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Promissory Note as the same may be renewed, extended, replaced, modified or amended
<br /> is herein called the "Note"). The proceeds of the Note are being utilized to purchase
<br /> equipment for use in Borrower's business operations from the Mortgaged Property (as
<br /> defined below).
<br /> B. Contemporaneous herewith, Borrower has entered into that certain loan
<br /> agreement (the "Loan Agreement") setting forth the terms and conditions of the
<br /> Borrower's and Lender's obligations with relation to this loan facility.
<br /> C. Mortgagor is the owner of the Mortgaged Property and is the landlord
<br /> under that certain unrecorded lease dated August , 2013, with Borrower, as tenant,
<br /> leasing the entire Mortgaged Property to Borrower. Mortgagor is construction certain
<br /> improvements upon the Mortgaged Property for Borrower's use, pursuant to the Lease
<br /> (the "Improvements").
<br /> D. As a condition of entering into the loan facility, Lender has required that
<br /> Mortgagor provide an "Entity Guaranty" of Borrower's obligations under Note, the Loan
<br /> Agreement and any other documents relating to or arising from this loan facility. Lender
<br /> further required that Mortgagor's obligations under the Entity Guaranty be secured by
<br /> this Mortgage.
<br /> NOW THEREFORE, in consideration of the Recitals and for the purpose of
<br /> securing the payment and performance of all of Mortgagor's obligations under the Entity
<br /> Guaranty (collectively "Obligations"); and to secure the performance of all covenants,
<br /> conditions and agreements herein and in the Entity Guaranty, Mortgagor does hereby
<br /> mortgage, grant, bargain, sell, release and convey unto Mortgagee, with power of sale,
<br /> forever all of Mortgagor's right, title and interest in all the tracts or parcels of land lying
<br /> and being in Sherburne County, Minnesota, legally described in Exhibit A hereto,
<br /> (hereinafter the "Land"), whether now owned or hereafter acquired, together with: (i) all
<br /> building materials, supplies and equipment now or hereafter located on the Land and
<br /> suitable or intended to be incorporated in any building, structure, or other improvement
<br /> located or to be erected on the Land; and (ii) all of the buildings, structures and other
<br /> improvements now standing or at any time hereafter constructed or placed upon the
<br /> Land; and (iii) all heating, plumbing and lighting apparatus, motors, engines, and
<br /> machinery, electrical equipment, incinerator apparatus, air conditioning equipment, water
<br /> and gas apparatus, pipes, faucets, and all other fixtures of every description which are
<br /> now or may hereafter be placed or used upon the Land or in any building or improvement
<br /> now or hereafter located thereon; and (iv) all equipment purchased with the Loan
<br /> proceeds, as set forth on Exhibit A to the Loan Agreement, as updated from time to time
<br /> (collectively, the "Equipment"); and (v) all additions, accessions, increases, parts,
<br /> fittings, accessories, replacements, substitutions, betterments, repairs and proceeds to any
<br /> and all of the foregoing; and (vi) all hereditaments, easements, appurtenances, estates,
<br /> rents, issues, profits, condemnation awards, proceeds of policies of insurance and other
<br /> rights and interests now or hereafter belonging or in any way pertaining to the Land or to
<br /> any building or improvement now or hereafter located thereon; and (vii) all leases or
<br /> other occupancy agreements now or hereafter in effect in any way appertaining to the
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