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7 85-001169 and the performance of the covenants and agreements herein under- taken to be performed by First Party. First Party represents and warrants: (i) that First Party is lawfully possessed of the Property pursuant to the Leases, which Leases are valid and binding and of full force and effect and is not, and will not during the term hereof, be at any time in default or subject to revocation, cancellation or termination of any kind; (ii) First Party has good and lawful authority to convey and mortgage the Mortgaged Property, including its lease- hold interest, in the manner and form hereby conveyed and mort- gaged; (iii) First Party's leasehold interest is free and clear of all liens, c:cumbrances and paramount interests of any kind except those identified on Exhibit A; (iv) all information con- tained on Exhibit A is true and correct; (v) that First Party is a corporation duly organized and lawfully existing under the laws of the State of South Dakota; (vi) that First Party has corporate Power and authority to execute the Agreement described in this Mortgage and Security Agreement, and the execution and delivery thereof by the officers of First Party who are executing and de- livering the same have been duly authorized and that all acts and proceedings necessary or proper in the premises have been duly done, performed and taken; that such Agreement is valid and en- forceable in all respects according to its terms and conditions. First Party hereby expressly covenants and agrees that: (1) First Party will pay all rents and other charges re- quired by the Leases at or prior to the time they are due; (2) First Party will not, without the prior written consent Of Second Party, assign or in any way convey the Leases or create or permit or allow any lien, encumbrance or charge of any kind upon the real estate or lessee's interest tiizrein, and will not suffer or permit any mechanic's or materialman's lien or any other lien of any nature whatsoever to attach thereto or remain outstanding against the same or any part thereof; (3) First Party will at all times fully perform and comply with all agreements, covenants, teems, and conditions imposed on or assumed by it as lessee under the Leases and under this Mortgage and Security Agreement, and if First Party fails so Second Party may, but shall not be obligated to, to do take any action Second Party deems necessary or desirable to prevent or to cure any default by First Party in the performance of or com- pliance with any such covenants or obligations under the Lease or under this Mortgage and Security Agreement. On receipt by Second Party from the lessor under any Lease of any written notice of default by First Party thereunder, Second Party may rely thereon and take any action as aforesaid to cure such default even *_hough the existence of such default or the nature thereof is questioned or denied by First Party or any other party on First Party's be- -3- [a L L J a