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MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br />(Forgivable Loan Program) <br />This Mortgage and Assignment of Rents and Security Agreement and Fixture Financing <br />Statement ("Mortgage") is made as of October.: -S, 2016, by SBH PROPERTIES, LLC, a <br />Minnesota limited liability company (hereinafter the "Borrower" or "Mortgagor"), in favor of the <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body <br />corporate and politic of the State of Minnesota ("Mortgagee"). <br />THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $200,000.00 OF <br />PRINCIPAL INDEBTEDNESS, TOGETHER WITH ALL INTEREST ACCRUING <br />THEREON AND ANY AMOUNTS WHICH MAY BE ADVANCED BY MORTGAGEE IN <br />PROTECTION OF THE MORTGAGED PREMISES OR THE LIEN OF THIS MORTGAGE. <br />RECITALS <br />A. The Borrower has executed and delivered to Mortgagee a Promissory Note <br />effective as of the date hereof in the principal amount of $200,000.00 and bearing interest at the <br />rate set forth therein, with principal being due and payable as set forth therein and with all <br />principal and interest, if not sooner paid, being due and payable on or before November 1, 2023 <br />(the Promissory Note as the same may be renewed, extended, replaced, modified or amended is <br />herein called the "Note"). The proceeds of the Note are being utilized to pay a portion of the <br />acquisition of land and the construction and equipping of a new manufacturing facility on the <br />Mortgaged Property (as defined below). <br />B. Contemporaneous herewith, Borrower has entered into that certain loan <br />agreement (the "Loan Agreement") setting forth the terms and conditions of Mortgagor and <br />Lender's obligations with relation to this loan facility. <br />Return to: <br />Sherburne Co. Abstract & Title Co. <br />351 Main Street <br />4875190 ELI 85-45 Elk River, MN 55330 <br />