Document:

EX-10.7

 Exhibit 10.7 

MORTGAGE AND SECURITY AGREEMENT 

AND FIXTURE FINANCING STATEMENT 
 THIS
INDENTURE (hereinafter referred to as “Mortgage”) is made and given as of the 2nd day of December, 2016 by MINWOOD PARTNERS, INC., a Delaware corporation and FAMOUS DAVE’S OF AMERICA, INC., a Minnesota corporation
(collectively, the “Mortgagor”) to VENTURE BANK, a Minnesota banking corporation (“Mortgagee”). 

RECITALS: 
 A. The
Mortgagee has agreed to make a mortgage loan (“Loan”) to the Mortgagor in the principal amount of up to Six Million Three Hundred Thousand and no/100 dollars ($6,300,000.00) for the purpose of refinancing certain debt obligations of
the Mortgagor, and paying certain other costs approved by Mortgagee, all in accordance with a loan agreement between Mortgagor and Mortgagee that is dated the same date as first written above (“Loan Agreement”). 

B. The Loan is evidenced by a promissory note executed and delivered by the Mortgagor to the Mortgagee that is dated the same date as first
written above in the amount of the Loan (“Note”). 
 C. The Note bears interest at a variable per annum rate of interest
all as more fully set forth in the Note (“Interest Rate”). 
 D. The Note is payable in monthly installments of principal
and interest with the entire principal balance plus accrued interest and all other charges and sums due and payable in full on December 2, 2023 (“Maturity Date”). 

E. As security for the repayment of the Loan, Mortgagor is executing and delivering this Mortgage. 

F. Mortgagee has also agreed to make a first mortgage loan to the Mortgagor in the principal amount of three million seven hundred thousand
and no/100 dollars ($3,700,000.00) for the same purposes as set forth in Recital A hereto, all in accordance with the Loan Agreement. 

 
Such first mortgage loan is evidenced by another promissory note dated of even date herewith and secured by another mortgage dated of even date herewith. The first mortgage has priority over this
Mortgage and this Mortgage is subordinate to the first mortgage. 
 G. The term “Loan Documents” shall mean the Note, Loan
Agreement, this Mortgage, and any other document or instrument given in connection with and/or securing the Loan. 
 H. All payments owed
under the Loan and Loan Documents, together with all other obligations, debts and liabilities of Mortgagor to Mortgagee under the Loan and Loan Documents, and all default and collection costs, including reasonable attorneys’ fees, incurred by
the Lender in enforcing payment and performance of the Loan and the Loan Documents and the collection of amounts due thereunder, are collectively referred to as the “Indebtedness.” 

NOW, THEREFORE, to secure the payment of the Indebtedness and the performance of Mortgagor’s obligations under the Loan, and in
consideration of the making of the Loan by Mortgagee to Mortgagor and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Mortgagor does hereby mortgage, assign, convey, pledge and grant to Mortgagee,
its successors and assigns, forever, a first priority security interest in all of the following described property and all proceeds thereof (collectively referred to as the “Mortgaged Property”): 

(a) Land. All the tracts or parcels of land, all as more fully described in Exhibit A attached hereto and made a part hereof
(“Land”). 
 (b) Buildings and Improvements. All buildings, improvements, structures and fixtures now or hereafter
existing on the Land; including, but not limited to, the following: all machinery, appliances and equipment used to supply heat, gas, electricity, air conditioning, water, light, waste disposal, power, refrigeration, ventilation, and fire and
sprinkler protection; all building materials, supplies and goods intended to be incorporated into the foregoing; all draperies, carpeting, floor coverings, screens, storm windows and window coverings, blinds, awnings, shrubbery and plants; and all
elevators, escalators and shafts, motors, machinery, fittings and supplies necessary for their use (it being understood that the enumeration of any specific articles of property shall in no way be held to exclude any items of property not
specifically enumerated) (“Improvements”). 
 (c) Easements and Other Appurtenant Rights. All easements, access
rights, rights-of-way, covenants, mineral rights, air rights, water rights (whether riparian, appropriative or otherwise and whether or not appurtenant), mining rights, oil and gas rights, servitudes, licenses, tenements and appurtenances now or
hereafter belonging, relating or appurtenant to the Land or Improvements. All right, title and interest in and to lands lying in streets, alleys, roads and strips and gores of land now or hereafter adjacent to or used in connection with the Land or
the Improvements. 
 (d) Rents, Income, Leases and Profits. All leases, licenses or other agreements for the use, enjoyment or
occupancy of the Land or any part thereof, whether now or hereafter existing or entered into, and all rents, income, contract rights, profits, prepayments and security deposits accruing under such leases, licenses or other agreements or derived from
the Land or the Improvements. 

  
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 (e) Plans, Permits and Contracts. All plans and specifications, all surveys, site plans,
soil reports, working drawings and other reports, examinations and analysis relating to the Land or the Improvements, including without limitation, all architectural drawings and site plans. All building permits, operating permits, licenses,
variances, utility permits and other permits relating to the Land or the Improvements. All right, title and interest of Mortgagor in, to and under all purchase and sale, construction, development, management, operation, maintenance and service
contracts relating to the Land or the Improvements, including, but not limited to, all warranties, payment and contract rights. 
 (f)
Personal Property. All equipment of Mortgagor, whether now owned or hereafter acquired, and whether now or hereafter attached to the Land or Improvements, located at or on the Land, or used in Mortgagor’s business at the Land, including,
but not limited to, all machinery, furniture, appliances, fixtures, personal property, manufacturing equipment, shop equipment, office and recordkeeping equipment, parts, tools and supplies. 

(g) Insurance and Eminent Domain Claims and Awards. All claims, demands, judgments, settlements, compensations, awards, payments,
proceeds and other rights to the payment of money now or hereafter payable (i) under any policy of insurance maintained with respect to the Mortgaged Property, including, but not limited to, the proceeds of property or casualty insurance, title
insurance or business interruption/rents insurance, (ii) as a result of any damage or casualty to the Mortgaged Property, (iii) as a result of the taking by power of eminent domain of the whole or any part of the Mortgaged Property,
including any awards for damages sustained to the Mortgaged Property, for a temporary taking, change of grade of streets or taking of access, or (iv) as a result of the ownership or operation of the Mortgaged Property. 

(h) Inventory. All inventory of Mortgagor, whether now owned or hereafter acquired, whether consisting of whole goods, spare parts or
components, supplies or materials, returns, whether acquired, held or furnished for sale, for lease or under service contracts or for manufacture or processing, and whether now or hereafter attached to the Land or Improvements, located at or on the
Land, or used in the Mortgagor’s business at the Land. 
 (i) Accounts. All accounts of Mortgagor, including each and every
right of the Mortgagor to the payment of money, whether such right to payment now exists or hereafter arises with respect to the Mortgaged Property, whether such right to payment arises out of a sale, lease or other disposition of goods or other
property, out of a rendering of services, out of a loan, out of the overpayment of taxes or other liabilities, out of any policy of insurance, out of any condemnation or eminent domain proceeding, or otherwise arises under any contract or agreement,
whether such right to payment is created, generated or earned by Mortgagor or by some other person who subsequently transfers such person’s interest to Mortgagor, whether such right to payment is or is not already earned by performance,
together with all other rights and interests (including all liens) which Mortgagor may at any time have by law or agreement against any account debtor or other obligor obligated to make any such payment or against any property of such account debtor
or other obligor. 

  
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 (j) Investment Property. All investment property of Mortgagor, whether now owned or
hereafter acquired with respect to the Mortgaged Property, including, but not limited to, all securities (whether certificated or uncertificated, and including investment company securities), security entitlements, securities accounts, commodity
contracts, commodity accounts, stocks, bonds, mutual fund shares, money market shares and U.S. Government securities. 
 (k) General
Intangibles. All general intangibles of Mortgagor, whether now owned or hereafter acquired with respect to the Mortgaged Property, including all present and future intellectual property rights, customer or supplier lists and contracts, manuals,
operating instructions, permits, franchises, the right to use Mortgagor’s name, and the goodwill of Mortgagor’s business. 
 (l)
Chattel Paper. All of Mortgagor’s chattel paper (including electronic chattel paper), deposit accounts, documents, goods, instruments, letter of credit rights, letters of credit, all sums on deposit in any collateral account, and any
items in any lockbox, all warehouse receipts, bills of lading and other documents of title now or hereafter covering Mortgagor’s goods, and any money or other assets of Mortgagor that now or hereafter come into the possession, custody, or
control of the Secured Party with respect to the Mortgaged Property. 
 Together with: (i) all substitutions and replacements for and
products of any and all of the foregoing; (ii) all accessions, accessories, attachments, parts, equipment and repairs now or hereafter attached or affixed to or used in connection with any of the foregoing; and (iii) proceeds of any and
all of the foregoing. 
 TO HAVE AND TO HOLD the above granted and described Mortgaged Property unto Mortgagee, its successors and assigns,
forever. 
 PROVIDED NEVERTHELESS, that Mortgagee shall release the Mortgage if Mortgagor, its successors or assigns, shall: 

(1) Pay to the Mortgagee, its successors or assigns, the entire outstanding principal amount of the Loan, together with accrued interest and
all other charges and sums due under the Loan, all in accordance with the terms of the Loan Documents, together with any extensions or renewals thereof; and 

(2) Pay to Mortgagee, its successors or assigns, at the times demanded and with interest thereon at the Interest Rate, all sums advanced
(a) in protecting the lien of this Mortgage, (b) in payment of taxes on the Mortgaged Property, (c) in payment of insurance premiums covering improvements thereon, (d) in payment of principal and interest on prior liens,
(e) in payment of expenses and reasonable attorney’s fees herein provided for, and (f) all sums advanced for any other purpose authorized herein, including, but not limited to, the cost and expense to release the Mortgage; and 

(3) Keep and perform all of the covenants and agreements herein contained; and 

(4) Keep and perform all of the terms and conditions of any instrument given as security or collateral for the Loan; and 

(5) Keep and perform all of the terms and conditions of the Loan Agreement. 

  
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 AND IT IS FURTHER COVENANTED AND AGREED AS FOLLOWS: 

Section 1. General Covenants, Agreements, Warranties. 

1.1 Payment of Indebtedness; Observance of Covenants. Mortgagor shall duly and punctually pay each and every installment of principal
and interest on the Note and all other Indebtedness, as and when the same shall become due, and shall duly and punctually perform and observe all of the covenants, agreements and provisions contained herein, in the Note and in any other instrument
given as security for the payment of the Note. 
 1.2 Maintenance and Repairs. Mortgagor shall not abandon the Mortgaged Property,
shall keep and maintain the Mortgaged Property in good condition, repair and operating condition, normal wear and tear excluded, free from any waste or misuse, and shall promptly repair or restore any buildings, improvements or structures now or
hereafter on the Mortgaged Property which may become damaged or destroyed to their condition prior to any such damage or destruction. Except as set forth in the Loan Agreement, Mortgagor further agrees that it will not expand any improvements on the
Mortgaged Property, erect any new improvements or make any material alterations in any improvements which shall adversely affect the market value or change the existing architectural character of the Mortgaged Property, nor remove or demolish any
improvements without suitable replacement thereof, and shall complete within a reasonable time any buildings now or at any time in the process of remodeling on the Mortgaged Property; provided nothing herein shall preclude Mortgagor from
constructing improvements necessary or desirable to the use of the Mortgaged Property for Mortgagor’s business purposes which are non-structural in nature and which do not constitute material alterations to the Mortgaged Property or affect the
nature of use, structure or utility of the Mortgaged Property or decrease the market value of the Mortgaged Property. 
 1.3 Compliance
with Laws. The Mortgaged Property complies, and Mortgagor shall comply, with all requirements of laws, including requirements of any Federal, State, County, City or other governmental authority having jurisdiction over Mortgagor or the Mortgaged
Property, affecting the Mortgaged Property and with all private restrictions and covenants affecting the Mortgaged Property. Mortgagor has obtained all necessary consents, permits and licenses to occupy and operate the Mortgaged Property for its
intended purposes. 
 1.4 Payment of Operating Costs; Prior Mortgages and Liens. Mortgagor shall pay all operating costs and expenses
of the Mortgaged Property, shall keep the Mortgaged Property free from levy, attachment, mechanics’, materialmen’s and other liens except for any Permitted Liens as defined in the Loan Agreement (“Liens”), and shall pay
when due all indebtedness which may be secured by mortgage, lien or charge on the Mortgaged Property. 
 1.5 Payment of Impositions.
Mortgagor shall pay when due and in any event before any penalty attaches all taxes, assessments, governmental charges, water charges, sewer charges, and other fees, taxes, charges and assessments of every kind and nature whatsoever assessed or
charged against or constituting a lien on the Mortgaged Property or any interest therein (“Imposition”) and will upon demand furnish to Mortgagee proof of the payment of any such 

  
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Imposition. Mortgagor shall pay the Imposition whether or not the Imposition is imposed upon Mortgagee or on the interest of Mortgagee in the Mortgaged Property; provided that if for any reason
payment by Mortgagor of any such Imposition would be unlawful, or if the payment thereof would constitute usury or render the Indebtedness wholly or partially usurious, Mortgagee, at its option, may declare the whole sum secured by this Mortgage
with interest thereon to be immediately due and payable, without prepayment premium, or Mortgagee, at its option, may pay that amount or portion of such Imposition as renders the Indebtedness unlawful or usurious, in which event Mortgagor shall
concurrently therewith pay the remaining lawful and non-usurious portion or balance of said Imposition. 
 1.6 Contest of Impositions,
Liens and Levies. Mortgagor shall not be required to pay, discharge or remove any Imposition or any Lien so long as Mortgagor shall in good faith contest the same or the validity thereof by appropriate legal proceedings which shall operate to
prevent the collection of the Lien or Imposition so contested and the sale of the Mortgaged Property, or any part thereof, to satisfy the same, provided that Mortgagor shall, prior to the date such Lien or Imposition is due and payable, have given
such reasonable security as may be demanded by Mortgagee to insure such payments plus interest or penalties thereon, and prevent any sale or forfeiture of the Mortgaged Property by reason of such nonpayment. Any such contest shall be prosecuted with
due diligence and Mortgagor shall promptly after final determination thereof pay the amount of any such Lien or Imposition so determined, together with all interest and penalties which may be payable in connection therewith. Notwithstanding these
provisions Mortgagor shall (and if Mortgagor shall fail so to do, Mortgagee, may but shall not be required to) pay any such Lien or Imposition notwithstanding such contest if in the reasonable opinion of Mortgagee, the Mortgaged Property shall be in
jeopardy or in danger of being forfeited or foreclosed. 
 1.7 Protection of Security. Mortgagor shall promptly notify Mortgagee of
and appear in and defend any suit, action or proceeding that affects the Mortgaged Property or the rights or interest of Mortgagee hereunder and Mortgagee may elect to appear in or defend any such action or proceeding. Mortgagor agrees to indemnify
and reimburse Mortgagee from any and all loss, damage, expense or cost arising out of or incurred in connection with any such suit, action or proceeding, including costs of evidence of title and reasonable attorney’s fees and such amounts
together with interest thereon at the Interest Rate shall become additional “Indebtedness” and shall become immediately due and payable. 

1.8 Additional Assurances. Mortgagor agrees, upon reasonable request by Mortgagee, to execute and deliver such further instruments,
deeds and assurances, and will do such further acts as may be necessary or proper to carry out more effectively the purposes of this Mortgage, and without limiting the foregoing, to make subject to the lien hereof any property agreed to be subjected
hereto or covered by the granting clause hereof, or intended so to be. Mortgagor authorizes Mortgagee to file all of Mortgagor’s financing statements and amendments to financing statements, and all terminations of the filings of other secured
parties, all with respect to the Mortgaged Property, in such form and substance as Mortgagee, in its sole discretion, may determine. Mortgagor agrees to pay any recording fees, filing fees, note taxes, mortgage registry taxes or other charges
arising out of or incident to the filing or recording of this Mortgage, such further assurances and instruments and the issuance and delivery of the Note. 

  
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 1.9 Title. Mortgagor is the lawful owner of and has good and marketable fee simple
absolute title to the Mortgaged Property and will warrant and defend title to the same free of all liens and encumbrances, except for any Permitted Liens as defined in the Loan Agreement, and further except any encumbrances permitted under the
policy of Mortgagee’s title insurance issued to Mortgagee in connection with this Mortgage. Mortgagor has good right and lawful authority to grant, bargain, sell, convey, mortgage and grant a security interest in the Mortgaged Property as
provided herein. 
 1.10 Legal Existence and Authorization. Mortgagor is a corporation duly organized and in good standing under the
laws of the State of Delaware and has the power to enter into and has authorized execution and delivery of this Mortgage. Mortgagor shall, at all times, preserve and maintain its existence and all of its rights, privileges and franchises and shall
comply with all applicable laws and regulations regarding their existence. 
 Section 2. Insurance and Escrows. 

2.1 Insurance. Mortgagor shall obtain, pay for and keep in full force and effect during the term of this Mortgage, at its sole cost and
expense, the following policies of insurance: 
 2.1.1 All risk/open perils special form property insurance with extended coverages including
any building contents, sprinkler coverage, Contingent Operations of Building Laws/Ordinance or Law Endorsement (including demolition cost, loss to undamaged portions of any buildings and increased cost of construction) with limits of 100%
replacement cost and with no co-insurance provision or if the insurance carrier requires, co-insurance provisions with an agreed amount endorsement in amount acceptable to Mortgagee. 

2.1.2 Insurance against loss or damage from (i) leakage of sprinkler systems, and (ii) explosion of steam boilers, air conditioning
equipment, high pressure piping, machinery and equipment, pressure vessels or similar apparatus now or hereafter installed in any improvements on the Mortgaged Property and including broad form boiler and machinery insurance (without exclusion for
explosion) covering all boilers or other pressure vessels, machinery and equipment (including electrical equipment, sprinkler systems, heating and air conditioning equipment, refrigeration equipment and piping) located in, on or about the Mortgaged
Property and any improvements thereon in an amount at least equal to the full replacement cost of such equipment and the building or buildings housing the same. 

2.1.3 Flood insurance if any part of the Mortgaged Property now (or subsequently determined to be) is located in an area identified by the
Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 (and amendment or successor act thereto) in an amount at least equal to
the lesser of the full replacement cost of all buildings and equipment on the Mortgaged Property, the outstanding principal amount of the Note or the maximum limits of coverage available with respect to the buildings and equipment under said Act.

  
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 2.1.4 Rents Loss or Business Interruption insurance covering risk of loss due to the occurrence
of any hazards insured against under the required fire and extended coverage insurance in an amount equal to one year’s loss of income as such income may change from time to time due to changes in income from the Mortgaged Property. 

2.1.5 Commercial general liability insurance (including product liability, completed operations, contractual liability, host liquor liability,
broad form property damage, and personal injuries, including death resulting therefrom) and with a per occurrence combined single limit of liability of at least $1,000,000.00 and a general aggregate of at least $2,000,000.00. 

