7.1. EDSR 09-16-2019 - Laserfiche WebLink

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2 611366v1EL185-30 i. An Amended and Restated Promissory Note effective on the date herewith (the “Note”) made by Borrower and payable to the order of Lender, which amends and restates the Original Promissory Note and secures the Loan; ii. Amended and Restated Personal Guaranty of Cynthia Mae Hemmer & Steven Michael Hemmer (the “Personal Guaranties”); iii. An Amended and Restated Entity Guaranty of the Entity Guarantor, dated on the date herewith (the “Entity Guaranty,” and together with the Personal Guaranties, the “Guaranties”); iv. An Amended and Restated Security Agreement, dated the date hereof (the "Security Agreement"), from the Entity Guarantor to the Lender amending and restating the Original Security Agreement; v. A Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement, dated the date hereof (the "Mortgage"), from the Borrower, as mortgagor, in favor of Lender, as mortgagee, and covering property situated in Sherburne County, Minnesota legally described in Exhibit A to the Mortgage (the “Loan Property”). NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby agreed as follows: 1. Amount and Purpose of New Loan. Borrower agrees to take and Lender agrees to make a New Loan in the principal amount of One Hundred Thousand Dollars ($100,000.00) (together, with the outstanding principal amount of the Original Loan, the “Loan”) to be advanced in a single disbursement as hereinafter provided. The Loan will be evidenced by the Note and secured by the Security Agreement, the Guaranties, the Mortgage and any other security document required under this Agreement. The Loan proceeds will be used only towards the cost of renovation of the Loan Property and Borrower’s purchase of equipment to be used at the Loan Property (the “Improvements”). The Borrower shall commence construction of the Improvements by December 31, 2019 and complete construction thereof by December 31, 2020. 2. Equipment and Security Interest. The Entity Guarantor has provided Lender a preliminary list of the Equipment that shall be subject to the Security Agreement, which is attached as Exhibit A. The Security Agreement provides Lender with a first priority security interest in the Equipment. 3. Title Insurance. _____________ (“Title”) is designated as the title insurer with respect to this Agreement. Title will insure Lender against loss or damage on account of mechanic’s liens upon or unmarketability of the title to the Loan Property, and will ensure that the Mortgage constitutes a second priority lien upon Borrower’s interest in the Loan Property as contemplated by this Agreement, subject only to a mortgage in favor of The Bank of Elk River in the amount of $_______________ (the “First Lien Mortgage”). Borrower agrees to promptly and fully observe and comply with the reasonable requirements of Title and Lender with respect