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7 <br />deposits on hand are not sufficient to pay all of the Charges when the same <br />become due from time to time, or (b) Mortgagee estimates that the current monthly <br />deposits are less than the estimated monthly amounts necessary to pay the <br />Charges as they become due and from time to time, then Mortgagor shall pay to <br />Mortgagee on demand the amount necessary to make up the deficiency. The <br />excess of any such deposits shall be credited to subsequent payments to be made <br />for such items. If an Event of Default, as herein defined, shall occur under the <br />terms of this Mortgage or the Note, Mortgagee may, at its option, without being <br />required to do so, apply any deposits on hand to the indebtedness secured hereby <br />in such order and manner as Mortgagee may elect. When the indebtedness <br />secured hereby has been fully paid, any remaining deposits shall be returned to <br />Mortgagor or other person entitled thereto. All deposits are hereby pledged as <br />additional security for the indebtedness secured hereby and shall be held for the <br />purposes provided for in this paragraph. Such deposits may be held by <br />Mortgagee, or its agent, and shall be held without any allowance of interest thereon <br />and shall not be subject to the decision or control of Mortgagor. The enforceability <br />of the other covenants relating to taxes and assessments shall not be affected <br />except insofar as those obligations have been met by compliance with this <br />paragraph. Mortgagee may from time to time, at its option, waive, and after such <br />waiver, reinstate any and all of the provisions contained in this paragraph. While <br />such waiver is in effect, Mortgagor shall pay taxes and assessments and premiums <br />for insurance as herein provided. <br /> <br /> 3. Rules, Regulations, Environmental Laws. The Mortgagor represents and <br />warrants to the best of its knowledge and except as disclosed in written reports by third <br />party engineers delivered to Mortgagee: (i) that the location, construction, occupancy, <br />operation and use of the mortgaged premises do not violate any applicable law, statute, <br />ordinance, rule, regulation, order or determination of any governmental authority or any <br />board of fire underwriters (or other body exercising similar functions), or any restrictive <br />covenant or deed restriction (recorded or otherwise) affecting the mortgaged premises, <br />including without limitation, all applicable zoning ordinances and building codes, flood <br />disaster laws and health and environmental laws and regulations (hereinafter sometimes <br />collectively called "Applicable Regulations"); (ii) that the mortgaged premises and the <br />Mortgagor are not in violation of or subject to any existing pending or threatened <br />investigation or inquiry by any governmental authority or to any remedial obligations under <br />any Applicable Regulations pertaining to health or the environment (hereinafter <br />sometimes collectively called "Applicable Environmental Laws"), including without <br />limitation, the Comprehensive Environmental Response, Compensation, and Liability Act <br />of 1980 ("CERCLA"); the Superfund Amendments and Reauthorization Act of 1988 <br />("SARA"); the Resource Conservation and Recovery Act of 1976 ("RCRA"); Minnesota <br />Environmental Response and Liability Act of 1987 ("MERLA"); and Minnesota Petroleum <br />Tank Release Clean-up Act of 1988 ("MPTRCA") and this representation and warranty <br />would continue to be true and correct following disclosure to the applicable governmental <br />authorities of all relevant facts, conditions and circumstances, if any, pertaining to the <br />mortgaged premises; (iii) that the Mortgagor has not obtained and is not required to obtain <br />any permits, licenses or similar authorizations to construct, occupy, operate or use any