2.1.6 If the Mortgagor is an individual, life insurance on the life of Mortgagor in an amount determined by Mortgagee. 

2.1.7 Such other coverages appropriate to the Mortgaged Property, its location and use as Mortgagee may from time to time require such as mine
subsidence, sinkhole, personal property supplemental liability or coverages of other property specific risks. 
 Such insurance policies shall be written on
forms and with insurance companies satisfactory to Mortgagee, shall be in amounts sufficient to prevent Mortgagor from becoming a co-insurer of any loss thereunder, and shall bear a satisfactory mortgagee clause in favor of Mortgagee with loss
proceeds under any such policies to be made payable to Mortgagee. Blanket policies must include limits by property location. All required policies of insurance or acceptable certificates thereof together with evidence of the payment of current
premiums therefor shall be delivered to and be held by Mortgagee. Mortgagor shall, within thirty (30) days prior to the expiration of any such policy, deliver other original policies or certificates of the insurer evidencing the renewal of such
insurance together with evidence of the payment of current premiums therefor. In the event of a foreclosure of this Mortgage or any acquisition of the Mortgaged Property by Mortgagee, all such policies and any proceeds payable therefrom, whether
payable before or after a foreclosure sale, or during the period of redemption, if any, shall become the absolute property of Mortgagee to be utilized at its discretion. In the event of foreclosure or the failure to obtain and keep any required
insurance, Mortgagor empowers Mortgagee to effect the above insurance upon the Mortgaged Property at Mortgagor’s expense and for the benefit of Mortgagee in the amounts and types aforesaid for a period of time covering the time of redemption
from foreclosure sale, and if necessary therefor, to cancel any or all existing insurance policies. Mortgagor agrees to pay Mortgagee such fees as may be permitted under applicable law for the out-of-pocket costs incurred by Mortgagee in
determining, from time to time, whether the Mortgaged Property are located within an area having special flood hazards. Such fees shall include the fees charged by any organization providing for such services. 

  
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 2.2 Escrows. Mortgagor shall deposit with Mortgagee, or at Mortgagee’s request, with
its servicing agent, on the first day of each and every month hereafter as a deposit to pay the costs of taxes and assessments next due (“Charges”): 

2.2.1 Initially a sum equal to the estimated Charges for the next due payment, taking into consideration the amounts to be deposited in
subsection 2.2.2 prior to such next due payment, all as determined by Lender; and 
 2.2.2 Thereafter an amount equal to one-twelfth
(1/12th) of the estimated annual Charges due on the Mortgaged Property. 
 Mortgagee will, upon the presentation to Mortgagee by Mortgagor of the bills
therefor, pay the Charges from such deposits or will upon presentation of receipted bills therefor, reimburse Mortgagor for such payments made by Mortgagor. In the event the deposits on hand shall not be sufficient to pay all of the estimated
Charges when the same shall become due from time to time, or the prior deposits shall be less than the currently estimated monthly amounts, then Mortgagor shall pay to Mortgagee on demand any amount necessary to make up the deficiency. The excess of
any such deposits shall be credited to subsequent payments to be made for such items. If a default or an Event of Default shall occur under the terms of this Mortgage, Mortgagee may, at its option, without being required so to do, apply any deposits
on hand to the Indebtedness, in such order and manner as Mortgagee may elect. When the Indebtedness has been fully paid any remaining deposits shall be returned to Mortgagor as its interest may appear. All deposits are hereby pledged as additional
security for the Indebtedness, shall be held for the purposes for which made as herein provided, may be held by Mortgagee or its servicing agent and may be commingled with other funds of Mortgagee, or its servicing agent, shall be held without any
allowance of interest thereon and shall not be subject to the decision or control of Mortgagor. Neither Mortgagee nor its servicing agent shall be liable for any act or omission made or taken in good faith. In making any payments, Mortgagee or its
servicing agent may rely on any statement, bill or estimate procured from or issued by the payee without inquiry into the validity or accuracy of the same. If the taxes shown in the tax statement shall be levied on property more extensive than the
Mortgaged Property, then the amounts in escrow shall be based on the entire tax bill and Mortgagor shall have no right to require an apportionment and Mortgagee or its servicing agent may pay the entire tax bill notwithstanding that such taxes
pertain in part to other property and Mortgagee shall be under no duty to seek a tax division or apportionment of the tax bill. 

Section 3. Uniform Commercial Code Security Agreement. 

3.1 Security Agreement. This Mortgage shall constitute a security agreement as defined in the Uniform Commercial Code, as amended from
time to time (“UCC”) for that portion of the Mortgaged Property described in the granting clause of this Mortgage that is subject to a security interest under applicable law (“Collateral”) and Mortgagor hereby
grants to Mortgagee a security interest in the Collateral to secure the payment of the Indebtedness and the performance of Mortgagor’s obligation under the Loan. All terms in this Mortgage that are defined in the UCC shall have the meaning set
forth in the UCC, and such meanings shall automatically change at the time that any amendment to the UCC, which changes such meanings, shall become effective. Neither the grant of a security interest pursuant to this Mortgage nor the

  
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filing of a financing statement pursuant to the UCC shall ever impair the stated intention of this Mortgage that all Collateral comprising the Mortgaged Property shall be regarded as part of the
Mortgaged Property irrespective of whether such Collateral is physically attached to the Land or referred to or reflected in a financing statement. 

3.2 Use of Collateral. Any Collateral installed in or used at the Mortgaged Property are to be used by Mortgagor solely for
Mortgagor’s business purposes and such Collateral will be kept at the buildings on the Mortgaged Property and will not be removed therefrom without the consent of Mortgagee, except that, until the occurrence of an Event of Default, Mortgagor
may sell or lease any Collateral constituting inventory in the ordinary course of business at prices constituting the fair market value. Until the occurrence of an Event of Default, in any instance where Mortgagor in its sound discretion determines
that any Collateral has become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary for the operation of the Mortgaged Property, Mortgagor may, at its expense, remove and dispose of it and substitute and install other items not
necessarily having the same function, provided, that such removal and substitution shall not impair the operating utility and unity of the Mortgaged Property. All substituted items shall become a part of the Mortgaged Property and subject to the
lien of the Mortgage. 
 3.3 Rights Under Uniform Commercial Code. In addition to the rights available to a mortgagee of real
property, Mortgagee shall also have all the rights, remedies and recourse available to a secured party under the UCC, including the right to proceed under the provisions of the UCC governing default as to any Collateral or to proceed as to such
Collateral in accordance with the procedures and remedies available pursuant to a foreclosure of real estate. Mortgagor further understands that Mortgagee may take possession of the Collateral under the UCC and dispose of the same by sale or
otherwise. If notice to any party of the intended disposition of the Collateral is required by law in a particular instance, such notice shall be deemed commercially reasonable if given at least ten (10) days prior to such intended disposition
and may be given by advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to foreclose the real property or may be given by private notice if such parties are known to Mortgagee. 

3.4 Financing Statement. Mortgagor authorizes Mortgagee to file all of Mortgagor’s financing statements, and all terminations of
the filings of other secured parties, all with respect to the Collateral, in such form and substance as Mortgagee, in its sole discretion, may determine to be necessary to perfect and continue the priority of Mortgagee’s security interest in
the Collateral and shall pay all expenses incurred by Mortgagee in connection with the renewal or extensions of any financing statements executed in connection with the Mortgaged Property; and shall give advance written notice of any proposed change
in Mortgagor’s name, address, identity or structure; and shall not change its state of organization without Mortgagee’s prior written consent and authorizes Mortgagee to execute prior to or concurrently with such change all additional
financing statements that Mortgagee may require to establish and perfect the priority of Mortgagee’s security interest. 
 3.5
Fixture Filing. THIS MORTGAGE SHALL BE EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING WITH RESPECT TO ALL GOODS CONSTITUTING A PART OF THE COLLATERAL WHICH ARE OR ARE TO BECOME 

  
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FIXTURES RELATED TO THE MORTGAGED PROPERTY. FOR PURPOSES OF THE UNIFORM COMMERCIAL CODE THE FOLLOWING INFORMATION IS FURNISHED: 

3.5.1 The name and address of the record owner of the real estate described in this instrument is: 

As to Parcels 1 and 3 

Minwood Partners, Inc. 
 12701
Whitewater Drive, Suite 200 
 Minnetonka, MN 55343 

Attn: Chief Executive Officer 

As to Parcels 2 and 4 
 Famous
Dave’s of America, Inc. 
 12701 Whitewater Drive, Suite 200 

Minnetonka, MN 55343 
 Attn:
Chief Executive Officer 
 3.5.2 The name and address of Mortgagor is: 

Minwood Partners, Inc. 
 12701
Whitewater Drive, Suite 200 
 Minnetonka, MN 55343 

Famous Dave’s of America, Inc. 

12701 Whitewater Drive, Suite 200 

Minnetonka, MN 55343 
 3.5.3
Type of Organization of Mortgagor is: a corporation 
 3.5.4 Jurisdiction of Organization of Mortgagor is: Minwood Partners, Inc. is
organized in Delaware and its organizational number is 102297. Famous Dave’s of America, Inc. is organized in Minnesota and its organizational number is 8E-105 

3.5.5 The name and address of the Secured Party is: 

Venture Bank 
 2640 Eagan Woods
Drive 
 Eagan, MN 55121 

Attn: Bryan Frandrup 
 Phone
No:    (651) 289-2222 
 Fax No.:       (651) 289-0200 

  
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 3.5.6 Information concerning the security interest evidenced by this instrument may be obtained
from the Secured Party at its address above. 
 3.5.7 This document covers goods which are or are to become fixtures. 

Section 4. Application of Insurance and Awards. 

