Document:

EX-10.3

 Exhibit 10.3 

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 Three Million Seven Hundred Thousand and no/100 dollars ($3,700,000.00) 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 fixed 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, 2026 (“Maturity Date”). 

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

F. 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. 

 G. 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. 
 (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 

  
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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. 

(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 

  
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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. 

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 

  
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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 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. 

  
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 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. 

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. 

  
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 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.

 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. 

  
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 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. 

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. 

  
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 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 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 

  
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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 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 

  
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 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 

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

  
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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 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 

  
 12 

 
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; 

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,

  
 13 

 
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. 

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

  
 14 

 
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. 
 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. 

  
 15 

 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. 
 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 

  
 16 

 
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, 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,

  
 17 

 
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. 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. 

  
 18 

 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; 

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 to the principal, interest, fees, costs and expenses due to
Lender under the Loan, whether then due and payable or not, and if the Loan is paid in full then to the principal, interest, fees, costs and expenses due to Lender under any 

  
 19 

 
subordinate 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 Nov, 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-1st 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                     	  	)	  	

 The foregoing instrument was acknowledged before me this 30 day of Nov, 2016 by Dexter Newman, the
Chief Financial Officer of Famous Dave’s of America, Inc., a Minnesota 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-1st 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-10.4

 Exhibit 10.4 

LOAN AGREEMENT 
 (Loans 2
and 3) 
 THIS LOAN AGREEMENT (“Agreement”) is made as of December 2, 2016, by and between 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 (all of the foregoing referred to collectively as the “Borrower”) and VENTURE
BANK, a Minnesota banking corporation (“Lender”). 
 RECITALS: 

A. Lender has agreed to make two separate loans to Borrower in the aggregate principal amount of seven million three hundred thousand and
no/100 dollars ($7,300,000.00), one in the principal amount of six million three hundred thousand and no/100 dollars ($6,300,000.00) (“Loan 2”) and the other in the principal amount of one million and no/100 dollars ($1,000,000.00)
(“Loan 3”) for the following purposes: (1) refinancing certain debt obligations of the Borrowers; (2) providing a line of credit as working capital for the Business; and (3) paying certain other costs approved by
Lender. 
 B. Both Loan 2 and Loan 3 are governed by this Agreement and collectively and individually defined as the “Loan”
under this Agreement. 
 C. To evidence the Loan, the Borrower is executing and delivering to the Lender two promissory notes of even date
herewith in the amount of the Loan. 
 D. Loan 2 is evidenced by a promissory note in the principal amount of six million three hundred
thousand and no/100 dollars ($6,300,000.00) and secured by (i) a junior mortgage dated of even date herewith, (ii) a security interest on substantially all of the personal property of the Borrower, and (iii) a pledge of certain
certificates of deposit. 
 E. Loan 3 is evidenced by a promissory note in the principal amount of one million and no/100 dollars
($1,000,000.00) and secured by (i) a security interest on substantially all of the personal property of the Borrower, and (ii) a pledge of certain certificates of deposit. 

F. Famous Dave’s Of America, Inc. and Minwood Partners, Inc., a Delaware corporation and affiliate of the Borrower, are entering into a
separate loan agreement of even date herewith under which Lender has agreed to make a loan in the principal amount of three million seven hundred thousand and no/100 dollars ($3,700,000.00) (“Loan 1”). 

  
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 NOW, THEREFORE, in consideration of the making of the Loan and other good and valuable
consideration, the receipt of which is hereby acknowledged by the parties, the parties hereto agree as follows: 
 Section 1.
Definitions. For the purposes of this Agreement and any amendments or supplements, the following terms have the following meanings: 

1.1 “Affiliate” means a person or entity who controls, is controlled by or is under common control with another person or
entity. 
 1.2 “Agreement” has the meaning set forth in the preamble and includes any amendments or supplements. 

1.3 “Assignment of Rents” means the Assignment of Rents and Leases of even date herewith from Borrower to Lender, including
any amendments or supplements. 
 1.4 “Borrower” means 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, jointly and severally. 
 1.5 “Capital
Expenditures” means, without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on the balance sheet of the Borrower prepared
in accordance with GAAP. 
 1.6 “Collateral” means all property and assets granted as security for this Loan, including,
but not limited to, the Land and Improvements, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future and whether granted in the form of a security interest, mortgage, assignment, pledge,
conditional sale, lien or lease, or any other security or lien interest whatsoever, whether created by law, contract or otherwise. 
 1.7
“Commitment for Title Insurance” means a title commitment for a loan policy of title insurance in the amount of six million three hundred thousand and no/100 dollars ($6,300,000.00) issued by Title, by which Title commits to issue a
loan policy of title insurance that: 
 1.7.1 specifically insures that the Mortgage is a second and Junior lien on the Mortgaged Property;

 1.7.2 waives the standard exceptions and insures over (A) rights and claims of parties in possession and (B) mechanic’s,
contractor’s or materialmen’s liens and lien claims; 
 1.7.3 waives the survey exception and provides survey coverage; 

1.7.4 is subject only to those exceptions specifically approved by Lender; and 

1.7.5 includes such endorsements required by Lender. 

