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ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO.24-06 RESOLUTION APPROVING A MASTER AMENDMENT AGREEMENT (DISTINCTIVE IRON PROJECT) WHEREAS, on September 25, 2019, the Economic Development Authority of the City of Elk River (the "EDA") provided a loan to Hemmer Companies L.L.C., a Minnesota limited liability company (the "Borrower"), pursuant to the FDA's Microloan Program (the "Program") in the amount of $126,000.00 (the "Original Loan") and on September 25, 2019, the EDA provided an additional loan to the Borrower pursuant to the Program in the amount of S100,000 (the "2019 Loan" and together with the Original Loan, the "Loan"). WHEREAS, in connection with the 2019 Loan, the EDA and the Borrower amended and restated the documents related to the Original Loan to account for the 2019 Loan and entered into an Amended and Restated Loan Agreement, dated September 25, 2019 (the "Loan Agreement"), between the Borrower and the EDA. WHEREAS, the Loan was secured by (1) an Amended and Restated Promissory Note, dated September 25, 2019 (the "Promissory Note"), froni Borrower to the EDA; (ii) an Amended and Restated Security Agreement, dated September 25, 2019 (the "Security Agreement"), from Distinctive Iron, LLC (the "Entity Guarantor"), in favor of the EDA providing the EDA with a security interest in certain equipment (the "Equipment") owned by Distinctive Iron, LLC (the "Entity Guarantor"); (111) an Amended and Restated Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement (the 'Mortgage"), executed by Borrower, in favor of EDA, covering property located in the City of Elk River, Minnesota (the "City"); (iv) a Personal Guaranty, dated September 25, 2019, from Cynthia Mae Hemmer & Steven Michael Hemmer (the "Personal Guaranties); and (v) an Entity Guaranty, dated September 25, 2019 (the "Entity Guaranty" and together with the Personal Guaranties, the "Guaranties"), from the Entity Guarantor. The Loan matures on October 1, 2024 with a balloon payment due at maturity. WHEREAS, the Board of Commissioners (the "Board") of the EDA has received a request from the Bon-ower that the EDA extend the maturity date of the Loan by two years. WHEREAS, the EDA has caused to be prepared the Master Amendment Agreement which, among other things, amends the documents relating to the Loan to reflect the extension of the maturity date, a copy of which is on file with the Executive Director. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Elk River as follows: 1.01. The Master Amendment Agreement as presented to the EDA, together with all related documents necessary in connection therewith (the "Loan Documents") is hereby in all respects approved, in substantially the form on file with the City's Economic Development ELI 85-3U977420.v]