4.1 Damage or Destruction of the Mortgaged Property. Mortgagor shall give Mortgagee prompt notice of any damage to or destruction of
the Mortgaged Property and in case of loss covered by policies of insurance Mortgagee is hereby authorized at its option to settle and adjust any claim arising out of such policies and collect and receipt for the proceeds payable therefrom,
provided, that Mortgagor may itself adjust and collect for any losses arising out of a single occurrence aggregating not in excess of Twenty-Five Thousand Dollars ($25,000.00). Any expense incurred by Mortgagee in the adjustment and collection of
insurance proceeds (including the cost of any independent appraisal of the loss or damage on behalf of Mortgagee) shall be reimbursed to Mortgagee first out of any proceeds. The proceeds or any part thereof shall be applied to reduction of the
Indebtedness then most remotely to be paid, whether due or not, without the application of any prepayment premium, or to the restoration or repair of the Mortgaged Property, the choice of application to be solely at the discretion of Mortgagee. 

4.2 Condemnation. Mortgagor shall give Mortgagee prompt notice of any actual or threatened condemnation or eminent domain proceedings
affecting the Mortgaged Property and hereby assigns, transfers, and sets over to Mortgagee the entire proceeds of any award or claim for damages or settlement in lieu thereof for all or any part of the Mortgaged Property taken or damaged under such
eminent domain or condemnation proceedings, Mortgagee being hereby authorized to intervene in any such action and to collect and receive from the condemning authorities and give proper receipts and acquittances for such proceeds. Mortgagor will not
enter into any agreements with the condemning authority permitting or consenting to the taking of the Mortgaged Property or agreeing to a settlement unless prior written consent of Mortgagee is obtained. Any expenses incurred by Mortgagee in
intervening in such action or collecting such proceeds, including reasonable attorney’s fees, shall be reimbursed to Mortgagee first out of the proceeds. The proceeds or any part thereof shall be applied upon or in reduction of the Indebtedness
then most remotely to be paid, whether due or not, without the application of any prepayment premium, or to the restoration or repair of the Mortgaged Property, the choice of application to be solely at the discretion of Mortgagee. 

4.3 Disbursement of Insurance and Condemnation Proceeds. Any restoration or repair shall be done under the supervision of an architect
acceptable to Mortgagee and pursuant to plans and specifications approved by Mortgagee. In any case where Mortgagee may elect to apply the proceeds to repair or restoration or permit Mortgagor to so apply the proceeds they shall be held by Mortgagee
for such purposes and will from time to time be disbursed by Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee may establish to assure completion in accordance with the approved plans and
specifications and free of liens or claims. Mortgagor shall on demand deposit with Mortgagee any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as
Mortgagee may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of Mortgagee be 

  
 12 

 
applied on account of the Indebtedness then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Mortgagor as its interest may
appear, the choice of application to be solely at the discretion of Mortgagee. 
 Section 5. Rights of Mortgagee. 

5.1 Right to Cure Default. If Mortgagor shall fail to comply with any of the covenants or obligations of this Mortgage, Mortgagee may,
but shall not be obligated to, without further notice to Mortgagor, and without waiving or releasing Mortgagor from any obligation in this Mortgage contained, remedy such failure, and Mortgagor agrees to repay upon demand all sums incurred by
Mortgagee in remedying any such failure together with interest at the then rate in effect on the Note. All such sums, together with interest as aforesaid shall become so much additional Indebtedness, but no such advance shall be deemed to relieve
Mortgagor from any failure hereunder. 
 5.2 No Claim Against Mortgagee. Nothing contained in this Mortgage shall constitute any
consent or request by Mortgagee, express or implied, for the performance of any labor or services or for the furnishing of any materials or other property in respect of the Mortgaged Property or any part thereof, nor as giving Mortgagor or any party
in interest with Mortgagor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would create any personal liability against Mortgagee
in respect thereof or would permit the making of any claim that any lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the lien of this Mortgage. 

5.3 Inspection. Mortgagor will permit Mortgagee’s authorized representatives to enter the Mortgaged Property at reasonable times
for the purpose of inspecting the same; provided Mortgagee shall have no duty to make such inspections and shall not incur any liability or obligation for making or not making any such inspections. 

5.4 Waivers; Releases; Resort to Other Security, Etc. Without affecting the liability of any party liable for payment of any
Indebtedness or performance of any obligation contained herein, and without affecting the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at any time, and without notice to or the consent of
Mortgagor or any party in interest with the Mortgaged Property or the Note: 
 5.4.1 release any person liable for payment of all or any part
of the Indebtedness or for performance of any obligation herein; 
 5.4.2 make any agreement extending the time or otherwise altering the
terms of payment of all or any part of the Indebtedness or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof; 

5.4.3 accept any additional security; 

  
 13 

 5.4.4 release or otherwise deal with any property, real or personal, including any or all of the
Mortgaged Property, including making partial releases of the Mortgaged Property; or 
 5.4.5 resort to any security agreements, pledges,
contracts of guarantee, assignments of rents and leases or other securities, and exhaust any one or more of said securities and the security hereunder, either concurrently or independently and in such order as it may determine. 

5.5 Waiver of Appraisement, Homestead, Marshaling. Mortgagor waives to the full extent lawfully allowed the benefit of any homestead,
appraisement, evaluation, stay and extension laws now or hereinafter in force. Mortgagor waives any rights available with respect to marshaling of assets so as to require the separate sales of any portion of the Mortgaged Property, or as to require
Mortgagee to exhaust its remedies against a specific portion of the Mortgaged Property before proceeding against the other and does hereby expressly consent to and authorize the sale of the Mortgaged Property or any part thereof as a single unit or
parcel or as separate parcels. 
 Section 6. Events of Default and Remedies. 

6.1 Events of Default. It shall be an event of default (“Event of Default”) under this Mortgage upon the happening of
any of the events defined in the Loan Agreement. 
 6.2 Mortgagee’s Right to Accelerate. If an Event of Default shall occur,
Mortgagee may declare the entire unpaid principal balance of the Note together with all other Indebtedness to be immediately due and payable and thereupon all such unpaid principal balance of the Note together with all accrued interest thereon at
the Interest Rate and all other Indebtedness shall be and become immediately due and payable. Any such payment shall be subject to the requirements, if any, in the Note providing for the payment of a prepayment premium. 

6.3 Right to Foreclose. If an Event of Default shall occur, Mortgagee may, either with or without entry or taking possession, proceed
by suit or suits at law or in equity or by any other appropriate proceedings or remedy to enforce payment of the Indebtedness or the performance of any other term hereof or any other right and Mortgagor hereby authorizes and fully empowers Mortgagee
to foreclose this Mortgage by judicial proceedings or by advertisement with power of sale and grants to Mortgagee full authority to sell the Mortgaged Property at public auction and convey title to the Mortgaged Property to the purchaser, either in
one parcel or separate lots and parcels, all in accordance with and in the manner prescribed by law, and out of the proceeds arising from sale and foreclosure to retain the principal and interest due on the Note and the Indebtedness together with
all such sums of money as Mortgagee shall have expended or advanced pursuant to this Mortgage or pursuant to statute together with interest thereon at the Interest Rate and all costs and expenses of such foreclosure, including lawful reasonable
attorney’s fees, with the balance, if any, to be paid to the persons entitled thereto by law. In any such proceeding Mortgagee may apply all or any portion of the Indebtedness to the amount of the purchase price. 

  
 14 

 6.4 Receiver. If an Event of Default shall occur, Mortgagee shall be entitled as a matter
of right without notice and without giving bond and without regard to the solvency or insolvency of Mortgagor, or waste of the Mortgaged Property or adequacy of the security of the Mortgaged Property, to apply for the appointment of a receiver
(a) under Minnesota Statutes § 576.01 or any successor or supplementary statute who shall have all the rights, powers and remedies as provided by such statute and who shall apply the rents, income and profits as provided by statute
and thereafter to all expenses for maintenance of the Mortgaged Property and to the costs and expenses of the receivership, including reasonable attorneys’ fees and to the repayment of the Indebtedness or (b) under Minnesota Statutes
§ 559.17 or any successor or supplementary statute who shall have all the rights, powers and remedies as provided by such statute and who shall apply the rents, income and profits as provided by statute and thereafter to all expenses for
maintenance of the Mortgaged Property and to the costs and expenses of the receivership, including reasonable attorneys’ fees and to the repayment of the Indebtedness or (c) pursuant to the assignment of rents and leases executed by
Mortgagor to Mortgagee given contemporaneously with this Mortgage who shall in addition to the rights, powers and remedies as provided by statute have such rights, powers and remedies as provided in such assignment of rents and leases and who shall
apply the rents, income and profits as provided therein. 
 6.5 Waiver of Appraisement, Homestead, Redemption. Mortgagor hereby
covenants and agrees that it will not at any time insist or plead, or in any manner whatever claim or take any advantage of, any stay, exemption or extension law or any so called “Moratorium Law” now or at any time subsequently in force,
nor claim, take or insist upon any benefit of advantage of or from any law now or subsequently in force providing for the valuation or appraisement of the Mortgaged Property, or any part thereof, prior to any sale or sales thereof to be made
pursuant to any provisions herein contained, or pursuant to decree, judgment or order of any court of competent jurisdiction; or after such sale or sales claim or exercise any rights under any statute now or subsequently in force to redeem the
property so sold, or any part thereof, or relating to the marshaling thereof, upon foreclosure sale or other enforcement hereof. Mortgagor hereby specifically waives all rights of redemption from sale pursuant to any order or decree of foreclosure
of this Mortgage on its own behalf. 
 6.6 Due on Sale or Mortgaging, Etc. In the event of a Transfer without the written consent of
Mortgagee being first obtained, whether voluntarily, involuntarily, or by operation of law, then at the sole option of Mortgagee, Mortgagee may declare the entire unpaid principal balance together with accrued interest, due and payable in full and
call for payment of the same in full at once. Any such payment shall be subject to the requirements, if any, in the Note providing for the payment of a prepayment premium in the event of a non-permitted Transfer. A consent by Mortgagee as to any one
Transfer shall not be deemed to be a waiver of the right to require consent to a future Transfer. As used herein, the term “Transfer” shall mean any sale, grant, pledge, assignment, mortgage, encumbrance, security interest,
consensual lien, hypothecation, lease (excluding residential leases and any other bona fide third party leases for actual occupancy by a tenant), transfer or divesture of an interest in (a) the Mortgaged Property, or (b) all or any
substantial part of the assets of the Mortgagor except for assets sold in the ordinary course of Mortgagor’s business, or (c) any ownership interest in the Mortgagor, or (d) any entity controlling, managing or in control of the
Mortgagor. Any change in the legal or equitable title of the Mortgaged Property or in the beneficial ownership of the Mortgaged Property or Mortgagor whether or not of record and whether or not for consideration shall be deemed a Transfer. 

  
 15 

 6.7 Rights Cumulative. Each right, power or remedy herein conferred upon Mortgagee is
cumulative and in addition to every other right, power or remedy, express or implied, now or hereafter arising, available to Mortgagee, at law or in equity, or under any other agreement, and each and every right, power and remedy herein set forth or
otherwise so existing may be exercised from time to time as often and in such order as may be deemed expedient by Mortgagee and shall not be a waiver of the right to exercise at any time thereafter any other right, power or remedy. No delay or
omission by Mortgagee in the exercise of any right, power or remedy arising hereunder or arising otherwise shall impair any such right, power or remedy or the right of Mortgagee to resort thereto at a later date or be construed to be a waiver of any
default or Event of Default under this Mortgage or the Note. 
 6.8 Right to Discontinue Proceedings. In the event Mortgagee shall
have proceeded to invoke any right, remedy or recourse permitted under this Mortgage and shall thereafter elect to discontinue or abandon the same for any reason, Mortgagee shall have the unqualified right to do so and in such event Mortgagor and
Mortgagee shall be restored to their former positions with respect to the Indebtedness. This Mortgage, the interest of Mortgagee in the Mortgaged Property and all rights, remedies and recourse of Mortgagee shall continue as if the same had not been
invoked. 
 6.9 Acknowledgment of Waiver of Hearing Before Sale. Mortgagor understands and agrees that if any Event of Default is
made under the terms of this Mortgage, Mortgagee has the right, inter alia, to foreclose this Mortgage by advertisement pursuant to Minnesota Statutes, Chapter 580, as subsequently amended, or pursuant to any similar or replacement statute
subsequently enacted; that if Mortgagee elects to foreclose by advertisement, it may cause the Mortgaged Property, or any part thereof, to be sold at public auction; that notice of such sale must be published for six (6) successive weeks at
least once a week in a newspaper of general circulation and that no personal notice is required to be served upon Mortgagor. Mortgagor further understands that under the Constitution of the United States and the Constitution of the State of
Minnesota, it may have the right to notice and hearing before the Mortgaged Property may be sold and that the procedure for foreclosure by advertisement described above does not insure that notice will be given to Mortgagor and neither said
procedure for foreclosure by advertisement nor the Uniform Commercial Code requires any hearing or other judicial proceeding. MORTGAGOR HEREBY EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AS DESCRIBED
ABOVE. MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT AND THIS PARAGRAPH THAT MORTGAGOR’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT MORTGAGOR UNDERSTANDS THE NATURE
AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER. 

  
 16 

 Section 7. Miscellaneous. 

7.1 Choice of Law. Notwithstanding the place of execution of this instrument, the parties to this instrument have contracted for
Minnesota law to govern this instrument and it is agreed that this instrument is made pursuant to and shall be construed and governed by the laws of the State of Minnesota without regard to the principles of conflicts of law. 

7.2 Successors and Assigns. This Mortgage and each and every covenant, agreement and other provision hereof shall be binding upon
Mortgagor and its successors and assigns, including, without limitation, each and every from time to time record owner of the Mortgaged Property or any other person having an interest therein, shall run with the land and shall inure to the benefit
of Mortgagee and its successors and assigns. As used herein the words “successors and assigns” shall also be deemed to include the heirs, representatives, administrators and executors of any natural person who is or becomes a party
to this Mortgage. In the event that the ownership of the Mortgaged Property becomes vested in a person or persons other than Mortgagor, Mortgagee shall not have any obligation to deal with such successor or successors in interest unless such
transfer is permitted by this Mortgage and then only upon being notified in writing of such change of ownership. Upon such notification, Mortgagee may thereafter deal with such successor in place of Mortgagor without any obligation to thereafter
deal with Mortgagor and without waiving any liability of Mortgagor hereunder or under the Note. No change of ownership shall in any way operate to release or discharge the liability of Mortgagor hereunder unless such release or discharge is
expressly agreed to in writing by Mortgagee. 
 7.3 Unenforceability of Certain Clauses. The unenforceability or invalidity of any
provisions hereof shall not render any other provision or provisions herein contained unenforceable or invalid. 
 7.4 Captions and
Headings. The captions and headings of the various sections of this Mortgage are for convenience only and are not to be construed as confining or limiting in any way the scope or intent of the provisions hereof. Whenever the context requires or
permits the singular shall include the plural, the plural shall include the singular and the masculine, feminine and neuter shall be freely interchangeable. 

7.5 Savings Clause. It is expressly stipulated and agreed to be the intent of Mortgagor, and Mortgagee at all times to comply with
applicable state law or applicable United States federal law (to the extent that it permits Mortgagee to contract for, charge, take, reserve or receive a greater amount of interest than under state law) and that this section shall control every
other covenant and agreement in the Note, this Mortgage and other Loan Documents. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Note, this Mortgage or under any of the other Loan
Documents, or contracted for, charged, taken, reserved or received with respect to the indebtedness evidenced by the Note, or if Mortgagee’s exercise of the option to accelerate the maturity of the Note, or if any prepayment by Mortgagor
results in Mortgagor having paid any interest in excess of that permitted by applicable law, then it is Mortgagor’s and Mortgagee’s express intent that all excess amounts theretofore collected by Mortgagee shall be credited on the
principal balance of the Note and all other Indebtedness (or, if the Note and all other Indebtedness have been or would thereby be paid in full, refunded to Mortgagor), and the provisions of the Note and this Mortgage and the other Loan Documents
shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, 

  
 17 

 
so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Mortgagee for
the use, forbearance, or detention of the Indebtedness shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term of the Indebtedness until payment in full so that the rate or
amount of interest on account of the Indebtedness does not exceed the maximum lawful rate from time to time in effect and applicable to the Indebtedness for so long as the Indebtedness is outstanding. Notwithstanding anything to the contrary
contained herein or in any of the other Loan Documents, it is not the intention of Mortgagee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such
acceleration. 
 7.6 Notices. Any notices and other communications permitted or required by the provisions of this Mortgage (except
for telephonic notices expressly permitted) shall be in writing and shall be deemed to have been properly given or served by depositing the same with the United States Postal Service, or any official successor thereto, designated as Certified Mail,
Return Receipt Requested, bearing adequate postage, or deposited with reputable private courier or overnight delivery service, and addressed as hereinafter provided. Each such notice shall be effective upon being deposited as aforesaid. The time
period within which a response to any such notice must be given, however, shall commence to run from the date of receipt of the notice by the addressee thereof. Rejection or other refusal to accept or the inability to deliver because of changed
address of which no notice was given shall be deemed to be receipt of the notice sent. By giving to the other party hereto at least ten (10) days’ notice thereof, either party hereto shall have the right from time to time to change its
address and shall have the right to specify as its address any other address within the United States of America. 
 Each notice to
Mortgagee shall be addressed as follows: 
 Venture Bank 

2640 Eagan Woods Drive 
 Eagan, MN
55121 
 Attn: Bryan Frandrup 

Phone No:       (651) 289-2222 

Fax No.:          (651) 289-0200 

Each notice to Mortgagor shall be addressed as follows: 

Minwood Partners, Inc. and 

Famous Dave’s of America, Inc. 

12701 Whitewater Drive, Suite 200 

Minnetonka, MN 55343 
 Attn: Chief
Executive Officer 
 7.7 Consent to Jurisdiction. Mortgagor submit(s) and consent(s) to personal jurisdiction of the Courts of the
State of Minnesota in the County where the Mortgaged Property is located and the Courts of the United States of America sitting in such State for the enforcement of this instrument and waive(s) any and all personal rights under the laws of any state
or the United States of America to object to jurisdiction in the State of Minnesota. 

  
 18 

 
Commencement of any such action or proceeding in any other state shall not constitute a waiver of consent to jurisdiction or of the submission made by Mortgagor to personal jurisdiction within
the State of Minnesota. 
 7.8 Adjustable Rate Note. The Note secured by this Mortgage provides for adjustments in its interest rate
from time to time in accordance with its terms. Reference is made to the Note for the time, terms and conditions of the adjustments in the interest rate. Such times, terms and conditions are incorporated herein by reference. 

7.9 Waiver of Jury Trial. MORTGAGOR WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH MORTGAGOR IS INVOLVED DIRECTLY OR
INDIRECTLY AND ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS MORTGAGE OR THE RELATIONSHIP ESTABLISHED HEREUNDER, AND WHETHER ARISING OR ASSERTED BEFORE OR AFTER THE DATE OF THIS MORTGAGE. 

7.10 Right of Setoff. To the extent permitted by applicable law, Mortgagee reserves a right of setoff in all Mortgagor’s accounts
with Mortgagee (whether checking, savings, or some other account). This includes all accounts Mortgagor holds jointly with someone else and all accounts Mortgagor may open in the future. However, this does not include any IRA or Keogh accounts, or
any trust accounts for which setoff would be prohibited by law. Mortgagor authorizes Mortgagee, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at
Mortgagee’s option, to administratively freeze all such accounts to allow Mortgagee to protect Mortgagee’s charge and setoff rights provided in this paragraph. 

7.11 Cross Collateralization. In addition to the Loan, this Mortgage secures all obligations, debts and liabilities, plus interest
thereon, of Mortgagor to Mortgagee, or any one or more of them, as well as all claims by Mortgagee against Mortgagor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note,
whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Mortgagor may be liable individually or jointly with others, whether obligated as
guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become
otherwise unenforceable. 
 7.12 Partial Release of Mortgaged Property. Mortgagee agrees to release from the lien of the Mortgage and
the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Mortgagor (hereinafter referred to as a “Release Parcel”), upon satisfaction by Mortgagor of the
following terms and conditions: 
 7.12.1 Mortgagee approves such release in writing, which consent will not be unreasonably withheld; 

7.12.2 Mortgagor shall have made such request at least ten (10) business days prior to the requested release date; 

  
 19 

 7.12.3 On the requested release date, and on the actual release date, no Default or Event of
Default shall exist under the Mortgage and Loan Documents; 
 7.12.4 A Release Parcel must be released as a whole and not in part; and 

7.12.5 Upon any such release of a Release Parcel, Mortgagor shall pay Mortgagee in immediately available funds an amount (hereinafter referred
to as a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Mortgagee and
agreed to by the Mortgagor; or (ii) the value for the Release Parcel shown on Exhibit B attached hereto. The Release Amount for the release of each Release Parcel shall be applied first to the principal, interest, fees, costs and expenses due
to Lender under any loan that has priority, whether then due and payable or not, and if the priority loan is paid in full, then to the principal, interest, fees, costs and expenses due to Lender under Loan, whether then due and payable or not, and
will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the Borrower. 

(signature page follows) 

  
 20 

 IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be executed as of the date first above
written. 
  

			
	MORTGAGOR:
	
	 MINWOOD PARTNERS, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer

  

					
	STATE OF MINNESOTA	  	)	  	
		  	) ss. [STAMP]	  	
	COUNTY OF Hennepin	  	)	  	

 The foregoing instrument was acknowledged before me this 30 day of November, 2016 by Dexter Newman, the
Chief Financial Officer of Minwood Partners, Inc., a Delaware corporation, on behalf of the corporation. 
  

	
	 /s/ Sheryl Hoye

	Notary Public
	
	Document drafted by:
	
	Fafinski Mark & Johnson, P.A. (EPS)
	Flagship Corporate Center
	775 Prairie Center Drive
	Suite 400
	Eden Prairie, MN 55344
	ph. (952) 995-9500
	
	After Recording Return To:
	
	Venture Bank
	2640 Eagan Woods Drive
	Eagan, MN 55121
	Attn: Bryan Frandrup

 signature page to Mortgage and Security Agreement-2nd
Minnetonka 
 - re: Venture Bank/Famous Dave’s loan 

  
 S-1 

 IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be executed as of the date first above
written. 
  

			
	MORTGAGOR:
	
	 FAMOUS DAVE’S OF AMERICA, INC.,

a Minnesota corporation

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer

  

					
	STATE OF MINNESOTA	  	)	  	
		  	) ss. [STAMP]	  	
	COUNTY OF Hennepin	  	)	  	

 The foregoing instrument was acknowledged before me this 30 day of November, 2016 by Dexter Newman, the
Chief Financial Officer of Minwood Partners, Inc., a Delaware corporation, on behalf of the corporation. 
  

	
	 /s/ Sheryl Hoye

	Notary Public
	
	Document drafted by:
	
	Fafinski Mark & Johnson, P.A. (EPS)
	Flagship Corporate Center
	775 Prairie Center Drive
	Suite 400
	Eden Prairie, MN 55344
	ph. (952) 995-9500
	
	After Recording Return To:
	
	Venture Bank
	2640 Eagan Woods Drive
	Eagan, MN 55121
	Attn: Bryan Frandrup

 signature page to Mortgage and Security Agreement-2nd
Minnetonka 
 - re: Venture Bank/Famous Dave’s loan 

  
 S-2 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Parcel 1

 Lot 2; The West 45 feet of Lot 3, 
 Block 1, Tower
Hill, Hennepin County, Minnesota. 
 Torrens Property. 
 Being
registered as is evidenced by Certificate of Title No. 1042205. 
 Parcel 2 

That part of the Southeast  1⁄4 of the Northeast  1⁄4 of Section 35, Township 118, North Range 22, West of the 5th Principal Meridian, lying Northeasterly of the Northeasterly line of State Trunk Highway
Number 55, being bounded on the West by a line described as follows: 
 Beginning at a point in the North line of said Southeast  1⁄4 of the Northeast  1⁄4 distant 353.99 feet West of the Northeast
corner of said Southeast  1⁄4 of the Northeast  1⁄4; thence running
South 15 degrees 35 minutes West 184.45 feet more or less to a point in the Northerly right-of-way line of State Trunk Highway Number 55; 
 And being
bounded on the East by a line described as follows: 
 Beginning at a point in the North line of said Southeast
 1⁄4 of the Northeast  1⁄4, 250.15 feet West of the Northeast corner
of said Southeast  1⁄4 of the Northeast  1⁄4; thence running South 15
degrees and 35 minutes West 242.31 feet or less to a point in the Northerly right-of-way line of State Trunk Highway Number 55; 
 For the purpose of this
description, the North line of said Southeast  1⁄4 of the Northeast
 1⁄4 is assumed to be a due East and West line. 
 ALSO: That part
of the Southeast  1⁄4 of the Northeast  1⁄4 of Section 35,
Township 118, Range 22, described as follows: 
 Commencing at a point on the North line of said Southeast
 1⁄4 of the Northeast  1⁄4, distant 146.31 feet West of the Northeast
corner of said Southeast  1⁄4 of the Northeast  1⁄4; thence
continuing West along said North line 103.84 feet; thence running South 15 degrees 35 minutes West 242.31 feet, more or less to a point in the Northerly right of way line of State Trunk Highway Number 55; thence running Southeasterly along said
Northerly right of way line 100 feet; thence running North 15 degrees 35 minutes East 270.15 feet more or less to the point of beginning; 
 EXCEPTING
therefrom the Southwesterly 30 feet measured at right angles from the 

 Northeasterly line of Trunk Highway Number 55; 

For the purpose of this description the North line of said Southeast
 1⁄4 of the Northeast  1⁄4 is assumed to be a due East and West line,
Hennepin County, Minnesota. 
 Abstract Property. 

Parcel 3 
 Lot 2, Block 1, Reliance City Center,
Washington County, Minnesota. 
 Abstract Property. 

Parcel 4 
 Lot 3, Block 1, RIVERDALE VILLAGE FOURTH
ADDITION, Anoka County, Minnesota. 
 Torrens Property. 

Being registered as is evidenced by Certificate of Title No. 106672 

 EXHIBIT B 

RELEASE AMOUNTS 
  

							
	 Property Address
	  	City	  	Release Amount	 
	 14601 Highway 7
	  	Minnetonka	  	$	2,460,000	  
	 1490 Donegal Drive
	  	Woodbury	  	$	2,370,000	  
	 3211 Northdale Boulevard
	  	Coon Rapids	  	$	2,580,000	  
	 11308 Highway 55
	  	Plymouth	  	$	1,310,000EX-10.8

 Exhibit 10.8 

SECURITY AGREEMENT 
 THIS
SECURITY AGREEMENT (“Agreement”) dated December 2, 2016 is made by FAMOUS DAVE’S OF AMERICA, INC., a Minnesota corporation, D&D OF MINNESOTA, INC., a Minnesota corporation, FAMOUS DAVE’S RIBS OF MARYLAND, INC., a
Minnesota corporation, FAMOUS DAVE’S RIBS, INC., a Minnesota corporation, FAMOUS DAVE’S RIBS-U, INC., a Minnesota corporation, and LAKE & HENNEPIN BBQ & BLUES, INC., a Minnesota corporation (collectively,
“Debtor”) for the benefit of VENTURE BANK, a Minnesota banking corporation, its endorsees, successors and assigns (“Secured Party”). 

RECITALS: 
 A. The Secured
Party has agreed to make two loans to Debtor in the aggregate principal amount of seven million three hundred thousand and no/100 dollars ($7,300,000.00). The first loan shall be made to Borrower in the principal amount of six million three hundred
thousand and no/100 dollars ($6,300,000.00) (“Loan 2”). The second loan shall be made to Borrower in the principal amount of up to one million and no/100 dollars ($1,000,000.00) (“Loan 3”) (Loan 2 and Loan 3,
individually or collectively as context requires, the “Loan”). 
 B. The Loan is evidenced by two promissory notes executed
and delivered by the Debtor to Secured Party that are dated the same date as first written above in the amount of the Loan. 
 C. The
Secured Party requires as a condition to the Loan that Debtor execute and deliver this Agreement to the Secured Party. 
 D. All documents
related to the Loan are collectively referred to as the “Loan Documents.” 
 NOW, THEREFORE, in consideration of making the
loan and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

Section 1. Obligations Secured. This Agreement secures the following (the “Obligations”): 

1.1 Each and every debt, liability and other obligation of every type and description which the Debtor may now or at any time hereafter owe to
the Secured Party under the Loan, whether arising under or in connection with any Loan Documents, whether now existing or hereafter arising, and whether it is or may be direct or indirect, due or to become due, or absolute or contingent, primary or
secondary, liquidated or unliquidated, or independent, joint, several or joint and several. 
 1.2 All advances, fees, charges, costs and
expenses incurred by the Secured Party, including, but not limited to, audit fees and expenses and reasonable attorneys’ fees, legal expenses and interest, in connection with the Obligations, Security Interest, Collateral or in the protection
and exercise of any rights or remedies under this Agreement or the Loan Documents. 

