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paid or incurred or to be paid or incurred prior to or after the entry of judgment or for the <br />pursuance of, or defense of, any litigation, appellate, bankruptcy or insolvency <br />proceeding. <br />Presentment, notice of dishonor and protest are hereby waived by all makers, <br />sureties, guarantors and endorsers hereof. This note shall be binding upon Borrower, its <br />successors and assigns. <br />The remedies of Lender, as provided herein and in the Loan Agreement, shall <br />be cumulative and concurrent and may be pursued singly, successively or together, at <br />the sole discretion of Lender, and may be exercised as often as occasion therefor shall <br />occur; and the failure to exercise any such right or remedy shall in no event be <br />construed as a waiver or release thereof. <br />Time is of the essence hereof. <br />This note shall be governed by and be construed under the laws of the State of <br />Minnesota, without regard to principles of conflicts of law. <br />IN WITNESS WHEREOF, the undersigned has caused this note to be effective <br />as of the day and year first above written. <br />ALAN ARNOLD CORPORATION, <br />a Minnesota corporation <br />______________________________ <br />By: Brian Brehmer <br />Its: President <br />533959v3 GAF EL185-57 <br />-3- <br />