Document:

Exhibit
10.8

MORTGAGE

RECORDATION REQUESTED BY:

Venture Bank

6210 Wayzata Boulevard

Golden Valley, MN 55416 

 

SEND TAX NOTICES TO:

Venture Bank

6210 Wayzata Boulevard

Golden Valley, MN 55416

	 

 

MAXIMUM LIEN. NOTWITHSTANDING ANYTHING
TO THE CONTRARY HEREIN, THE MAXIMUM INDEBTEDNESS SECURED BY THIS MORTGAGE IS $1,300,000.00.

THIS MORTGAGE dated December 18, 2013,
is made and executed between Electromed, Inc., whose address is 500 Sixth Avenue NW, New Prague, MN 56071; a Minnesota Corporation
(referred to below as “Grantor”) and Venture Bank, whose address is 6210 Wayzata Boulevard, Golden Valley, MN 55416
(referred to below as “Lender”).

GRANT OF MORTGAGE. For valuable consideration,
Grantor mortgages and conveys to Lender, with power of sale, all of Grantor’s right, title, and interest in and to the
following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures;
all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities
with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without
limitation all minerals, oil, gas, geothermal and similar matters, (the “Real Property”) located in Scott County,
State of Minnesota:

Lot 1, Block 1, New Prague
Business Park 9th Addition, Scott County, Minnesota ABSTRACT

The Real Property or its address is
commonly known as 500 and 502 Sixth Avenue NW, New Prague, MN 56071. The Real Property tax identification number is 24-1170010.

CROSS-COLLATERALIZATION. In addition
to the Note, this Mortgage secures all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender, or any
one or more of them, as well as all claims by Lender against Grantor 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 Grantor 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

    	 	 

    	 

    

 

	 	

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statute of limitations, and whether the obligation to repay such amounts may
be or hereafter may become otherwise unenforceable.

Grantor presently assigns to Lender all
of Grantor’s right, title, and interest in and to all present and future leases of the Property and all Rents from the Property.
This shall constitute an actual and present assignment, provided that the Grantor shall have a license to collect, but not prior
to accrual, all of the Rents and to retain, use and enjoy the same unless and until an Event of Default as defined herein has occurred.
In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents.

THIS MORTGAGE, INCLUDING THE ASSIGNMENT
OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B)
PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:

PAYMENT AND PERFORMANCE. Except
as otherwise provided in this Mortgage, Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and
shall strictly perform all of Grantor’s obligations under this Mortgage.

POSSESSION AND MAINTENANCE OF THE
PROPERTY. Grantor agrees that Grantor’s possession and use of the Property shall be governed by the following provisions:

Possession and Use. Until
the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage
the Property; and (3) collect the Rents from the Property.

Duty to Maintain. Grantor
shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to
preserve its value.

Compliance With Environmental
Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor’s ownership of the Property, there
has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance
by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been,
except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on,
under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation
or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender
in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate,
manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such
activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including
without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections
and tests, at Grantor’s expense, as Lender may deem appropriate to determine compliance of the Property with this section
of the Mortgage. Any inspections or tests made by Lender shall be for Lender’s purposes only and shall not be construed to
create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties
contained herein are based on Grantor’s due diligence in investigating the Property for Hazardous Substances. Grantor hereby
(1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for
cleanup or other costs under any such laws; and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims,
losses, liabilities, damages, penalties, and expenses, including attorneys’ fees, consultants’ fees, and costs which
Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence
of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor’s ownership
or interest in the Property, whether or not the same was or should have been known to Grantor. The provisions of this section of
the Mortgage, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the satisfaction
and reconveyance of the lien of this Mortgage and shall not be affected by Lender’s acquisition of any interest in the Property,
whether by foreclosure or otherwise.

Nuisance, Waste. Grantor
shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or
any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party
the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender’s
prior written consent.

Removal of Improvements.
Grantor shall not demolish or remove any Improvements from the Real Property without Lender’s prior written consent. As a
condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.

Lender’s Right to Enter.
Lender and Lender’s agents and representatives may enter upon the Real Property at all reasonable times to attend to Lender’s
interests and to inspect the Real Property for purposes of Grantor’s compliance with the terms and conditions of this Mortgage.

Compliance with Governmental
Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in effect, of all
governmental authorities applicable to the use or occupancy of the Property,

    	 	 

    	 

    

 

	 	

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including without limitation, the Americans With Disabilities
Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including
appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender’s sole
opinion, Lender’s interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or
a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.

Duty to Protect. Grantor
agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set forth
above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.

DUE ON SALE - CONSENT BY LENDER.
Lender may, at Lender’s option, declare immediately due and payable all sums secured by this Mortgage upon the sale or transfer,
without Lender’s prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A
“sale or transfer” means the conveyance of Real Property or any right, title or interest in the Real Property; whether
legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land
contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment,
or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance
of an interest in the Real Property. If any Grantor is a corporation, partnership or limited liability company, transfer also includes
any change in ownership of more than twenty-five percent (25%) of the voting stock, partnership interests or limited liability
company interests, as the case may be, of such Grantor. However, this option shall not be exercised by Lender if such exercise
is prohibited by federal law or by Minnesota law.

TAXES AND LIENS. The following
provisions relating to the taxes and liens on the Property are part of this Mortgage:

Payment. Grantor shall
pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer
service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of any liens having priority over or equal
to the interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for
the lien of taxes and assessments not due as further specified in the Right to Contest paragraph.

Right to Contest. Grantor
may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to pay, so long
as Lender’s interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor
shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice
of the filing, secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate
surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and reasonable
attorneys’ fees, or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest,
Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor
shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.

Evidence of Payment. Grantor
shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate
governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property.

Notice of Construction.
Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials
are supplied to the Property, if any mechanic’s lien, materialmen’s lien, or other lien could be asserted on account
of the work, services, or materials and the cost exceeds $25,000.00. Grantor will upon request of Lender furnish to Lender advance
assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements.

PROPERTY DAMAGE INSURANCE. The
following provisions relating to insuring the Property are a part of this Mortgage:

Maintenance of Insurance. 
Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis
for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive
general liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds in such
liability insurance policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazard, business
interruption and boiler insurance as Lender may require. Policies shall be written by such insurance companies and in such form
as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing
a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days’ prior written notice
to Lender and not containing any disclaimer of the insurer’s liability for failure to give such notice. Each insurance policy
also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission
or default of Grantor or any other person. Should the Real Property be located in an area designated by the Director of the Federal
Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available,
for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the

    	 	 

    	 

    

 

	 	

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	Loan No:  15696	(Continued)	Page 4
	 	 	 

 

maximum policy
limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the
term of the loan.

Application of Proceeds.
Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or replacement exceeds
$1,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender’s
security is impaired, Lender may, at Lender’s election, receive and retain the proceeds of any insurance and apply the proceeds
to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property.
If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements
in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the
proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which
have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of
the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder,
if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the
Indebtedness, such proceeds shall be paid to Grantor as Grantor’s interests may appear.

Grantor’s Report on Insurance.
Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on each existing policy of
insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured,
the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the
policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement
cost of the Property.

TAX AND INSURANCE RESERVES. Subject
to any limitations and consistent with any requirements set by applicable law, Lender may require Grantor to maintain with Lender
reserves for payment of annual taxes, assessments, and insurance premiums, which reserves shall be created by an initial deposit
and subsequent monthly payments, or payments at such other interval as payments under the Note may be due, of a sum estimated by
Lender to be sufficient to pay the total annual taxes, assessments, and insurance premiums Lender reasonably anticipates to be
paid from these reserves. The reserve funds shall be held by Lender as a general deposit from Grantor, which Lender may satisfy
by payment of the taxes, assessments, and insurance premiums required to be paid by Grantor as they become due. Lender shall have
the right to draw upon the reserve funds to pay such items, and Lender shall not be required to determine the validity or accuracy
of any item before paying it. Nothing in the Mortgage shall be construed as requiring Lender to advance other monies for such purposes,
but Lender may at its sole option pay such amounts as they become due, even if the reserve funds are deficient. Subject to any
limitations set by applicable law, if the reserve funds disclose a shortage or deficiency, Grantor shall pay such shortage or deficiency
as required by Lender. All amounts in the reserve account are hereby pledged to further secure the Indebtedness, and Lender is
hereby authorized to withdraw and apply such amounts on the Indebtedness upon the occurrence of an Event of Default. Lender shall
not be required to pay any interest or earnings on the reserve funds unless required by law or agreed to by Lender in writing.
Lender does not hold the reserve funds in trust for Grantor, and Lender is not Grantor’s agent for payment of the taxes and
assessments required to be paid by Grantor.

LENDER’S EXPENDITURES. If
any action or proceeding is commenced that would materially affect Lender’s interest in the Property or if Grantor fails
to comply with any provision of this Mortgage or any Related Documents, including but not limited to Grantor’s failure to
discharge or pay when due any amounts Grantor is required to discharge or pay under this Mortgage or any Related Documents, Lender
on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not
limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed
on the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred or paid
by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender
to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender’s option, will
(A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment
payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or
(C) be treated as a balloon payment which will be due and payable at the Note’s maturity. The Mortgage also will secure payment
of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default.

WARRANTY; DEFENSE OF TITLE. The
following provisions relating to ownership of the Property are a part of this Mortgage:

Title. Grantor warrants
that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and encumbrances
other than those set forth in the Real Property description or in any title insurance policy, title report, or final title opinion
issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority
to execute and deliver this Mortgage to Lender.

Defense of Title. Subject
to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful
claims of all persons. In the event any action or proceeding is commenced that questions Grantor’s title or the interest
of Lender under this Mortgage, Grantor shall defend the action at Grantor’s expense. Grantor may be the nominal party in
such proceeding, but Lender shall be entitled to participate in the proceeding and to be

    	 	 

    	 

    

 

	 	

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	Loan No:  15696	(Continued)	Page 5
	 	 	 

 

represented in the proceeding by counsel
of Lender’s own choice, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request
from time to time to permit such participation.

Compliance With Laws. Grantor
warrants that the Property and Grantor’s use of the Property complies with all existing applicable laws, ordinances, and
regulations of governmental authorities.

Survival of Representations
and Warranties. All representations, warranties, and agreements made by Grantor in this Mortgage shall survive the execution
and delivery of this Mortgage, shall be continuing in nature, and shall remain in full force and effect until such time as Grantor’s
Indebtedness shall be paid in full.

CONDEMNATION. The following provisions
relating to condemnation proceedings are a part of this Mortgage:

Proceedings. If any proceeding
in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such steps as may be
necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be entitled
to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver
or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit
such participation.

Application of Net Proceeds.
If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase in lieu of condemnation,
Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness or the
repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs,
expenses, and attorneys’ fees incurred by Lender in connection with the condemnation.

IMPOSITION OF TAXES, FEES AND CHARGES
BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage:

Current Taxes, Fees and Charges.
Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take whatever other action is requested
by Lender to perfect and continue Lender’s lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described
below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage.

Taxes. The following shall
constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness
secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the
Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of
the Note; and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor.

Subsequent Taxes. If any
tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effect as
an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless
Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.

SECURITY AGREEMENT; FINANCING STATEMENTS.
 The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage:

Security Agreement. This
instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have
all of the rights of a secured party under the Uniform Commercial Code as amended from time to time.

Security Interest. Upon
request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender’s security interest
in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time
and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing
statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default,
Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal
Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available
to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law.

Addresses. The mailing
addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest granted by this
Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage.

FURTHER ASSURANCES; ATTORNEY-IN-FACT.
The following provisions relating to further assurances and attorney-in-fact are a part of this Mortgage:

Further Assurances. At
any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed
or delivered, to Lender or to Lender’s designee, and when requested by Lender, cause to

    	 	 

    	 

    

 

	 	

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be filed, recorded, refiled, or rerecorded,
as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds
of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance,
certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete,
perfect, continue, or preserve (1) Grantor’s obligations under the Note, this Mortgage, and the Related Documents, and (2)
the liens and security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter
acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all
costs and expenses incurred in connection with the matters referred to in this paragraph.

Attorney-in-Fact.  If Grantor
fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor’s
expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor’s attorney-in-fact for the purpose of making,
executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender’s sole opinion,
to accomplish the matters referred to in the preceding paragraph.

FULL PERFORMANCE. If Grantor pays
all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall
execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender’s security interest in the Rents and the Personal Property. Grantor will pay, if permitted
by applicable law, any reasonable termination fee as determined by Lender from time to time.

EVENTS OF DEFAULT. Each of the
following, at Lender’s option, shall constitute an Event of Default under this Mortgage:

Payment Default. Grantor
fails to make any payment when due under the Indebtedness.

Default on Other Payments.
Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any other payment necessary
to prevent filing of or to effect discharge of any lien.

Other Defaults. Grantor
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Mortgage or in any of the
Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Grantor.

False Statements. Any warranty,
representation or statement made or furnished to Lender by Grantor or on Grantor’s behalf under this Mortgage or the Related
Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading
at any time thereafter.

Defective Collateralization.
This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document
to create a valid and perfected security interest or lien) at any time and for any reason.

Insolvency. The dissolution
or termination of Grantor’s existence as a going business, the insolvency of Grantor, the appointment of a receiver for any
part of Grantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement
of any proceeding under any bankruptcy or insolvency laws by or against Grantor.

Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method,
by any creditor of Grantor or by any governmental agency against any property securing the Indebtedness. This includes a garnishment
of any of Grantor’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or
forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender
monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as
being an adequate reserve or bond for the dispute.

Breach of Other Agreement.
Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied within any grace period
provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender,
whether existing now or later.

Events Affecting Guarantor.
Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness
or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of,
or liability under, any Guaranty of the Indebtedness.

Adverse Change. A material
adverse change occurs in Grantor’s financial condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired.

Insecurity.  Lender in
good faith believes itself insecure.

Right to Cure. If any default,
other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same provision of this
Mortgage within the preceding twelve (12) months, it may be cured if Grantor, after Lender sends written notice to Grantor demanding
cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days,
immediately initiates steps which Lender deems in Lender’s sole discretion

    	 	 

    	 

    

 

	 	

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	Loan No:  15696	(Continued)	Page 7
	 	 	 

 

to be sufficient to cure the default and thereafter
continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

RIGHTS AND REMEDIES ON DEFAULT.
Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender’s option, may exercise any one or
more of the following rights and remedies, in addition to any other rights or remedies provided by law:

Accelerate Indebtedness.
Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable,
including any prepayment penalty that Grantor would be required to pay.

UCC Remedies. With respect
to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform
Commercial Code. If notice to Grantor of the intended disposition of the Personal Property is required by law in a particular instance,
such notice shall be deemed commercially reasonable if given to Grantor at least ten (10) calendar days prior to the date of intended
disposition. Grantor shall pay on demand all costs and expenses, including but not limited to reasonable attorneys’ fees
and legal expenses, incurred by Lender in exercising these rights and remedies.

Collect Rents. Lender shall
have the right to take possession of the Property and to collect and apply Rents, including amounts past due and unpaid, in accordance
with applicable law and this Mortgage, including during the entire redemption period after foreclosure of this Mortgage. If the
Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor’s attorney-in-fact to endorse instruments
received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other
users to Lender in response to Lender’s demand shall satisfy the obligations for which the payments are made, whether or
not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent,
or through a receiver.

Application of Rents. Lender
will first apply any Rents Lender receives in the order prescribed by Minn. Stat. Section 576.25, Subd. 2, as amended, including
expenses for the Property’s normal maintenance, and then, at Lender’s sole discretion, to the Indebtedness and any
other costs of managing, protecting and preserving the Property. All costs and expenses incurred by Lender in connection with the
Property shall be for Grantor’s account and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion,
shall determine the application of any and all Rents received by it after payment of the foregoing expenses. All expenditures made
by Lender under this Mortgage and not reimbursed from the Rents shall become a part of the Indebtedness secured by this Mortgage,
and shall be payable on demand, with interest at the interest rate set forth in the Note from date of expenditure until paid.

Appoint Receiver. Lender,
to the maximum extent permitted by law, shall be entitled, as a matter of right, to the appointment of a receiver of the Property,
without notice or demand, and without regard to the adequacy of the security for the Indebtedness or the solvency of the Grantor,
by an action separate from any foreclosure of this Mortgage pursuant to Minnesota Statutes Chapter 580 or pursuant to Minnesota
Statutes Chapter 581, or as a part of the foreclosure action under said Chapter 581 (it being agreed that the existence of a foreclosure
pursuant to said Chapter 580 or a foreclosure action pursuant to said Chapter 581 is not a prerequisite to any action for a receiver
hereunder). The receiver, who shall be an experienced property manager, shall collect (until the Indebtedness is fully paid and
satisfied and, in the case of a foreclosure sale, during the entire redemption period) the Rents, and shall manage the Property,
execute leases within or beyond the period of the receivership if approved by the court and apply all rents, profits and other
income collected by him in the order specified below. Notwithstanding the appointment of any receiver, Lender shall be entitled
as pledgee to the possession and control of any cash, deposits or instruments at the time held by or payable or deliverable under
the terms of any Related Documents to Lender. Lender shall have the right, at any time and without limitation, as provided in Minnesota
Statutes, Section 582.03, to advance money to the receiver to pay any part or all of the items which the receiver should otherwise
pay if cash were available from the Property and sums so advanced, with interest at the highest default rate set forth in the Note,
shall be secured hereby, or if advanced during the period of redemption shall be part of the sum required to be paid to redeem
from the sale. Any Rents received by the receiver hereunder shall be applied in the order prescribed by Minn. Stat. Section 576.25,
Subd. 2, as amended, including but not limited to expenses for the Property’s normal maintenance and reasonable receivership
fees, and then against the Indebtedness if received prior to the commencement of a foreclosure, to be in such order as Lender may
elect, and if received after the commencement of a foreclosure, to be applied to the amount required to be paid to effect a reinstatement
prior to foreclosure sale, or, after a foreclosure sale to any deficiency and thereafter to the amount required to be paid to effect
a redemption, all pursuant to Minnesota Statutes, Sections 580.30, 580.23 and 581.10, with any excess to be paid to Grantor. Provided,
that if this Mortgage is not reinstated nor the Property redeemed as provided by said Sections 580.30, 580.23 or 581.10, the entire
amount paid to Lender pursuant hereto shall be the property of Lender together with all or any part of the Property acquired through
foreclosure.