  
 1 

 Section 2. Security Interest. To secure payment and performance of the Obligations,
Debtor grants to Secured Party a security interest (“Security Interest”) in, and assigns to Secured Party, the following property (“Collateral”): 

All personal property of the Debtor, including, but not limited to, the following: 

All equipment of the Debtor, whether now owned or hereafter acquired, including, but not limited to, all present and future machinery,
vehicles, furniture, fixtures, manufacturing equipment, shop equipment, office and recordkeeping equipment, parts, tools, supplies, and including specifically the goods described in any equipment schedule or list furnished to the Secured Party by
the Debtor, and wherever located. 
 All inventory of the Debtor, whether now owned or hereafter acquired, whether consisting of whole goods,
spare parts or components, supplies or materials, returns, whether acquired, held or furnished for sale, for lease or under service contracts or for manufacture or processing, and wherever located. 

All accounts of the Debtor, including each and every right of the Debtor to the payment of money, whether such right to payment now exists or
hereafter arises, whether such right to payment arises out of a sale, lease or other disposition of goods or other property, out of a rendering of services, out of a loan, out of the overpayment of taxes or other liabilities, or otherwise arises
under any contract or agreement, whether such right to payment is created, generated or earned by the Debtor or by some other person who subsequently transfers such person’s interest to the Debtor, whether such right to payment is or is not
already earned by performance, together with all other rights and interests (including all liens) which the Debtor may at any time have by law or agreement against any account debtor or other obligor obligated to make any such payment or against any
property of such account debtor or other obligor, including, but not limited to, all present and future accounts, contract rights, loans and obligations receivable, chattel papers, bonds, notes and other debt instruments, tax refunds and rights to
payment in the nature of general intangibles. 
 All investment property of the Debtor, whether now owned or hereafter acquired, including,
but not limited to, all securities (whether certificated or uncertificated, and including investment 

  
 2 

 
company securities), security entitlements, securities accounts, commodity contracts, commodity accounts, stocks, bonds, mutual fund shares, money market shares and U.S. Government securities.

 All general intangibles of the Debtor, whether now owned or hereafter acquired, including all present and future intellectual property
rights, customer or supplier lists and contracts, manuals, operating instructions, permits, franchises, the right to use the Debtor’s name, and the goodwill of the Debtor’s business. 

All commercial tort claims. 
 All
of Debtor’s chattel paper (including electronic chattel paper), deposit accounts, documents, goods, instruments, letter of credit rights, letters of credit, all sums on deposit in any collateral account, and any items in any lockbox, all
warehouse receipts, bills of lading and other documents of title now or hereafter covering Debtor’s goods, and any money or other assets of the Debtor that now or hereafter come into the possession, custody, or control of the Secured Party.

 Together with all: (a) substitutions and replacements for and products of any and all of the foregoing; (b) in the case of all
goods, all accessions; (c) accessories, attachments, parts, equipment and repairs now or hereafter attached or affixed to or used in connection with any goods; and (d) proceeds of any and all of the foregoing. 

Section 3. Representations, Warranties and Agreements. Debtor represents and warrants to Secured Party, as of the date of this
Agreement and at all times any Obligations remain under the Loan, as follows: 
 3.1 Each Debtor is a corporation duly organized and in good
standing under the laws of the State of Minnesota and has the power to enter into and has authorized execution and delivery of this Agreement. No Debtor has used any trade name, assumed name or other name except such Debtor’s name stated above.
No Debtor shall change its state of incorporation without the Secured Party’s prior written consent. Debtor shall give Secured Party prior written notice of any change in such address or any Debtor’s name(s) or if any Debtor uses any other
name. Debtor has authority to execute and perform this Agreement 
 3.2 Except as set forth in any existing or future agreement executed by
Secured Party, Debtor is the owner of the Collateral, or will be the owner of the Collateral hereafter acquired, free and clear of all security interests, liens and encumbrances other than the Security Interest and any other security interest of
Secured Party. Debtor shall not permit any security interest, lien or encumbrance, other than the Security Interest and any other security interest of Secured Party, to attach to any Collateral without the prior written consent of Secured Party.
Debtor shall defend the Collateral against the claims and demands of all persons and entities other than 

  
 3 

 
Secured Party and shall promptly pay all taxes, assessments and other government charges upon or against Debtor, any Collateral, and the Security Interest. No financing statement covering any
Collateral is on file in any public office. If any Collateral is or will become a fixture, Debtor, at the request of Secured Party, shall furnish Secured Party with a statement or statements executed by all persons and entities who have or claim an
interest in the real estate, in form acceptable to Secured Party, which statement or statements shall provide that such persons or entities consent to the Security Interest. 

3.3 Debtor shall not sell, transfer, exchange or otherwise dispose of all or any part of the Collateral or Debtor’s interest in the
Collateral without the prior written consent of Secured Party, except that, until the occurrence of an Event of Default or the revocation by Secured Party of Debtor’s right to do so, Debtor may sell or lease any Collateral constituting
inventory in the ordinary course of business at prices constituting the fair market value or as otherwise permitted under the Loan Agreements dated as of the date hereof governing Loan 2 and Loan 3 (as such may be amended, restated, supplemented or
otherwise modified from time to time, each a “Loan Agreement” and collectively, the “Loan Agreements”). 
 3.4 Each
account, instrument, investment property, chattel paper, letter of credit right, letter of credit, other right to payment, document and general intangible constituting Collateral is, or will be when acquired, the valid, genuine and legally
enforceable obligation of the named account debtor or other issuer or obligor to pay such obligation, subject to no defense, setoff or counterclaim. Debtor shall not, without the prior written consent of Secured Party, agree to any material
modification or amendment of any such obligation or agree to any subordination or cancellation of any such obligation. 
 3.5 Debtor shall:
(i) keep all tangible Collateral in good condition and repair, ordinary wear and tear excepted; (ii) from time to time replace any worn, broken or defective parts of the Collateral; (iii) promptly notify Secured Party of any loss of
or material damage to any material portion of Collateral or of any adverse change in the prospect of payment of any material account, instrument, investment property, chattel paper, letter of credit right, letter of credit, other right to payment or
general intangible constituting Collateral; (iv) not permit any Collateral to be used or kept for any unlawful purpose or in violation of any federal, state or local law; (v) keep all tangible Collateral insured in such amounts, against
such risks and in such companies as shall be acceptable to Secured Party, with lender loss payable clauses in favor of Secured Party to the extent of its interest in a form acceptable to Secured Party (including without limitation a provision for at
least 30 days’ prior written notice to Secured Party of any cancellation or modification of such insurance), and deliver policies or certificates evidencing this insurance to Secured Party; (vi) at Debtor’s chief executive office,
keep accurate and complete records pertaining to the Collateral and Debtor’s financial condition, business and property, and provide the Secured Party with periodic reports concerning the Collateral and Debtor’s financial condition,
business and property as requested by the Secured Party; and (vii) at all reasonable times permit Secured Party and its representatives to examine and inspect any Collateral, and to examine, inspect and copy Debtor’s records pertaining to
the Collateral and Debtor’s financial condition, business and property as and to the extent required under the Loan Agreements. 
 3.6
Debtor shall, at Secured Party’s request, promptly execute, endorse and deliver financing statements, consents, control agreements and other instruments and documents and 

  
 4 

 
take such other actions deemed by Secured Party to be necessary or desirable to establish, protect, perfect or enforce the Security Interest in the Collateral and the rights of Secured Party
under this Agreement and applicable law, and pay all costs of filing financing statements and other documentation in all public offices where filing is deemed by Secured Party to be necessary or desirable. 

3.7 Debtor authorizes Secured Party to file all of Secured Party’s financing statements and amendments to financing statements, and all
terminations of the filings of other secured parties, all with respect to the Collateral, in such form and substance as Secured Party, in its sole discretion, may determine. 

3.8 Promptly upon knowledge thereof, the Debtor will deliver to the Secured Party notice of any material commercial tort claims it may bring
against any person, including the name and address of each defendant, a summary of the facts, an estimate of the Debtor’s damages, copies of any complaint or demand letter submitted by the Debtor, and such other information as the Secured Party
may request. Upon request by the Secured Party, the Debtor will grant the Secured Party a security interest in all commercial tort claims it may have against any person. 

