Common use of Acknowledgment of Waiver of Hearing Before Sale Clause in Contracts

Acknowledgment of Waiver of Hearing Before Sale. Borrower understands and agrees that if an Event of Default shall occur, Lender has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender elects to foreclose by advertisement, it may cause the Property or any part thereof to be sold at public action; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon Borrower. Borrower further understands that upon the occurrence of an Event of Default, Lender may also elect its rights under the UCC and take possession of the non-real estate items of the Property and dispose of the same by sale or otherwise in one or more parcels, provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCC, as hereinafter amended or by any similar or replacement statute hereafter enacted. Borrower further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower and neither said procedure for foreclosure by advertisement nor the UCC requires any hearing or other judicial proceeding. BORROWER HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occuroccurs under the terms of this Mortgage, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Statin accordance with applicable law. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender elects to foreclose by advertisement, it may cause the Property or any part thereof to be sold at public action; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon Borrower. Borrower Mortgagor further understands that upon in the occurrence event of an Event of Default, Lender such default Mortgagee may also elect its rights under the UCC Code and take possession of the non-real estate items of the Property Collateral, or any part thereof, and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCCCode, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower and neither said procedure for foreclosure by advertisement nor the UCC requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY RELINQUISHES, WAIVES AND GIVES UP ANY CONSTITUTIONAL RIGHTS IT MAY HAVE TO NOTICE AND HEARING EXCEPT AS PROVIDED HEREIN BEFORE SALE OF THE MORTGAGED PROPERTY AND EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY COLLATERAL MAY BE DISPOSED OF OR PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWERMORTGAGOR'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower understands and agrees that if an any Event of Default shall occuris made under the terms of this Mortgage, Lender has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580SDCL chapters 21-47, 21-48 and 21-48A, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if the Lender elects to foreclose by advertisementpower of sale, it the Lender may cause the Property Premises, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, as required by law and that no personal a notice is specified by law may not be required to be served upon Borrower. Borrower further understands that upon in the occurrence event of an such Event of Default, Default the Lender may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Personal Property (as defined in this Mortgage) and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower further understands that under the Constitution of the United States and the Constitution of the State of Minnesota South Dakota it may have the right to notice and hearing before the Property Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to the Borrower and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODEUNIFORM COMMERCIAL CODE WITHOUT NOTICE TO BORROWER, ALL AS DESCRIBED ABOVE. BORROWER ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION PARAGRAPH AND BORROWER'S ’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an any Event of Default shall occuris made under the terms of this Mortgage, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Minnesota Statutes, Chapter 580, as hereafter subsequently amended, or pursuant to any similar or replacement statute hereafter subsequently enacted; that if Lender Mortgagee elects to foreclose by advertisement, it may cause the Property Mortgaged Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower further understands that upon the occurrence of an Event of Default, Lender may also elect its rights under the UCC and take possession of the non-real estate items of the Property and dispose of the same by sale or otherwise in one or more parcels, provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCC, as hereinafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota Minnesota, it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT AND THIS SECTION AND BORROWER'S PARAGRAPH THAT MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occuroccur and be continuing, Lender Beneficiary has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter Ch. 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender Beneficiary elects to foreclose by advertisement, it may cause the Property Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon occurrence, and during the occurrence continuance, of an Event of Default, Lender Beneficiary may also elect to exercise its rights under the UCC Code and take possession of the non-real estate items of the Property collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCCode, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota Minnesota, it may have the right to notice and hearing before the Property may be sold and that the procedure procedures for foreclosure by advertisement described above does do not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE REAL PROPERTY MAY BE FORECLOSED UPON BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT MORTGAGE THIS SECTION AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occur, Lender Mortgagee has the right, inter aliaINTER ALIA, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enactedadvertisement; that if Lender Mortgagee elects to foreclose by advertisement, it may cause the Property Premises, or any part thereof thereof, to be sold at public action; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon Borrowerauction. Borrower Mortgagor further understands that upon the occurrence of an Event of Default, Lender Mortgagee may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property Collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' days prior notice of such disposition must be given, all as provided for by the UCC, as hereinafter amended or by any similar or replacement statute hereafter enactedUniform Commercial Code. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota North Dakota it may have the right to notice and hearing before the Property Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceedingproceedings. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWERMORTGAGOR'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower The Mortgagor understands and agrees that if an Event of Default shall occur, Lender the Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter Minnesota Statutes chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender the Mortgagee elects to foreclose by advertisement, it may cause the Property Premises, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon Borrowerthe Mortgagor. Borrower The Mortgagor further understands that upon the occurrence of an Event of Default, Lender the Mortgagee may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property Collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower The Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER THE MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER THE MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWERTHE MORTGAGOR'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER THE MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower understands and agrees that if an Event of Default shall occur, Lender has the right, inter alia, to foreclose this Mortgage Security Instrument by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender elects to foreclose by advertisement, it may cause the Property Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon Borrower. Borrower further understands that upon the occurrence of an Event of Default, Lender may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND THE BORROWER'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower understands and agrees that if an any Event of Default shall occuris made under the terms of this Security Instrument, Lender has the right, inter alia, to foreclose this Mortgage Security Instrument by advertisement pursuant to Minn. Stat. Minnesota Statutes, Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if the Lender elects to foreclose by advertisement, it may cause the Property Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week as provided by statute in a newspaper of general circulation, circulation and that no personal notice is required to be served upon Borrower. Borrower further understands that upon in the occurrence event of an such Event of Default, Default the Lender may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Personal Property and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to the Borrower and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY COLLATERAL MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION PARAGRAPH AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower The Mortgagor understands and agrees that if an Event of Default shall occuroccurs under the terms of this Mortgage, the Lender has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Minnesota Statutes, Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if the Lender elects to foreclose by advertisement, it may cause the Property Mortgaged Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon Borrowerthe Mortgagor. Borrower The Mortgagor further understands that upon in the occurrence event of an Event of Default, such default the Lender may also elect its rights under the UCC and take possession of the non-real estate items of the Property Mortgaged Property, or any part thereof, and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) 10 days' ’ prior notice of such disposition must be given, except where the Mortgaged Property consists of perishable items or threatens to decline speedily in value or is of a type customarily sold on a recognized market, all as provided for by the UCC, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower The Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC requires any hearing or other judicial proceeding. BORROWER THE MORTGAGOR HEREBY RELINQUISHES, WAIVES AND GIVES UP ANY CONSTITUTIONAL RIGHTS IT MAY HAVE TO NOTICE AND HEARING BEFORE SALE OF THE MORTGAGED PROPERTY AND EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL MORTGAGED PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODEUCC, ALL AS DESCRIBED ABOVE. BORROWER THE MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT DOCUMENT, THIS SECTION AND BORROWER'S THE MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER THE MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if upon the occurrence and during the continuance of an Event of Default shall occurDefault, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Minnesota Statutes, Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender the Mortgagee elects to foreclose by advertisement, it may cause the Property Mortgaged Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon the occurrence and during the continuance of an such Event of Default, Lender the Mortgagee may also elect its rights under the UCC and take possession of the non-real estate items of the Property personal property and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' days prior notice of such disposition must be given, all as provided for by the UCC, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY PROPERTY, SUBJECT TO THE TERMS AND PROVISIONS OF THE SECURITY AGREEMENT, MAY BE DISPOSED OF PURSUANT TO THE CODEUCC, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION PARAGRAPH AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occuroccur and be continuing, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter Ch. 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender Mortgagee elects to foreclose by advertisement, it may cause the Property Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon occurrence, and during the occurrence continuance, of an Event of Default, Lender Mortgagee may also elect to exercise its rights under the UCC Code and take possession of the non-real estate items of the Property collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCCode, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota Minnesota, it may have the right to notice and hearing before the Property may be sold and that the procedure procedures for foreclosure by advertisement described above does do not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE REAL PROPERTY MAY BE FORECLOSED UPON BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT MORTGAGE THIS SECTION AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occur, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender Mortgagee elects to foreclose by advertisement, it may cause the Property or any part thereof to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon the occurrence of an Event of Default, Lender Mortgagee may also elect its rights under the UCC and take possession of the non-real estate items of the Property and dispose of the same by sale or otherwise in one or more parcels, provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCC, as hereinafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODEUCC, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower The Company understands and agrees that if an Event of Default shall occuroccur and be continuing, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter Ch. 