Foreclosure and Sale. Lender
may, and is hereby authorized and empowered to, foreclose this Mortgage by action or advertisement pursuant to the statutes of
the State of Minnesota providing for such foreclosure. Power is expressly granted to Lender (1) to sell the Property at public
auction and to convey the Property, in fee simple, to the purchasers at such sale, and (2) to pay, out of the proceeds of the sale,
all of the Indebtedness secured by this Mortgage, with interest, and all legal costs and charges of the foreclosure including the
maximum attorneys’ fees permitted by law and Grantor agrees to pay all such costs, and charges and fees.

    	 	 

    	 

    

 

	 	

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	Loan No:  15696	(Continued)	Page 8
	 	 	 

 

Other Remedies. Lender
shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.

Sale of the Property. To
the extent permitted by applicable law, Grantor hereby waives any and all right to have the Property marshalled. In exercising
its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.

Notice of Sale. Lender
shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time after which
any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given
at least ten (10) days before the time of the sale or disposition. Any sale of the Personal Property may be made in conjunction
with any sale of the Real Property.

Election of Remedies. Election
by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action
to perform an obligation of Grantor under this Mortgage, after Grantor’s failure to perform, shall not affect Lender’s
right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit
or restrict the rights and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights
and ability of Lender to proceed directly against Grantor and/or against any other co-maker, guarantor, surety or endorser and/or
to proceed against any other collateral directly or indirectly securing the Indebtedness.

Attorneys’ Fees; Expenses.
If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such
sum as the court may adjudge reasonable as attorneys’ fees at trial and upon any appeal. Whether or not any court action
is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender’s opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness
payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this
paragraph include, without limitation, however subject to any limits under applicable law, Lender’s reasonable attorneys’
fees and Lender’s legal expenses, whether or not there is a lawsuit, including reasonable attorneys’ fees and expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated
post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors’
reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs,
in addition to all other sums provided by law.

NOTICES. Any notice required to
be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given in writing,
and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when
deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class,
certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. All copies of
notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender’s address,
as shown near the beginning of this Mortgage. Any party may change its address for notices under this Mortgage by giving formal
written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice
purposes, Grantor agrees to keep Lender informed at all times of Grantor’s current address. Unless otherwise provided or
required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all
Grantors. Grantor understands that if Lender elects to foreclose by advertisement, no personal notice is required to be served
upon Grantor. Grantor 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 Property may be sold and that the procedure for foreclosure by
advertisement described above does not ensure that notice will be given to Grantor and neither said procedure for foreclosure by
advertisement nor the Code requires any hearing or other judicial proceeding. GRANTOR HEREBY RELINQUISHES, WAIVES AND GIVES UP
ANY CONSTITUTIONAL RIGHTS GRANTOR MAY HAVE TO NOTICE AND HEARING BEFORE SALE OF THE PROPERTY AND EXPRESSLY CONSENTS AND AGREES
THAT THE PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT THE PROPERTY MAY BE DISPOSED OF PURSUANT TO THE CODE, ALL AS DESCRIBED
ABOVE. GRANTOR ACKNOWLEDGES THAT GRANTOR IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT, THIS SECTION AND GRANTOR’S
CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT GRANTOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED
HEREBY AND THE EFFECT OF SUCH WAIVER.

MISCELLANEOUS PROVISIONS.  The
following miscellaneous provisions are a part of this Mortgage:

Amendments. This Mortgage,
together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth
in this Mortgage. No alteration of or amendment to this Mortgage shall be effective unless given in writing and signed by the party
or parties sought to be charged or bound by the alteration or amendment.

Annual Reports.  If the
Property is used for purposes other than Grantor’s residence, Grantor shall furnish to Lender, upon request, a certified
statement of net operating income received from the Property during Grantor’s previous fiscal year in such form and detail
as Lender shall require. “Net operating income” shall mean all cash receipts from the Property less all cash expenditures
made in connection with the operation of the Property.

    	 	 

    	 

    

 

	 	

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	Loan No:  15696	(Continued)	Page 9
	 	 	 

 

Caption Headings. Caption
headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this
Mortgage.

Grantor’s Copy of Documents.
Lender agrees to provide Grantor with a conformed copy of both the Note and this Mortgage at the time they are executed or within
a reasonable time after request.

Governing Law. This Mortgage
will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of
Minnesota without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of Minnesota.

No Waiver by Lender.  Lender
shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing and signed by Lender.
No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right.
A waiver by Lender of a provision of this Mortgage shall not prejudice or constitute a waiver of Lender’s right otherwise
to demand strict compliance with that provision or any other provision of this Mortgage. No prior waiver by Lender, nor any course
of dealing between Lender and Grantor, shall constitute a waiver of any of Lender’s rights or of any of Grantor’s obligations
as to any future transactions. Whenever the consent of Lender is required under this Mortgage, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all
cases such consent may be granted or withheld in the sole discretion of Lender.

Severability. If a court
of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality, invalidity,
or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision
of this Mortgage.

Merger. There shall be
no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any time held
by or for the benefit of Lender in any capacity, without the written consent of Lender.

Successors and Assigns.
Subject to any limitations stated in this Mortgage on transfer of Grantor’s interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person
other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors with reference to this Mortgage
and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability
under the Indebtedness.

Time is of the Essence.
Time is of the essence in the performance of this Mortgage.

