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MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br />(Microloan) <br />This Mortgage and Assignment of Rentsand Security Agreement and Fixture Financing <br />Statement (“Mortgage”) is made as of ______________________, 2016, by F& M Properties, <br />LLC, a Minnesota limited liability company(“Mortgagor”), in favor of the ECONOMIC <br />DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and <br />politic of the State of Minnesota (“Mortgagee”). <br />THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $185,200.00OF <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.Mortgagorhas executed and deliveredto Mortgagee a Promissory Note effective <br />as of the date hereof in the principal amount of $185,200.00and 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, being due and payable on _________, 2021(the Promissory Note as <br />the same may be renewed, extended, replaced, modified or amended is herein called the “Note”). <br />Theproceeds of the Note are being utilized to pay a portion of therelocation toand acquisition <br />and renovation of the Mortgaged Property(as defined below). <br />B.Contemporaneous herewith, Mortgagorhasentered 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 />477340v3 EL185-40 <br /> <br />