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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 />On August 6, 2015, the Lender provided a loan to Scott Morrell, LLC, aA.
<br />Minnesota limited liability company (“Borrower”) in the amount of $200,000 (the “Loan”),
<br />pursuant to the Loan Agreement, dated August 56,20062015 (the “Original Loan Agreement”),
<br />between the Buyer and the Lender. The Borrower applied the proceeds of the Loan to purchase
<br />certain real property, legally described as Lot 1, Block 2, Natures Edge Business Center,
<br />according to the plat thereof on file and record in Sherburne County, State of Minnesota (the
<br />“Loan Property”). To secure the Loan, the Borrower delivered to the Lender (i) the Promissory
<br />Note, dated August 6, 2015 (the “Original Promissory Note”), from the Borrower to the Lender;
<br />(ii) the Security Agreement, dated August 6, 2015 (the “Original Loan Agreement”), between
<br />Morrell Oversize, Inc., a Minnesota Corporation (“Morrell Oversize”) and the Lender; (iii) the
<br />Personal Guaranty, dated August 6, 2015 (the “Original Personal Guaranties”), from Terry
<br />Morrell and Renee Morrell to the Lender; (iv) the Entity Guaranty, dated August 6, 2015 (the
<br />“Original Entity Guaranty”), from Morrell Oversize to the Lender; (v) the Original Environmental
<br />Indemnification; and (vi) the Mortgage and Assignment of Rents and Security Agreement and
<br />Fixture Financing Statement, dated August 6, 2015 (the “Original Mortgage”), from the Borrower
<br />to the Lender. The Loan was due and payable in full with a balloon payment on August 1, 2020.
<br />The Borrower requested an extension of the maturity date of the Loan. The BoardB.
<br />of Commissioners of the Lender approved an extension of the maturity date to August 61, 2022.
<br />The Loan is currently outstanding in the amount of $153,415.81154,170.63.
<br />In consideration for amending the terms of the Loan, the Borrower is delivering toC.
<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,
<br />dated as of the date hereof, (the “Amended and Restated Promissory Note”), from the Borrower to
<br />the Lender, which amends and restates the Original Promissory Note; (iii) the First Amendment
<br />to Security Agreement; (iv) an Amended and Restated Personal Guaranty, dated as of the date
<br />hereof (the “Amended and Restated Personal Guaranties”), from Renee Morrell and Terry
<br />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
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