SECURITY AGREEMENTSecurity Agreement • April 4th, 2003 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies
PARTIES: PKM Properties, LLC c/o Gracon Contracting, Inc. 606 24th Avenue South, Suite B12 Minneapolis, MN 55454 Attention: Paul K. Miller (“Secured Party”)
DISCRETIONARY CREDIT AGREEMENTDiscretionary Credit Agreement • April 4th, 2003 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies • Minnesota
THIS DISCRETIONARY CREDIT AGREEMENT, dated as of January 17, 2003, is by and between MEDICALCV, INC., a Minnesota corporation (the “Borrower”), and PKM PROPERTIES, LLC, a Minnesota limited liability company (the “Lender”).
SUBORDINATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENTSubordinated Mortgage, Security Agreement and Fixture Financing Statement • April 4th, 2003 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies • Minnesota
THIS SECOND MORTGAGE is made as of the 17th day of January, 2003, by MedicalCV, Inc., a Minnesota corporation (“Mortgagor”) for the benefit of PKM Properties, LLC, a Minnesota limited liability company (“Mortgagee”).
CHANGE IN TERMS AGREEMENTChange in Terms Agreement • April 4th, 2003 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies • Minnesota
References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “* * *” has been omitted due to text length limitations.
DISCRETIONARY CREDIT NOTEDiscretionary Credit Note • April 4th, 2003 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies
FOR VALUE RECEIVED, MEDICALCV, INC., a Minnesota corporation (the “Borrower”) promises to pay to the order of PKM PROPERTIES, LLC, a Minnesota limited liability company (the “Lender”) at its office in Minneapolis, Minnesota or at such other place as may be designated from time to time by the holder hereof, in lawful money of the United States of America, the principal sum of Nine Hundred Forty-Three Thousand Six Hundred Sixty-Six Dollars ($943,666) or so much thereof as has been advanced by the Lender to or for the benefit of the Borrower pursuant to that certain Discretionary Credit Agreement, dated as of the date hereof, as amended from time to time, between the Borrower and the Lender (the “Agreement”) and remains unpaid, together with interest on the unpaid principal balance hereof from the date hereof until this Note is fully paid, at an annual rate of interest, calculated on the basis of actual number of days elapsed in a 360 day year, that shall at all times be equal to the Floa
