Prepared by and Return to: Cristina Kuhn, Dorsey & Whitney LLP, 801 Grand, Suite 3900, Des Moines,
Iowa 50309, (515) 283-1000
Grantor/Mortgagor/Taxpayer: Art’s-Way Manufacturing Co., Inc., 5556 Hwy 9, Armstrong, IA 50514
Grantee/Mortgagee: The First National Bank of West Union, 115 North Vine, P.O. Box 233, West Union,
Legal Description: See Exhibit A (Page A-1)
MORTGAGE, SECURITY AGREEMENT,
ASSIGNMENT OF LEASES AND RENTS
AND FIXTURE FINANCING STATEMENT
ART’S-WAY MANUFACTURING CO., INC.
THE FIRST NATIONAL BANK OF WEST UNION
Dated as of May 1, 2010
Notice: This Mortgage secures credit in the amount of $1,300,000. Loans and advances up to this
amount, together with interest, are senior to indebtedness to other creditors under subsequently recorded or filed
mortgages and liens.
This Mortgage contains an after acquired property clause. This Mortgage constitutes a construction
mortgage within the meaning of Iowa Uniform Commercial Code and Section 572.18 of the Code of Iowa.
TABLE OF CONTENTS
This Table of Contents is not a part of this Mortgage and is provided only for convenience of reference.
TITLE TO THE MORTGAGED PROPERTY AND THE
STATUS OF THE LIEN OF THIS MORTGAGE;
MAINTENANCE OF LIEN; RECORDING; FURTHER
PAYMENTS UNDER THE AGREEMENT.
TAXES AND ASSESSMENTS.
MAINTENANCE AND REPAIR;
INSURANCE REQUIRED TO BE CARRIED.
INSPECTION OF THE MORTGAGED PROPERTY.
COMPLIANCE WITH LAWS.
MORTGAGE, SALE, LEASE, ETC. OF THE
DEFAULTS, EVENTS OF DEFAULT.
REMEDIES ON DEFAULT.
ASSIGNMENT OF RENTS, ISSUES AND PROFITS;