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GUARANTY
<br />This Guaranty ("Guaranty") is made on August , 2017, by Michael Johnson and Kristen
<br />Johnson, an individual ("Guarantor"), in favor of the City of Ramsey, a municipal corporation
<br />(together with its participants, endorsees, successors, and assigns, "Lender").
<br />For good and valuable consideration, the receipt and sufficiency of which is hereby
<br />acknowledged, Guarantor guarantees and agrees:
<br />1. Guarantor absolutely and unconditionally guarantees to Lender the full and prompt
<br />payment, when due, of all obligations: (a) of MK Johnson Properties, LLC, a
<br />Minnesota limited liability company ("Borrower") under the Loan Agreement dated
<br />August , 2017 ("Loan Agreement"); (b) of Borrower under the Promissory Note
<br />dated August , 2017 in the principal amount of $100,000 from Borrower in
<br />favor of Lender ("Note"); (c) of MK Johnson Properties, LLC, a Minnesota limited
<br />liability company ("Mortgagors") under the Mortgage of August , 2017, from
<br />Mortgagor to Lender ("Mortgage"); and (d) of Borrower or Mortgagor under any other
<br />documents executed and/or delivered by Borrower, Mortgagor, and/or Guarantor to
<br />Lender in connection with the loan described in the Loan Agreement (all of the
<br />foregoing, collectively, the "Indebtedness").
<br />2. No act or thing need occur to establish the liability of Guarantor, and no act or thing
<br />(except full payment and discharge of all Indebtedness) shall exonerate Guarantor or
<br />modify, reduce, limit, or release the liability of Guarantor. This is an absolute,
<br />unconditional, and continuing guaranty of payment of the Indebtedness and any
<br />renewals, extensions, and refinancings thereof. Any adjudication of bankruptcy or
<br />death or disability or incapacity of Guarantor shall not revoke this guaranty, except
<br />upon actual receipt of written notice thereof by Lender and then only prospectively,
<br />as to future transactions or Indebtedness incurred.
<br />3. If Guarantor dies or becomes insolvent or initiates or has initiated against Guarantor
<br />any act, process, or proceeding under the United States Bankruptcy Code or any
<br />other bankruptcy, insolvency, or reorganization law or otherwise for the modification
<br />or adjustment of the rights of creditors, then Guarantor will immediately pay to
<br />Lender, to the extent permitted under prevailing state and federal law, all
<br />Indebtedness then outstanding, whether or not any Indebtedness is then due.
<br />4. Until all of the Indebtedness and the obligations of Guarantor have been paid in full,
<br />Guarantor shall not have and waives any right or subrogation to the rights of Lender
<br />against Borrower, or any other guarantor, maker, or endorser. Guarantor waives all
<br />rights to any reimbursement, contribution, recourse, and indemnity therefrom;
<br />suspends any right to enforce any remedy which Lender now has or may have against
<br />Borrower, and any other guarantor, maker, or endorser until all of the Indebtedness
<br />to Lender has been irrevocably paid to Lender; and Guarantor waives any benefit of,
<br />and any other right to participate in, any collateral security for the Indebtedness or
<br />any guaranty of the Indebtedness now or held by Lender.
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