Common use of AFTER ACQUIRED PROPERTY AND PROCEEDS Clause in Contracts

AFTER ACQUIRED PROPERTY AND PROCEEDS. All after-acquired property similar to the property herein described and conveyed which may be subsequently acquired by the IDB or the Borrower and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property (provided, however, that the inclusion of proceeds and products shall not be deemed to permit any sale or other disposition of the Mortgaged Property or any part thereof in violation of the terms and provisions of this Mortgage). TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of the Agent, its successors and assigns, forever. BUT, THIS CONVEYANCE IS MADE UPON THE FOLLOWING CONDITIONS NEVERTHELESS, that is to say: (a) the Borrower shall well and truly pay when and as due the aggregate of all of the Obligations, including without limitation all advances and re-advances of principal under the Notes and all draws under the Letters of Credit, together with all interest and other charges due therein, (b) the Borrower and the IDB shall have fulfilled and performed all of the terms, conditions and agreements contained in the Credit Agreement, the Notes, this Mortgage and the other Credit Documents, (c) the Notes shall have been satisfied and terminated in accordance with their terms and the Lenders shall have no obligation to extend any further credit under the Credit Agreement or the Notes, and (d) an appropriate instrument in satisfaction of this Mortgage, executed by a duly authorized officer of the Agent, shall have been duly recorded in the Probate Office in which this Mortgage is originally recorded, then this conveyance shall become void; otherwise, the same shall remain in full force and effect. This Mortgage constitutes (a) a real estate mortgage under the laws of the State of Alabama, (b) a security agreement within the meaning of the Uniform Commercial Code as in effect in the State of Alabama (the "UCC"), with respect to all property described herein as to which a security interest may be granted and/or perfected pursuant to the UCC (and is intended to afford the Agent, to the fullest extend allowed by law, the rights and remedies of a secured party under the UCC), and (c) a financing statement filed as a fixture filing for purposes of Article 9 of the UCC. The Notes evidence and this Mortgage secures an open-end revolving line of credit under which the Borrower may borrow and repay, and reborrow and repay, amounts from the Lenders from time to time up to a maximum principal amount to any one time outstanding not exceeding $15,000,000. Advances under the Notes are obligatory. The Notes do not require that the Borrower maintain any minimum balance under the revolving line of credit and, therefore, at times there may be no outstanding debt under the Notes. This Mortgage shall not be deemed satisfied nor shall title to the Mortgaged Property be divested from the Agent by the payment in full of all the debt at any one time evidenced by the Notes, since in each case further borrowings can thereafter be made from time to time by the Borrower under the terms of the Notes and all such borrowings are to be included in the Obligations. The Borrower agrees to pay or reimburse the Agent and the Lenders for any and all recording and mortgage taxes and fees which at any time and from time to time may be paid or incurred by the Agent or the Lenders by virtue of the recordation of this Mortgage or any advances or readvances of principal under the Notes. BORROWER FURTHER agrees as follows:

AFTER ACQUIRED PROPERTY AND PROCEEDS. All after-after acquired property similar to the property herein described and conveyed which may be subsequently acquired by the IDB or the Borrower ▇▇▇▇▇▇▇▇▇ and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property (provided, however, that the inclusion of proceeds and products shall not be deemed to permit any sale or other disposition of the Mortgaged Property or any part thereof in violation of the terms and provisions of this Mortgage)property. TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of the AgentMortgagee, its successors and assigns, forever. BUT, THIS CONVEYANCE IS MADE UPON THE FOLLOWING CONDITIONS PROVIDED NEVERTHELESS, that is to say: (a) the Borrower shall well should Mortgagor pay and truly pay when and as due the aggregate of perform all of the Obligations, including without limitation all advances and re-advances then these presents will be of principal under the Notes and all draws under the Letters of Credit, together with all interest and other charges due therein, (b) the Borrower and the IDB shall have fulfilled and performed all of the terms, conditions and agreements contained in the Credit Agreement, the Notes, this Mortgage and the other Credit Documents, (c) the Notes shall have been satisfied and terminated in accordance with their terms and the Lenders shall have no obligation to extend any further credit under the Credit Agreement or the Notes, and (d) an appropriate instrument in satisfaction of this Mortgage, executed by a duly authorized officer of the Agent, shall have been duly recorded in the Probate Office in which this Mortgage is originally recorded, then this conveyance shall become void; otherwise, the same shall remain in full force and effect, and this Mortgage shall be satisfied by Mortgagee, at the expense of Mortgagor. This Mortgage constitutes (a) an absolute, irrevocable, currently effective assignment of rents and profits within the meaning of Minnesota Statutes, Sections 559.17 and 576.01, and is intended to comply fully with the provisions thereof, and to afford Mortgagee, to the fullest extent allowed by law, the rights and remedies of a real estate mortgage under lender or secured lender pursuant thereto; provided, however, that, prior to the laws occurrence of an Event of Default, Mortgagor shall have a conditional license and opportunity to collect all such rents and profits and to use the State same for payment of Alabamaall sums which Mortgagor is required to pay by the terms hereof and the Obligations, (b) before using the same for any other purpose. This Mortgage also constitutes a security agreement within the meaning of the Uniform Commercial Code as in effect in the State of Alabama Minnesota (the "“UCC"”), with respect to all property described herein as to which a security interest may be granted and/or perfected pursuant to the UCC (UCC, and is intended to afford the AgentMortgagee, to the fullest extend extent allowed by law, the rights and remedies of a secured party under the UCC), and (c) a financing statement filed as a fixture filing for purposes of Article 9 of the UCC. The Notes evidence and this Mortgage secures an open-end revolving line of credit under which the Borrower may borrow and repay, and reborrow and repay, amounts from the Lenders from time to time up to a maximum principal amount to any one time outstanding not exceeding $15,000,000. Advances under the Notes are obligatory. The Notes do not require that the Borrower maintain any minimum balance under the revolving line of credit and, therefore, at times there may be no outstanding debt under the Notes. This Mortgage shall not be deemed satisfied nor shall title to the Mortgaged Property be divested from the Agent by the payment in full of all the debt at any one time evidenced by the Notes, since in each case further borrowings can thereafter be made from time to time by the Borrower under the terms of the Notes and all such borrowings are to be included in the Obligations. The Borrower agrees to pay or reimburse the Agent and the Lenders for any and all recording and mortgage taxes and fees which at any time and from time to time may be paid or incurred by the Agent or the Lenders by virtue of the recordation of this Mortgage or any advances or readvances of principal under the Notes. BORROWER ▇▇▇▇▇▇▇▇▇ FURTHER agrees as follows: