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<br />CERTIFICATE OF FORGIVENESS <br />September ___, 2018 <br />WHEREAS, the Economic Development Authority of Elk River, Minnesota (the <br />“EDA”), a body corporate and politic subdivision of the State of Minnesota and SBH Properties, <br />LLC, Inc., a Minnesota limited liability company (the “Borrower”) have entered into a Loan <br />Agreement dated October 26, 2016 (the “Loan Agreement”); and <br />WHEREAS, the Loan Agreement requires the Borrower to meet certain conditions as set <br />forth in the Loan Agreement; <br />WHEREAS, the Borrower has met the conditions set forth in the Loan Agreement to <br />forgive the loan; <br />NOW, THEREFORE, this is to certify that the Borrower has met the conditions set <br />forth in the Loan Agreement to forgive the loan. As a result, the EDA shall forgive all <br />outstanding principal and interest due on the loan and relieve the Borrower of all further <br />obligations under the Loan Agreement and deliver to the Borrower the following: <br />(a) Promissory Note marked cancelled; <br />(b) Release of Mortgage; <br />(c) the Personal Guaranty (as defined in the Loan Agreement) to the Borrower; and <br />(d) the Entity Guaranty (as defined in the Loan Agreement) to the Borrower. <br />536598v2 JSB EL185-45 <br />1 <br />