  
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 1.8 “Deposit Account” means the primary deposit account of Borrower maintained
with the Lender, which deposit account has been initially created as checking account no. 049031. 
 1.9 “EBITDA” means,
for any period, the sum of the following determined on a consolidated basis, without duplication, for the Borrower and its subsidiaries in accordance with GAAP, (a) consolidated net income for the most recently completed period plus
(b) the following to the extent deducted in calculating such consolidated net income (without duplication): (i) interest expense, (ii) the provision for federal, state, local and foreign income taxes payable, (iii) depreciation
and amortization expense, (iv) non-cash charges and losses, including any write-offs or write-downs and in respect of equity-based compensation and asset impairment, (v) any non-recurring legal or severance costs, fees or charges paid in
cash during the period, and (vi) any other non-recurring costs, fees or charges paid in cash during the period and approved by the Lender in its sole and absolute discretion. 

1.10 “GAAP” has the meaning set forth in Section 4.3. 

1.11 “Growth Capital Expenditures” means Capital Expenditures related to the construction, acquisition or opening of new
restaurants during any fiscal year. 
 1.12 “Improvements” means 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, fire
and sprinkler protection, and other building services; 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, and all parking areas, roadways, curbing, sidewalks and walkways, loading docks, landscaping and signs (it
being understood that the enumeration of any specific articles of property will in no way be held to exclude any items of property not specifically enumerated). 

1.13 “Indebtedness” means all loans, including this Loan, together with all other obligations, debts and liabilities of
Borrower to Lender, as well as all claims by Lender against Borrower, whether now or hereafter existing, voluntary or involuntary, due or not due, absolute or contingent, liquidated or unliquidated; whether Borrower may be liable individually or
jointly with others; whether Borrower may obligated as guarantor, surety or otherwise; whether recovery upon such indebtedness may be or hereafter may become barred by any statute of limitations and whether such indebtedness may be or hereafter may
become unenforceable. 
 1.14 “Indemnity Agreement” means the Environmental Indemnification Agreement of even date herewith
from Borrower, as indemnitor to Lender, including any amendments or supplements. 
 1.15 “Land” means the real estate,
interests in real estate and other rights described in Exhibit A to the Mortgage. 
 1.16 “Lease(s)” means any lease for
space within the Mortgaged Property. 

  
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 1.17 “Leasing Documents” means the following documents for each Lease, as the
same from time to time may be amended or supplemented: 
 1.17.1 Lease; 

1.17.2 Subordination, non-disturbance and attornment agreement for a Lease (to the extent not provided for in the terms of the Lease); and 

1.17.3 Tenant’s estoppel certificate for a Lease. 

1.18 “Lender” has the meaning set forth in the preamble, and includes Lender’s successors and assigns. 

1.19 “Loan” has the meaning set forth in the recitals. 

1.20 “Loan Agreement 1” means that certain loan agreement of even date herewith under which Lender has agreed to make a loan
in the principal amount of Loan 1 to Famous Dave’s Of America, Inc. and Minwood Partners, Inc. 
 1.21 “Loan Charges”
means all costs and expenses incurred by Borrower or Lender in connection with the Loan, including, but not limited to, commitment fees paid to Lender, brokerage fees, interest charges, service fees, document preparation expenses, title and
conveyancing charges, recording and filing fees and taxes, mortgage or registration taxes, escrow fees, revenue and tax stamp expenses, real estate taxes, special assessments, insurance premiums (including title insurance premiums), utility charges,
finder’s fees, placement fees, surveyor fees, photographer fees, appraiser fees, architect fees, travel expenses incurred by Lender in connection with inspections of the Mortgaged Property, accountants’ fees and attorneys’ fees
(including Lender’s attorneys’ fees and legal expenses incurred in connection with the preparation, administration or enforcement of the Loan Documents). Loan Charges also means all costs and expenses incurred by Borrower or Lender with
respect to the prosecution or defense of any action or proceeding or other litigation affecting Borrower, the Mortgaged Property or any other security given for the Loan. 

1.22 “Loan Documents” means the following documents, as the same from time to time may be amended or supplemented, each of
which must be satisfactory to Lender in form and substance: 
 1.22.1 Loan Proposal; 

1.22.2 this Agreement; 
 1.22.3
Note; 
 1.22.4 Mortgage; 

1.22.5 Assignment of Rents and Leases; 

1.22.6 Indemnity Agreement; 

  
 4 

 1.22.7 Security Agreement; 

1.22.8 Pledge Agreement; 
 1.22.9
UCC-1 Financing Statement; 
 1.22.10 all other documents related to the Loan. 

For purposes of this Agreement, “Material Loan Documents” means the Loan Documents described in Sections 1.22.2 through 1.22.9 above. 

1.23 “Loan Origination Fee” means a non-refundable loan origination fee payable by Borrower to Lender in the amount of
thirty-six thousand five hundred dollars and no/100ths ($36,500.00) for making the Loan. 
 1.24 “Loan Proposal” means the
loan proposal letter dated October 13, 2016 by and between Borrower and Lender together with any amendments or supplements. 
 1.25
“Mortgage” means the mortgage and security agreement and fixture financing statement of even date herewith from Borrower to Lender securing the Loan, including any amendments or supplements. 

