall be applied: first, to pay or reimburse the <br /> Bank for expenses incurred; second, Bank's to the Bank s principal portion <br /> and interest (not to exceed one year's interest if a real estate <br /> foreclosure and 120 days' interest if the collection effort is not <br /> a real estate foreclosure) ; and third, the EDA shall be paid its <br /> principal plus interest (not to exceed one year' s interest if a <br /> real estate foreclosure -and 12-0 days' interest if the- collection <br /> effort is not a real estate foreclosure) . Any excess shall be <br /> split in accordance with the proportion of participation. The EDA <br /> is not responsible to pay the Bank for any collection efforts that <br /> the Bank takes. <br /> 6. This Agreement shall be governed by the laws of the State <br /> of Minnesota and shall be binding upon and inure to the benefit of <br /> 4111 the parties and their respective successors and assigns. This <br /> Agreement may be executed in counterparts, each of which shall <br /> 287902.1 3 <br />