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EXHIBIT B
<br />
<br /> SECURITY AGREEMENT
<br />This security agreement (the "Security Agreement") is made and given as of this ~...~.w,~_~ day of ~,~,.-.k' \'~° .~
<br />~., ~y VISION-EASE LENS, INC., a Minnesota corporation with its principal place of business at 7,00
<br />Northland Circle, Suite 312, Brooklyn Park, Minnesota 55428 (the "Borrower") in favor of THE CITY OF
<br />RAMSEY, a municipal corporation under the laws of Minnesota, with its offices at 15153 Nowthen Boulevard N.W.,
<br />Ramsey, MN 55303-6197, and its endorsees, successors and assigns (the "Lender").
<br />
<br />RECITALS
<br />
<br />Lender and Borrower have entered into a certain Loan Agreement, dated as of the date hereof (the "Loan
<br />Agreement"), pursuant to which Lender will loan to Borrower up to $200,000 (the "Loan") to finance the
<br />acquisition of the equipment (the "Equipment") described on the Exhibit B attached hereto, such Equipment to
<br />be located at the property described on the Exhibit A attached hereto (the "Property"). Borrower's payment
<br />obligations under the Loan Agreement will be evidenced by a promissory note (the "Note") dat,~d as of the
<br />date hereof.
<br />
<br />As security for the repayment of the Loan, Lender has required that Borrower execute and deliver to Lender
<br />this Security Agreement grantimg a security interest to Lender in the Equipment.
<br />
<br />The Note, this Security Agreement, and any other instruments or documents given as security for the Loan are
<br />herein referred to as the "Loan Documents".
<br />
<br /> NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are
<br />hereby acknowledged by Borrower, it is agreed as follows:
<br />
<br />Grant of SecuriW Interest. As security for the payment and performance of the Note and all other liabilities,
<br />obligations and indebtedness of Borrower to Lender due or to become due, direct or indirect, absolute or
<br />contingent, joint or several, howsoever created, arising or evidenced, now or hereafter at any time created,
<br />arising or evidenced under or pursuant to the Note or this Agreement or any other document or instrument
<br />evidencing or securing the Note, Borrower does hereby transfer, assign and grant to Lender a security interest
<br />in all of Borrowers right, title, and interest in and to the following (hereinafter collectively referred to as the
<br />"Collateral"), whether now owned or hereafter acquired or arising:
<br />
<br />(a) The Equipment; and
<br />
<br />(b) Any and all proceeds of the foregoing.
<br />
<br />Borrower's Representations. Warranties and Covenants. Borrower represents, warrants, covenants and
<br />agrees:
<br />
<br />(a) Organization. Borrower is a corporation, validly existing and in good.~tanding under the laws of the
<br /> State of Minnesota, and Borrower has full power and authority to execute, deliver, and perform the
<br /> · Loan Documents, and to own its property and conduct its business as presently conducted and as
<br /> proposed to be conducted.
<br />
<br />Authorization. The execution, delivery and performance of this Security Agreement has been duly
<br />authorized by all necessary action and will not: ~.'
<br />
<br />(i) require any consent or approval of any entity which has not been obtained; or
<br />
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