7.2. HRSR 04-04-2016 - Laserfiche WebLink

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all claims, rights and remedies of contribution, indemnification, exoneration, reimbursement, recourse and subrogation, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise, whether or not the Indebtedness has been fully paid, and all payments and recoveries under this guaranty shall be considered equity investments by the Entity Guarantor in the Borrower; provided, nothing contained in this guaranty shall deprive the Entity Guarantor of any claim, right or remedy, after the Indebtedness has been fully paid, against any person other than the Borrower. No delay or failure by the Lender in exercising any right, and no partial or single exercise thereof shall constitute a waiver thereof. No waiver of any rights hereunder, and no modification or amendment of this guaranty shall be effective unless the same is in writing duly executed by the Lender, and each such waiver, if any, shall apply only with respect to the specific instance involved and shall not impair or affect the rights of the Lender or the provisions of this guaranty in any other respect at any other time. This guaranty shall continue until written notice of revocation of this guaranty, executed by the Entity Guarantor, has been received by the Lender; provided, no revocation of this guaranty shall affect in any manner any liability of the Entity Guarantor under this guaranty with respect to Indebtedness arising before the Lender receives such written notice of revocation, and the sole effect of revocation of this guaranty shall be to exclude from this guaranty Indebtedness thereafter arising which is unconnected with Indebtedness theretofore arising or transactions theretofore entered into. Any invalidity or unenforceability of any provision or application of this guaranty shall not affect other lawful provisions and applications hereof and to this end the provisions of this guaranty are declared to be severable. This guaranty shall bind the Entity Guarantor and the representatives, successors and assigns of the Entity Guarantor, and of each of them respectively, and shall benefit the Lender, its successors and assigns. This guaranty shall be governed by and construed in accordance with the laws of the State of Minnesota. The Entity Guarantor acknowledges and agrees that in accordance with Section 24 of that certain Loan Agreement between the Borrower and the Lender (the "Loan Agreement") the Entity Guarantor shall relocate or create 12 full-time equivalent jobs in Elk River, Minnesota (the "City"), at the Loan Property at an hourly wage equal to the greater of$15.00 per hour or 150% of the state or federal minimum wage, whichever is greater (the "Jobs"), by the two (2) year anniversary of the date of closing on the Loan(the "Benefit Date"), will continue operations in the City and maintain the Jobs for at least 5 years after the Benefit Date, and will comply with all other applicable terms of Section 24 of the Loan Agreement. The Entity Guarantor is or will be the occupant of the property located at 18489 Twin Lakes Road, Elk River, Minnesota 55330 (the "Property"). Borrower is acquiring the Property and will be leasing it to the Entity Guarantor pursuant to a certain lease agreement(the "Lease"). Borrower and the Entity Guarantor are under common ownership. The Entity Guarantor acknowledges and agrees that the Indebtedness is being utilized by Borrower to acquire the Property and to renovate an existing structure at the Property, and such acquisition and renovation will support the Entity Guarantor's ability to fulfill its obligations under the Lease and, therefore, the Entity Guarantor's obligations under this Guaranty are proper, valid and enforceable. This Guaranty has been approved by unanimous consent of the board of governors of the Entity Guarantor. 3 477380v2 EL185-40