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Jul O1 04 ll:OSa Hess Lac OFFice (763)274-1452 p.3 <br /> <br />agreement, exercise its right under this Assignment as the Borrower's attorney-in-fact in any <br />manner permitted by law, and in addition, the Lender shall have the right to exercise and enforce <br />any or all rights and remedies available at~er default to a secured party under the Uniform <br />Commercial Code, as adopted in the State of Miunesota. The Borrower hereby agrees to pay all <br />reasonable costs and expenses (including without limitation reasonable attorneys' fees) which the <br />Lender may incur in exercising any of its rights under this Assignment. <br /> <br />This Assignment shall be binding upon the Borrower, its heirs, representatives, assigns, and <br />successors, mad shall inure to the benefit of the Lender, its successors and assigns. The Borrower <br />has concurrently executed and delivered to the Lender this Assignment, and the Borrower intends <br />to be bound by the terms of this Assignment. <br /> <br />This Agreement can be waived, modified, amended, terminated or discharged only explicitly in <br />writing, signed by the Lender. A waiver signed by the Lender shall be effective only in a specific <br />instance and for the specific purpose given. Mere delay or failure to act shall not preclude the <br />exercise or enforcement of any of the Lender's rights or remedies hereunder. All rights and <br />remedies of the Lender shall be cumulative and may be exercised singularly or concurrently, at <br />the Lender's option, and the exercise or enforcement of any one such right or remedy shall <br />neither be a condition to nor bar the exercise or enforcement of any other. <br /> <br />IN WITNESS WHEREOF, the Borrower has executed this Assignment as of the day and year <br />first above written. <br /> <br />BADGER VENTURES, LLC <br /> <br />By: Duane A. Goetsch <br />Its: President <br /> <br />This Assignment is hereby acknowledged. It is understood that all payments shall be made <br />directly to Lender at The Bank of Elk River, 630 Main Street, Elk River, Minnesota 55330. <br /> <br />CITY OF ELK RIVER <br /> <br />By: Stephanie Klinzing <br />Its: Mayor <br /> <br />By: Pat Klaers <br />Its: Administrator <br /> <br />2 <br /> <br /> <br />