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MORTGAGE 200211840
<br />Loan No: 2007279 -07,01, (Continued) Page 5
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
<br />Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the
<br />parties as to the matters set forth in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in
<br />writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
<br />Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a
<br />certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as
<br />Lender shall require. "Net operating income —shall mean all cash receipts from the Property less all cash expenditures made in
<br />connection with the operation of the Property.
<br />Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define
<br />the provisions of this Mortgage.
<br />Governing Law. This Mortgage will be governed by, construed and enforced in accordance with federal law and the laws of the State
<br />of Iowa, except and only to the extent of procedural matters related to the perfection and enforcement of Lender's rights and
<br />remedies against the Property, which matters shall be governed by the laws of the State of Nebraska. However, in the event that the
<br />enforceability or validity of any provision of this Mortgage is challenged or questioned, such provision shall be governed by whichever
<br />applicable state or federal law would uphold or would enforce such challenged or questioned provision. The loan transaction which is
<br />evidenced by the Note and this Mortgage has been applied for, considered, approved and made, and all necessary loan documents
<br />have been accepted by Lender in the State of Iowa.
<br />Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Polk C unty,
<br />State of Iowa.
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in
<br />writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
<br />right or any other right. A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender's right
<br />otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any
<br />course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as
<br />to any future transactions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by Lender
<br />in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such
<br />consent may be granted or withheld in the sole discretion of Lender.
<br />Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any
<br />circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If
<br />feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending
<br />provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality,
<br />invalidity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other
<br />provision of this Mortgage.
<br />Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property
<br />at any time held by or for the benefit of Lender, in any capacity, without the written consent of Lender.
<br />Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this Mortgage shall be
<br />binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a
<br />person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and
<br />the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under
<br />the Indebtedness.
<br />Time is of the Essence. Time is of the essence in the performance of this Mortgage.
<br />Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the
<br />State of Nebraska as to all Indebtedness secured by this Mortgage.
<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Mortgage. Unless
<br />specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America.
<br />Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
<br />and terms not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:
<br />Borrower. The word "Borrower" means Stetson Building Products, Inc., and all other persons and entities signing the Note in
<br />whatever capacity.
<br />Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Default ".
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
<br />relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental
<br />Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ( "CERCLA "), the Superfund
<br />Amendments and Reauthorization Act of 1986, Pub. L. No. 99 -499 ( "SARA "), the Hazardous Materials Transportation Act, 49 U.S.C.
<br />Section 1801, at seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or
<br />federal laws, rules, or regulations adopted pursuant thereto.
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the events of default
<br />section of this Mortgage.
<br />Grantor. The word "Grantor" means Stetson Building Products, Inc..
<br />Guaranty. The word "Guaranty" means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including
<br />without limitation a guaranty of all or part of the Note.
<br />Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or
<br />physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment
<br />when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words
<br />"Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic
<br />substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also
<br />includes, without limitation, petroleum and petroleum by- products or any fraction thereof and asbestos.
<br />Improvements. The word "Improvements" means all existing and future improvements, buildings, structures, mobile homes affixed on
<br />the Real Property, facilities, additions, replacements and other construction on the Real Property.
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
<br />or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note
<br />or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by
<br />Lender to enforce Grantor's obligations under this Mortgage, together with interest on such amounts as provided in this Mortgage.
<br />Lender. The word "Lender" means Bankers Trust Company, N.A., its successors and assigns.
<br />Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
<br />Note. The word "Note" means the promissory note dated October 24, 2002, in the original principal amount of
<br />$400,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations
<br />of, and substitutions for the promissory note or agreement. The maturity date of this Mortgage is October 24, 2007.
<br />Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or
<br />hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and
<br />additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without
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