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(l-mst.---- 2009 - 3 0 0 It L.i,+) i' I GEr:~:-"-~:~~ISIONS. Each Debtor's obligations under this INSURANCE. moor agrees to keep the Property mSUli::d'fJd41st the, 'a : Agreement are independent of the obligations of any other Debtor. risks reasonably associated with the Property until the Property js leleas&l -'. ~ Secured Party may sue each Debtor individually or together with any from this Agreement. Debtor will maintain this insurance in the amounts re other Debtor. Secured Party may release any part of the Property and Secured Party requires. Debtor may choose the insurance company, c ~ Debtor will remain obligated under this Agreement. The duties and subject to Secured Party's approval, which will not be unreasonably OJ ~ benefits of this Agreement will bind the successors and assigns of Debtor withheld. Debtor will have the insurance provider name Secured Party as 0 ~~ i and Secured Party. No modification of this Agreement is effective unless loss payee on the insurance policy. Debtor will give Secured Party and 0 - ; made in writing and signed by Debtor and Secured Party. Whenever used, the insurance provider immediate notice of any loss. Secured Party may A ! the plural includes the singular and the singular includes the plural. Time apply the insurance proceeds toward the Secured Debts. Secured Party , is of the essence. - .. .. . may require additional security as a condition of permitting any insurance 8 APPLICABLE LAW. This Agreement is gov~med .by the laws of the proceeds to be used to repair or replace the Property. If Secured Party state in which Secured Party is located. In the event of a dispute, the acquires the Property in damaged condition, Debtor's rights to any . exclusive forum, venue, and place of jurisdiction will be the state in which insurance policies and proceeds will pass to Secured Party to the extent of Secured Party is located, unless otherwise required by law. If any the Secured Debts. Debtor will immediately notify Secured Party of the provision of this Agreement is unenforceable by law, the unenforceable cancellation or termination of insurance. If Debtor fails to keep the provision will be severed and the remaining provisions will still be Property insured, or fails to provide Secured Party with proof of -0 enforceable. insurance, Secured Party may obtain insurance to protect Secured Party's ::x.", NAME AND LOCATION. Debtor's name indicated on page I is interest in the Property. The insurance may include coverages not C) Debtor's exact legal name. If Debtor is an individual, Debtor's address is originally required of Debtor, may be written by a company other than rn . Debtor's principal residence. If Debtor is not an individual, Debtor's one Debtor would choose, and may be written at a higher rate than i address is the location of Debtor's chief executive offices or sole place of Debtor could obtain if Debtor purchased the insurance. ! business. If Debtor is an entity organized and registered under state law, AUTHORITY TO PERFORM. Debtor authorizes Secured Party to do Debtor has I?rovided Debtor's state of registration on page 1. Debtor will anything Secured Party deems reasonably necessary to protect the , provide verification of registration and location upon Secured Party's Property and Secured Party's interest in the Property. If Debtor fails to . request. Debtor will provide Secured Party with at least 30 days notice perform any of Debtor's duties under this Agreement, Secured Party is _ r~~i~€~tk~:i. change in Debtor's t)ame,. adQress,.or state of OS&.llIizl!!igu or i~ri~~~io~~:~uttl~~~a~~~~~ti~:~~1~d~ ~~t~~:S-n~i'~=~J\l~:"''''''''.'1'- WARRANTIES AND REPRESENTATIONS. Debtor has the right, permission to pay for the repair, maintenance, and preservation of the OJ authority, and power to enter into this Agreement. TIle execution and Property and take any action to realize the value of the Property. Secured 0 delivery of this Agreement will not violate any agreement governing Party's authority to perform for Debtor does not create an obligation to 0 Debtor or Debtor's property, or to which Debtor is a party. Debtor makes d P '" '1 fi'll 1 d S d ^ the fOllowing warranties and representations which continue as long as perform, and Secure arty s fat ure to per orm WI not prec u e ecure this Agreement is in effect: Party from exercising any other rights under the law or this Agreement. B .. .... . If Secured Party performs for Debtor, Secured Party will use reasonable (1) Debtor is duly organized and validly existmg 10 all Junsdlcllons m care. Reasonable care will not include any steps necessary to preserve which Debtor does business; (2) the execution and performance