DEFINITIONS. The following capitalized
words and terms shall have the following meanings when used in this Mortgage. Unless specifically stated to the contrary, all references
to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall
include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined
in this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code:

Borrower. The word “Borrower”
means Electromed, Inc. and includes all co-signers and co-makers signing the Note and all their successors and assigns.

Default.  The word “Default”
means the Default set forth in this Mortgage in the section titled “Default”.

Environmental Laws. The
words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances relating
to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization
Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules,
or regulations adopted pursuant thereto, or common law, and shall also include pollutants, contaminants, polychlorinated biphenyls,
asbestos, urea formaldehyde, petroleum and petroleum products, and agricultural chemicals.

Event of Default. The words
“Event of Default” mean any of the events of default set forth in this Mortgage in the events of default section of
this Mortgage.

Grantor. The word “Grantor”
means Electromed, Inc..

Guaranty. The word “Guaranty”
means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty
of all or part of the Note.

Hazardous Substances. The
words “Hazardous Substances” mean materials that, because of their quantity, concentration or physical, chemical or
infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly
used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous Substances”
are used in their very broadest sense and include without limitation any and all

    	 	 

    	 

    

 

	 	

MORTGAGE

	 
	Loan No:  15696	(Continued)	Page 10
	 	 	 

 

hazardous or toxic substances, materials or waste
as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes, without limitation,
petroleum and petroleum by-products or any fraction thereof and asbestos.

Improvements. The word
“Improvements” means all existing and future improvements, buildings, structures, mobile homes affixed on the Real
Property, facilities, additions, replacements and other construction on the Real Property.

Indebtedness. The word
“Indebtedness” means all principal, interest, and other amounts, costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor’s obligations or expenses incurred
by Lender to enforce Grantor’s obligations under this Mortgage, together with interest on such amounts as provided in this
Mortgage. Specifically, without limitation, Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization
provision of this Mortgage.

Lender. The word “Lender”
means Venture Bank, its successors and assigns.

Mortgage. The word “Mortgage”
means this Mortgage between Grantor and Lender.

Note. The word “Note”
means the promissory note dated December 18, 2013, in the original principal amount of $1,300,000.00 from Grantor to Lender,
together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory
note or agreement.

Personal Property. The
words “Personal Property” mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to,
all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation
all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property.

Property. The word “Property”
means collectively the Real Property and the Personal Property.

Real Property. The words
“Real Property” mean the real property, interests and rights, as further described in this Mortgage.

Related Documents. The
words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements,
guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements
and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

Rents. The word “Rents”
means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property.

NOTICE OF RIGHT TO DISCONTINUE ESCROW:
IF GRANTOR’S MORTGAGE LOAN INVOLVES AN ESCROW ACCOUNT FOR TAXES AND HOMEOWNER’S INSURANCE, GRANTOR MAY HAVE THE
RIGHT IN FIVE YEARS TO DISCONTINUE THE ACCOUNT AND PAY THEIR OWN TAXES AND HOMEOWNER’S INSURANCE. IF GRANTOR IS ELIGIBLE
TO DISCONTINUE THE ESCROW ACCOUNT, GRANTOR WILL BE NOTIFIED IN FIVE YEARS. 

GRANTOR ACKNOWLEDGES HAVING READ ALL
THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. 

GRANTOR:

ELECTROMED, INC.

 

	By:	/s/ Jeremy Brock	 
	 	Jeremy Brock, Chief Financial Officer of Electromed, Inc.	 
	 	 	 

This Mortgage was drafted by:

	 	Venture Bank

6210 Wayzata Boulevard

Golden Valley, MN 55416
	 	 
	 	 

    	 	 

    	 

    

 

	 	

MORTGAGE

	 
	Loan No:  15696	(Continued)	Page 11
	 	 	 

 

CORPORATE
ACKNOWLEDGMENT

	STATE OF        Minnesota        	)
	 	) SS
	COUNTY
    OF       Ramsey         	)

 

On this    18th   
day of      December      , 20  13  ,
before me, the undersigned Notary Public, personally appeared Jeremy Brock, Chief Financial Officer of Electromed, Inc.,
and known to me to be an authorized agent of the corporation that executed the Mortgage and acknowledged the Mortgage to be the
free and voluntary act and deed of the corporation, by authority of its Bylaws or by resolution of its board of directors, for
the uses and purposes therein mentioned, and on oath stated that he or she is authorized to execute this Mortgage and in fact
executed the Mortgage on behalf of the corporation.

	 	 	 	 	 	 	 
	By 	 /s/
    Mary C. Parnell	 	 	Residing at 	 
	 	 	 	 	 	 
	Notary Public in and for the State of  	Minnesota	 	My commission expires  	 1/31/2015Exhibit 10.9

ASSIGNMENT
OF RENTS

RECORDATION REQUESTED BY:

Venture Bank

6210 Wayzata Boulevard 

Golden Valley, MN 55416

  

SEND TAX NOTICES TO:

Venture Bank

6210 Wayzata Boulevard 

Golden Valley, MN 55416

	 

THIS ASSIGNMENT OF RENTS dated December
18, 2013, is made and executed between Electromed, Inc., whose address is 500 Sixth Avenue NW, New Prague, MN 56071; a Minnesota
Corporation (referred to below as “Grantor”) and Venture Bank, whose address is 6210 Wayzata Boulevard, Golden Valley,
MN 55416 (referred to below as “Lender”).

ASSIGNMENT. For valuable consideration,
Grantor hereby assigns, grants a continuing security interest in, and conveys to Lender all of Grantor’s right, title, and
interest in and to the Rents from the following described Property located in Scott County, State of Minnesota:

Lot 1, Block 1, New Prague
Business Park 9th Addition, Scott County, Minnesota ABSTRACT

The Property or its address is commonly
known as 500 and 502 Sixth Avenue NW, New Prague, MN 56071. The Property tax identification number is 24-1170010.

CROSS-COLLATERALIZATION. In addition
to the Note, this Assignment secures all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender, or any
one or more of them, as well as all claims by Lender against Grantor 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 Grantor 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.

