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<br /> <br />ASSIGNMENT OF LIFE INSURANCE POLICY AS COLLATERAL <br /> <br />F. The Insurer is hereby authorized to recognize the Assignee’s claims to rights hereunder without <br />investigating the reason for any action taken by the Assignee, or the validity of the amount of the Liabilities <br />or the existence of any default therein, or the giving of any notice under Paragraph E.2. above or otherwise, <br />or the application to be made by the Assignee of any amounts to be paid to the Assignee. The sole <br />authorized signature of the Assignee shall be sufficient for the exercise of any rights under the Policy <br />assigned hereby and the sole receipt of the Assignee for any sums received shall be a full discharge and <br />release therefor to the Insurer. Checks for all or any part of the sums payable under the Policy and <br />assigned herein, shall be drawn to the exclusive order of the Assignee if, when, and in such amounts as <br />may be, requested by the Assignee. <br />G. The Assignee shall be under no obligation to pay any premiums or the principal of or interest on any loans <br />or advances on the Policy whether or not obtained by the Assignee, or any other charges on the Policy, but <br />any such amounts so paid by the Assignee from its own funds shall become a part of the Liabilities hereby <br />secured, shall be due immediately, and shall draw interest at a rate fixed by the Assignee from time to time <br />not exceeding 6% per annum. <br />H. The exercise of any right, option, privilege or power given herein to the Assignee shall be at the option of <br />the Assignee, but (except as restricted by Paragraph E.2. above) the Assignee may exercise any such right, <br />option, privilege or power without notice to, or assent by, or affecting the liability of, or releasing any <br />interest hereby assigned by the undersigned. <br />I. The Assignee may take or release other security, may release any party primarily or, secondarily liable for <br />any of the Liabilities, may grant extensions, renewals or indulgences with respect to the Liabilities, or may <br />apply to the Liabilities in such order as the Assignee shall determine, the proceeds of the Policy hereby <br />assigned or any amount received on account of the Policy by the exercise of any right permitted under this <br />assignment, without resorting or regard to other security. <br />J. In the event of any conflict between the provisions of this assignment and provisions of the note or other <br />evidence of any Liability, with respect to the Policy or rights of collateral security therein, the provisions of <br />this assignment shall prevail. <br />K. The undersigned declares that no proceedings in bankruptcy are pending against it and that its property is <br />not subject to any assignment for the benefit of creditors. <br /> <br />Signed and sealed this ______ day of _________, 2015. <br /> <br /> STONESTHROW PROPERTIES, LLC <br /> <br /> <br />Witness Legal Signature of Insured or Owner <br /> <br /> 13001 Twilight Road, Onamia, MN 56359 <br /> Address <br /> <br /> <br /> ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK <br />RIVER <br /> <br /> <br />Witness Legal Signature of Beneficiary <br /> <br /> <br /> Legal Signature of Beneficiary <br /> <br /> 13065 Orono Parkway, Elk River, MN 55330 <br /> Address <br /> <br />Form No. 10 Life Insurance Assignment American Bankers Association/Bank Management Commission <br /> <br />Page 2 of 3 <br />455000v1 JSB EL185-29 <br />