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MORTGAGE <br /> AND <br /> ASSIGNMENT OF RENTS <br /> AND <br /> SECURITY AGREEMENT <br /> AND <br /> FIXTURE FINANCING STATEMENT <br /> (Blighted Properties Forgivable Commercial/Industrial Loan) <br /> This Mortgage and Assignment of Rents and Security Agreement and Fixture Financing <br /> Statement ("Mortgage") is made as of April , 2016, by F & M Properties, LLC, a Minnesota <br /> limited liability company ("Mortgagor"), in favor of the HOUSING AND REDEVELOPMENT <br /> AUTHORITY IN AND FOR THE CITY OF ELK RIVER, a public body corporate and politic <br /> of the State of Minnesota("Mortgagee"). <br /> THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $75,000.00 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 /> RECITALS <br /> A. Mortgagor has executed and delivered to Mortgagee a Promissory Note effective <br /> as of the date hereof in the principal amount of$75,000.00 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 or forgiven, being due and payable on April , 2021 (the <br /> Promissory Note as the same may be renewed, extended, replaced, modified or amended is <br /> herein called the "Note"). The proceeds of the Note are being utilized to pay a portion of the <br /> costs of the acquisition, renovation and equipping of an existing structure on the Mortgaged <br /> Property(as defined below). <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 /> 477384v3 EL185-40 <br />