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2 <br />Mortgage, the Mortgagee acknowledges that it is aware of the provisions of Minnesota <br />Statutes Section 287.05, subd. 5 and intends to comply with the requirements contained <br />therein. The acknowledgments contained in this paragraph are made solely for the <br />benefit of county recording authorities in determining the mortgage registry tax (if any) <br />payable as a prerequisite to the recording of this Mortgage. The Mortgagor acknowledges <br />that such acknowledgements do not constitute or imply an agreement by the Mortgagee <br />to make any future advances to the Mortgagor. <br /> <br /> Mortgage. Mortgagor hereby mortgages to Mortgagee the tract of land legally <br />described on Exhibit A attached hereto, lying in the County of Anoka, State of Minnesota, <br />together with all tenements, easements, hereditaments, privileges, minerals and mineral <br />rights, water and water rights, buildings, fixtures and improvements now or hereafter <br />erected or located on the above described land (the "mortgaged premises"). <br /> <br /> Assignment of Leases and Rents. Mortgagor hereby assigns to Mortgagee all <br />leases now or hereafter affecting the mortgaged premises and all rents and profits due or <br />to become due with respect to the mortgaged premises, whether before or after <br />foreclosure or during any redemption period after foreclosure sale, as additional security <br />for the repayment of the Note, and Mortgagor hereby further agrees that Mortgagee shall <br />upon the occurrence of an Event of Default hereunder have the power pursuant to this <br />Assignment of Leases and Rents irrevocably to manage, control and lease the mortgaged <br />premises. Upon the occurrence of an Event of Default hereunder and without regard to <br />waste, adequacy of the security, or solvency of the Mortgagor, Mortgagee may, at its <br />option, either: <br /> <br /> (a) Apply to the Minnesota District Court for the County wherein the <br />mortgaged premises hereunder is located for the appointment of a receiver under <br />Minnesota Statutes Section 559.17, it being understood and agreed that <br />Mortgagee shall be entitled to the appointment of a receiver upon a showing that <br />an Event of Default has occurred under the terms of this Mortgage. A receiver so <br />appointed shall apply all rents and profits collected from the date of his <br />appointment through the redemption period from any foreclosure sale, first as <br />provided in Minnesota Statutes Section 576.25, and thereafter shall apply the rents <br />and profits to the payment of the following items in the order indicated: first, to the <br />payment of principal and interest on any prior mortgages; second, to the payment <br />of any other prior liens or encumbrances; and third, to the payment of principal and <br />interest on the Note; or <br /> <br /> (b) Collect all rents and profits from the occupiers of the mortgaged <br />premises upon the filing by the Mortgagee, in the office of the County Recorder or, <br />in the case of registered property in the office of the Registrar of Titles, for the <br />County in which the property is located, of a notice of the occurrence of an Event <br />of Default in the terms and conditions of this Mortgage and the service of said <br />notice of default upon the occupiers of the mortgaged premises. From the date of <br />filing and service upon the occupiers of notice of default through the redemption <br />period from any foreclosure sale, Mortgagee shall apply all rents and profits so