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<br />MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br /> <br />(Forgivable Loan Program) <br /> <br />This Mortgage and Assignment of Rents and Security Agreement and Fixture Financing <br />Statement (“Mortgage”) is made as of October __, 2016, by SBH PROPERTIES, LLC, a <br />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 $200,000.00 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. Apex Design & Embroidery, Inc. (the “Borrower”) has executed and delivered to <br />Mortgagee a Promissory Note effective as of the date hereof in the principal amount of <br />$200,000.00 and bearing interest at the rate set forth therein, with principal being due and <br />payable as set forth therein and with all principal and interest, if not sooner paid, being due and <br />payable on ___________, 202_ (the Promissory Note as the same may be renewed, extended, <br />replaced, modified or amended is herein called the “Note”). The proceeds of the Note are being <br />utilized to pay a portion of the acquisition of land and the construction and equipping of a new <br />manufacturing facility on the Mortgaged Property (as defined below). <br />B. Contemporaneous herewith, Borrower 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. <br />487519v1 EL185-45 <br />