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender Mortgagee elects to foreclose by advertisement, it may cause the Property Mortgaged Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon Borrowerthe Company. Borrower The Company further understands that upon the occurrence of an Event of DefaultDefault and be continuing, Lender Mortgagee may also elect its rights under the UCC Code and take possession of the non-real estate items of the Property collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCCode, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower The Company further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure procedures for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Company and neither said procedure for foreclosure by advertisement nor the UCC Code requires any hearing or other judicial proceeding. BORROWER THE COMPANY HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER THE COMPANY ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S THE COMPANY’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER THE COMPANY UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occur, Lender has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender elects to foreclose by advertisement, it may cause the Property Mortgaged Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon the occurrence of an Event of Default, Lender may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S MORTGAGOR!S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event any default is made under the terms of Default shall occurthis Mortgage, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Minnesota Statutes, Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender the Mortgagee elects to foreclose by advertisement, it may cause the Property Premises, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon in the occurrence event of an Event of Default, Lender such default the Mortgagee may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of Personal Property (as defined in the Property Mortgage) and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION PARAGRAPH AND BORROWERMORTGAGOR'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower The Mortgagor understands and agrees that if an Event of Default shall occur, Lender the Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender the Mortgagee elects to foreclose by advertisement, it may cause the Property Premises, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon Borrowerthe Mortgagor. Borrower The Mortgagor further understands that upon the occurrence of an Event of Default, Lender the Mortgagee may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property Collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower The Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER THE MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER THE MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWERTHE MORTGAGOR'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER THE MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event any default is made under the terms of Default shall occurthis Mortgage, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Minnesota Statutes, Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender the Mortgagee elects to foreclose by advertisement, it may cause the Property Premises, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon in the occurrence event of an Event of Default, Lender such default the Mortgagee may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of Personal Property (as defined in the Property Mortgage) and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property Premises may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower the Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY PREMISES MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION PARAGRAPH AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mxxxxxxxx understands and agrees that if an Event of Default shall occur, Lender Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender Mortgagee elects to foreclose by advertisement, it may cause the Property or any part thereof to be sold at public action; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mxxxxxxxx further understands that upon the occurrence of an Event of Default, Lender Mortgagee may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property and dispose of the same by sale or otherwise in one or more parcels, provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter amended or by any similar or replacement statute hereafter enacted. Borrower Mxxxxxxxx further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER MXXXXXXXX HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL COLLATERAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER MXXXXXXXX ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MXXXXXXXX UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVERWXXXXX.

Acknowledgment of Waiver of Hearing Before Sale. Borrower Mortgagor understands and agrees that if an Event of Default shall occuroccur and be continuing, Lender Administrative Agent has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minn. Stat. Chapter Ch. 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender Administrative Agent elects to foreclose by advertisement, it may cause the Property Property, or any part thereof thereof, to be sold at public actionauction; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, circulation and that no personal notice is required to be served upon BorrowerMortgagor. Borrower Mortgagor further understands that upon the occurrence of an Event of DefaultDefault which is uncured and continuing, Lender Administrative Agent may also elect its rights under the UCC Code and take possession of the non-real estate items of the Property collateral and dispose of the same by sale or otherwise in one or more parcels, parcels provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCCode, as hereinafter hereafter amended or by any similar or replacement statute hereafter enacted. Borrower Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of Minnesota Minnesota, it may have the right to notice and hearing before the Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower Mortgagor and neither said procedure for foreclosure by advertisement nor the UCC Code requires any hearing or other judicial proceeding. BORROWER MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE REAL PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED ABOVE. BORROWER MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.

Acknowledgment of Waiver of Hearing Before Sale. Borrower understands and agrees that if an Event of Default shall occur, Lender has the right, inter alia, to foreclose this Mortgage Security Instrument by advertisement pursuant to Minn. Stat. Chapter 580, as hereafter amended, or pursuant to any similar or replacement statute hereafter enacted; that if Lender elects to foreclose by advertisement, it may cause the Property Security or any part thereof to be sold at public action; that notice of such sale must be published for six (6) successive weeks at least once a week in a newspaper of general circulation, and that no personal notice is required to be served upon Borrower. Borrower further understands that upon the occurrence of an Event of Default, Lender may also elect its rights under the UCC Uniform Commercial Code and take possession of the non-real estate items of the Property Security and dispose of the same by sale or otherwise in one or more parcels, provided that at least ten (10) days' ’ prior notice of such disposition must be given, all as provided for by the UCCUniform Commercial Code, as hereinafter amended or by any similar or replacement statute hereafter enacted. Borrower further understands that under the Constitution of the United States and the Constitution of the State of Minnesota it may have the right to notice and hearing before the Property Security may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Borrower and neither said procedure for foreclosure by advertisement nor the UCC Uniform Commercial Code requires any hearing or other judicial proceeding. BORROWER HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE PROPERTY SECURITY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PERSONAL PROPERTY MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED ABOVE. BORROWER ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS SECTION AND BORROWER'S ’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT BORROWER UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.