1.26 “Mortgaged Property” means the Land and Improvements and any other land and property, tangible or intangible, mortgaged
pursuant to the Mortgage. 
 1.27 “Note” means, collectively, two promissory notes from Borrower to Lender, one in the
original principal amount of six million three hundred thousand and no/100 dollars ($6,300,000.00) and the other in the principal amount of one million and no/100 dollars ($1,000,000.00), each of which evidences Borrower’s obligation to repay
the Loan with interest, and each amendment, modification, extension or renewal thereof. 
 1.28 “Organizational Documents”
means the following documents, each of which must be satisfactory to Lender in form and substance: 
 1.28.1 Articles of Incorporation of
each Borrower; 
 1.28.2 Bylaws of each Borrower; 

1.28.3 Certificate of Secretary of Borrower; 

1.28.4 Resolutions of Directors of Borrower approving the transaction and authorizing one or more persons to sign documents on behalf of the
entity; and 
 1.28.5 Certificate or other evidence of good standing of Borrower. 

1.29 “Permitted Liens” has the meaning set forth in Schedule 5.2. 

1.30 “Permitted Indebtedness” has the meaning set forth in Schedule 5.3. 

  
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 1.31 “Phase II Environmental Assessment” means the phase II environmental
assessment on the Mortgaged Property located in Plymouth, Minnesota that must be obtained by the Borrower after closing as described in Section 4.19.3 below. 

1.32 “Pledge Agreement” means the pledge agreement of even date herewith from Borrower to Lender, including any amendments or
supplements. 
 1.33 “Related Party” means a party that is any of the following: (i) an Affiliate of Borrower;
(ii) an individual or entity that has, directly or indirectly, a 10% or more ownership interest in the Borrower; or (iii) an entity that is owned entirely or in part by the Borrower. 

1.34 “Security Agreement” means the security agreement of even date herewith from Borrower to Lender, including any
amendments or supplements. 
 1.35 “Title” means DCA Title as an agent of Old Republic National Title Insurance Company.

 1.36 “Transfer” means any sale, grant, pledge, assignment, mortgage, encumbrance, security interest, consensual lien,
hypothecation, lease (other than bona fide third party leases for actual occupancy by a tenant), transfer or divesture of an interest in (i) the Collateral (except as permitted by clause (ii)) or the Mortgaged Property, or (ii) all or any
substantial part of the assets of the Borrower except for assets sold in the ordinary course of Borrower’s business. Any change in the legal or equitable title of the Collateral or the Mortgaged Property whether or not of record and whether or
not for consideration will be deemed a Transfer. 
 Section 2. The Loan and Conditions of Lending. 

2.1 Loan. Subject to the conditions and terms of this Agreement, Lender agrees to make two separate loans to Borrower, Loan 2 in the
principal amount of six million three hundred thousand and no/100 dollars ($6,300,000.00) and Loan 3 in the principal amount of one million and no/100 dollars ($1,000,000.00). Borrower agrees to borrow the amount of Loan 2 and Loan 3 from Lender in
accordance with this Agreement. Loan 2 will be made in a single advance upon the closing of the Loan, subject to satisfaction of the conditions precedent set forth in Section 2.2. Loan 3 will be made in one or more advances under the terms of
the Note for Loan 3, subject to satisfaction of the conditions precedent set forth in Section 2.2 and further subject to the restriction under Section 2.3. 

2.2 Conditions Precedent to the Loan. The obligations of the Lender to make the Loan under this Agreement are subject to the following
conditions precedent being satisfied, in Lender’s sole discretion, on the date of such advance: 
 2.2.1 Approval by Lender’s
Counsel. All legal matters incidental to the extension of credit by Lender under this Agreement and the Loan Documents are reasonably satisfactory to Lender’s counsel. 

2.2.2 Loan and Organizational Documentation. Borrower must deliver, without expense to Lender, originals of each of the Loan Documents
and copies of the Organizational Documents, duly executed to the extent required by Lender, 

  
 6 

 
all in accordance with terms and conditions acceptable to Lender. The documents required by Lender to be recorded or filed must have been recorded or filed, without expense to Lender, and all
recording fees, filing fees, charges, expenses and taxes (including, but not limited to, mortgage registration tax) must have been paid by Borrower. 

2.2.3 No Default; True and Correct Representations. There is no default, or no occurrence of an event that would become a default, under
the terms of this Agreement or any of the Material Loan Documents. The representations and warranties in Section 3 of this Agreement must be true and correct in all material respects as of the date of the advance. 

2.2.4 Financial Statements and Change in Financial Condition. Borrower will deliver, without expense to Lender, copies of all financial
statements of the Borrower as requested by the Lender for loan approval and thereafter in accordance with this Agreement. There has not been any material adverse change, as determined by Lender, in the financial condition or business of Borrower,
nor any material decline in the market value of any Collateral or the Mortgaged Property or a substantial or material portion of the assets of Borrower. 

2.2.5 Leasing Documents. Borrower will deliver, without expense to Lender, copies of the Leasing Documents, duly executed to the extent
required by Lender, all in accordance with terms and conditions acceptable to Lender. 
 2.2.6 Legal Opinion. Opinion of
Lindquist & Vennum LLP as counsel for Borrower delivered to the Lender, providing customary legal opinions (subject to customary and reasonable assumptions and qualifications) ordinarily delivered in transactions of the type contemplated
hereby 
 2.2.7 Payment of Fees. Payment of all reasonable and out-of-pocket fees and expenses then due and payable pursuant to this
Agreement and the Loan Documents. 
 2.2.8 Appraisal. Lender obtaining, without expense to Lender, an appraisal of the Mortgaged
Property prepared by a licensed appraiser approved by Lender that shows a fair market value that is acceptable to Lender. 
 2.2.9 Title
to the Land. The title to the Land must be satisfactory in all respects to Lender, and Title must have agreed to provide the Commitment for Title Insurance and agreed to insure Lender in accordance with a title insurance policy and endorsements
satisfactory in all respects to Lender. 
 2.2.10 Governmental Compliance and Approvals. Evidence satisfactory to the Lender that the
Improvements are permitted by and comply in all material respects with all applicable governmental regulations and all applicable restrictions and requirements. 

  
 7 

 2.2.11 Environmental Assessment. Borrower must deliver, without expense to Lender, a phase
I environmental assessment that is acceptable to Lender. 
 2.2.12 Insurance. Borrower must deliver, without expense to Lender,
evidence satisfactory to the Lender of the insurance required to be maintained by Borrower under this Agreement and the Mortgage. 
 2.2.13
UCC Searches. Lender obtaining, without expense to Lender, Uniform Commercial Code searches and federal and state lien searches as of the date of the Mortgage or the most current date for which such searches are available, showing no
financing statements or tax liens of record with respect to the Borrower. 
 2.2.14 Deposit Account. Borrower opening and maintaining
the Deposit Account with Lender for all funds of Borrower related to its operation and the authorization to deduct payments made under the Note directly from the Deposit Account. 

2.3 Restricted Availability Under Loan 3. Borrower agrees and acknowledges that until the earliest to occur of: 

2.3.1 (i) fulfillment of the covenant specified in Section 4.19.3, and (ii) remediation of environmental matters on the Mortgaged
Property which are both (x) recommended by the environmental consultant performing the post-closing Phase II Environmental Assessment, and (y) deemed reasonable and appropriate by Lender, or 

2.3.2 payment in full by Borrower of the Release Amount (as set forth on Schedule 2.4) with respect to the Mortgaged Property to which the
Phase II Environmental Assessment applies, 
 the amount available under Loan 3 will be limited to seven hundred fifty thousand dollars ($750,000.00). Upon
the satisfaction of the requirements of either of subsections 2.3.1 or 2.3.2 above, the entire amount of Note 3 will be available to be advanced to Borrower. 

2.4 Partial Release of Mortgaged Property. Lender 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 Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower of the following terms and conditions:

 2.4.1 Lender approves such release in writing, which consent will not be unreasonably withheld; 

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

  
 8 

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

2.4.5 Upon any such release of a Release Parcel, Borrower shall pay Lender 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 Lender and agreed to by
the Borrower, or (ii) the value for the Release Parcel shown on Exhibit 2.4 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principal, interest, fees, costs and expenses due to Lender under
Loan 1, whether then due and payable or not, and if Loan 1 is paid in full then to the principal, interest, fees, costs and expenses due to Lender under Loan 2, 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. 
 Section 3. Representations and Warranties.
Borrower represents and warrants to Lender, as of the date of this Agreement, as follows: 
 3.1 Legal Existence and Authorization.
Each Borrower 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, the Loan Documents and the Leasing Documents to
which it is a party. Borrower will, at all times, preserve and maintain its existence and all of its rights, privileges and franchises and will comply in all material respects with all applicable laws and regulations regarding its existence. 

3.2 Validity of Documents. Each Loan Document and Leasing Document to which Borrower is a party has been duly executed and delivered by
Borrower and is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as may be limited by any applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws
affecting creditors’ rights generally, and no default exists under any such documents. 
 3.3 No Violation. The execution and
delivery of this Agreement, the Loan Documents and the Leasing Documents to which Borrower is a party, the consummation of the transactions contemplated hereby and the fulfillment of the terms and conditions hereof do not and will not violate the
Organizational Documents or conflict with or result in a breach of or constitute a default under any of the terms or conditions of any mortgage, indenture, loan agreement or any instrument to which Borrower is now a party or which is binding upon
Borrower or its properties and do not and will not result in violation of any order, decree, statute, rule or regulation of any court or of any state or federal regulatory body having jurisdiction over Borrower or its properties, and do not and will
not result in the creation or imposition of any lien, charge or encumbrance of any nature upon any property or assets of Borrower contrary to the terms of any indenture, mortgage or other agreement or instrument to which Borrower is a party or by
which its assets are bound. 

  
 9 

 3.4 Litigation and Judgments. Except as set forth on Schedule 3.4, there is no suit,
action, proceeding or investigation pending or threatened against or affecting Borrower (or any basis therefor) at law or in equity or by or before any court, arbitrator, administrative agency or other federal, state or local governmental authority
which individually or in the aggregate, if adversely determined, might have a material adverse effect on, or affect the validity as to Borrower of, any of the transactions contemplated hereby or the ability of Borrower to perform their obligations
under this Agreement or the Loan Documents. There are no judgments against Borrower that have not been satisfied. 
 3.5 Title to the
Collateral. All of Borrower’s assets are titled in its legal name. Except for Permitted Liens, Borrower owns and has good title to all of the Collateral free and clear of all security interests, and Borrower has not executed any security
documents or financing statements relating to such assets. Except for the Permitted Liens, all mortgages and UCC financing statements, together with any amendments and continuations, filed against the Collateral or Borrower with respect to the
Collateral have been satisfied, terminated or released and said documents evidencing the same will be filed with the appropriate governmental authority upon the closing of the Loan. In the event that any termination or release is not filed as
required, Lender is authorized to file the termination and/or release. 
 3.6 Tax Returns. To the best of Borrower’s knowledge,
all tax returns and reports of Borrower required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those disclosed by Borrower to Lender that are presently being or to be contested
by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided. 
 3.7 Correctness of
Financial Statements. Any and all financial statements delivered to Lender by Borrower are true and correct in all respects and fairly present the financial conditions of Borrower as of the date of the financial statement. No material adverse
change has occurred in the financial conditions reflected in these financial statements of Borrower since the date of the statement and no additional borrowing has been made by Borrower since such date other than the borrowing contemplated under
this Agreement or otherwise approved by Lender. Neither the financial statements or any certificate or statement furnished to Lender by or on behalf of Borrower in connection with this transaction, nor the representations and warranties contained in
this Agreement, contain any untrue statements of a material fact or omit to state a material fact necessary in order to make any statements not misleading. To the best knowledge of Borrower, there is no fact which materially or adversely effects or
in the future (so far as Borrower can now foresee) may materially or adversely affect the business or prospects or condition (financial or other) of Borrower or their properties or assets, including the Collateral, which has not been set forth in a
certificate or statement furnished to Lender by Borrower. 
 3.8 Organizational Documents. All Organizational Documents of the
Borrower have been delivered to Lender and are true and correct in all respects and fairly present the organization of the entity. No material adverse change has occurred in the organization of the entity reflected in these Organizational Documents
since their respective dates and no additional agreements have been made by Borrower concerning the organization of the entity. 

  
 10 

 3.9 Other Obligations. Except as described on Schedule 3.9, Borrower is not in default on
any obligation for borrowed money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation. 

3.10 Environmental Matters. Except as described on Schedule 3.10, Borrower is in compliance in all material respects with all
applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern or affect any of Borrower’s operations and/or properties, including without limitation,
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as
any of the same may be amended, modified or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state investigation evaluating whether any remedial action involving a material expenditure is needed to
respond to a release of any toxic or hazardous waste or substance into the environment. Borrower has no material contingent liability in connection with any release of any toxic or hazardous waste or substance into the environment. 

3.11 Compliance. Except as otherwise disclosed herein, the Land and Improvements are in material compliance requirements of law,
including requirements of any federal, state, county, city or other governmental authority having jurisdiction. All material requirements and permits and approvals (including without limitation all building permits and zoning, environmental and land
use approvals) necessary to enable Borrower to acquire and operate the Land and Improvements have been obtained and will be maintained in full force and effect. Except as set forth in the Commitment for Title Insurance, the Improvements are entirely
within the Land and do not encroach upon any easement or land of others. 
 3.12 Condition of Mortgaged Property. Borrower has
inspected the Mortgaged Property and it is in good condition, repair and operating condition, normal wear and tear excluded, free from any material defect, misuse, or item of repair. 

3.13 No Ownership of Other Parcels related to the Mortgaged Property. Borrower does not own any property related or adjacent to the
Mortgaged Property that is not encumbered by the Mortgage and defined as Mortgaged Property under this Agreement. Borrower will provide Lender with written notice of the purchase of any property related or adjacent to the Mortgaged Property by
Borrower. 
 3.14 Leases. Borrower is the landlord with all of landlord’s right, title and interest with respect to the Leases.
There is no default under any Lease and all Leases specifically set forth in this Agreement are in full force and effect. Any rights of tenant to purchase the Land under any Lease have been properly waived and released by tenant. All Leases will be
subordinate to the Mortgage unless Lender agrees in writing that the Mortgage is subordinate to such Lease. Borrower must, upon request by Lender, provide Lender with a copy of each proposed or executed Lease and with financial information on the
proposed tenant in the possession or control of Borrower. Borrower must, upon request by Lender, provide Lender with a status report of all Leases of space within the Mortgaged Property that shows the names of all tenants, the areas leased, the
major terms of all Leases, the current status and amount of rents payable of each Lease, and all letters of intent or agreements to lease. 

  
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 Section 4. Affirmative Covenants of Borrower. Borrower covenants, that so long as
Lender remains committed to extend credit to Borrower pursuant to this Agreement, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Lender under any of the Loan Documents remain outstanding (other than
inchoate indemnification obligations for which no claim has been made), and until payment in full of all obligations of Borrower in connection with the Loan, or unless Lender otherwise consents in writing, that Borrower must do the following: 

4.1 Punctual Payments. Punctually pay all principal, interest, fees, Loan Charges and other liabilities due under any of the Loan
Documents at the times and place and in the manner specified therein, and immediately upon demand by Lender, pay the amount by which the outstanding principal balance of any credit advanced under this Agreement exceeds any applicable limitation on
borrowings. Borrower will reimburse Lender all expenses paid to third parties of the nature described in this Section which have been or may be incurred by Lender with respect to the Loan. Lender may pay or deduct from the Loan proceeds any of such
expenses, and any Loan proceeds so applied will be deemed advances under this Agreement. 
 4.2 Financial Statements and Reporting
Requirements. Borrower must furnish to Lender the following information at the following times: 
 4.2.1 Annual Financial
Statements. As soon as available, and in any event within ninety (90) days after the end of each fiscal year, Borrower must furnish to Lender the following: (i) annual financial statements of Borrower for the calendar year end, which
financial statements must include, but not be limited to, a balance sheet, a statement of liabilities and shareholder equity, a statement of income or loss and retained earnings, statement of cash flows, and a statement of changes in financial
position, all with footnotes, if any, included; and (ii) any other financial statements and information that Lender reasonably requests. All annual financial statements furnished by Borrower must be prepared in reasonable detail and in
accordance with GAAP (or tax accounting reconciled to GAAP) and audited by a reputable accounting firm in form and substance acceptable to Lender and with such certifications as Lender may specify. The foregoing financial statements shall have been
deemed delivered to the Lender (and Borrower shall have complied in all respects with the requirements of this Section 4.2.1) without any other action required by Borrower upon the filing of the Borrower’s 10-K each year with the
Securities Exchange Commission. 
 4.2.2 Quarterly Financial Statements. As soon as available, and in any event within forty-five
(45) days after the end of each calendar quarter, and as otherwise reasonably requested by Lender, Borrower must furnish to Lender the following: (i) financial statements of Borrower for the fiscal quarter end, which financial statements
must include, but not be limited to, a balance sheet, a statement of income or loss; and (ii) any other financial statements and information that Lender reasonably requests. All quarterly financial statements

  
 12 

 
furnished by Borrower must be prepared in reasonable detail and in accordance with GAAP (or tax accounting reconciled to GAAP). The foregoing financial statements shall have been deemed delivered
to the Lender (and Borrower shall have complied in all respects with the requirements of this Section 4.2.2) without any other action required by Borrower upon the filing of the Borrower’s 10-Q each quarter with the Securities Exchange
Commission. 
 In the event Borrower fails to furnish any of the foregoing financial statements in accordance with the terms of Sections 4.2.1 and 4.2.2,
the same will be an Event of Default and in addition to any other remedies available, Lender may cause an audit to be made of the respective books and records at the sole cost and expense of Borrower. Lender will also have the right to examine at
their place of safekeeping at reasonable times mutually agreeable between Borrower and Lender (but in no event more than two (2) business days after the request from Lender) all books, accounts and records relating to the operation of the
Mortgaged Property. 
 4.3 Books and Records; Inspection and Examination. Maintain accurate books and records in accordance with
generally accepted accounting principles (“GAAP”) consistently applied, as applicable. Upon request and reasonable notice by Lender, Borrower must permit any representative of Lender, at any reasonable time mutually agreeable
between Borrower and Lender (but in no event more than two (2) business days after the request from Lender) during business hours, to inspect, audit, examine, and make copies of all corporate and financial books and records of Borrower and to
inspect the Collateral and other property of the Borrower. 
 4.4 Compliance with Laws. Borrower will comply in all material respects
with the requirements of all applicable laws, rules, regulations and orders of any governmental authority in the conduct of its business. 

4.5 Documents. Borrower will duly perform and observe all of the covenants, agreements and conditions on its part to be performed and
observed under the Agreement, Loan Documents, Organizational Documents, and Leasing Documents, and any and all other agreements and instruments to which Borrower is a party related to the Mortgaged Property. Borrower will not, without the prior
written consent of Lender, surrender, terminate, cancel, rescind, supplement, alter, revise, modify, amend or assign or pledge its interest in any of the foregoing documents. Borrower must not excuse or waive a default of a third party under any of
these documents without the prior consent of Lender. Borrower will, upon request by Lender, provide Lender with a fully executed copy of each of these documents together with all exhibits and attachments and all amendments and modifications. 

4.6 Payment of Taxes and Other Claims. Borrower must file when due all required tax returns and will pay when due all material taxes,
assessments and other governmental charges and will pay when due all lawful claims for labor, material and supplies, which, if unpaid, might become a lien against the Collateral, except any such taxes, assessments or other governmental charges which
are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. 

4.7 Insurance. Borrower must provide and maintain at all times insurance in such forms and covering such risks and hazards and in such
amounts and with such companies as are 

  
 13 

 
reasonably satisfactory to Lender and as may be required by the Mortgage. Losses will be payable in accordance with the provisions of the Mortgage. Upon request of Lender, Borrower must furnish
to Lender reports of each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (a) the name of the insurer; (b) the risks insured; (c) the amount of the
policy; (d) the properties insured; (e) the then current property values on the basis of which insurance has been obtained and the manner of determining those values and (f) the expiration date of the policy. 

