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CERTIFICATE OF FORGIVENESS <br />April ___, 2016 <br />WHEREAS <br />, the Economic Development Authority of Elk River, Minnesota (the <br />“EDA”), a public body corporate and politic subdivision of the State of Minnesota and Preferred <br />Powder Coating, LLC, a Minnesota limited liability company (the “Borrower”) have entered into <br />a Loan Agreement dated September 26, 2013 (the “Loan Agreement”); and <br />WHEREAS, <br /> the Loan Agreement requires the Borrower to meet certain conditions as set <br />forth in the Loan Agreement; <br />WHEREAS, <br /> the Borrower has met the conditions set forth in the Loan Agreement to <br />forgive the loan; <br />NOW, THEREFORE, <br /> this is to certify that the Borrower has met the conditions set <br />forth in the Loan Agreement to forgive the loan. As a result, the EDA shall forgive all <br />outstanding principal and interest due on the loan and relieve the Borrower of all further <br />obligations under the Loan Agreement and deliver to the Borrower the following: <br />(a)Promissory Note marked cancelled; <br />(b)the Personal Guaranties and the Entity Guaranty (as defined in the Loan Agreement) <br />to the Borrower; <br />(c)Release of Mortgage; and <br />(d)UCC Termination Statement (to be completed and filed in the Borrower’s discretion). <br />478227v1 JSB EL185-22 <br />1 <br /> <br />