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FIRST AMENDMENT TO ENVIRONMENTAL INDEMNIFICATION AGREEMENT
<br /> (Microloan)
<br /> THIS FIRST AMENDMENT TO ENVIRONMENTAL INDEMNIFICATION
<br /> AGREEMENT (the "FIRST AMENDMENT TO ENVIRONMENTAL INDEMNIFICATION")
<br /> is made effective as of December , by and between SCOTT MORRELL, LLC, a Minnesota
<br /> limited liability company (`Borrower"), and the ECONOMIC DEVELOPMENT AUTHORITY
<br /> OF THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota
<br /> ("Lender"), and amends and supplements the ENVIRONMENTAL INDEMNIFICATION
<br /> AGREEMENT, dated August 6, 2015 (the "Original Environmental Indemnification"), between
<br /> the Borrower 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 /> Loan Agreement, dated August 6, 2015 (the"Original Loan Agreement"), between the Buyer and
<br /> the Lender. The Borrower applied the proceeds of the Loan to purchase certain real property,
<br /> legally described as Lot 1, Block 2, Natures Edge Business Center, according to the plat thereof
<br /> on file and record in Sherburne County, State of Minnesota (the "Loan Property"). To secure the
<br /> Loan, the Borrower delivered to the Lender (i) the Promissory Note, dated August 6, 2015 (the
<br /> "Original Promissory Note"),from the Borrower to the Lender; (ii)the Security Agreement, dated
<br /> August 6, 2015 (the "Original Loan Agreement"), between Morrell Oversize, Inc., a Minnesota
<br /> Corporation ("Morrell Oversize") and the Lender; (iii) the Personal Guaranty, dated August 6,
<br /> 2015 (the "Original Personal Guaranties"), from Terry Morrell and Renee Morrell to the Lender;
<br /> (iv) the Entity Guaranty, dated August 6, 2015 (the "Original Entity Guaranty"), from Morrell
<br /> Oversize to the Lender; (v) the Original Environmental Indemnification; and (vi) the Mortgage
<br /> and Assignment of Rents and Security Agreement and Fixture Financing Statement, dated August
<br /> 6, 2015 (the "Original Mortgage"), from the Borrower to the Lender. The Loan was due and
<br /> 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) the First Amendment to Loan Agreement, dated as of the date hereof (the "First
<br /> Amendment to Loan Agreement"), between the Borrower and the Lender which amends and
<br /> supplements the Original Loan Agreement; (ii) an Amended and Restated Promissory Note, dated
<br /> as of the date hereof, (the "Amended and Restated Promissory Note"), from the Borrower to the
<br /> Lender, which amends and restates the Original Promissory Note; (iii) the First Amendment to
<br /> Security Agreement; (iv) an Amended and Restated Personal Guaranty, dated as of the date hereof
<br /> (the"Amended and Restated Personal Guaranties"), from Renee Morrell and Terry Morrell,which
<br /> amends and restates the terms of the Original Personal Guaranties; (v) an Amended and Restated
<br /> Entity Guaranty, dated as of the date hereof(the"Amended and Restated Entity Guaranty"), from
<br /> Morrell Oversize which amends and restates the terms of the Original Entity Guaranty; (vi) this
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