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88~ 104344 liens and encumbrances except for "permitted 'Encumbrances," if any, as designated on Exhibit "A"; that all Dnprovements now or hereafter located on the premises are, or will be, located entirely within the boundaries of the premises; and that the Mortgagor will warrant and defend the title to the Mortgaged property against all claims and demands whatsoever not specifically excepted herein. ARTICLE I Covenants of the Mortgagor Mortgagor further covenants and agrees as follows: 1.1 Payment of Indebtedness and Compliance with Other Agreements. Mortgagor will promptly pay when due the principal of and interest on the Note ("Indebtedness"). Mortgagor will promptly and faithfully observe all of the obligations of Mortgagor under this Mortgage, the Note, Guaranty of Richard J. Nordlund, and any other instruments and agreements now in effect or hereafter made between the Mortgagor and the Mortgagee or made and delivered to Mortgagee by Mortgagor or other persons evidencing the IndebLedness or securing payment thereof ("Loan Documents"). 1.2 Insurance. (a) Mortgagor will keep the buildings, structures, fixtures and other Dnprovements now existing or hereafter erected on the premises and all Mortgaged property which may be contents upon the premises, insured against loss or damage by fire and perils generally insured against by standard extended coverage, together with theft, vandalism and malicious mischief endorsements, and other such coverages, hazards, casualties and contlngencies as Mortgagee may reasonably request all for such amount or amounts as Mortgagee from time to time may request but in no event less than full replacement value of the completed Dnprovements, including the cost of debris removal. (b) In addition, Mortgagor shall purchase and maintain in force at all times public liability insurance insuring Mortgagor and Mortgagee against all loss, liability, damage, and expense arising out of any claim of any personal inJury or property damage wlth limits not less than $1,000,000.00 per occurrence and not less than $5,000,000.00 annual aggregate, with such insurance to include coverage of claims arising out of the activities of Mortgagor's contractors as well as Mortgagor itself; worker's compensation coverage insurance as required by the laws of the State of Minnesota; non-reporting type contractor's Multiple perils (all risk) hazard insurance during the period or periods of construction of any Improvements upon the premises; business interruption or rent loss insurance against loss incurred from a -3-