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3 <br />EL185\79\955723.v2 <br />Collateral against the claims and demands of all other persons. <br /> <br />4.6. Collateral Location. The Grantor will keep all tangible Collateral at 709 Main <br />Street NW, Elk River, Minnesota 55330. <br /> <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 /> <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 /> <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 /> <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 /> <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. <br /> <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 /> <br />4.13. Collection Costs. The Grantor must reimburse Secured Party on demand for all <br />costs of collection of any of the Obligations and all other expenses incurred by <br />Secured Party in connection with the perfection, protection, defense or <br />enforcement of the Security Interest and this Agreement, including all reasonable <br />attorneys’ fees incurred by Secured Party whether or not any litigation or <br />bankruptcy or insolvency proceeding is commenced. <br /> <br />Page 86 of 124