7.2. EDSR 10-17-2022 - Laserfiche WebLink

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SECURITY AGREEMENT (Jobs Incentive Microloan) This SECURITY AGREEMENT ("Agreement") is made to be effective as of July 17, 2018, by ORLUCK INDUSTRIES, INC., a Minnesota corporation ("Grantor") and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER (the "Secured Party"). AGREEMENT In consideration of the above recitals, and the promises set forth in this Agreement, the parties agree as follows: OBLIGATIONS. "Obligations" means collectively each debt, liability and obligation of every type and nature which the Grantor may now or at any time hereafter owe to Secured Party (including without limitation the obligations of the Grantor created under the loan agreement (the "Loan Agreement") and the promissory note of the Grantor to Secured Party of even date herewith and all amendments, replacements, restatements, and substitutions therefor), whether now existing or hereafter created or arising, and whether direct or indirect, due or to become due, absolute or contingent, and the repayment or performance of any of the foregoing if any such payment or performance is at any time avoided, rescinded, set aside, or recovered from or repaid by Secured Party, in whole or in part, in any bankruptcy, insolvency, or similar proceeding instituted by or against the Grantor or any other guarantor of any Obligation, or otherwise, including but not limited to all principal, interest, fees, expenses and other charges. 2. COLLATERAL. "Collateral" means collectively all of the following property of the Grantor, whether now owned or hereafter acquired: (a) equipment specified on the attached Exhibit A wherever located; (b) accessions, additions and improvements to, replacements of, and substitutions for any of the foregoing wherever located; (c) all products and proceeds of any of the foregoing wherever located; and (d) books, records and data, wherever located, in any form relating to any of the foregoing. 3. SECURITY INTEREST. The Grantor grants to Secured Party a security interest ("Security Interest") in the Collateral to secure the payment and performance of the Obligations. The Security Interest continues in effect until this Agreement is terminated in writing by Secured Party. 4. REPRESENTATIONS, WARRANTIES AND COVENANTS. The Grantor represents, warrants and agrees that: 4.1. Principal Office/Residence. The Grantor's chief executive office/residence is located at the address specified on the signature pages to this Agreement. The Grantor must give Secured Party written notice prior to any change in the location of the Grantor's principal office/residence. 529330v2 EL185-56