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PERSONAL GUARANTY
<br />(Microloan —Michael Tracey)
<br />Elk River, Minnesota
<br />_____________, 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 />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER (the “Lender”)
<br />to or for the account of F & M PROPERITES, LLC(the “Borrower”), the undersigned
<br />absolutely and unconditionally guarantyto the Lender the full and prompt payment when due,
<br />whether at maturity or earlier by reason of acceleration or otherwise, of any and all indebtedness,
<br />obligations and liabilities of the Borrower (and any and all successors of the Borrower) to the
<br />Lender, now or hereafter existing, absolute or contingent, independent, joint, several or joint and
<br />several, secured or unsecured, due or to become due, contractual or tortious, liquidated or
<br />unliquidated, arising by assignment or otherwise, including without limitation all indebtedness,
<br />obligations and liabilities owed by the Borrower (and any and all successors of the Borrower) as
<br />a member of any partnership, syndicate, association or other group, and whether incurred by the
<br />Borrower (or any successor of the Borrower) as principal, surety, endorser, guarantor,
<br />accommodation party or otherwise (collectively,the “Indebtedness”); and the undersigned agrees
<br />to pay on demand all of the Lender’s fees, costs, expenses and reasonableattorneys’fees in
<br />connection with the Indebtedness, any security therefor, and this guaranty, plus interest on such
<br />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 consentof 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 waivesany 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 signthis 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 />477331v3 EL185-40
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