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(6) declare the entire unpaid principal of the Note and all accrued <br />interest thereon immediately due and payable without notice; <br />(7) foreclose the Mortgage and any other security instrument referred <br />to in this Agreement and/or exercise any other rights or remedies it may have <br />under the Mortgage and such other security instrument. <br />16. Default under Note and Mortgage. The failure by Borrower to keep or <br />perform any of the terms, covenants and conditions to be kept or performed by it under <br />this Agreement shall constitute a default under the Note, the Mortgage and any other <br />security instrument held by Lender in connection with the Loan. <br />17. Notices. Any notices given hereunder shall be in writing and shall be <br />deemed to have been given when delivered personally or three (3) days after deposited in <br />the United States mail, registered, postage prepaid, addressed as follows: <br />If to Borrower: <br />GRM of Minnesota, LLC <br />19141 Freeport St NW <br />Elk River, Minnesota 55330 <br />If to Lender: <br />Housing and Redevelopment Authority of the City of Elk River <br />13065 Orono Parkway <br />Elk River, Minnesota 55330 <br />or addressed to any such party at such other address as such party shall hereafter furnish <br />by notice to the other parry. Any notice delivered personally to Borrower shall be <br />delivered to an officer of Borrower, and any notice delivered personally to Lender shall <br />be delivered to an officer of Lender at the address for Lender for the mailing of notices. <br />Either party may change its address for the giving of notices by giving the other party at <br />least ten (10) days' notice in the manner provided above. <br />18. Headings. The headings used in this Agreement are for convenience only <br />and do not define, limit or construe the contents of this Agreement. <br />19. Bindings on Successors and Assigns. Subject to the limitations on transfer <br />contained in this Agreement, this Agreement shall be binding upon and inure to the <br />benefit of the successors and assigns of the parties hereto. <br />20. Assi ng, abilitX. Borrower shall not assign this Agreement or all or any part <br />of any advances to be made hereunder without written consent of Lender which consent <br />maybe granted or withheld in the sole discretion of Lender. <br />385593v3 JSB EL185-12 <br />-12- <br />