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CONSENT AND ACKNOWLEDGEMENT <br /> • The undersigned guarantors, Douglas Hough and David Hinnenkamp, executed and <br /> delivered to the City of Elk River Economic Development Authority (the "Lender"), a Personal <br /> Guaranty dated as of May 3, 1993, as security for the repayment of that certain Promissory Note <br /> dated April 27, 1990, made by Elk River Motel Properties, Inc., a Minnesota corporation (the <br /> "Borrower") in favor of the Lender. <br /> Each of the undersigned guarantors hereby consents to the execution and delivery by the <br /> Borrower of the above First Amendment to Promissory Note of even date herewith (the "First <br /> Amendment")and hereby agrees that, notwithstanding the First Amendment, or any other action <br /> taken by the Borrower or Lender in connection therewith, each of the undersigned's obligations <br /> under the Personal Guaranty as described above, and all of their respective other agreements <br /> with Lender, remain in full force and effect, and that the obligations of each of the undersigned <br /> under such Personal Guaranty extend to cover all of the Borrower's obligations under or with <br /> respect to the Note, as amended by the First Amendment. <br /> Dated: <br /> Douglas Hough <br /> • Dated: <br /> David Hinnenkamp <br /> • <br /> • KRP 96'761 4 <br /> S00,S00d 06L'ON SZOLTbb F S1dW ENG Ltr:9T GG/VO/OT <br />