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11 <br />EL185\81\983245.v1 <br />exercised from time to time and as often and in such order as may be deemed expedient by <br />Lender, and the exercise or the beginning of the exercise of one power or remedy shall not be <br />deemed a waiver of the right to exercise at the same time or thereafter any other power or <br />remedy. No delay or omission of Lender in the exercise of any right or power accruing hereunder <br />shall impair any such right or power or be construed to be a waiver of any default or <br />acquiescence therein. <br /> <br />16. Default under Note and Security Agreement. The failure by Borrower to keep or <br />perform any of the terms, covenants and conditions to be kept or performed by either of them <br />under this Agreement shall constitute a default under the Note, the Mortgage, the Corporate <br />Guaranty, the Personal Guaranties. the Security Agreement and any other security instrument <br />held by Lender in connection with the Loan. <br /> <br />17. Notices. Any notices given hereunder shall be in writing and shall be deemed to <br />have been given when delivered personally or three (3) days after deposited in the United States <br />mail, registered, postage prepaid, addressed as follows: <br /> <br />If to Heritage: <br /> <br />Modern Construction of Minnesota, Inc. <br />709 Main Street NW <br />Elk River, Minnesota 55330 <br />Attention: Jesse Hartung <br /> <br />If to Lender: <br /> <br />Economic Development Authority of the City of Elk River <br />13065 Orono Parkway <br />Elk River, Minnesota 55330 <br />Attn: Director of Economic Development <br /> <br />or addressed to any such party at such other address as such party shall hereafter furnish by <br />notice to the other party. Any notice delivered personally to Borrower shall be delivered to an <br />officer of Borrower and any notice delivered personally to Lender shall be delivered to an officer <br />of Lender at the address for Lender for the mailing of notices. Either party may change its <br />address for the giving of notices by giving the other party at least ten (10) days’ notice in the <br />manner provided above. <br /> <br />18. Headings. The headings used in this Agreement are for convenience only and do <br />not define, limit or construe the contents of this Agreement. <br /> <br />19. Bindings on Successors and Assigns. Subject to the limitations on transfer <br />contained in this Agreement, this Agreement shall be binding upon and inure to the benefit of the <br />successors and assigns of the parties hereto. <br /> <br />Page 54 of 124