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4.1.Principal Office/Residence.The Grantor’schief executive office/residence is <br />located at the addressspecified on the signature pages to this Agreement. The <br />Grantor mustgive Secured Party written notice prior to any change in the location <br />of the Grantor’sprincipal office/residence. <br />4.2.Organization; Authority.The Grantoris a corporation, duly organized, existing <br />and in goodstanding under the laws of the state of its organization and has full <br />power and authority to enter into this Agreement. The Grantor’sstate of <br />organization/residence is Minnesota and its exact legal name is as set forth on the <br />signature page to this Agreement. The Grantorwill not change its state of <br />organization, form of organization or name without Secured Party’s prior written <br />consent. <br />4.3.Perfection of Security Interest.The Grantorwill execute and deliver, and <br />irrevocablyappoints SecuredParty (which appointment is coupled with an <br />interest) the Grantor’s attorney-in-fact to execute and deliver in the Grantor’s <br />name, all financing statements (including, but not limited to, amendments, <br />terminations and terminations of othersecurity interests in any of the Collateral), <br />control agreements and other agreements which Secured Party may at any time <br />reasonably request in order to secure, protect, perfect, collect or enforce the <br />Security Interest, the Grantorshall, at any time andfrom time to time, take such <br />steps as Secured Party may reasonably request for Secured Party: (i) to obtain an <br />acknowledgement, in form and substance reasonably satisfactory to Secured <br />Party, of any bailee having possession of any of the Collateral that such bailee <br />holds such Collateral forSecured Party; and (ii) otherwise to ensure the continued <br />perfection and priority of the Security Interest in any of the Collateral and the <br />preservation of the rights of Secured Party therein. <br />4.4.Enforceability of Collateral.To the extent the Collateral consists of accounts, <br />instruments,documents, chattel paper, letter-of-credit rights, letters of credit or <br />general intangibles, the Collateral is enforceable in accordance with its terms, is <br />genuine, complies with applicable laws concerning form, content and manner of <br />preparation and execution, and all persons appearing to be obligated on the <br />Collateral have authority and capacity to contract and are in fact obligated as they <br />appear to be on the Collateral. <br />4.5.Title to Collateral.The Grantor holds good and marketable title to the Collateral <br />[free of all]security interests and encumbrances. The Grantorwill keep the <br />Collateral free of all security interests and encumbrances except for the Security <br />Interest.The Grantor will defend Secured Party’s rights in the Collateral against <br />the claims and demands of all other persons. <br />4.6.Collateral Location.The Grantorwill keep all tangible Collateral at 18489 Twin <br />Lakes Road, Elk River, Minnesota 55330. <br />2 <br />477333v4 EL185-40 <br /> <br />