4.6. SR 08-20-2018 - Laserfiche WebLink

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expenses (including reasonable attorneys’ fees and legal expenses) paid or incurred by Mortgagee in connection with the exercise of any right or remedy referred to in this Section. In any instance where Mortgagor in its sound discretion determines that any item subject to a security interest under this Mortgage has become: (i) inadequate, obsolete, worn out, or (ii) unsuitable, undesirable or unnecessary for the operation of the Mortgaged Property, Mortgagor may, at its expense, remove and dispose of it and substitute and install other items not necessarily having the same function, provided, that such removal and substitution shall not impair the operating utility and unity of the Mortgaged Property. The foregoing notwithstanding, any Equipment that is replaced pursuant to the foregoing sentence must be replaced with new equipment of substantially similar function and value, unless Mortgagee consents otherwise. In any such case, Mortgagor shall promptly inform Mortgagee of such replacement and shall provide Mortgagee with any information Mortgagee reasonably requires to secure its interest in such replacement Equipment. With respect to items which are a part of the MortgagedProperty, all items substituted for such items shall become a part of the Mortgaged Property and subject to the lien of this Mortgage. Any amounts received or allowed Mortgagor upon the sale or other disposition of the removed items of property shall be applied against the cost of acquisition and installation of the substituted items. Nothing herein contained shall be construed to prevent any tenant or subtenant from removing from the Mortgaged Property trade fixtures, furniture and equipment installed by it and removable by tenant under its terms of any one or more of the Leases, on the condition, however, that Mortgagor shall assure the repair of any and all damages to the Mortgaged Property resulting from or caused by the removal thereof. Mortgagee acknowledges that no items of personal property are included in the Mortgaged Property. 6.2Fixture Filing. From the date of its recording, this Mortgage shall be effective as a financing statement with respect to all goods constituting part of the Mortgaged Property which are or are to become fixtures related to the real estate described herein. For this purpose, the following information is set forth: (a)Name and Address of Debtors: Yankee Doodle Enterprises, LLC 13374 U.S. Highway 10 Elk River, Minnesota Attn: Chief Manager Organization I.D. Number: ___________ (b)Name and address of Secured Party: Economic Development Authority of the City of Elk River 13065 Orono Parkway Elk River, MN 55330 Attn: Director of Economic Development (c)This document covers goods which are or are to become fixtures. 533955v3 GAF EL185-57