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<br />Loan No: 611498
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<br />MORTGAGE
<br />(Continued)
<br />
<br />200600109
<br />
<br />Page 6
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<br />agreement of the parties as to the matters set forth in this Mortgage. No alteration of or amendment to this
<br />Mortgage shall be effective unless given in writing and signed by the party or parties sought to be charged or
<br />bound by the alteration or amendment.
<br />
<br />Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish to
<br />Lender, upon request, a certified statement of net operating income received from the Property during Grantor's
<br />previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all cash
<br />receipts from the Property less all cash expenditures made in connection with the operation of the Property.
<br />
<br />Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to
<br />interpret or define the provisions of this Mortgage.
<br />
<br />Governing Law. This Mortgage will be governed by federal law applicable to Lender and. to the extent not
<br />preempted by federal law, the laws of the State of North Dakota without regard to its conflicts of law provisions.
<br />This Mortgage has been accepted by Lender in the State of North Dakota.
<br />
<br />No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such
<br />waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right
<br />shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Mortgage shall
<br />not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or
<br />any other provision of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lender and
<br />Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
<br />transactions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by
<br />Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is
<br />required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
<br />
<br />Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or
<br />unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or
<br />unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so
<br />that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be
<br />considered deleted from this Mortgage. Unless otherwise required by law, the illegality, invalidity, or
<br />unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other
<br />provision of this Mortgage.
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<br />Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or
<br />estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent
<br />of Lender.
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<br />Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, this
<br />Mortgage shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership
<br />of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with
<br />Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension
<br />without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness.
<br />
<br />Time is of the Essence. Time is of the essence in the performance of this Mortgage.
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<br />DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this
<br />Mortgage. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful
<br />money of the United States of America. Words and terms used in the singular shall include the plural. and the plural
<br />shall include the singular, as the context may require. Words and terms not otherwise defined in this Mortgage shall
<br />have the meanings attributed to such terms in the Uniform Commercial Code:
<br />
<br />Borrower. The word "Borrower" means INREIT PROPERTIES LLLP and includes all co-signers and co-makers
<br />signing the Note and all their successors and assigns.
<br />
<br />Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Default".
<br />
<br />Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes,
<br />regulations and ordinances relating to the protection of human health or the environment, including without
<br />limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42
<br />U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L.
<br />No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource
<br />Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules,
<br />or regulations adopted pursuant thereto.
<br />
<br />Event of Default. The words "Event of Default" mean any of the events of default set forth in this Mortgage in the
<br />events of default section of this Mortgage.
<br />
<br />Grantor. The word "Grantor" means INREIT PROPERTIES LLLP.
<br />
<br />Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the
<br />Indebtedness.
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<br />Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a
<br />guaranty of all or part of the Note.
<br />
<br />Hazardous Substances. The words. "Hazardous Substances" mean materials that, because of their quantity,
<br />concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard
<br />to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured,
<br />transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and
<br />include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed
<br />under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and
<br />petroleum by-products or any fraction thereof and asbestos.
<br />
<br />Improvements. The word "Improvements" means all existing and future improvements, buildings, structures,
<br />mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real
<br />Property.
<br />
<br />Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses
<br />payable under the Note or Related Documents, together with all renewals of, extensions of, modifications of,
<br />consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by
<br />Lender to discharge Grantor's obligations or expenses incurred by Lender to enforce Grantor's obligations under
<br />this Mortgage, together with interest on such amounts as provided in this Mortgage.
<br />
<br />Lender. The word "Lender" means Bremer Bank, National Association, its successors and assigns.
<br />
<br />Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender.
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