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533940v3 GAF EL185-57 <br />-11- <br /> <br /> 16. Notices. Any notices given hereunder shall be in writing and shall be <br />deemed to have been given when delivered personally or three (3) days after deposited in <br />the United States mail, registered, postage prepaid, addressed as follows: <br /> <br /> If to Borrower: <br /> <br />Alan Arnold Corporation <br />13374 U.S. Highway 10 <br />Elk River, Minnesota 55330 <br />Attention: Brian Brehmer <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 />Attention: Director of Economic Development <br /> <br />or addressed to any such party at such other address as such party shall hereafter furnish <br />by notice to the other party. Any notice delivered personally to Borrower shall be <br />delivered to an officer of Borrower, and any notice delivered personally to Lender shall <br />be delivered to an officer of Lender at the address for Lender for the mailing of notices. <br />Either party may change its address for the giving of notices by giving the other party at <br />least ten (10) days notice in the manner provided above. <br /> <br /> 17. Headings. The headings used in this Agreement are for convenience only <br />and do not define, limit or construe the contents of this Agreement. <br /> <br /> 18. 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 <br />benefit of the successors and assigns of the parties hereto. <br /> <br /> 19. 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 <br />law provision or rule. <br /> <br /> 20. Counterparts. This Agreement may be executed in two (2) or more <br />counterparts, each of which shall be an original and all of which shall constitute the same <br />agreement. <br /> <br /> 21. Entire Agreement. This Agreement, the Note, the Mortgage and the other <br />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 <br />supersede all prior understandings and agreements, both oral and written. This <br />Agreement may be amended only in a writing signed by the parties hereto.