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FIRST AMENDMENT TO LOAN AGREEMENT
<br /> (Microloan)
<br /> THIS FIRST AMENDMENT TO LOAN AGREEMENT (the "First Amendment to Loan
<br /> Agreement") is made effective as of December , 2020, by and between SCOTT MORRELL,
<br /> LLC, a Minnesota limited liability company (`Borrower"), and the ECONOMIC
<br /> DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and
<br /> politic of the State of Minnesota ("Lender"), and amends and supplements the LOAN
<br /> AGREEMENT, dated August 6, 2015 (the "Original Loan Agreement"), between the Borrower
<br /> and the Lender.
<br /> RECITALS
<br /> A. On August 6, 2015,the Lender provided a loan to Scott Morrell, LLC, a Minnesota
<br /> limited liability company (`Borrower") in the amount of$200,000 (the "Loan"), pursuant to the
<br /> Original Loan Agreement. The Borrower applied the proceeds of the Loan to purchase certain real
<br /> property, legally described as Lot 1, Block 2,Natures Edge Business Center, according to the plat
<br /> thereof on file and record in Sherburne County, State of Minnesota (the "Loan Property"). To
<br /> secure the Loan, the Borrower delivered to the Lender (i) the Promissory Note, dated August 6,
<br /> 2015 (the "Original Promissory Note"), from the Borrower to the Lender; (ii) the Security
<br /> Agreement, dated August 6, 2015 (the "Original Loan Agreement"), between Morrell Oversize,
<br /> Inc., a Minnesota Corporation ("Morrell Oversize") and the Lender; (iii) the Personal Guaranty,
<br /> dated August 6, 2015 (the"Original Personal Guaranties"),from Terry Morrell and Renee Morrell
<br /> to the Lender; (iv) the Entity Guaranty, dated August 6, 2015 (the "Original Entity Guaranty"),
<br /> from Morrell Oversize to the Lender; (v) the Environmental Indemnification Agreement, dated
<br /> August 6, 2015 (the "Original Environmental Indemnification"), between the Borrower and the
<br /> Lender; and (vi) the Mortgage and Assignment of Rents and Security Agreement and Fixture
<br /> Financing Statement, dated August 6, 2015 (the "Original Mortgage"), from the Borrower to the
<br /> Lender. The Loan was due and payable in full with a balloon payment on August 1, 2020.
<br /> B. The Borrower requested an extension of the maturity date of the Loan. The Board
<br /> of Commissioners of the Lender approved an extension of the maturity date to August 1, 2022.
<br /> The Loan is currently outstanding in the amount of$154,170.63.
<br /> C. In consideration for amending the terms of the Loan, the Borrower is delivering to
<br /> the Lender(i)this First Amendment to Loan Agreement; (ii)an Amended and Restated Promissory
<br /> Note, dated as of the date hereof, (the "Amended and Restated Promissory Note"), from the
<br /> Borrower to the Lender, which amends and restates the Original Promissory Note; (iii) the First
<br /> Amendment to Security Agreement; (iv) an Amended and Restated Personal Guaranty, dated as
<br /> of the date hereof (the "Amended and Restated Personal Guaranties"), from Renee Morrell and
<br /> Terry Morrell, which amends and restates the terms of the Original Personal Guaranties; (v) an
<br /> Amended and Restated Entity Guaranty, dated as of the date hereof(the "Amended and Restated
<br /> Entity Guaranty"), from Morrell Oversize which amends and restates the terms of the Original
<br /> Entity Guaranty; (vi) a First Amendment to Environmental Indemnification Agreement, dated as
<br /> of the date hereof (the "First Amendment to Environmental Indemnification"), between the
<br /> Borrower and the Lender which amends and supplements the terms of the Original Environmental
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