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2 <br />EL185\79\955722.v2 <br />2. Equipment and Security Interest. The Security Agreement will provide Lender <br />with a third priority security interest in all equipment located at the Loan Property (the <br />“Equipment”). The Borrower hereby consents to the Lender recording a UCC-1 Filing <br />Statement with respect to all such Equipment. <br />3. 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) Security Agreement. Deliver to Lender the Security Agreement, together <br />with evidence that a UCC-1 Financing Statement has been or will be duly filed for <br />record. <br />(c) Personal Guaranties. Deliver to Lender the Personal Guaranties. <br />(d) Organizational Documents and Resolutions. Deliver to Lender copies of <br />the (i) articles of incorporation for the Borrower certified by the Minnesota Secretary of <br />State, (ii) a certificate of good standing for the Borrower issued by the Minnesota <br />Secretary of State; (iii) bylaws for the Borrower; and (iv) certified resolutions of the <br />Borrower authorizing the execution and delivery of this Agreement, the Note and any <br />other document to be executed by Borrower pursuant to this Agreement. <br />(e) 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 />part of the Loan Property is located in an area designated as being a flood plain or flood <br />hazard area as defined by the Flood Hazard Boundary Map published by the Federal <br />Insurance Administration. <br />(f) Compliance with Laws, Etc. Deliver to Lender such evidence as Lender <br />may require as to the compliance of the Loan Property with: (i) all applicable laws, <br />codes, rules, regulations and ordinances, including, without limitation, those relative to <br />environmental protection, protection of wetlands, building and zoning matters and the <br />Americans with Disabilities Act; and (ii) the requirements of any restrictive covenants, <br />conditions and restrictions; conditional use permit or planned unit development <br />applicable to the Loan Property. <br />(g) Lease. Deliver to Lender a copy of the lease agreement for the use of the <br />Loan Property, executed no later than the date of this Agreement, with at least a 5 year <br />term commencing upon issuance of a certificate of occupancy for the Development <br />Property, by and between PLM Properties, LLC (the “Landlord”), as landlord, and the <br />Borrower, as tenant (the “Lease”). <br />(h) Program Fee. Deliver to Lender the program fee of $2,000. <br />Lender may waive any of the above requirements in its sole discretion. <br />Page 17 of 104