7.1. EDSR 09-16-2019 - Laserfiche WebLink

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1 611369v1EL185-30 AMENDED AND RESTATED SECURITY AGREEMENT (Microloan) This AMENDED AND RESTATED SECURITY AGREEMENT (“Agreement”) is made to be effective as of ___________, 2019, by DISTINCTIVE IRON CO., LLC, a Minnesota limited liability company (“Distinctive Iron”) and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER (the “Secured Party”), which amends and restates in all respects the Security Agreement, dated February 17, 2015 (the “Original Security Agreement”), by and between the Borrower and the Lender. AGREEMENT In consideration of the above recitals, and the promises set forth in this Agreement, the parties agree as follows: 1. OBLIGATIONS. “Obligations” means collectively each debt, liability and obligation of every type and nature which Hemmer Companies L.L.C., a Minnesota limited liability company (“Hemmer”) may now or at any time hereafter owe to Secured Party (including without limitation the obligations created under the loan agreement (the “Loan Agreement”) and the promissory note of Hemmer to Secured Party of even date herewith and all amendments, replacements, restatements, and substitutions therefore), together with Distinctive Iron’s obligations to Secured Party pursuant to the Entity Guaranty of even date herewith, whether now existing or hereafter created or arising, and whether direct or indirect, due or to become due, absolute or contingent, and the repayment or performance of any of the foregoing if any such payment or performance is at any time avoided, rescinded, set aside, or recovered from or repaid by Secured Party, in whole or in part, in any bankruptcy, insolvency, or similar proceeding instituted by or against Hemmer, Distinctive Iron or any guarantor of any Obligation, or otherwise, including but not limited to all principal, interest, fees, expenses and other charges. 2. COLLATERAL. “Collateral” means collectively all of the following property of Distinctive Iron, whether now owned or hereafter acquired and wherever located: (a) equipment specified on the attached Exhibit A; (b) accessions, additions and improvements to, replacements of, and substitutions for any of the foregoing; (c) all products and proceeds of any of the foregoing; and (d) books, records and data in any form relating to any of the foregoing. 3. SECURITY INTEREST. Distinctive Iron grants to Secured Party a security interest (“Security Interest”) in the Collateral to secure the payment and performance of the Obligations. The Security Interest continues in effect until this Agreement is terminated in writing by Secured Party. 4. REPRESENTATIONS, WARRANTIES AND COVENANTS. Distinctive Iron represents, warrants and agrees that: 4.1. Principal Office/Residence. Distinctive Iron’s chief executive office/residence is