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SECTION 7. 2. Waiver of Default. The Secured Party may, at any time and from time to
<br />time,, execute and deliver to the Pled or a written instrument waiving, on such terms and conditions
<br />as the Secured Party may specify in such written instrument, any of the requirements of this
<br />Agreement or any Event of Default or Default and its consequences, provided, that any such waiver
<br />shall be for such period and subject to such conditions as shall be specified in any such instrument.
<br />In the case of any such waiver, the Pled or and the Secured Party shall be restored to their former
<br />positions prior to such Event of Default or Default and shall have the same rights as they had
<br />hereunder. No such waiver shall extend to any subsequent or other Event of Default or Default, or
<br />impair any right consequent thereto and shall be effective only in the specific instance and for the
<br />specific purpose for which given.
<br />SECTION 7.3. Security Interest Absolute. All rights and remedies of the Secured Party
<br />hereunder and under applicable laws, the security interest granted herein and all agreements and
<br />obligations of the Pledgor hereunder shall be absolute and unconditional irrespective of, and shall
<br />not be released,, discharged, impaired or affected by (a) any lack of validity or enforceability of the
<br />Financing Documents, (b) any change in the amount of any or all of the Obligations or any change
<br />in the time,, manner or place of payment of any or all of the Obligations or any change of any other
<br />provision or term of any or all of the Obligations, (c) any amendment to, or modification or waiver
<br />of, consent to, or departure from, any of the provisions of the Financing Documents, (d) any
<br />exchange, substitution, release, addition or non-perfection of any collateral and security for any of
<br />the Obligations, (e) the release of, in whole or in part, any Person, including, without limitation, the
<br />Pled or, obligated or liable for the payment of all or any part of the Obligations or any attempt,
<br />pursuit, enforcement or exhaustion of any rights or remedies the Secured Party may have against any
<br />such Person or against any collateral and security for any or all of the Obligations, (f)' the failure,
<br />omission,, lack of diligence or delay by the Secured Party to exercise or enforce any rights and
<br />remedies it may have under the Financing Documents or applicable laws, and (g) any other event or
<br />circumstance which might otherwise constitute a legal or equitable discharge, release or defense of
<br />the Pledgor or of the Collateral.
<br />SECTION 7.4. Notices. All notices required or permitted hereunder shall be given by
<br />delivery to a nationally recognized overnight express courier service which provides a receipt for
<br />delivery, or by certified mail, postage prepaid, return receipt requested, addressed to the person
<br />to whom such communication is to be given, at the following addresses.-
<br /># 420053
<br />011367-0283
<br />Pledgor.- Gardens East Limited Partnership
<br />971 Sibley Memorial Highway
<br />Mendota Heights, Minnesota 55118
<br />Attention.- G. Terrence McNellis
<br />Facsimile.- (651) 699-6433
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