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Entity Guaranty, and any other security document required under this Agreement. The Loan <br />proceeds will be used only towards the cost of Borrower's acquisition of the Loan Property and <br />demolition of existing substandard buildings located the Loan Property. <br />2. Mortgage and Security Interest. The Borrower has provided Lender a second <br />priority mortgage in the Loan Property owned by the Borrower. <br />3. Title Insurance. ( "Title ") is designated as the title insurer with <br />respect to this Agreement. Title will insure Lender against loss or damage on account of <br />mechanic's liens upon or unmarketability of the title to the Loan Property, and will ensure that <br />the Mortgage constitutes a second priority lien upon Borrower's interest in the Loan Property as <br />contemplated by this Agreement, subject only to a mortgage in favor of MidWestOne Bank in <br />the amount of $ (the "First Lien Mortgage "). Borrower agrees to promptly and <br />fully observe and comply with the reasonable requirements of Title and Lender with respect to <br />the title, the Mortgage, disbursements of funds and such other reasonable requirements as Title <br />may make. <br />4. Documents to be Delivered. Borrower covenants and agrees to immediately <br />cause the compliance with the following conditions: <br />(a) Note. Deliver to Lender the Note. <br />(b) Personal Guaranty. Deliver to Lender the Personal Guaranty. <br />(c) Entity Guaranty. Deliver to Lender the Entity Guaranty. <br />(d) Mortgage. Deliver to Lender the Mortgage, together with evidence that <br />the Mortgage has been or will be duly filed for record. <br />(e) Borrower Organizational Documents and Resolutions. Deliver to Lender <br />copies of the (i) articles of incorporation for Borrower certified by the Minnesota <br />Secretary of State, (ii) certificate of good standing for Borrower issued by the Minnesota <br />Secretary of State; (iii) Borrower's bylaws; and (iv) certified resolutions of Borrower <br />authorizing the execution and delivery of this Agreement, the Note, the Mortgage and <br />any other document to be executed by Borrower pursuant to this Agreement. <br />(f) Entity Guarantor Organizational Documents and Resolutions. Deliver to <br />Lender copies of the (i) articles of incorporation for Entity Guarantor certified by the <br />Minnesota Secretary of State, (ii) certificate of good standing for Entity Guarantor issued <br />by the Minnesota Secretary of State; (iii) Entity Guarantor's bylaws; and (iv) certified <br />resolutions of Entity Guarantor authorizing the execution and delivery of the Entity <br />Guaranty, and any other document to be executed by Entity Guarantor pursuant to this <br />Agreement. <br />(g) Insurance. Deliver to Lender: (i) a certificate or policy for all insurance <br />required under the terms hereof to be maintained by Borrower; and (ii) evidence that no <br />2 <br />498527v1 EL185 -51 <br />