of the terms of this Agreement have rights against prior parties or any duty to take action in connection with been duly authorized, have received all necessary governmental the management of the Property. approval, and will not violate any provision of law or order; If Secured Party comes into possession of the Property, Secured Party will (3) other than previously disclosed to Secured Party, Debtor has not preserve and protect the Property to the extent required by law. Secured ""'0 changed Debtor's name or principal place of business within the last Party's dUly of care with respect to the Property will be satisfied if :t:"" 10 years and has not used any other trade or fictitious name; and Secured Party exercises reasonable care in the safekeeping of the Property (;) (4) Debtor does not and will not use any other name without Secured or in the selection of a third party in possession of the Property. n, Party's prior written consent. Secured Party may enforce the obligations of an account debtor or other ~ Debtor owns all of the Property, and Secured Party's claim to the person obligated on the Property. Secured Party may exercise Debtor's U\ Property is ahead of the claims of any other creditor, except as otherwise rights with respect to the account debtor's or other person's obligations to agreed and disclosed to Secured Party prior to any advance on the make payment or otherwise render performance to Debtor, and enforce Secured Debts. The Property has not been used for any purpose that any security interest that secures such obligations. would violate any laws or subject the Property to forfeiture or seizure. PURCHASE MONEY SECURITY INTEREST. If the Property DUTIES TOWARD PROPERTY. Debtor will protect the Property and includes items purchased with the Secured Debts, the Property purchased Secured Party's interest against any competing claim. Except as otherwise with the Secured Debts will remain subject to Secured Party's security agreed, Debtor will keep the Property in Debtor's possession at the interest until the Secured Debts are paid in full. Payments on any address indicated on page I of this Agreement. Debtor will keep the non-purchase money loan also secured by this Agreement will not be Property in good repair and use the Property only for purposes specified applied to the purchase money loan. Payments on the purchase money Ol~ pl![e. .1. Debtor will not. use the p,rc:perty in violation of any law. and loan will be aEPlied first to the non-purchase money portion of the loan, if -will paY'alltaxes andassessmentslevle or assessed agafiist me-Woperty.- anY;- -iliiOtllen 16 toe -p-urcha-se-:'rtfoney - po-rtlon -In -llie - 6i'dei'" in Which tIle- Secured Party has the right of reasonable access to inspect the Property, purchase money Property was acquired. If the purchase money Property including the right to require Debtor to assemble and make the Property was acquired at the same time, payments will be applied in the order available to Secured Party. Debtor will immediately notify Secured Party Secured Party selects. No security interest will be terminated by of any loss or damage to the Property. Debtor will prepare and keep appliqtion of this formula. books, records, and accounts about the Property and Debtor's business, to DEFAULT. Debtor will be in default if: which Debtor will allow Secured Party reasonable access. Debtor will not sell, offer to sell, license, lease, or otherwise transfer or (1) Debtor (or Borrower, if not the same) fails to make a payment in full encumber the Property without Secured Party's prior written consent. Any when due; disposition of the Property will violate Secured Party's rights, unless the (2) Debtor fails to perform any condition or keep any covenant on this or Property is inventory sold in the ordinary course of business at fair any debt or agreement Debtor has with Secured Party; market value. If the Property includes chattel paper or instruments, either (3) a default occurs under the tenns of any instrument or agreement as original collateral or as proceeds of the Property, Debtor will record evidencing or pertaining to the Secured Debts; Secured Party's interest on the face of the chattel paper or instruments. (4) anything else happens that either causes Secured Party to reasonably If the Property includes accounts, Debtor will not settle any account for believe that Secured Party will have difficulty in collecting the less than the full value, dispose of the accounts by assignment, or n)ake Secured Debts or significantly impairs the value of the Property. any material change in the tenus of any account without Secured Party's REMEDIES. After Debtor defaults, and after Secured Party gives any