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D. Failure of Borrower to maintain sufficient workmen's compensation, unemployment, and <br />liability insurance, as applicable, upon the Subject Property. <br />E. Failure of Borrower to supply Lender such information and reports that are necessary for <br />Lender to comply with the terms of SCDP funds. <br />F. Sale or transfer of the Subject Property by Borrower to a third party if sale has not <br />previously been approved in writing by Lender. <br />G. Failure of Borrower to observe or comply with any term, covenant, or condition of the Loan <br />Agreement, Mortgage or any other agreement incorporated therein. <br />7. Remedies. In the Event of Default as outlined above, Lender shall notify Borrower of such <br />default. If Borrower fails to cure such default within thirty (30) days from the date of written <br />notice by Lender, Lender may: <br />A. Declare all outstanding principal and interest due and payable by Borrower within thirty <br />(30) days from the date of written notice of demand. <br />B. Take such action as to the Subject Property as provided in the Loan Agreement and <br />Mortgage being executed by Borrower concurrently herewith. <br />C. Charge interest upon the then unpaid principal balance hereunder at the rate five percent <br />(5%) per annum from the date of default until all principal and interest are paid in full. <br />8. Miscellaneous Provisions. <br />A. Borrower agrees to pay the reasonable costs of collection required hereunder, including <br />reasonable attorney fees. <br />B. Borrower acknowledges that this Promissory Note is for business purposes only. <br />C. In the event that legal action is commenced as a result of default hereunder, Borrower <br />consents to personal jurisdiction over Borrower in the District Court in and for the County <br />of Sherburne, State of Minnesota. <br />D. Notwithstanding anything in this Promissory Note to the contrary, neither Borrower, nor <br />any of its general or limited partners, shall have any personal liability with respect to the <br />obligation evidence by this Promissory Note. In any action or other proceeding to enforce <br />any right or remedy under this Promissory Note, Lender shall only exercise its rights against <br />the real and personal property of Borrower which secures this Promissory Note and shall <br />S:\Downtown Revitalization\SCDP GrantU.oan Document\GPDOCSI-3 648821-v3-Promisory_Note.DOC <br />