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(6)declare the entire unpaid principal of the Note and all accrued <br />interest thereon immediately due and payable without notice; <br />(7)exercise and enforce any rights under the Security Agreement, the <br />Guaranties, the Mortgage and any other security instrument referred to in this <br />Agreement and/or exercise any other rights or remedies it may haveunder the <br />Security Agreement and such other security instrument. <br />16.15.Default under Note and Security Agreement. The failure by Borrower to <br />keep or perform any of the terms, covenants and conditions to be kept or performed by it <br />under this Agreement shall constitute a default under the Note, the Security Agreement <br />and any other security instrument held by Lender in connection with the Loan. <br />17.16.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 />If to Borrower: <br />Alan Arnold Corporation <br />13374 U.S. Highway 10 <br />Elk River, Minnesota 55330 <br />Attention: Brian Brehmer <br />If toLender: <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 />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 />18.17.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 />19.18.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 theparties hereto. <br />533940v3 GAF EL185-57533940v3 GAF EL185-57 <br />-11- <br />