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In addition to regularly scheduled payments of principal and interest as provided in this Note, all
<br /> interest accrued at the Interest Rate on the Principal commencing as of the effective date of this
<br /> Note through , 2023, shall be paid in advance to Lender in full on the effective date of
<br /> this Note in the amount of$
<br /> All payments shall be applied first to costs of collection (including attorney fees), second to late
<br /> charges and unpaid fees, third to accrued interest and then in reduction of the Principal Balance.
<br /> Other Provisions:
<br /> The Borrower shall keep accurate books and records in which true and complete entries will be
<br /> made in accordance with generally accepted accounting principles consistently applied. Upon
<br /> request of the holder of this Note, the Borrower, during normal business hours, shall give any
<br /> representatives of the holder of this Note access to and permit such representatives to examine and
<br /> copy all books, records and other writings in its possession, to inspect its property, and to discuss
<br /> its finances, accounts, property and business with any of its officers, directors or employees.
<br /> The Borrower shall file when due all required tax returns, shall pay when due all taxes,assessments
<br /> and other governmental charges levied or imposed upon it or upon its income or profits or upon
<br /> any of its property, and shall pay when due all lawful claims for labor, materials and supplies
<br /> which, if unpaid,might become a lien or charge upon any property of the Borrower;provided,that
<br /> the Borrower shall not be required to pay any such tax, assessment,charge or claim whose amount,
<br /> applicability or validity is being contested in good faith by appropriate proceedings.
<br /> The Borrower shall keep and maintain its inventory, equipment, real estate and other property
<br /> necessary or useful in its business in good condition and repair and shall pay when due all rental
<br /> and mortgage payments due on such property.
<br /> The Borrower shall obtain and maintain insurance with insurers that are acceptable to the holder
<br /> of this Note, in such amounts and with such coverages (including without limitation professional
<br /> liability insurance, public liability insurance, flood, fire, hazard and extended coverage insurance
<br /> on all of its assets, necessary workers' compensation insurance, and all other coverages as are
<br /> consistent with industry practice) as are acceptable to the holder of this Note.
<br /> The Borrower shall preserve and maintain its existence and all of its rights, privileges and
<br /> franchises, and shall comply with all applicable laws and regulations.
<br /> eeurity.
<br /> The Borrower acknowledges that the indebtedness evidenced by this Note is guaranteed by
<br /> Soderholm & Associates Inc., a Minnesota corporation, Water Control Corp. of Minnesota, Inc.,
<br /> a Minnesota corporation, and Equip Mechanical Support, Inc., a Minnesota corporation, pursuant
<br /> to Guarantees by each of the foregoing guarantors of even date herewith, and is further secured by
<br /> a mortgage lien against certain real property and improvements owned by Borrower, as more
<br /> particularly described in a Mortgage, Security Agreement, and Fixture Financing Statement of
<br /> Borrower in favor of Lender of even date herewith.
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