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• The mortgagee of the Leasehold Mortgage shall agree to waive and hold Lessor harmless <br /> from any and all other rights, claims or actions that said mortgagee, or parties claiming by or <br /> under it, may have against Lessee in connection with the Leasehold Mortgage or otherwise. <br /> The following conditions to Lessor's obligations thereunder: <br /> • The Improvements shall be Substantially Complete, all sums for costs of construction of the <br /> Improvements shall have been disbursed by the mortgagee, there shall be no other unpaid <br /> claims or liens, including claims or liens for materials or labor against the Leasehold Property, <br /> and there shall be no claims or liens for unpaid Impositions affecting the Leasehold Property. <br /> • Lessee and the mortgagee of the Leasehold Mortgage shall provide to Lessor a written <br /> construction cost certification certified by Lessee, the mortgagee and Lessee's contractor, <br /> setting forth the total amount of all Leasehold Mortgage loan proceeds expended for <br /> construction of the Improvements. <br /> • The loan-to-value ratio of the Leasehold Mortgage shall be no more than seventy percent <br /> (70%) based on an as built appraisal certified to Lessor of the value of the Improvements <br /> (excluding the value of the Leasehold Property) prepared by an appraiser chosen by Lessor. <br /> • The Improvements and the Leasehold Property shall be in good condition, satisfactory to <br /> Lessor in its sole reasonable discretion, based upon soils condition tests, environmental <br /> analyses, engineering reports, surveys and other analyses and documentation obtained by <br /> Lessor at its sole discretion. <br /> • No event of default shall have occurred pursuant to the Leasehold Mortgage that is not a <br /> monetary default due to the failure of Lessee to pay principal and interest, and taxes and <br /> insurance escrow due thereunder as and when due; <br /> • Lessor shall have successfully terminated Lessee's rights pursuant to this Lease Agreement, <br /> prior to the expiration of Lessee's statutory right of redemption pursuant to the Leasehold <br /> Mortgage, and there shall be no unresolved claims, actions or demands by Lessee against <br /> Lessor with respect to such termination; <br /> • The City Council for the City of Elk River shall have approved the terms of the Mortgagee <br /> Agreement. <br /> nURNIS 566679.5 D-2 <br />