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1 <br />477340v3 EL185-40 <br />MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br /> <br />(Microloan) <br /> <br />This Mortgage and Assignment of Rents and 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 /> <br />THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $185,200.00 OF <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 /> <br />RECITALS <br /> <br />A. Mortgagor has executed and delivered to Mortgagee a Promissory Note effective <br />as of the date hereof in the principal amount of $185,200.00 and 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 />The proceeds of the Note are being utilized to pay a portion of the relocation to and acquisition <br />and renovation of the Mortgaged Property (as defined below). <br />B. Contemporaneous herewith, Mortgagor has entered 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.