THIS ASSIGNMENT IS GIVEN TO SECURE
(1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS OF GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND
THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS:

PAYMENT AND PERFORMANCE. Except
as otherwise provided in this Assignment or any Related Documents, Grantor shall pay to Lender all amounts secured by this Assignment
as they become due, and shall strictly perform all of Grantor’s 

    	 

    	 

    

		ASSIGNMENT OF RENTS	 
	Loan No: 15696	(Continued)	Page 2
	 

obligations under this Assignment. Unless and until Lender
exercises its right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may
remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the
right to collect the Rents shall not constitute Lender’s consent to the use of cash collateral in a bankruptcy proceeding.

GRANTOR’S REPRESENTATIONS AND
WARRANTIES. Grantor warrants that:

Ownership. Grantor is entitled
to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to and accepted by
Lender in writing.

Right to Assign.  Grantor
has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to Lender.

No Prior Assignment.  Grantor
has not previously assigned or conveyed the Rents to any other person by any instrument now in force.

No Further Transfer. Grantor
will not sell, assign, encumber, or otherwise dispose of any of Grantor’s rights in the Rents except as provided in this
Assignment.

LENDER’S RIGHT TO RECEIVE AND
COLLECT RENTS. This Assignment shall constitute an actual and present assignment, provided that the Grantor shall have a license
to collect, but not prior to accrual, all of the Rents and to retain, use and enjoy the same unless and until an Event of Default
as defined herein has occurred. For this purpose, Lender is hereby given and granted the following rights, powers and authority
upon an Event of Default:

Notice to Tenants. Lender
may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents to be paid directly
to Lender or Lender’s agent.

Enter the Property. Lender
may enter upon and take possession of the Property; demand, collect and receive from the tenants or from any other persons liable
therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the Property, including
such proceedings as may be necessary to recover possession of the Property; collect the Rents and remove any tenant or tenants
or other persons from the Property.

Maintain the Property.
Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs thereof and of all services
of all employees, including their equipment, and of all continuing costs and expenses of maintaining the Property in proper repair
and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other insurance effected
by Lender on the Property.

Compliance with Laws. Lender
may do any and all things to execute and comply with the laws of the State of Minnesota and also all other laws, rules, orders,
ordinances and requirements of all other governmental agencies affecting the Property.

Lease the Property. Lender
may rent or lease the whole or any part of the Property for such term or terms and on such conditions as Lender may deem appropriate.

Employ Agents. Lender may
engage such agent or agents as Lender may deem appropriate, either in Lender’s name or in Grantor’s name, to rent and
manage the Property, including the collection and application of Rents.

Other Acts.  Lender may
do all such other things and acts with respect to the Property as Lender may deem appropriate and may act exclusively and solely
in the place and stead of Grantor and to have all of the powers of Grantor for the purposes stated above.

No Requirement to Act. 
Lender shall not be required to do any of the foregoing acts or things, and the fact that Lender shall have performed one or more
of the foregoing acts or things shall not require Lender to do any other specific act or thing.

APPLICATION OF RENTS. Lender will
first apply any Rents Lender receives in the order prescribed by Minn. Stat. Section 576.25, Subd. 2, as amended, including expenses
for the Property’s normal maintenance, and then, at Lender’s sole discretion, to the Indebtedness and any other costs
of managing, protecting and preserving the Property. All costs and expenses incurred by Lender in connection with the Property
shall be for Grantor’s account and Lender may pay such costs and expenses from the Rents. Lender, in its sole discretion,
shall determine the application of any and all Rents received by it after payment of the foregoing expenses. All expenditures made
by Lender under this Assignment and not reimbursed from the Rents shall become a part of the Indebtedness secured by this Assignment,
and shall be payable on demand, with interest at the interest rate set forth in the Note from date of expenditure until paid.

FULL PERFORMANCE. If Grantor pays
all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under this Assignment, the Note,
and the Related Documents, Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment and suitable
statements of termination of any financing statement on file evidencing Lender’s security interest in the Rents and the Property.
Any termination fee required by law shall be paid by Grantor, if permitted by applicable law.

LENDER’S EXPENDITURES. If
any action or proceeding is commenced that would materially affect Lender’s interest in the Property or if Grantor fails
to comply with any provision of this Assignment or any Related Documents, including but not limited

    	 

    	 

    

		ASSIGNMENT OF RENTS	 
	Loan No: 15696	(Continued)	Page 3
	 

 

to Grantor’s failure
to discharge or pay when due any amounts Grantor is required to discharge or pay under this Assignment or any Related Documents,
Lender on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but
not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or
placed on the Rents or the Property and paying all costs for insuring, maintaining and preserving the Property. All such expenditures
incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred
or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender’s
option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of
the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity. The Assignment also
will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled
upon Default.

DEFAULT. Each of the following,
at Lender’s option, shall constitute an Event of Default under this Assignment:

Payment Default. Grantor
fails to make any payment when due under the Indebtedness.

Other Defaults. Grantor
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Assignment or in any of
the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Grantor.

Default on Other Payments.
Failure of Grantor within the time required by this Assignment to make any payment for taxes or insurance, or any other payment
necessary to prevent filing of or to effect discharge of any lien.

False Statements. Any warranty,
representation or statement made or furnished to Lender by Grantor or on Grantor’s behalf under this Assignment or the Related
Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading
at any time thereafter.

Defective Collateralization.
 This Assignment or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time and for any reason.

Insolvency.  The dissolution
or termination of Grantor’s existence as a going business, the insolvency of Grantor, the appointment of a receiver for any
part of Grantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement
of any proceeding under any bankruptcy or insolvency laws by or against Grantor.

Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method,
by any creditor of Grantor or by any governmental agency against the Rents or any property securing the Indebtedness. This includes
a garnishment of any of Grantor’s accounts, including deposit accounts, with Lender. However, this Event of Default shall
not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits
with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion,
as being an adequate reserve or bond for the dispute.

Property Damage or Loss.
The Property is lost, stolen, substantially damaged, sold, or borrowed against.

Events Affecting Guarantor.
Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness
or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of,
or liability under, any Guaranty of the Indebtedness.