3.9 Debtor has provided Secured Party a schedule of its currently owned and leased vehicles and shall update such schedule not less than
annually or at Secured Party’s written request. Debtor shall from time to time assist Secured Party in noting Secured Party’s lien on all unencumbered vehicle titles, and hereby grants Secured Party a power of attorney for the purposes of
noting such liens. 
 Section 4. Rights of Secured Party. After the occurrence and during the continuance of an Event of
Default, the Secured Party may at any time and from time to time send or require the Debtor to send requests for verification of accounts or notices of assignment to account debtors and other obligors. After the occurrence and during the continuance
of an Event of Default, the Secured Party may also at any time and from time to time telephone account debtors and other obligors to verify accounts. After the occurrence and during the continuance of an Event of Default, Secured Party may, and
Debtor shall at the request of Secured Party, promptly notify any account debtor, issuer or obligor of any account, instrument, investment property, chattel paper, letter of credit right, letter of credit, other right to payment or general
intangible constituting Collateral that the same has been assigned to Secured Party and to make all future payments to Secured Party. In addition, after the occurrence and during the continuance of an Event of Default, at the request of Secured
Party, Debtor shall deposit all proceeds constituting Collateral, in their original form received (with any necessary endorsement), in a collateral account designated by Secured Party within one business day after receipt of the proceeds by Debtor.
Until Debtor makes each deposit pursuant to the foregoing sentence, Debtor will hold all proceeds separately in trust for Secured Party for deposit in the collateral account, and will not commingle any proceeds with any other property. After the
occurrence and during the continuance of an Event of Default,, Debtor shall have no right to withdraw any funds from the collateral account, and Debtor shall have no control over the collateral account. The collateral account and all funds at any
time therein shall constitute Collateral under this Agreement. Before or upon final collection of any funds in the collateral account, Secured Party, at its discretion, may release any funds to Debtor or any account of Debtor or apply any funds to
the Obligations 

  
 5 

 
whether or not then due. Any release of funds to Debtor or any account of Debtor shall not prevent Secured Party from subsequently applying any funds to the Obligations. All items credited to the
collateral account and subsequently returned and all other costs, fees and charges of Secured Party in connection with the collateral account may be charged by Secured Party to any account of Debtor, and Debtor shall pay Secured Party all amounts on
demand. The Secured Party may also, by notice to the Debtor, require the Debtor to direct each of its account debtors to make payment directly to a special lockbox to be under the control of the Secured Party. The Debtor hereby authorizes and
directs the Secured Party to deposit all checks, drafts and cash payments received in said lockbox into the collateral account established as set forth above. 

Section 5. Limited Power of Attorney. Upon the occurrence of and during the continuance of an Event of Default, Debtor irrevocably
authorizes Secured Party and grants Secured Party a limited power of attorney in the name and on behalf of Debtor or, at Secured Party’s option, in the name of Secured Party, to take any action and to execute any instrument which Secured Party
may deem necessary or desirable to cure or correct the Event of Default or accomplish the purposes of this Agreement, including, but not limited to: to collect, receive, endorse, create, prepare, complete, execute, deliver and file any and all
financing statements, control agreements, insurance applications, remittances, instruments, documents, chattel paper and other writings; to grant any extension to, compromise, settle, waive, notify, amend, adjust, change and release any obligation
of any account debtor, issuer, obligor, insurer or other person or entity pertaining to any Collateral; to demand termination of other security interests in any of the Collateral; and to take any other action to establish, perfect, protect or
enforce the Security Interest. 
 Section 6. Events of Default. The occurrence of any of the following events shall constitute
an event of default (“Event of Default”): any Event of Default as defined in the Loan Agreements. 
 Section 7.
Remedies. Upon the occurrence of an Event of Default and at any time thereafter, Secured Party may exercise any one or more of the following rights or remedies: (a) declare all Obligations to be immediately due and payable in full, and
the same shall thereupon be immediately due and payable in full, without presentment or other notice or demand, all of which are waived by Debtor; (b) require Debtor to assemble all or any part of the Collateral and make it available to Secured
Party at a place to be designated by Secured Party which is reasonably convenient to both parties; (c) transfer any of the Collateral into Secured Party’s name or that of its nominee; and (d) exercise and enforce any and all rights
and remedies available under this Agreement, the UCC or at law or in equity. If notice to Debtor of any intended disposition of the Collateral or other action is required, such notice shall be deemed reasonable if given at least ten (10) days
prior to the date of intended disposition or other action. All rights and remedies of Secured Party shall be cumulative and may be exercised singularly, concurrently or successively at Secured Party’s option, and the exercise or enforcement of
any such right or remedy shall not be a condition to or bar the exercise or enforcement of any other. 
 Section 8. Bankruptcy.
Whether or not an event of default shall have occurred under the Loan or Loan Documents, upon the commencement of any proceeding under any bankruptcy law by or against Pledgor, then the Secured Party may declare the Debtor in default under this
Agreement and may enforce this Agreement and collect the entire Obligations from Debtor upon 

  
 6 

 
the happening of such event regardless of whether amounts are due or accelerated under the Loan or other Loan Documents. For purposes of determining the Obligations under this provision
notwithstanding any such bankruptcy proceeding, interest will be deemed to continue to accrue as though no such bankruptcy proceeding had been taken. 

Section 9. Notice. No notice or other communication by Debtor to Secured Party, which relates to any of the Obligations, the
Security Interest or the Collateral, shall be effective until it is received by Secured Party at Secured Party’s address stated below. All notices to be given to Debtor shall be deemed reasonable and properly given if delivered or mailed by
regular or certified mail, postage prepaid, to Debtor at its address set forth below or at the most recent address shown in Secured Party’s records. 

Each notice to Secured Party shall be addressed as follows: 

Venture Bank 
 Attn: Bryan
Frandrup 
 2640 Eagan Woods Drive, Suite 100 

Eagan, Minnesota 55121 
 Each
notice to Pledgors shall be addressed as follows: 
 Famous Dave’s of America, Inc. 

D&D of Minnesota, Inc. 

Famous Dave’s Ribs of Maryland, Inc. 

Famous Dave’s Ribs, Inc. 

Famous Dave’s Ribs-U, Inc. 

Lake & Hennepin BBQ & Blues, Inc. 

12701 Whitewater Drive, Suite 200 

Minnetonka, MN 55343 
 Attn: Chief
Executive Officer 
 Phone No:         (952) 294-1300 

Fax No.:            (        )
                     

Section 10. Consent to Jurisdiction. Debtor consents to the personal jurisdiction of the state and federal courts located in the
State of Minnesota in connection with any controversy related to this Agreement, the Collateral, the Security Interest or any of the Obligations, waives any argument that venue in such forums is not convenient, and agrees that any litigation
initiated by Debtor against Secured Party in connection with this Agreement, the Collateral, the Security Interest or any of the Obligations shall be in a state court of general jurisdiction for the State of Minnesota or the United States District
Court located in that state. 
 Section 11. Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT WAIVE TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING TO WHICH ANY PARTY TO THIS AGREEMENT ARE INVOLVED DIRECTLY OR INDIRECTLY AND ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER, AND WHETHER ARISING OR
ASSERTED BEFORE OR AFTER THE DATE OF THIS AGREEMENT. 

  
 7 

 Section 12. Miscellaneous. All terms in this Agreement that are defined in the
Minnesota Uniform Commercial Code, as amended from time to time (the “UCC”) shall have the meanings set forth in the UCC, and such meanings shall automatically change at the time that any amendment to the UCC, which changes such
meanings, shall become effective. A carbon, photographic or other reproduction of this Agreement is sufficient as a financing statement. No provision of this Agreement can be waived, amended, abridged, supplemented, terminated or discharged and the
Security Interest cannot be released or terminated, except by a writing executed by Secured Party. A waiver shall be effective only in the specific instance and for the specific purpose given. No delay or failure to act shall preclude the exercise
or enforcement of any of Secured Party’s rights or remedies. This Agreement shall bind and benefit Debtor and Secured Party and their respective heirs, representatives, successors and assigns and shall take effect when executed by Debtor and
delivered to Secured Party, and Debtor waives notice of Secured Party’s acceptance. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other
provisions or applications which can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. All representations and warranties
contained in this Agreement shall survive the execution, delivery and performance of this Agreement and the creation, payment and performance of the Obligations. This Agreement and the rights and duties of the parties shall be governed by and
construed in accordance with the laws of the State of Minnesota except to the extent that the UCC provides for the application of the law of the state where the Debtor is organized or incorporated. Secured Party shall not be obligated to preserve
any rights Debtor may have against prior parties, to realize on the Collateral at all or in any particular manner or order, or to apply any cash proceeds of the Collateral in any particular order of application. If this Agreement is signed by more
than one person as Debtor, the term “Debtor” shall refer to each of them separately and to both or all of them jointly. Each such persons signing as Debtor shall be jointly and severally liable under this Agreement and all property
described in this Agreement shall be included as part of the Collateral, whether it is owned jointly by both or all Debtors, or is owned in whole or in part by one (or more) of them. 

[remainder of page intentionally left blank] 

  
 8 

 IN WITNESS WHEREOF, Debtor has executed this Security Agreement as of the date and year first
written above. 
 DEBTOR: 
  

			
	 FAMOUS DAVE’S OF AMERICA, INC.,

a Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

	Dexter Newman, its Chief Financial Officer
	
	 D&D OF MINNESOTA, INC.,
 a
Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer
	
	 FAMOUS DAVE’S RIBS OF MARYLAND, INC.,

a Minnesota corporation,

		
	By:	 	 /s/ John P. Beckman

		 	John P. Beckman, its President
	
	 FAMOUS DAVE’S RIBS, INC.,
 a
Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer

 signature page to Security Agreement 

-re: Famous Dave’s loan 

  
 S-1 

			
	 FAMOUS DAVE’S RIBS-U, INC.,
 a
Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer
	
	 LAKE & HENNEPIN BBQ & BLUES, INC.,

a Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer

 signature page to Security Agreement 

-re: Famous Dave’s loan 

  
 S-2 

			
	SECURED PARTY:
	
	VENTURE BANK,
	
	a Minnesota banking corporation
		
	By:	 	 /s/ Bryan Frandrup

		 	Bryan Frandrup, its VP and Commercial Loan Officer

 signature page to Security Agreement 

-re: Famous Dave’s loan 

  
 S-3

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