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C. Mortgagor is the landlord under that certain unrecorded lease dated
<br /> 2015, with Morrell Oversize, Inc. (the "Entity Guarantor"), as tenant, leasing a portion of the
<br /> Mortgaged Property to the Entity Guarantor.
<br /> D. As a condition of providing the loan pursuant to the Loan Agreement, Lender
<br /> required that Mortgagor's obligations under the Loan Agreement be secured by this Mortgage.
<br /> NOW THEREFORE, in consideration of the Recitals and for the purpose of securing the
<br /> payment and performance of all of Mortgagor's obligations under the Loan Agreement
<br /> (collectively "Obligations"); and to secure the performance of all covenants, conditions and
<br /> agreements herein and in the Loan Agreement, Mortgagor does hereby mortgage, grant, bargain,
<br /> sell, release and convey unto Mortgagee, with power of sale, forever all of Mortgagor's right,
<br /> title and interest in all the tracts or parcels of land lying and being in Sherburne County,
<br /> Minnesota, legally described in Exhibit A hereto, (hereinafter the "Land"), whether now owned
<br /> or hereafter acquired, together with: (i) all building materials, supplies and equipment now or
<br /> hereafter located on the Land and suitable or intended to be incorporated in any building,
<br /> structure, or other improvement located or to be erected on the Land; and (ii) all of the buildings,
<br /> structures and other improvements now standing or at any time hereafter constructed or placed
<br /> upon the Land; and (iii) all heating, plumbing and lighting apparatus, motors, engines, and
<br /> machinery, electrical equipment, incinerator apparatus, air conditioning equipment, water and
<br /> gas apparatus, pipes, faucets, and all other fixtures of every description which are now or may
<br /> hereafter be placed or used upon the Land or in any building or improvement now or hereafter
<br /> located thereon; and (iv) all additions, accessions, increases, parts, fittings, accessories,
<br /> replacements, substitutions, betterments, repairs and proceeds to any and all of the foregoing;
<br /> and (v) all hereditaments, easements, appurtenances, estates, rents, issues, profits, condemnation
<br /> awards, proceeds of policies of insurance and other rights and interests now or hereafter
<br /> belonging or in any way pertaining to the Land or to any building or improvement now or
<br /> hereafter located thereon; and (vi) all leases or other occupancy agreements now or hereafter in
<br /> effect in any way appertaining to the Land or to any building or improvement now or hereafter
<br /> located thereon, including, without limitation, all cash and security deposits, advance rentals and
<br /> deposits or payments of a similar nature ("Leases"), and all Rents (as herein defined) (all of the
<br /> foregoing, together with the Land, hereinafter being referred to as the "Property" or"Mortgaged
<br /> Property"),
<br /> TO HAVE AND TO HOLD the Mortgaged Property unto Mortgagee forever;
<br /> PROVIDED, NEVERTHELESS, that this Mortgage is given upon the express condition
<br /> that if Mortgagor shall cause to be paid and performed all of the Obligations, and shall also keep
<br /> and perform all and singular the covenants herein contained on the part of Mortgagor to be kept
<br /> and performed, then the Mortgage and the estate hereby granted shall cease and be and become
<br /> void and shall be released of record at the expense of Mortgagor; otherwise this Mortgage shall
<br /> be and remain in full force and effect.
<br /> MORTGAGOR REPRESENTS, WARRANTS AND COVENANTS to and with
<br /> Mortgagee that Mortgagor has good right and full power and authority to execute this Mortgage
<br /> and to mortgage the Mortgaged Property; that the Mortgaged Property is free from all liens and
<br /> encumbrances except a mortgage in favor of The Bank of Elk River in the amount of
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<br /> 464431v2 EL185-33
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