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1 <br />EL185\81\983265.v1 <br /> MORTGAGE <br />AND <br />ASSIGNMENT OF RENTS <br />AND <br />SECURITY AGREEMENT <br />AND <br />FIXTURE FINANCING STATEMENT <br /> <br />(Microloan) <br /> <br />This MORTGAGE AND ASSIGNMENT OF RENTS AND SECURITY AGREEMENT <br />AND FIXTURE FINANCING STATEMENT (“Mortgage”) is made as of November __, 2024, <br />by MODERN CONSTRUCTION OF MINNESOTA, INC., a Minnesota corporation <br />(“Mortgagor”), in favor of the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY <br />OF ELK RIVER, a public body corporate and politic of the State of Minnesota (“Mortgagee”). <br /> <br />THE MAXIMUM AMOUNT SECURED BY THIS MORTGAGE IS $51,499.00 OF <br />PRINCIPAL INDEBTEDNESS, TOGETHER WITH ALL INTEREST ACCRUING <br />THEREON AND ANY AMOUNTS WHICH MAY BE ADVANCED BY MORTGAGEE IN <br />PROTECTION OF THE MORTGAGED PREMISES OR THE LIEN OF THIS MORTGAGE. <br /> <br />RECITALS <br /> <br />A. On the date hereof, the Mortgagee is providing a loan in the amount of $51,499.00 <br />(the “Loan”) to the Borrower pursuant to a Loan Agreement, dated the date hereof, between the <br />Mortgagor and the Mortgagee. The Loan will be secured by a Promissory Note, dated the date <br />hereof (the “Note”), from the Borrower to the Mortgagee reflecting that the balance of the Note <br />being is due and payable in full on January 1, 2030 (the “Maturity Date”). The proceeds of the <br />Note are being utilized to pay the cost of acquisition and renovation of the Mortgaged Property <br />(as defined below). <br /> <br />B. As a condition of providing the loan pursuant to the Loan Agreement, Lender <br />required that the Mortgagor’s obligations under the Loan Agreement, the Note and any other <br />documents related thereto be secured by this Mortgage in addition to other security documents <br />required under the Loan Agreement. <br />Page 63 of 124