Adverse Change.  A material
adverse change occurs in Grantor’s financial condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired.

Insecurity. Lender in good
faith believes itself insecure.

Cure Provisions. If any
default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same provision
of this Assignment within the preceding twelve (12) months, it may be cured if Grantor, after Lender sends written notice to Grantor
demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15)
days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

RIGHTS AND REMEDIES ON DEFAULT.
Upon the occurrence of any Event of Default and at any time thereafter, Lender may exercise any one or more of the following rights
and remedies, in addition to any other rights or remedies provided by law:

Accelerate Indebtedness.
Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable,
including any prepayment penalty that Grantor would be required to pay.

Collect Rents. Lender shall
have the right to take possession of the Property and to collect and apply Rents, including amounts past due and unpaid, in accordance
with applicable law and this Assignment, including during the entire redemption period after foreclosure of any related mortgage.
If the Rents are collected by Lender, then Grantor irrevocably

    	 

    	 

    

 

		ASSIGNMENT OF RENTS	 
	Loan No: 15696	(Continued)	Page 4
	 

 

designates Lender as Grantor’s attorney-in-fact to endorse
instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by
tenants or other users to Lender in response to Lender’s demand shall satisfy the obligations for which the payments are
made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
person, by agent, or through a receiver.

Appoint Receiver. Lender,
to the maximum extent permitted by law, shall be entitled, as a matter of right, to the appointment of a receiver of the Property,
without notice or demand, and without regard to the adequacy of the security for the Indebtedness or the solvency of the Grantor,
by an action separate from any foreclosure of any related mortgage pursuant to Minnesota Statutes Chapter 580 or pursuant to Minnesota
Statutes Chapter 581, or as a part of the foreclosure action under said Chapter 581 (it being agreed that the existence of a foreclosure
pursuant to said Chapter 580 or a foreclosure action pursuant to said Chapter 581 is not a prerequisite to any action for a receiver
hereunder). The receiver, who shall be an experienced property manager, shall collect (until the Indebtedness is fully paid and
satisfied and, in the case of a foreclosure sale, during the entire redemption period) the Rents, and shall manage the Property,
execute leases within or beyond the period of the receivership if approved by the court and apply all rents, profits and other
income collected by him in the order specified below. Notwithstanding the appointment of any receiver, Lender shall be entitled
as pledgee to the possession and control of any cash, deposits or instruments at the time held by or payable or deliverable under
the terms of any Related Documents to Lender. Lender shall have the right, at any time and without limitation, as provided in Minnesota
Statutes, Section 582.03, to advance money to the receiver to pay any part or all of the items which the receiver should otherwise
pay if cash were available from the Property and sums so advanced, with interest at the highest default rate set forth in the Note,
shall be secured hereby, or if advanced during the period of redemption shall be part of the sum required to be paid to redeem
from the sale. Any Rents received by the receiver hereunder shall be applied in the order prescribed by Minn. Stat. Section 576.25,
Subd. 2, as amended, including but not limited to expenses for the Property’s normal maintenance and reasonable receivership
fees, and then against the Indebtedness if received prior to the commencement of a foreclosure, to be in such order as Lender may
elect, and if received after the commencement of a foreclosure, to be applied to the amount required to be paid to effect a reinstatement
prior to foreclosure sale, or, after a foreclosure sale to any deficiency and thereafter to the amount required to be paid to effect
a redemption, all pursuant to Minnesota Statutes, Sections 580.30, 580.23 and 581.10, with any excess to be paid to Grantor. Provided,
that if any related mortgage is not reinstated nor the Property redeemed as provided by said Sections 580.30, 580.23 or 581.10,
the entire amount paid to Lender pursuant hereto shall be the property of Lender together with all or any part of the Property
acquired through foreclosure.

Other Remedies. Lender
shall have all other rights and remedies provided in this Assignment or the Note or by law.

Election of Remedies. Election
by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action
to perform an obligation of Grantor under this Assignment, after Grantor’s failure to perform, shall not affect Lender’s
right to declare a default and exercise its remedies.

Attorneys’ Fees; Expenses.
If Lender institutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to recover such
sum as the court may adjudge reasonable as attorneys’ fees at trial and upon any appeal. Whether or not any court action
is involved, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender’s opinion are
necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness
payable on demand and shall bear interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this
paragraph include, without limitation, however subject to any limits under applicable law, Lender’s reasonable attorneys’
fees and Lender’s legal expenses, whether or not there is a lawsuit, including reasonable attorneys’ fees and expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated
post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors’
reports, and appraisal fees, title insurance, and fees for the Trustee, to the extent permitted by applicable law. Grantor also
will pay any court costs, in addition to all other sums provided by law.

MISCELLANEOUS PROVISIONS. The
following miscellaneous provisions are a part of this Assignment:

Amendments. This Assignment,
together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth
in this Assignment. No alteration of or amendment to this Assignment shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.

Caption Headings. Caption
headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the provisions of this
Assignment.

Governing Law.  This
Assignment will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the
State of Minnesota without regard to its conflicts of law provisions. This Assignment has been accepted by Lender in the State
of Minnesota.

Merger.  There shall be
no merger of the interest or estate created by this assignment with any other interest or estate in the Property at any time held
by or for the benefit of Lender in any capacity, without the written consent of Lender.

    	 

    	 

    

		ASSIGNMENT OF RENTS	 
	Loan No: 15696	(Continued)	Page 5
	 

 

Interpretation. (1) In
all cases where there is more than one Borrower or Grantor, then all words used in this Assignment in the singular shall be deemed
to have been used in the plural where the context and construction so require. (2) If more than one person signs this Assignment
as “Grantor,” the obligations of each Grantor are joint and several. This means that if Lender brings a lawsuit, Lender
may sue any one or more of the Grantors. If Borrower and Grantor are not the same person, Lender need not sue Borrower first, and
that Borrower need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for convenience
purposes only. They are not to be used to interpret or define the provisions of this Assignment.

