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<br />8 <br />491713v1 EL185-46 <br />16. Default under Note and Security Agreement. The failure by Borrower to keep or <br />perform any of the terms, covenants and conditions to be kept or performed by either of them <br />under this Agreement shall constitute a default under the Note, the Security Agreement and any <br />other security instrument held by Lender in connection with the Loan. <br /> <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 /> <br />If to the Borrower: <br /> <br />Orluck Industries, Inc. <br />12422 Business Center Drive <br />Elk River, Minnesota 55330 <br />Attention: Jeff Orluck – Director of Finance and HR <br /> <br />If to Lender: <br /> <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 /> <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 /> <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 /> <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 /> <br />20. Governing Law. This Agreement shall be governed by and construed in <br />accordance with the laws of Minnesota, without giving effect to any choice or conflict of law <br />provision or rule. <br /> <br />21. Counterparts. This Agreement may be executed in two (2) or more counterparts, <br />each of which shall be an original and all of which shall constitute the same agreement. <br /> <br />22. Entire Agreement. This Agreement, the Note, the Security Agreement and the <br />other documents executed by Borrower and/or Lender pursuant to this Agreement contain the <br />entire agreement between the parties with respect to the subject matter hereof and supersede all