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<br />1. Wolkerstorfer Company, Inc.
<br />(N.....e)
<br />348-lst Street, S.W., New Brighton, MN 55~12
<br />(Address)
<br />Midland National Bank of Minneapolts
<br />(N am e)
<br />401 Second Avenue South, Minneapolis,.MN 5548Q
<br />, (Addre"s) .
<br />"Secured Party"), a security interest in the property described below (hereinafter collectively called
<br />"Collateral") to s~cure the payment of the principal and interest on and all obligations under a note
<br />(hereinafter called the UNote"), dated March 27, 1980 , of the Debtor paya9pp. to the .
<br />order of the Secured Party, in the principal ~ount of ~p"pn Bnnrlrprl r:i'7~t~-:FjyP l1fiJtarpd
<br />(5 7 R r; . n n n n n ), all renewals and extensions of the Note, and all costs, expenses, advances
<br />and liabilities which. may be made or illcurred by Secured Party in the disbursement, administration and
<br />I collection of the. loan evidenced by the Note and in the prot~ction, maintenance and liquidation of the security
<br />interest hereby granted with interest at the maximum legal rate on such costs, expenses, advances and
<br />liabilities. The Note and all other obligations secured hereby are herein collectively called the "Liabilities."
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<br />Small Business Administration
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<br />SECU.RITY AGREE.\1ENT
<br />
<br />(hereinafter called HDebtor"),
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<br />, for value received,
<br />
<br />(hereinafter called
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<br />2. The Collateral in which this security interest is granted is all of the Debtor's property described below in reference
<br />to which an "X" or checkmark has been placed in the box applicable thereto, together with all proceeds and products
<br />therefrom. If two such boxes are so marked, the security interest so designated secul:es the purchase money from the loan
<br />used by the Debtor to acquire title to the Collateral. .
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<br />a. AIVequipmeot rid machinery, mcluding powet'-driven machinery and equipment,
<br />furniture and fixtures now owned or hereafter acquired. together with all replacements
<br />thereof, all attachments, accessories, parts and tools belonging thereto or for use in
<br />connection therewith.
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<br />b. All passenger and commercial motor vehicles registered for use upon public highways
<br />or streets, now owned or hereafter acquired, together with all replacements thereof,
<br />all attachments, accessories, parts, equipment and tools belonging thereto or for use in
<br />connection therewith.
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<br />c. All inventory, raw materials, work in process and supplies now owned or hereafter acquired.
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<br />d. All accounts receivable .now outstanding or hereafter arising.
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<br />e. All contract rights now in force or hereafter acquired.
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<br />,3. Debtor shall not transfer, sell or assign Debtor's interest in the Collateral nor permit any other security interest
<br />to be created thereon without Secured Party's prior written approval, except that Debtor may sell the inventory listed
<br />in Paragraph 2.c. hereof in the ordinary course of business on customary terms and at usual prices and may collect
<br />as Secured Party's agent sums due on accounts receivable and contract rights listed in Paragraphs 2.d. and 2.e. until
<br />. advised otherwise by Secured Party, and f\;lrther. except that equit:ffi2!1t can be replaced with other
<br />eqw.prent of equal or greater ya1~ W1.th wr~ttet:l approval of Secured Party, and further ~cept
<br />tI:'.at tRbtor ffi3.y create a secur~ty mterest 111 (1) Midland National Bank 111 accotmts rece1vabl~
<br />
<br />S8A FORM '0:590.741 REF SOP 7050 to t.~ extent of $250,000.00 and (ii) The N:>rthwestern Mutual Lif~
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