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4. LENDER'S GENERAL POWERS: <br />Lender may take any of the following actions at any time, without notice, without Guarantor's consent, and without <br />making demand upon Guarantor: <br />A. Modify the terms of the Note or any other Loan Document except to increase the amounts due under the Note; <br />B. Refrain from taking any action on the Note, the Collateral, or any guarantee; <br />C. Release any Borrower or any guarantor of the Note; <br />D. Compromise or settle with the Borrower or any guarantor of the Note; <br />E. Substitute or release any of the Collateral, whether or not Lender receives anything in return; <br />F. Foreclose upon or otherwise obtain, and dispose of, any Collateral at public or private sale, with or without <br />advertisement; <br />G. Bid or buy at any sale of Collateral by Lender or any other lienholder, at any price Lender chooses; and <br />H. Exercise any rights it has, including those in the Note and other Loan Documents. <br />These actions will not release or reduce the obligations of Guarantor or create any rights or claims against Lender. <br />5. GOVERNING LAW <br />This guaranty shall be governed by the laws of the State of Minnesota. <br />6. RIGHTS, NOTICES, AND DEFENSES THAT GUARANTOR WAIVES: <br />To the extent permitted by law, <br />A. Guarantor waives all rights to: <br />1) Require presentment, protest, or demand upon Borrower; <br />2) Redeem any Collateral before or after Lender disposes of it; <br />3) Have any disposition of Collateral advertised; and <br />4) Require a valuation of Collateral before or after Lender disposes of it. <br />B. Guarantor waives any notice of: <br />1) Any default under the Note; <br />2) Presentment, dishonor, protest, or demand; <br />3) Execution of the Note; <br />4) Any action or inaction on the Note or Collateral, such as disbursements, payment, nonpayment, acceleration, <br />intent to accelerate, assignment, collection activity, and incurring enforcement expenses; <br />5) Any change in the financial condition or business operations of Borrower or any guarantor; <br />6) Any changes in the terms of the Note or other Loan Documents, except increases in the amounts due under <br />the Note; and <br />7) The time or place of any sale or other disposition of Collateral, <br />C. Guarantor waives defenses based upon any claim that: <br />1) Lender failed to obtain any guarantee; <br />2) Lender failed to obtain, perfect, or maintain a security interest in any property offered or taken as Collateral; <br />3) Lender or others improperly valued or inspected the Collateral; <br />4) The Collateral changed in value, or was neglected, lost, destroyed, or underinsured; <br />Page 2/4 <br />