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Y <br />'u <br />G.'•) _Vs' 6 3 <br />W <br />=n <br />rn <br />NEGATIVE PLEDGE AGREEMENT <br />WITNESSETH: <br />w <br />cn <br />C> <br />em <br />y t.Y <br />THIS NEGATIVE PLEDGE AGREEMENT ( "Agreement "), made this 30th day of March, <br />2018, by DF /GI, LLC, a Minnesota limited liability company (the "Pledgor "), in favor of BMO <br />HARRIS BANK N.A., a national banking association with its banking house located in <br />Minneapolis, Minnesota (the "Lender "). <br />In consideration of financial accommodations extended to Standard Iron & Wire Works, Inc., a <br />Minnesota corporation, Demeules Family LLLP, a Minnesota limited liability limited <br />partnership, and DB Aviation, LLC, a Minnesota limited liability company (individually, <br />collectively and jointly and severally, the "Borrowers "), by the Lender, the Pledgor hereby <br />covenants and agrees with the Lender that so long as any indebtedness is owing by the <br />Borrowers to the Lender, the Pledgor will not, without the prior written consent of the Lender, <br />convey or otherwise transfer all or any part of the tract of land legally described on Exhibit A <br />attached hereto and hereby made a part hereof, together with all tenements, easements, <br />hereditaments, privileges, minerals and mineral rights, water and water rights, buildings, fixtures <br />and improvements now or hereafter erected or located on the above - described land (the <br />"Property "), nor create, assume, incur or suffer to exist any pledge, mortgage, deed to secure <br />debt, assignment or other lien or encumbrance of any kind, of or upon the Property or upon the <br />income or profits therefrom except for: <br />A. liens for taxes, assessments and other governmental charges which are not <br />delinquent or which are being contested in good faith by appropriate proceedings <br />diligently conducted, against which adequate reserves have been established; <br />B. liens imposed by law in connection with transactions in the ordinary course of <br />business, such as liens of mechanics and materialmen for sums not yet due or being <br />contested in good faith and by appropriate proceedings diligently conducted, against <br />which adequate reserves have been established; <br />C. zoning restrictions, licenses and minor encumbrances and irregularities in title, all <br />of which in the aggregate do not materially detract from the value of the properties <br />involved or materially impair their use in the operation of its business; or <br />