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PERSONAL GUARANTY
<br /> (Blighted Properties Forgivable Commercial/Industrial Loan—Michael Tracey)
<br /> Elk River, Minnesota
<br /> April , 2016
<br /> FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
<br /> acknowledged, and in consideration of and to induce financial accommodations of any kind,with
<br /> or without security, given or to be given or continued at any time and from time to time by the
<br /> HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK
<br /> RIVER(the"Lender")to or for the account of F &M PROPERITES, LLC (the"Borrower"), the
<br /> undersigned absolutely and unconditionally guaranty to the Lender the full and prompt payment
<br /> when due, whether at maturity or earlier by reason of acceleration or otherwise, of any and all
<br /> indebtedness, obligations and liabilities of the Borrower (and any and all successors of the
<br /> Borrower) to the Lender, now or hereafter existing, absolute or contingent, independent, joint,
<br /> several or joint and several, secured or unsecured, due or to become due, contractual or tortious,
<br /> liquidated or unliquidated, arising by assignment or otherwise, including without limitation all
<br /> indebtedness, obligations and liabilities owed by the Borrower(and any and all successors of the
<br /> Borrower) as a member of any partnership, syndicate, association or other group, and whether
<br /> incurred by the Borrower (or any successor of the Borrower) as principal, surety, endorser,
<br /> guarantor, accommodation party or otherwise (collectively, the "Indebtedness"); and the
<br /> undersigned agrees to pay on demand all of the Lender's fees, costs, expenses and reasonable
<br /> attorneys' fees in connection with the Indebtedness, any security therefor, and this guaranty, plus
<br /> interest on such amounts at the highest rate then applicable to any of the Indebtedness.
<br /> The Lender may at any time and from time to time, without consent of or notice to the
<br /> undersigned, without incurring responsibility to the undersigned, without releasing, impairing or
<br /> affecting the liability of the undersigned hereunder, upon or without any terms or conditions, and
<br /> in whole or in part: (1) sell, pledge, surrender, compromise, settle, release, renew, subordinate,
<br /> extend, alter, substitute, exchange, change, modify or otherwise dispose of or deal with in any
<br /> manner and in any order any Indebtedness, any evidence thereof, or any security or other
<br /> guaranty therefor; (2) accept any security for, or other guarantors of, any Indebtedness; (3) fail,
<br /> neglect or omit to obtain, realize upon or protect any Indebtedness or any security therefor, to
<br /> exercise any lien upon or right to any money, credit or property toward the liquidation of the
<br /> Indebtedness, or to exercise any other right against the Borrower, the undersigned, any other
<br /> guarantor or any other person; and (4) apply any payments and credits to the Indebtedness in any
<br /> manner and in any order. No act, omission or thing, except full payment and discharge of the
<br /> Indebtedness, which but for this provision could act as a release or impairment of the liability of
<br /> the undersigned hereunder, shall in any way release, impair or otherwise affect the liability of the
<br /> undersigned hereunder, and the undersigned waives any and all defenses of the Borrower
<br /> pertaining to the Indebtedness, any evidence thereof, and any security therefor, except the
<br /> defense of discharge by payment. The failure of any person or persons to sign this or any other
<br /> guaranty shall not release, impair or affect the liability of the undersigned hereunder. This
<br /> guaranty is a primary obligation of the undersigned and the Lender shall not be required to first
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<br /> 477375v1 EL185-40
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