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Agreement will provide Lender with a 1St priority security interest in the <br /> Equipment. Borrower agrees to promptly and fully observe and comply with the <br /> reasonable requirements of Lender with respect to the Security Agreement, <br /> disbursements of funds and such other reasonable requirements as Lender may <br /> make. <br /> 3. Title Insurance. Sherburne County Abstract and Title Company ("Title"), <br /> is designated as the title insurer with respect to this Agreement. Title will insure Lender <br /> against loss or damage on account of mechanic's liens upon or unmarketability of the title <br /> to the Loan Property, and will insure that the Mortgage constitutes a first priority lien <br /> upon Borrower's interest in the Loan Property as contemplated by this Agreement, <br /> subject only to the lien of the mortgages set forth as Items 1, 2, 3 and 4 on Exhibit B to <br /> the Mortgage (the `Bank Mortgage," the "City Mortgage," the "County Mortgage" and <br /> the "Microloan Mortgage,"respectively). Borrower agrees to promptly and fully observe <br /> and comply with the reasonable requirements of Title and Lender with respect to the title, <br /> the Mortgage, disbursements of funds and such other reasonable requirements as Title <br /> may make. <br /> 4. Documents to be Delivered. Borrower covenants and agrees to <br /> immediately cause the compliance with the following conditions: <br /> (a) Note. Deliver to Lender the Note. <br /> (b) Security Agreement. Deliver to Lender the Security Agreement, <br /> together with evidence that a UCC-1_Financing Statement has been or will be <br /> duly filed for record. <br /> (c) Personal Guaranties. Deliver to Lender the Personal Guaranties. <br /> ( ntit Guarant Deliver to Lender the Entity Guaranty. <br /> (e) Mortgage. Deliver to Lender the Mortgage, together with evidence <br /> the�I e Mortgage has been or will be duly filed for record. <br /> (f) Title Insurance Policy. Deliver to Lender a Mortgagee's title <br /> insurance policy ("Title Policy"), from Title issued to Lender in the amount of <br /> $200,000.00 with respect to the Mortgage and insuring that the Mortgage is a <br /> fourth lien on the Loan Property free and clear of mechanic's liens, materialmen's <br /> liens, taxes, special assessments, rights of parties in possession, other than: (i) the <br /> Bank Mortgage; (ii) the City Mortgage; (iii) the County Mortgage; (iv) the <br /> Microloan Mortgage; and (v) the rights of tenants as tenants only under existing <br /> leases, and questions of title and survey approved in writing by Lender. <br /> (g) Bank Loan Documents. Deliver to Lender copies of all of the <br /> documents relating to the Bank Mortgage (the `Bank Loan Documents"). <br /> -3- <br />