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(b) Name and address of Secured Party: <br /> Economic Development Authority of the City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Attn: Director of Economic Development <br /> (c) This document covers goods which are or are to become <br /> fixtures. <br /> (d) The real estate to which such fixtures are or are to be <br /> attached is that described in Exhibit A attached hereto. The owner of such <br /> real estate is Debtor. <br /> ARTICLE SEVEN <br /> MISCELLANEOUS <br /> 7.1 Mortgagee's Remedies Cumulative. All remedies o kk rtgagee are <br /> distinct and cumulative to any other right or remedy under this Mortgage fforded by <br /> law or equity, and may be exercised concurrently or independently, as often as the <br /> occasion therefore arises. <br /> 7.2 Successors and AsnBoun %aptions. The covenants and agreements <br /> herein contained shall bind, and the rights hereunder shall inure to, the respective heirs, <br /> legal representatives, successors and assigns of Mortgagee and Mortgagor. The captions <br /> and headings of the Sections of this Mortgage are for convenience only and are not to be <br /> used to interpret or define the provisions hereof,, <br /> 7.3 Notices. Any notice am`Mort' ee to Mortgagor under this Mortgage <br /> shall be deemed to have been given by Mortgagee and received by Mortgagor, when <br /> delivered personally to an officer of Mortgagor or three (3) days after the date it is mailed <br /> by certified mail addressed as follows: <br /> IN Preferred Real Estate Holdings, LLC <br /> 1369 Mississippi Street <br /> 'New Brighton, MN 55112 <br /> :Attention: Lloyd Peterson <br /> 7.4 Governing Law, Severability. This Mortgage shall be governed by the <br /> Laws of the State of Minnesota. In the event that any provision or clause of this <br /> Mortgage conflicts with applicable law, such conflict shall not affect other provisions of <br /> this Mortgage which can be given effect without conflicting provisions and to this end the <br /> provisions of this Mortgage are declared to be severable. <br /> 7.5 Counterparts. This Mortgage may be executed in any number of <br /> counterparts, each of which shall be an original but all of which together shall constitute <br /> one instrument. <br /> -18- <br />