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AMENDED AND RESTATED PROMISSORY NOTE
<br />(Microloan)
<br />December ___, 2020
<br />Amount:$153,415.81 154,170.63
<br />Interest:2.00%
<br />Maturity: August 61, 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
<br />Note (the “Note”) may designate in writing, on or before August 6, 2022 (the “Maturity Date”), the
<br />principal sum of One Hundred Fifty-ThreeFour Thousand FourOne Hundred FifteenSeventy and
<br />8163/100 Dollars ($153,415.81154,170.63), together with interest on any and all amounts
<br />remaining unpaid thereon from time to time from the date hereof (computed on the basis of actual
<br />days elapsed in a year of 360 days) at a fixed interest rate of two percent (2.00%) per annum. This
<br />Note amends and restates in all respects a Promissory Note, dated August 6, 2015 (the “Original
<br />Note”), from the Borrower to the Lender in the original amount of $200,000. The Borrower has
<br />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
<br />the 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
<br />the costs of the acquisition of property.The principal amount of this Note shall be amortized over a
<br />twenty (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
<br />accrued but unpaid interest shall be payable in full. The final payment shall be a balloon payment in
<br />the amount 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,
<br />which amends the Mortgage and Assignment of Rents and Security Agreement and Fixture
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<br />EL185\33\693028.v2
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