4.8 Legal Existence and Operation of the Business. Borrower will preserve and maintain its legal existence and all of its rights,
privileges and franchises necessary or desirable in the normal conduct of its business and will conduct its business affairs in a reasonable and prudent manner in compliance with all applicable federal, state and municipal laws, ordinances, rules
and regulations respecting its properties, business and operations, except where the failure to so maintain such rights, privileges and franchises could not reasonably be expected to have a material adverse effect on the Borrower or its ability to
perform its obligations hereunder. Borrower will not make any substantial change in the nature of Borrower’s business as conducted as of the date of this Agreement. 

4.9 Maintenance of the Collateral and Mortgaged Property. Borrower must not abandon the Mortgaged Property. Borrower must keep and
maintain the Collateral in good condition, repair and operating condition, normal wear and tear excluded, free from any waste or misuse. Borrower must keep and maintain all property, buildings, improvements or structures now or hereafter located on
the Mortgaged Property in good condition, repair and operating condition, normal wear and tear excluded, and will from time to time make necessary repairs, renewals and replacements. 

4.10 Inspection of the Collateral. Lender or its designated representative, will, at all times during the making of the Loan, have the
right of entry and free access during regular business hours at times mutually agreeable to the Borrower and Lender (but in no event more than two (2) business days after the request from Lender) to the Collateral, including the Mortgaged
Property, and the right to inspect all work done regarding the Improvements, labor performed and materials, if any, furnished in and about the Mortgaged Property and the right to inspect all books, contracts and records of Borrower relating to the
Collateral; provided that suitable arrangements are made to minimize disruption of business. 
 4.11 Litigation. Borrower must
promptly advise Lender in writing of all litigation and all notices, complaints and charges made by any governmental authority which could reasonably be expected to have a material adverse effect on a material portion of the Collateral, the Land,
Improvements or Borrower, or its business or the ability of the Borrower to perform its obligations hereunder. 
 4.12 Notice to
Lender. Promptly (but in no event more than five (5) days after the occurrence of each such event or matter) give written notice to Lender in reasonable detail of: (a) the occurrence of any Event of Default, or any condition, event or
act which with the giving of notice or the passage of time or both would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower; (c) the occurrence and nature of any reportable event or
prohibited transaction, each as defined in ERISA, or any funding deficiency with respect 

  
 14 

 
to any plan; or (d) any termination or cancellation of any insurance policy which Borrower is required to maintain, or any uninsured or partially uninsured loss through liability or property
damage, or through fire, theft or any other cause affecting Borrower’s property in excess of an aggregate of $250,000. 
 4.13
Payment of Loan Origination Fee. Borrower must pay to Lender the entire Loan Origination Fee not later than the closing of the Loan. The Lender will be entitled to disburse the Loan Origination Fee directly to itself out of the Loan. 

4.14 Additional Acts. Borrower agrees upon demand of Lender to do any act or execute any additional documents (including, but not
limited to, mortgages against real property and security agreements on any personal property included or to be included in the Collateral) as may be reasonably required by Lender to secure the Note or confirm the lien of the Mortgage or the other
Loan Documents. Upon the demand of Lender for reasonable cause, from time to time and at any time, Borrower agrees to deliver to Lender updated and recertified copies of the Loan Documents. Borrower further agrees, at all times while Loan 3 is
outstanding, to deliver on or about the anniversary of this Agreement a certificate executed by an authorized representative of Borrower certifying that the representations and warranties set forth in this Agreement are true and correct as of the
date of the certificate and further certifying that, as of the date of the certificate, that no Event of Default exists under this Agreement. 

4.15 Updated Appraisal. Upon reasonable request of Lender, Borrower, at its cost and expense, further agrees to furnish Lender with an
updated appraisal of the Mortgaged Property and a certificate from Title setting forth all owners of and encumbrances on the Mortgaged Property, provided that Borrower will not be required to provide such appraisal and such certificate more than
once in any twelve (12) month period. Any updated appraisal must be prepared by an appraiser approved by Lender and the appraisal must be prepared in a manner reasonably acceptable to Lender and in accordance with all applicable laws. 

4.16 Deposit Account. Borrower must maintain the Deposit Account with Lender at all times during the term of this Agreement for the
funds of Borrower related to the Mortgaged Property with the authorization to deduct payments made under the Note directly from this account. All rents received under any and all Leases must be deposited into this account. 

4.17 Financial Covenants. 

4.17.1 Debt Service Coverage Ratio. Borrower will not permit Borrower’s debt service coverage ratio as determined by Lender as of
the last day of any fiscal quarter of the Borrower to be less than 1.15 to 1. The debt service coverage ratio means the ratio of (a) the Borrower’s EBITDA to (b) the aggregate amount of principal and interest due and payable by the
Borrower under the Loan and any other loans. 
 The debt service coverage ratio shall each be calculated quarterly using the preceding 12
months of the Borrower’s operations utilizing the Borrower’s public financial statements and Borrower-prepared supplemental schedules. 