No Waiver by Lender. Lender
shall not be deemed to have waived any rights under this Assignment unless such waiver is given in writing and signed by Lender.
No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right.
A waiver by Lender of a provision of this Assignment shall not prejudice or constitute a waiver of Lender’s right otherwise
to demand strict compliance with that provision or any other provision of this Assignment. No prior waiver by Lender, nor any course
of dealing between Lender and Grantor, shall constitute a waiver of any of Lender’s rights or of any of Grantor’s obligations
as to any future transactions. Whenever the consent of Lender is required under this Assignment, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all
cases such consent may be granted or withheld in the sole discretion of Lender.

Notices. Any notice required
to be given under this Assignment shall be given in writing, and shall be effective when actually delivered, when actually received
by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed,
when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses
shown near the beginning of this Assignment. Any party may change its address for notices under this Assignment by giving formal
written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice
purposes, Grantor agrees to keep Lender informed at all times of Grantor’s current address. Unless otherwise provided or
required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all
Grantors.

Powers of Attorney. The
various agencies and powers of attorney conveyed on Lender under this Assignment are granted for purposes of security and may not
be revoked by Grantor until such time as the same are renounced by Lender.

Severability. If a court
of competent jurisdiction finds any provision of this Assignment to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it shall be considered deleted from this Assignment. Unless otherwise required by law, the illegality, invalidity,
or unenforceability of any provision of this Assignment shall not affect the legality, validity or enforceability of any other
provision of this Assignment.

Successors and Assigns.
Subject to any limitations stated in this Assignment on transfer of Grantor’s interest, this Assignment shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person
other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors with reference to this Assignment
and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Assignment or liability
under the Indebtedness.

Time is of the Essence.
Time is of the essence in the performance of this Assignment.

Waiver of Right of Redemption.
NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS ASSIGNMENT, GRANTOR HEREBY WAIVES ANY AND ALL RIGHTS OF
REDEMPTION FROM SALE UNDER ANY ORDER OR JUDGMENT OF FORECLOSURE ON GRANTOR’S BEHALF AND ON BEHALF OF EACH AND EVERY PERSON,
EXCEPT JUDGMENT CREDITORS OF GRANTOR, ACQUIRING ANY INTEREST IN OR TITLE TO THE PROPERTY SUBSEQUENT TO THE DATE OF THIS ASSIGNMENT.

DEFINITIONS. The following capitalized
words and terms shall have the following meanings when used in this Assignment. Unless specifically stated to the contrary, all
references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular
shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code:

Assignment.  The word “Assignment”
means this ASSIGNMENT OF RENTS, as this ASSIGNMENT OF RENTS may be amended or modified from time to time, together with all exhibits
and schedules attached to this ASSIGNMENT OF RENTS from time to time.

Borrower. The word “Borrower”
means Electromed, Inc..

Default. The word “Default”
means the Default set forth in this Assignment in the section titled “Default”.

Event of Default. The words
“Event of Default” mean any of the events of default set forth in this Assignment in the default section of this Assignment.

Grantor. The word “Grantor”
means Electromed, Inc..

    	 

    	 

    

		ASSIGNMENT OF RENTS	 
	Loan No: 15696	(Continued)	Page 6
	 

 

Guaranty.  The word “Guaranty”
means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty
of all or part of the Note.

Indebtedness. The word
“Indebtedness” means all principal, interest, and other amounts, costs and expenses payable under the Note or Related
Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor’s obligations or expenses incurred
by Lender to enforce Grantor’s obligations under this Assignment, together with interest on such amounts as provided in this
Assignment. Specifically, without limitation, Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization
provision of this Assignment.

Lender. The word “Lender”
means Venture Bank, its successors and assigns.

Note. The word “Note”
means the promissory note dated December 18, 2013, in the original principal amount of $1,300,000.00 from Grantor to Lender,
together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory
note or agreement.

Property. The word “Property”
means all of Grantor’s right, title and interest in and to all the Property as described in the “Assignment”
section of this Assignment.

Related Documents. The
words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements,
guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements
and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

Rents. The word “Rents”
means all of Grantor’s present and future rights, title and interest in, to and under any and all present and future leases,
including, without limitation, all rents, revenue, income, issues, royalties, bonuses, accounts receivable, cash or security deposits,
advance rentals, profits and proceeds from the Property, and other payments and benefits derived or to be derived from such leases
of every kind and nature, whether due now or later, including without limitation Grantor’s right to enforce such leases and
to receive and collect payment and proceeds thereunder.

THE UNDERSIGNED ACKNOWLEDGES HAVING
READ ALL THE PROVISIONS OF THIS ASSIGNMENT, AND NOT PERSONALLY BUT AS AN AUTHORIZED SIGNER, HAS CAUSED THIS ASSIGNMENT TO BE SIGNED
AND EXECUTED ON BEHALF OF GRANTOR ON DECEMBER 18, 2013.

GRANTOR: 

ELECTROMED, INC.

	 	 	 
	By:	/s/ Jeremy Brock	 
	 	Jeremy Brock, Chief Financial Officer of Electromed, Inc.

 

	This ASSIGNMENT OF RENTS was drafted by:
	 	 
	 	Venture Bank

6210 Wayzata Boulevard

Golden Valley, MN 55416
	 	 
	CORPORATE ACKNOWLEDGMENT

 

	STATE OF        Minnesota        	)
	 	)SS
	COUNTY OF       Ramsey         	)

 

On this    18th    day of     December    ,
20  13  , before me, the undersigned Notary Public, personally appeared Jeremy Brock, Chief Financial Officer of Electromed,
Inc., and known to me to be an authorized agent of the corporation that executed the ASSIGNMENT OF RENTS and acknowledged
the Assignment to be the free and voluntary act and deed of the corporation, by authority of its Bylaws or by resolution of its
board of directors, for the uses and purposes therein mentioned, and on oath stated that he or she is authorized to execute this
Assignment and in fact executed the Assignment on behalf of the corporation.

	By	 /s/ Mary C. Parnell	 	Residing at	 

	Notary Public in and for the State of	 Minnesota	 	My commission expires	 1/3/12015

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