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<br />EL185\40\720876.v1
<br />AMENDED AND RESTATED PROMISSORY NOTE
<br />(Microloan)
<br />
<br />
<br />May ___, 2021
<br />Amount: $146,253.78 Interest: 2.00%
<br />Maturity: May 1, 2023
<br />
<br />
<br /> FOR VALUE RECEIVED, the undersigned, F & M PROPERTIES, 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 June 1, 2023 (the “Maturity Date”), the principal
<br />sum of One Hundred Forty-Six Thousand Two Hundred Fifty-Three and 78/100 Dollars
<br />($146,253.78), 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 May 23, 2016 (the “Original Note”), from the Borrower to the Lender in the
<br />original amount of $185,200.00. The Borrower has made payments under the Original Note since
<br />2016.
<br />
<br />This Note is made pursuant to a First Amendment to Loan Agreement, of even date herewith
<br />(“First Amendment to Loan Agreement”), between the Borrower and the Lender, which amends and
<br />supplements the Loan Agreement, dated May 23, 2016 (the “Original Loan Agreement,” and together
<br />with the First Amendment to Loan Agreement, the “Loan Agreement”) which provides for the
<br />payment of the cost of relocation to, and purchase and renovation of an existing building. The
<br />principal amount of this Note shall be amortized over a 20 year period. The principal amount of this
<br />Note shall be amortized over a twenty (20) year period from May 23, 2016, when the Original
<br />Note was provided.
<br />
<br /> Based on the foregoing, the Borrower shall be obligated to make monthly installments (each
<br />a “Monthly Installment”) in the amount of $936.90, which Monthly Installments shall commence on
<br />June 1, 2021, and continue on the first (1st) day of each and every month thereafter until the Maturity
<br />Date, when all outstanding principal and accrued but unpaid interest shall be payable in full. The final
<br />payment shall be a balloon payment in the amount of all outstanding principal and accrued by unpaid
<br />interest.
<br />
<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 Die
<br />Concepts, Inc. (“Die Concepts”) and the Lender, which amends the Security Agreement, dated
<br />May 23, 2016 (the “Original Security Agreement, and together with the First Amendment to
<br />Security Agreement, the “Security Agreement”), between Die Concepts and the Lender; (ii) the
<br />First Amendment to Mortgage and Assignment of Rents and Security Agreement and Fixture
<br />Financing Statement covering property owned by the Borrower, of even date herewith (the “First
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