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PERSONAL GUARANTY
<br />(Blighted Properties Forgivable Commercial /Industrial Loan — Kenneth J. Beaudry)
<br />May , 2017
<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 />HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK
<br />RIVER (the "Lender ") to or for the account of TRUCK SHOP, INC. (the `Borrower "), the
<br />undersigned absolutely and unconditionally guarantees to the Lender the full and prompt
<br />payment when due, whether at maturity (unless forgiven by its terms) or earlier by reason of
<br />acceleration or otherwise, of any and all indebtedness, obligations and liabilities of the Borrower
<br />(and any and all successors of the Borrower) to the Lender, now or hereafter existing, absolute or
<br />contingent, independent, joint, several or joint and several, secured or unsecured, due or to
<br />become due, contractual or tortious, liquidated or unliquidated, arising by assignment or
<br />otherwise, including without limitation all indebtedness, obligations and liabilities owed by the
<br />Borrower (and any and all successors of the Borrower) as a member of any partnership,
<br />syndicate, association or other group, and whether incurred by the Borrower (or any successor of
<br />the Borrower) as principal, surety, endorser, guarantor, accommodation party or otherwise
<br />(collectively, the "Indebtedness "); and the undersigned agrees to pay on demand all of the
<br />Lender's fees, costs, expenses and reasonable attorneys' fees in connection with the
<br />Indebtedness, any security therefor, and this guaranty, plus interest on such amounts at the
<br />highest rate then applicable to 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 or property 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 waives any 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
<br />guaranty shall not release, impair or affect the liability of the undersigned hereunder. This
<br />guaranty is a primary obligation of the undersigned and the Lender shall not be required to first
<br />resort for payment of the Indebtedness to the Borrower or any other person, their properties or
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