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ENVIRONMENTAL INDEMNIFICATION AGREEMENT <br /> THIS AGREEMENT is made as of the day of April, 2016, by F & M Properties, <br /> LLC, a Minnesota limited liability company ("Borrower") and HOUSING AND <br /> REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, a public body <br /> corporate and politic of the State of Minnesota("Lender"). <br /> RECITALS <br /> A. Lender has agreed to lend to Borrower the sum of up to $75,000.00(the "Loan"). <br /> B. The Loan is secured by, among other things, an Mortgage and Assignment of <br /> Rents and Security Agreement and Fixture Financing Statement dated even herewith (the <br /> "Mortgage") pertaining to certain land described in the Mortgage and improvements thereon <br /> (collectively,the"Property") owned by Borrower and located in Sherburne County, Minnesota. <br /> C. Lender has refused to make the Loan to Borrower unless this Agreement is <br /> executed and delivered by Borrower. <br /> AGREEMENT <br /> NOW, THEREFORE, in consideration of Lender's agreement to make the Loan to <br /> Borrower, Borrower hereby warrants and represents to, and covenants and agrees with, Lender as <br /> follows: <br /> 1. Definitions. As used in this Agreement, the following terms shall have the <br /> following meanings: <br /> (a) "Environmental Regulation" means a Law relating to the environment and/or to <br /> human health or safety, or governing, regulating or pertaining to the generation, <br /> treatment, storage, handling, transportation, use or disposal of any Hazardous <br /> Substance. <br /> (b) "Hazardous Substance" means any substance or material defined in or governed <br /> or regulated by any Environmental Regulation as a dangerous, toxic or hazardous <br /> pollutant, contaminant, chemical, waste, material or substance, and also expressly <br /> includes urea-formaldehyde, polychlorinated biphenyls, dioxin, radon, lead-based <br /> 1 <br /> 477383v1 MJM EL185-40 <br />