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171603v1 <br />[EDA Letterhead] <br /> <br /> <br /> <br />October 23, 2015 <br /> <br /> One notice sent via U.S. Mail <br /> One notice sent via U.S. Certified Mail <br />Hitech Motorsport, Inc. <br />16820 Highway 10 N.W. <br />Elk River, Minnesota 55330-6104 <br /> <br />NOTICE OF DEFAULT <br /> <br /> Re: Lender: First National Bank of Elk River (“Bank”) <br /> Participant: Elk River Economic Development Authority (“EDA”) <br /> Promissory Note Dated: August 25, 2008 <br /> Original Loan Amount: $74,000.00 <br /> <br />Dear Sir or Madam: <br /> <br /> This letter is to inform you that a default has occurred under the terms, covenants and <br />conditions of the above-referenced Promissory Note and Security Agreement executed by <br />Ethanol Technology of Minnesota, LLC dated August 25, 2008 which secures the above- <br />referenced Promissory Note. <br /> <br /> You are hereby informed that as a Participant to the Promissory Note and Security <br />Agreement by Agreement between the EDA and First National Bank of Elk River dated August <br />25, 2008, the EDA intends to take any and all actions permitted under the terms and conditions <br />of the Promissory Note and the Security Agreement unless the default is cured. <br /> <br /> The EDA further notifies you that, as a result of the default by Ethanol Technology of <br />Minnesota, LLC under the Promissory Note and Security Agreement dated August 25, 2008 <br />between Ethanol Technology of Minnesota, LLC and First National Bank of Elk River which <br />you guaranteed payment of, the EDA will take any and all actions permitted under the Guaranty <br />including, but not limited to, repossessing the Property as described in the Security Agreement if <br />the default is not cured on or before October _____, 2015. <br /> <br /> Sincerely, <br /> <br /> ELK RIVER ECONOMIC <br /> DEVELOPMENT AUTHORITY <br /> <br /> <br /> By: <br /> Its: