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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 (",ender'), 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
<br />Minnesota limited liability company (Borrower') in the amount of $200,000 (the `Loan'),
<br />pursuant to the Original Loan Agreement. The Borrower applied the proceeds of the Loan to
<br />purchase certain real property, legally described as Lot 1, Block 2, Natures Edge Business
<br />Center, according to the plat thereof on file and record in Sherburne County, State of Minnesota
<br />(the `Loan Property'). To secure the Loan, the Borrower delivered to the Lender (i) the
<br />Promissory Note, dated August 6, 2015 (the "Original Promissory Note'), from the Borrower to
<br />the Lender; (ii) the Security Agreement, dated August 6, 2015 (the "Original Loan Agreement'),
<br />between Morrell Oversize, Inc., a Minnesota Corporation (`2V4orrell Oversize') and the Lender;
<br />(iii) the Personal Guaranty, dated August 6, 2015 (the "Original Personal Guaranties'), from
<br />Terry Morrell and Renee Morrell to the Lender; (iv) the Entity Guaranty, dated August 6, 2015
<br />(the "Original Entity Guaranty'), from Morrell Oversize to the Lender; (v) the Environmental
<br />Indemnification Agreement, dated August 6, 2015 (the `Original Environmental
<br />Indemnification'), between the Borrower and the Lender; and (vi) the Mortgage and Assignment
<br />of Rents and Security Agreement and Fixture Financing Statement, dated August 6, 2015 (the
<br />"Original Mortgage'), from the Borrower to the Lender. The Loan was due and payable in full
<br />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 61, 2022.
<br />The Loan is currently outstanding in the amount of $' «�-41-�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
<br />Promissory Note, dated as of the date hereof, (the "Amended and Restated Promissory Note'),
<br />from the Borrower to the Lender, which amends and restates the Original Promissory Note; (iii)
<br />the First Amendment to Security Agreement; (iv) an Amended and Restated Personal Guaranty,
<br />dated as of the date hereof (the "Amended and Restated Personal Guaranties'), from Renee
<br />Morrell and Terry Morrell, which amends and restates the terms of the Original Personal
<br />Guaranties; (v) an Amended and Restated Entity Guaranty, dated as of the date hereof (the
<br />"Amended and Restated Entity Guaranty'), from Morrell Oversize which amends and restates the
<br />terms of the Original Entity Guaranty; (vi) a First Amendment to Environmental Indemnification
<br />Agreement, dated as of the date hereof (the `First Amendment to Environmental
<br />EL185\33\693031.v2
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