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ARTICLE THREE <br />ACCELERATION AND FORECLOSURE; OTHER REMEDIES <br />Upon any Event of Default, Mortgagee may, atits option, exercise one or more of the <br />following rights and remedies (and any other rights and remedies available to it): <br />3.1.Acceleration <br />.Mortgagee may declare immediately due and payable all <br />unmatured Obligations secured by this Mortgage, and the same shall thereupon be immediately <br />due and payable, without notice or demand. <br />3.2.UCC Remedies.Mortgagee shall have and may exercise with respect toall <br />fixtures and any personal property included in the Mortgaged Property, all the rights and <br />remedies accorded upon default to a secured party under the Uniform Commercial Code, as in <br />effect in the State of Minnesota. <br />3.3.Foreclosure; Action or Advertisement.Mortgagee may (and is hereby authorized <br />and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the statutes <br />of the State of Minnesota in such case made and provided, power being expressly granted to sell <br />the Mortgaged Property at public auction and convey the same to the purchaser to the full extent <br />of Mortgagor’s interest and, out of the proceedsarising from such sale, to pay all Obligations <br />secured hereby with interest, and all legal costs and charges of such foreclosure and the <br />maximum attorneys’fees permitted by law, which costs, charges and fees Mortgagor agrees to <br />pay. Any real estate or interest or estate sold hereunder may be sold in one parcel, as an entirety, <br />or in such parcels and in such manner or order as Mortgagee, in its sole discretion, may elect.In <br />case of any sale of the Mortgaged Property pursuant to any judgment ordecree of any court or at <br />public auction or otherwise in connection with the enforcement of any of the terms of this <br />Mortgage, Mortgagee, its successors and assigns, may become the purchaser, and for the purpose <br />of making settlement for or payment of the purchase price, shall be entitled to deliver over and <br />use any sum then due under the Entity Guaranty and any claims for interest accrued and unpaid <br />thereon, together with all other sums, with interest, advanced and unpaid hereunder, and all <br />statutory charges for such foreclosure including maximum attorney’s fees allowed by law in <br />order that there may be credited as paid on the purchase price the sum then due under the Note <br />and all other sums, with interest, advanced and unpaid hereunder, and all charges andexpenses <br />of such foreclosure including maximum attorneys’fees allowed by law. <br />3.4.Receiver.Mortgagee shall be entitled as a matter of right without noticeand <br />without giving bond and without regard to the solvency or insolvency of Mortgagor, or waste of <br />the Mortgaged Property or adequacy of the security of the Mortgaged Property, to apply for the <br />appointment of a receiver, in accordance with the statutes and law made and provided. The <br />receiver shall collect the rents, and all other income of any kind; manage the Mortgaged Property <br />so to prevent waste; execute leases within or beyond the period of receivership, pay all expenses <br />for normal maintenance of the Mortgaged Property and perform the terms of this Mortgage and <br />apply the rents, issues and profits as permitted by Minnesota Statutes, Section 576.25in the <br />following order to (i) payment of the reasonable fees of said receiver,(ii) application of tenant <br />security deposits as required by Minnesota Statutes Section504B.178,(iii) payment when due of <br />11 <br />477340v3 EL185-40 <br /> <br />