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EXHIBIT C
<br /> Form of Mortgage
<br /> THIS INSTRUMENT WAS PREPARED BY,
<br /> AND WHEN RECORDED SHOULD BE
<br /> RETURNED TO:
<br /> Kennedy& Graven, Chartered
<br /> 470 U.S. Bank Plaza
<br /> 200 South 6th Street
<br /> Minneapolis, MN 55402
<br /> MORTGAGE, SECURITY AGREEMENT,
<br /> ASSIGNMENT OF LEASES AND RENTS
<br /> AND FIXTURE FINANCING STATEMENT
<br /> THIS MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND
<br /> RENTS AND FIXTURE FINANCING STATEMENT (this "Mortgage") is made as of July
<br /> 2015,by Envision Company, LLC, a Minnesota limited liability company ("Developer"), having
<br /> its principal offices at 10800— 175th Ave NW, Elk River, Minnesota 55330, in favor of the City
<br /> of Elk River, a Minnesota municipal corporation(the"City").
<br /> RECITALS
<br /> WHEREAS, the City has agreed to convey the land described in Exhibit A attached
<br /> hereto and all mineral rights, hereditaments, easements and appurtenances thereto (collectively,
<br /> the "Land") to Developer pursuant to the Agreement of Purchase and Sale between Developer
<br /> and City, dated as of July _, 2015 (the "Purchase Agreement", which term shall include any
<br /> amendment, modification, supplement, extension, renewal, replacement or restatement thereof)
<br /> in exchange for a promissory note in the principal amount of ONE MILLION TWO HUNDRED
<br /> EIGHTY-EIGHT THOUSAND FIVE HUNDRED EIGHTY-NINETY AND 00/100 DOLLARS
<br /> ($1,288,589.00), dated the same date as this Mortgage, without interest thereon, with principal
<br /> being due and payable as set forth therein and with all principal, if not sooner paid, being due
<br /> and payable on the Maturity Date, as defined below(the "Purchase Price Note", which term shall
<br /> include any amendment, modification, supplement, extension, renewal, replacement or
<br /> restatement thereof) evidencing Developer's obligation to pay the Purchase Price, as defined in
<br /> the Purchase Agreement(the"Loan").
<br /> WHEREAS, the Developer intends to construct an approximately 105,000 square foot
<br /> manufacturing facility to be located on the Land (the "Project") and lease the Project to Sportech,
<br /> Inc.,a Minnesota corporation and affiliate of the Developer("Sportech").
<br /> WHEREAS, the City is requiring that the Mortgage secure the Purchase Price Note. The
<br /> Purchase Price Note, the Purchase Agreement and the Tax Abatement Agreement by and
<br /> between the Developer and the City, dated as of July 2015 (the "Abatement Agreement"), are
<br /> C-1
<br /> 455958v10 SJS EL185-31
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