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(d)declare the entire unpaid principal of the Note and all accrued interest <br />thereon immediately due and payable without notice; <br />(e)exercise any remedies under theEntity Guaranty,the Security Agreement, <br />the Personal Guaranty, foreclose the Mortgage, foreclose any other security instrument <br />referred to in thisAgreement and/or exercise any other rights or remedies it may have <br />underthe Entity Guaranty, the Personal Guaranty, the Mortgage, the Security Agreement <br />and any other security instruments. <br />16.Default under Noteand Security Agreement. The failure by Borrower to keep or <br />perform any of the terms, covenants and conditions to be kept or performed by it under this <br />Agreement shall constitute a default under the Note, the Security Agreement, the Mortgage and <br />any other security instrument held by Lender in connection with the Loan. <br />17.Notices. Any notices given hereunder shall be in writing and shall be deemed to <br />have been given when delivered personally or three (3) days after deposited in the United States <br />mail,registered, postage prepaid, addressed as follows: <br />If to Borrower: <br />Apex Embroidery Design, Inc. <br />th <br />9775 158CircleNW <br />Elk River, MN 55330 <br />Attention: ____________ <br />If to Lender: <br />Economic Development Authority of the City of Elk River <br />13065 Orono Parkway <br />Elk River, Minnesota 55330 <br />Attn: Director of Economic Development <br />or addressed to any such party at such other address as such party shall hereafter furnish by <br />notice to the other party. Any notice delivered personally to Borrower shall be delivered to an <br />officer of Borrower, and any notice delivered personally to Lender shall be delivered to an <br />officer of Lender at the address for Lender for the mailing of notices. Either party may change its <br />address for the giving of notices by giving the other party at least ten (10) days’ notice in the <br />manner provided above. <br />18.Headings. The headings used in this Agreement are for convenience only and do <br />not define, limit or construe the contents of this Agreement. <br />19.Bindings on Successors and Assigns. Subject to the limitations on transfer <br />contained in this Agreement, this Agreement shall be binding upon and inure to the benefit of the <br />successors and assigns of the parties hereto. <br />12 <br />487521v2 EL185-45 <br /> <br />