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<br />MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br /> <br />(Microloan) <br /> <br />This Mortgage and Assignment of Rents and Security Agreement and Fixture Financing <br />Statement (“Mortgage”) is made as of ______________________, 2015, by SCOTT <br />MORRELL, LLC, a Minnesota limited liability company (“Mortgagor”), in favor of the <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body <br />corporate and politic of the State of Minnesota (“Mortgagee”). <br /> <br />THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $200,000.00 OF <br />PRINCIPAL INDEBTEDNESS, TOGETHER WITH ALL INTEREST ACCRUING <br />THEREON AND ANY AMOUNTS WHICH MAY BE ADVANCED BY MORTGAGEE IN <br />PROTECTION OF THE MORTGAGED PREMISES OR THE LIEN OF THIS MORTGAGE. <br /> <br />RECITALS <br /> <br />A. Mortgagor has executed and delivered to Mortgagee a Promissory Note effective <br />as of the date hereof in the principal amount of $200,000.00 and bearing interest at the rate set <br />forth therein, with principal being due and payable as set forth therein and with all principal and <br />interest, if not sooner paid, being due and payable on August 1, 2020 (the Promissory Note as the <br />same may be renewed, extended, replaced, modified or amended is herein called the “Note”). <br />The proceeds of the Note are being utilized to pay the cost of improvements to the Mortgaged <br />Property (as defined below) and to purchase equipment to be utilized at the Mortgage Property. <br />B. Contemporaneous herewith, Mortgagor has entered into that certain loan <br />agreement (the “Loan Agreement”) setting forth the terms and conditions of Mortgagor and <br />Lender’s obligations with relation to this loan facility. <br />1 <br />464431v2 EL185-33 <br />