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3 <br />DOCSOPEN\EL185\79\955723.v1-5/29/24 <br />4.6. Collateral Location. The Grantor will keep all tangible Collateral at <br />___________, Elk River, Minnesota 55330. <br />4.7. Collateral Use. The Grantor must use the Collateral only for business purposes. <br />The Grantor must not use or keep any Collateral for any unlawful purpose or in <br />violation of any federal, state or local law, statute or ordinance. <br />4.8. Maintenance of Collateral. The Grantor must maintain all tangible Collateral in <br />good condition and repair. The Grantor must not commit or permit damage to or <br />destruction of any of the Collateral. The Grantor must give Secured Party prompt <br />written notice of any material loss of or damage to any tangible Collateral and of <br />any other happening or event that materially affects the existence, value or <br />amount of the Collateral. <br />4.9. Disposition of Collateral. The Grantor must not sell or otherwise dispose of any <br />Collateral or any interest in any Collateral without the prior written consent of <br />Secured Party, except that until the occurrence of an Event of Default (as defined <br />in Section 5 below), the Grantor may sell any inventory constituting Collateral in <br />the ordinary course of the Grantor’s business. <br />4.10. Taxes, Assessments and Liens. The Grantor must promptly pay all taxes and <br />other governmental charges levied or assessed upon or against any Collateral. <br />4.11. Records; Access. Grantor agrees to maintain accurate and complete books, <br />accounts and records in regard to the Loan Property and Equipment in a manner <br />reasonably acceptable to Secured Party. At Secured Party’s request, the Grantor <br />shall furnish all such books, accounts and records to the Secured Party’s <br />municipal or financial advisor as reasonably demanded. The Secured Party’s <br />municipal advisor or financial advisor shall have the right to inspect, examine and <br />copy all such books, accounts and records. The Grantor will not be required to <br />provide its books, accounts and records directly to the Secured Party. At the time <br />of Secured Party’s request of Grantor’s books, accounts and records, the Grantor, <br />Secured Party, and municipal or financial advisor shall enter into a non-disclosure <br />agreement regarding the use and confidentiality of such information. The Grantor <br />shall pay all costs associated with any analysis undertaken by the Secured Party’s <br />municipal or financial advisor and all costs and attorneys fees with respect to the <br />drafting and negotiation of any non-disclosure agreement. <br />4.12. Insurance. The Grantor must keep all tangible Collateral insured against risks of <br />fire (including so-called extended coverage), theft and other risks and in such <br />amounts as Secured Party may reasonably request, with any loss payable to <br />Secured Party to the extent of its interest. The Grantor assigns to Secured Party <br />all money due or to become due with respect to, and all other rights of the Grantor <br />with respect to, all insurance concerning the Collateral and the Grantor directs the <br />issuer of any such insurance to pay all such money directly to Secured Party. <br />Page 36 of 104