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AMENDED AND RESTATED PROMISSORY NOTE
<br /> (Microloan)
<br /> December ,2020
<br /> Amount: $154,170.63
<br /> Interest: 2.00%
<br /> Maturity: August 1, 2022
<br /> FOR VALUE RECEIVED, the undersigned, SCOTT MORRELL, LLC, a Minnesota
<br /> limited liability company (the `Borrower"), promises to pay to the order of the ECONOMIC
<br /> DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and
<br /> politic of the State of Minnesota("Lender"), at 13065 Orono Parkway, Elk River, Minnesota 55330,
<br /> or such other place as the Lender or any other holder of this Amended and Restated Promissory Note
<br /> (the "Note") may designate in writing, on or before August 6, 2022 (the "Maturity Date"), the
<br /> principal sum of One Hundred Fifty-Four Thousand One Hundred Seventy and 63/100 Dollars
<br /> ($154,170.63), together with interest on any and all amounts remaining unpaid thereon from time to
<br /> time from the date hereof(computed on the basis of actual days elapsed in a year of 360 days) at a
<br /> fixed interest rate of two percent(2.00%)per annum. This Note amends and restates in all respects a
<br /> Promissory Note,dated August 6,2015 (the"Original Note"),from the Borrower to the Lender in the
<br /> original amount of$200,000. The Borrower has made payments under the Original Note since 2015.
<br /> This Note is made pursuant to a First Amendment to Loan Agreement, of even date herewith("First
<br /> Amendment to Loan Agreement"),between the Borrower and the Lender,which amends and supplements the
<br /> Loan Agreement, dated August 6, 2015 (the "Original Loan Agreement," and together with the First
<br /> Amendment to Loan Agreement,the"Loan Agreement")which provides a loan to the Borrower to finance the
<br /> costs of the acquisition of property.The principal amount of this Note shall be amortized over a twenty
<br /> (20) year period from August 6, 2015, when the Original Note was provided.
<br /> Based on the foregoing, the Borrower shall be obligated to make monthly installments (each
<br /> a "Monthly Installment") in the amount of One Thousand Eleven and 77/100 Dollars ($1,011.77),
<br /> which Monthly Installments shall commence on January 1, 2021, and continue on the first(1st) day
<br /> of each and every month thereafter until the Maturity Date,when all outstanding principal and accrued
<br /> but unpaid interest shall be payable in full.The final payment shall be a balloon payment in the amount
<br /> of all outstanding principal and accrued by unpaid interest.
<br /> This Note is secured by, among other things, (i) the First Amendment to Security
<br /> Agreement, of even date herewith (the "First Amendment to Security Agreement"), between
<br /> Morrell Oversize, Inc. ("Morrell Oversize") and the Lender, which amends the Security
<br /> Agreement, dated August 6, 2015 (the "Original Security Agreement, and together with the First
<br /> Amendment to Security Agreement, the "Security Agreement"), between Morrell Oversize and
<br /> the Lender; (ii) the First Amendment to Mortgage and Assignment of Rents and Security
<br /> Agreement and Fixture Financing Statement covering property owned by the Borrower, of even
<br /> date herewith(the"First Amendment to Mortgage"),between the Borrower and the Lender,which
<br /> amends the Mortgage and Assignment of Rents and Security Agreement and Fixture Financing
<br /> Statement, dated August 6,2015 (the"Original Mortgage, and together with the First Amendment
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<br /> EL185\33\693028.v2
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