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Article I 200204303 General Covenants and Warranties Sectinn 1.1 Mortgagor shall duly, punctually and fully pay each and every installment of principal and interest on the note and all other indebtedness secured hereby, as and when the same shall become due, and shall duly, punctually and fully do and perform all things on its part to be done or performed under the note, under the Mortgage and under any other instrument which refers to or secures the note. Time is of the essence hereof. Section 1.2 The said Mortgagor represents and warrants to the said Mortgagee, its successors and assigns as follows: A. Mortgagor is a Wisconsin corporation duly organized, existing and in good standing under the laws of the State of Wisconsin. B. Execution and delivery of this Mortgage, the Note and all of the instruments which refer to or secure the Note (hereinafter referred to as Loan Documents), has been duly and validly authorized, and the Note, this Mortgage and said other instruments have been duly and validly executed and delivered by and on behalf of Mortgagor and are valid, binding and enforceable obligations of Mortgagor in accordance with their terms. C. That it is lawfully seized of said premises and has good right to sell and convey the same; that the same are free from all encumbrances, that the Mortgagee, its successors and assigns shall quietly enjoy and possess the same; and that the Mortgagor will Warrant and Defend the title to the same against all lawful claims not hereinbefore expressly excepted. Section 1.3 Provided nevertheless, that the said Mortgagor, its successors or assigns shall pay to the said Mortgagee, its successors or assigns the sum of Eight Hundred Thousand and NO /100 Dollars, ($800,000.00) according to the terms of that certain Promissory Note of even date herewith due and payable, with interest thereon from the date on which funds are disbursed hereunder (hereinafter called the "Disbursement Date ") at the fixed rate of Seven and One -fourth percent (7.250 %) per annum. Payment of interest from the Disbursement Date through May 1, 2002, shall be due and payable on June 1, 2002. Installments of principal and interest shall be due and payable in Two Hundred Forty (240) equal installments of Six Thousand Three Hundred Twenty -four and NO /100 Dollars ($6,324.00) each or more on the first day of June, 2002, and on the first day of each succeeding month, with a final installment of all unpaid principal and accrued interest to be paid on the first day of May, 2022, at which time the entire balance of the Note, if not sooner paid, is due and payable, said monthly payments to be applied as follows: 3