prior written consent. Debtor will collect all accounts in the ordinary legally required notice and opportunity to cure the default, Secured Party course of business, unless otherwise required by Secured Party. Debtor may at Secured Party's option do anyone or more of the following: will keep the proceeds of the accounts, and any goods returned to Debtor, (1) n)ake all or any part of the Secured Debts immediately due and accrue in trust for Secured Party and will not commingle the proceeds or interest at the highest post-maturity interest rate; returned goods with any of Debtor's other property. Secured Party has the (2) require Debtor to gather the Property and make it available to Secured right to require Debtor to pay Secured Party the full price on any returned Party in a reasonable fashion; items. Secured Party may require account debtors to make payments (3) enter upon Debtor's premises and take possession of all or any part of under the accounts directly to Secured Party. Debtor will deliver the Debtor's property for purposes of preserving tlle Property or its value accounts to Secured Party at Secured Party's request. Debtor will give and use and operate Debtor's property to protect Secured Party's Secured Party all statements, reports, certificates, lists of account debtors interest, all without payment or compensation to Debtor; (showing names, addresses, and amoUlllsowing), invoices applicabletQ_ (4)~.use".any remedy aliowedby StateOC federa11aw, .or provided in any each account, and any other data pertaining to the accounts as Secured agreement evidenclil.~ or pertaining to the Secured Debts. Party requests. If Secured Party repossesses the Property or enforces the obligations of an If the Property includes farm products, Debtor will provide Secured Party account debtor, Secured Party may keep or dispose of the Property as with a list of the buyers, commission merchants, and selling agents to or provided by law. Secured Party will apply the proceeds of any collection through whom Debtor may sell the farm products. Debtor authorizes or disposition first to Secured Party's expenses of enforcement, which Secured Party to notify any additional parties regarding Secured Party's includes reasonable attorneys' fees and legal expenses to the extent not interest in Debtor's farm products, unless prohibited by law. Debtor prohibited by law, and then to the Secured Debts. Debtor (or Borrower, if agrees to plant, cultivate, and harvest crops in due season. Debtor will be not the same) will be liable for the deficiency, if any. in default if any loan proceeds are used for a purpose that will contribute By choosing anyone or more of these remedies, Secured Party does not to excessive erosion of highly erodible land or to the conversion of give up the right to use any other remedy. Secured Party does not waive a wetland to' produce or to make possible the production of an agricultural default by not using a remedy. commodity, further explained in 7 CPR Part 1940, Subpart G, Exhibit M. WAIVER. Debtor waives all claims for damages caused by Secured If Debtor pledges the Property to Secured Party (delivers the Property into Party's acts or omissions where Secured Party acts in good faith. the possession or control of Secured Party or a designated third party), NOTICE AND ADDITIONAL DOCUMENTS. Where notice is Debtor will, upon receipt, deliver any proceeds and products of the required, Debtor agrees that 10 days prior written notice will be Property to Secured I.'arty.. Debtor will provide Secured Party with any reasonable notice to Debtor under the Uniform Commercial Code. Notice notices, documents, fmanClal statements, reports, and other mformation relating to the Property Debtor receives as the owner of the Property. to one party is notice to all parties. Debtor agrees to sign, deliver, and file PERFECTION. OF SECURITY INTEREST. Debtor authorizes Secured any additional documents and certifications Secured Party considers Party to file a financing statement covering the Property. Debtor will necessary to perfect, c~ntinue, or preser~e I?ebtor's obligations under this I comply with, facilitate, and otherwise assist Secured Party in connection Agreement and to conhrm Secured Party s hen status on the Property. ~ith obtaining possession or control over the Property for purposes of perfecting Secured Party's interest under the Uniform Commercial Code ,- . - :-'~-'~'-"7'~-~ --;-- , . _. e' . HO..'("";' '\. ~'lQl,Wi.~h) t. 'y'n~ ~ @2000 Bankers System., Ino.. St. Cloud, MN Form SA-BUS 7/24/2001 ] . to:- , ., -, \, ~ (page 2 of 2) '!. it." j. ;ld ~!11.'.:/~ ~I ~..)..... -.... '^ ~.... .~~ Oft .... .~.. ~>t'...~.,.. ~------------ 9J oq N) <::> <:> c.c ~---- ~ ~ ... ~