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PERSONAL GUARANTY
<br />Brian Hill
<br />(Forgivable LoanProgram)
<br />Elk River, Minnesota
<br />October__,2016
<br />FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
<br />acknowledged, and in consideration of and to induce financial accommodations of any kind, with
<br />or without security, given or to be given or continued at any time and from time to time by the
<br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER (the “Lender”)
<br />to or for the account of APEX EMBROIDERY DESIGN, INC.(the “Borrower”), the
<br />undersigned absolutely and unconditionally guarantiesto the Lender the full and prompt
<br />payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of any
<br />and all indebtedness, obligations and liabilities of the Borrower (and anyand all successors of
<br />the Borrower) to the Lender, now or hereafter existing, absolute or contingent, independent,
<br />joint, several or joint and several, secured or unsecured, due or to become due, contractual or
<br />tortious, liquidated or unliquidated, arising by assignment or otherwise, including without
<br />limitation all indebtedness, obligations and liabilities owed by the Borrower (and any and all
<br />successors of the Borrower) as a member of any partnership, syndicate, association or other
<br />group, and whether incurred by the Borrower (or any successor of the Borrower) as principal,
<br />surety, endorser, guarantor, accommodation party or otherwise (collectively,the
<br />“Indebtedness”); and the undersigned agreesto pay on demand all of the Lender’s fees, costs,
<br />expenses and reasonable attorneys’fees in connection with the Indebtedness, any security
<br />therefor, and this guaranty, plus interest on such amounts at the highest rate then applicable to
<br />any of the Indebtedness.
<br />The Lender may at any time and from time to time, without consent of or notice to the
<br />undersigned, without incurring responsibility to the undersigned, without releasing, impairing or
<br />affecting the liability of the undersigned hereunder, upon or without any terms or conditions, and
<br />in whole or in part: (1)sell, pledge, surrender, compromise, settle, release, renew, subordinate,
<br />extend, alter, substitute, exchange, change, modify or otherwise dispose of or deal with in any
<br />manner and in any order any Indebtedness, any evidence thereof, or any security or other
<br />guaranty therefor; (2) accept any security for, or other guarantors of, any Indebtedness; (3) fail,
<br />neglect or omit to obtain, realize upon or protect any Indebtedness or any security therefor, to
<br />exercise any lien upon or right to any money, credit orproperty toward the liquidation of the
<br />Indebtedness, or to exercise any other right against the Borrower, the undersigned, any other
<br />guarantor or any other person; and (4) apply any payments and credits to the Indebtedness in any
<br />manner and in any order.No act, omission or thing, except full payment and discharge of the
<br />Indebtedness, which but for this provision could act as a release or impairment of the liability of
<br />the undersigned hereunder, shall in any way release, impair or otherwise affect the liability of the
<br />undersigned hereunder, and the undersigned waivesany and all defenses of the Borrower
<br />pertaining to the Indebtedness, any evidence thereof, and any security therefor, except the
<br />defense of discharge by payment. The failure of any person or persons to sign this or any other
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