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LOAN NUMBER LOAN NAME ACCT. NUMBER NOTE DATE INITIALS 226430 19228 LLC 01/13/11 LPI< NOTE AMOUNT INDEX (w /Margin) RATE MATURITY DATE LOAN PURPOSE $30,000.00 Not Applicable 3.000% 01/13/16 'Commercial Creditor Use Only PROWSSORY NOTE (Commercial - Single Advance) DATE AND PARTIES. The date of this Promissory Note (Note) is January 13, 2011. The parties and their addresses are: LENDER: FIRST NATIONAL BANK OF ELK RIVER 812 Main Street Elk River, MN 55330 -1575 Telephone: (763) 428 -7766 BORROWER: 19228 LLC a Minnesota Limited Liability Company 12166 BLUEBIRD CIRCLE NW COON RAPIDS, MN 55448 -2075 1. DEFINITIONS. As used in this Note, the terms have the following meanings: A. Pronouns. The pronouns "I," "me, and "my" refer to each Borrower signing this Note, individually and together. "You" and "Your" refer to the Lender. B. Note. Note refers to this document, and any extensions, renewals, modifications and substitutions of this Note. C. Loan. Loan refers to this transaction generally, including obligations and duties arising from the terms of all documents prepared or submitted for this transaction such as applications, security agreements, disclosures or notes, and this Note. D. Loan Documents. Loan Documents refer to all the documents executed as a part of or in connection with the Loan.. E. Property. Property is any property, real, personal or intangible, that secures my performance of the obligations of this Loan. F. Percent. Rates and rate change limitations are expressed as annualized percentages. 2. PROMISE TO PAY. For value received, I promise to pay you or your order, at your address, or at such other location as you may designate, the principal sum of $30,000.00 (Principal) plus interest from January 13, 2011 on the unpaid Principal balance until this Note matures or this obligation is accelerated. 3. INTEREST. Interest will accrue on the unpaid Principal balance of this Note at the rate of 3.000 percent (Interest Rate). A. Interest After Default. If you declare a default under the terms of the Loan, including for failure to pay in full at maturity, you may increase the Interest Rate otherwise payable as described in this section. In such event, Interest will accrue on the unpaid Principal balance of this Note at the Interest Rate in effect from time to time under the terms of the Loan, until paid in full. B. Maximum Interest Amount. Any amount assessed or collected as interest under the terms of this Note will be limited to the maximum lawful amount of interest allowed by state or federal law, whichever is greater. Amounts collected in excess of the maximum lawful amount will be applied first to the unpaid Principal balance. Any remainder will be refunded to me. C. Statutory Authority. The amount assessed or collected on this Note is authorized by the Minnesota usury laws under Minn. Stat. § 47.59. D. Accrual. Interest accrues using an Actual /360 days counting method. 4. REMEDIAL CHARGES. In addition to interest or other finance charges, I agree that I will pay these additional fees based on my method and pattern of payment. Additional remedial charges may be described elsewhere in this Note. A. Late Charge. If a payment is more than 10 days late, I will be charged 5.000 percent of the Amount of Payment or $10.00, whichever is greater. However, this charge will not be greater than $100.00. 1 will pay this late charge promptly but only once for each late payment. This amount may then increase so as to always be the highest amount allowed by law under Minnesota Statutes § 47.59. 5. PAYMENT. I agree to pay this Note in 60 payments. This Note is amortized over 240 payments. I will make 59 payments of $167.03 beginning on February 13, 2011, and on the 13th day of each month thereafter. A single "balloon payment" of the entire unpaid balance of Principal and interest will be due January 13, 2016. Payments will be rounded to the nearest $.01. With the final payment I also agree to pay any additional fees or charges owing and the amount of any advances you have made to others on my behalf. Payments scheduled to be paid on the 29th, 30th or 31st day of a month that contains no such day will, instead, be made on the last day of such month. Each payment 1 make on this Note will be applied first to any charges that I owe other than principal and Interest then to interest that is due, and finally to principal that is due. If you and I agree to a different application of payments, we will describe our agreement on this Note. You may change how payments are applied in your sole discretion without notice to me. The actual amount of my final payment will depend on my payment record. 6. PREPAYMENT. I may prepay this Loan in full or in part at any time. Any partial prepayment will not excuse any later scheduled payments until I pay in full. 7. LOAN PURPOSE. The purpose of this Loan is TO PURCHASE PROPERTY AND RENOVATE. 8. SECURITY. The Loan is secured by separate security instruments prepared together with this Note as follows: Document Name Parties to Document Mortgage - 19228 INDUSTRIAL BLVD NW 19228 LLC 9. DEFAULT. I will be in default if any of the following events (known separately and collectively as an Event of Default) occur: A. Payments. I fail to make a payment in full when due. 19228 LLC, Minnesota Promissory Note Initials MN/ 4XXagO68700178200007376018011211 N Wolters Kluwer Financial Services 01996, 2011 Bankers Systems' Page 1