Contract7 Agreement and Acknowledgment of Security Interest • December 6th, 2005 • Medtox Scientific Inc • Services-medical laboratories • Minnesota
Exhibit 10.7 AGREEMENT AND ACKNOWLEDGMENT OF SECURITY INTEREST THIS AGREEMENT AND ACKNOWLEDGMENT OF SECURITY INTEREST (this “Agreement”) is entered into as of December 1, 2005, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”), MEDTOX SCIENTIFIC, INC., (“Debtor”) and NEW BRIGHTON BUSINESS CENTER, LLC (“Landlord”). WHEREAS, Bank has extended, or has agreed to extend, credit to Debtor on the condition, among others, that such credit be secured by a security interest in certain assets of Debtor (the “Collateral”) described in the Security Agreement attached hereto as Exhibit A and incorporated herein by this reference (the “Security Agreement”), and all or a portion of the Collateral is now or may hereafter be located on that certain real property owned by Landlord in Ramsey County, Minnesota, as more particularly described on Exhibit B attached hereto and incorporated herein by this reference (the “Property”); and WHEREAS, in extending or continuing to extend such credit to De
