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EXHIBIT `B"
<br /> MORTGAGE
<br /> THIS INDENTURE (hereinafter referred to as the "Mortgage"), dated as of the day
<br /> of , 2013, between PREFFERED POWDER COATING, LLC, a Minnesota
<br /> limited liability company, whose address is: 13251 George Weber Drive, Rogers, Minnesota 55374
<br /> ("Mortgagor"), and CITY OF ELK RIVER, a Minnesota municipal corporation, whose address
<br /> is 13065 Orono Parkway, Elk River,Minnesota 55309 ("Mortgagee").
<br /> WITNESSETH,that the said Mortgagor, in consideration of the debt hereinafter described,
<br /> the receipt and sufficiency of which is hereby acknowledged, does hereby CONVEY unto the said
<br /> Mortgagee, its successors and assigns, forever, the following real property [all of the following
<br /> being hereafter collectively referred to as the("Property")]:
<br /> A. Real Property. All the tracts or parcels of real property lying and being in the County of
<br /> Sherburne, State of Minnesota, all as more fully described in Exhibit "A" attached hereto and made
<br /> a part hereof, together with all the estates and rights in and to the real property and in and to lands
<br /> lying in streets, alleys and roads adjoining the real property and all buildings, structures,
<br /> improvements, fixtures and annexations, access rights, easements, rights of way or use, servitudes,
<br /> licenses, tenements, hereditaments and appurtenances now or hereafter belonging or pertaining to
<br /> the real property ("Real Property") subject to encumbrances of record as of the date hereof or
<br /> hereafter consented to in writing by Mortgagee(the"Permitted Encumbrances").
<br /> AND THE SAID MORTGAGOR, for itself, its administrators, successors and assigns, does
<br /> covenant with the Mortgagee, its successors and assigns, that Mortgagor is lawfully seized of the
<br /> Property and has good right to sell and convey the same; that the Property is free from all
<br /> encumbrances except the Permitted Encumbrances; that the Mortgagee, its successors and assigns,
<br /> shall quietly enjoy and possess the Property; and that the Mortgagor will WARRANT AND
<br /> DEFEND the title to the same against all lawful claims not specifically excepted in this Mortgage.
<br /> TO HAVE AND TO HOLD THE SAME, together with the possession and right of possession of
<br /> the Property,unto the Mortgagee, its successors and assigns, forever.
<br /> PROVIDED, NEVERTHELESS, that if the Mortgagor, its administrators, personal representatives,
<br /> successors and assigns (A) shall pay to the Mortgagee, its successors or assigns, the sum of One
<br /> Million One Hundred Fifty-three Thousand Eight Hundred Seventy-eight and No/100 Dollars
<br /> ($1,153,878.00) or such lesser amount as may be adjusted according to the terms of that certain
<br /> Promissory Note ("Note") of even date herewith, the terms and conditions of which are
<br /> incorporated herein by reference and made a part hereof, together with any extensions or renewals
<br /> thereof, due and payable with interest thereon at the interest rate set forth therein,the balance of said
<br /> principal sum, together with interest thereon, being due and payable in full one-hundred forty-four
<br /> months following the Approval Date of the Tax Abatement and Business Subsidy Agreement,
<br /> between Mortgagor, Mortgagee and Sherburne County, Minnesota dated , 2013, to
<br /> which this Mortgage is attached as an Exhibit ("Agreement"), unless due earlier according to the
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