6.1 EDSR 11-16-2015 - Laserfiche WebLink

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DRAFT ASSIGNMENT AGREEMENT This ASSIGNMENT AGREEMENT("Agreement") is made and entered into as of the day of June,2014,by and between the FIRST NATIONAL BANK OF ELK RIVER,whose address is 729 Main Street,Elk River,Minnesota 55330-1504 ("Assignor")and the ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY, whose address is 13065 Orono Parkway, Elk River,Minnesota 55330("Assignee"). RECITALS: WHEREAS,Assignor currently is the holder of a Promissory Note in the amount of Seventy-four Thousand and No/100 Dollars($74,000.00)executed by ETHANOL TECHNOLOGY OF MINNESOTA, LLC, a Minnesota limited liability company, whose address is 16820 Highway 10 NW, Elk River,Minnesota 55330 ("Borrower")in favor of the Assignor, dated August 25, 2008 ("Note"); and WHEREAS,the Note is secured by (i) a Mortgage dated August 25, 2008 executed by Barton C. Wells,LLC ("BC Wells")on certain property located in the City of Elk River as described in the Mortgage which was recorded on September 10, 2008, as Document No. 679619 in the Office of the County Recorder, Sherburne County, Minnesota ("Mortgage"); (ii)a Security Agreement dated August 25,2008 executed by Hitech Motorsport Inc. ("Hitech")("Hitech Security Agreement"); (iii) Security Agreement dated August 25,2008 executed by Ethanol Technology of Minnesota,LLC ("Ethanol Technology")("Ethanol Security Agreement"); (iv) guaranty by Barton C. Wells pursuant to a Guaranty Agreement dated August 25, 2008("Wells Guaranty"); and (v)guaranty of Hitech pursuant to a Guaranty Agreement dated August 25, 2008("Hitech Guaranty"); and WHEREAS,Assignor and Assignee entered into a Participation Certificate and Agreement dated August 25,2008 wherein the Assignor sold to the Assignee an undivided one hundred percent(100%) interest in the principal and interest accruing under the terms of the Note; and WHEREAS, Borrower is in default under the terms,covenants and conditions of the Note,Mortgage,Ethanol Security Agreement and the Guarantors Barton C. Wells and Hitech are in default under their respective Guaranty Agreements, and the Assignor does not wish to proceed with any collection activity against Borrower under the Note, Mortgage, Ethanol Security Agreement or against Hitech and/or Barton C. Wells under the terms of their respective Guaranty Agreements and the Assignee believes that it is in its best interest to proceed with collection under the terms of the Note,Mortgage,Hitech Security Agreement and Ethanol Security Agreement along with actions against Barton 175805v1 1