  
 15 

 Notwithstanding anything to the contrary contained herein, in the event that Borrower desires to
cure any default of the financial covenant contained in this Section 4.17.1 for any period, the Borrower (x) has a right to cure an EBIDTA Shortfall of less than one hundred thousand dollars ($100,000.00), and (y) has a right to
request that the Lender permit a cure of an EBIDTA Shortfall, as set forth herein. 
 (a) In the event the EBITDA Shortfall is less than one
hundred thousand dollars ($100,000.00) for any period and the Borrower desires to cure any default of the financial covenant contained in this Section 4.17.1 for said period, Borrower shall (i) provide Lender with written notice of such
intention to cure no later than five (5) calendar days prior to the date that the financial statements for such period are required to be delivered pursuant to Section 4.2 (the “Cure Notice”) and (ii) within five
(5) calendars days after delivery of the Cure Notice, make a voluntary prepayment of the Loan (the “Cure Payment”) in an amount equal to the EBITDA Shortfall. 

If a Cure Notice has been delivered, then from the last day of the period related to such Cure Notice until the earlier to occur of receipt by
the Lender of the Cure Payment or expiration of the five (5) day period described in clause (ii) of the prior paragraph, Lender shall not impose default interest, assess any late charge, accelerate any obligations owing under any Loan
Document, terminate any commitment to lend or exercise any enforcement remedy against Borrower or any of its properties solely as a result of the financial covenant default that has been (or is to be) cured pursuant to the terms hereof. Upon timely
receipt by Lender of the Cure Payment (which shall be applied by Lender as voluntary prepayment of the Loan in accordance with the terms hereof), the Event of Default on account of such failure to satisfy the financial covenants set forth in this
Section 4.17.1 shall be deemed cured, and for all other purposes and calculations hereunder, the Cure Payment shall be deemed to be included in the calculation of EBITDA for the period with respect to which the Cure Notice was delivered. If the
Borrower fails to deliver the Cure Payment prior to expiration of the five (5) day period described in clause (ii) of the prior paragraph, an Event of Default will exist and the Lender may exercise all of the remedies to which it is
entitled. 
 (b) In the event the EBITDA Shortfall is one hundred thousand dollars ($100,000.00) or more for any period and the Borrower
desires to cure any default of the financial covenant contained in this Section 4.17.1 for said period, Borrower shall (i) provide Lender with a written request to cure the EBITDA Shortfall no later than five (5) calendar days prior
to the date that the financial statements for such period are required to be delivered pursuant to Section 4.2 (the “Cure Request”). Upon receipt of the Cure Request, the Lender will promptly respond to the Borrower (a
“Cure Response”) regarding whether the Lender will permit Borrower to cure the 

  
 16 

 
default and the amount that is necessary to pay as the Cure Payment. If the Lender does not respond to the Cure request within five (5) calendar days after delivery of the Cure Request, the
Cure Request will be deemed to be denied. Borrower will have five (5) days after receipt of the Cure Response to pay the Cure Payment specified in the Cure Response. 

If a Cure Request has been delivered, then from the date of delivery of the Cure Request until the earlier to occur of receipt by the Lender
of the Cure Payment specified in the Cure Response or Lender’s delivery of a Cure Response declining Borrower’s request to cure the default, the Lender shall not impose default interest, assess any late charge, accelerate any obligations
owing under any Loan Document, terminate any commitment to lend or exercise any enforcement remedy against Borrower or any of its properties solely as a result of the financial covenant default that has been (or is to be) cured pursuant to the terms
hereof. Upon timely receipt by Lender of the Cure Payment specified in the Cure Response (which shall be applied by Lender as voluntary prepayment of the Loan in accordance with the terms hereof), the Event of Default on account of such failure to
satisfy the financial covenants set forth in this Section 4.17.1 shall be deemed cured, and for all other purposes and calculations hereunder, the Cure Payment shall be deemed to be included in the calculation of EBITDA for the period with
respect to which the Cure Notice was delivered. If the Borrower fails to deliver the Cure Payment specified in the Cure Response prior to expiration of the five (5) day period after receipt of the Cure Response, an Event of Default will exist
and the Lender may exercise all of the remedies to which it is entitled 
 For purposes of this section, “EBITDA Shortfall”
shall mean that amount which, if included in the calculation of EBITDA for the period with respect to which the Cure Notice has been delivered, would cause the Borrower to be in compliance with the financial covenant set forth in this
Section 4.17.1 for such period. 
 4.17.2 Growth Capital Expenditures. The Borrower shall not make, or become legally obligated
to make for each fiscal year, Growth Capital Expenditures costing in excess of two million dollars ($2,000,000) in the aggregate during any such fiscal year, unless the Borrower shall have had at least a trailing 12 month average of $2,000,000 in
cash in deposits with the Lender at the time of the making of any such Growth Capital Expenditure. 
 4.18 Delivery of Quarterly
Compliance Certificate. The Borrower shall furnish to the Lender at the time it delivers (or is deemed to deliver) each set of financial statements required by Section 4.2.2 hereof a Compliance Certificate in substantially the form of
Schedule 4.18 hereto, duly executed by either the Borrower’s chief executive officer, chief financial officer or chief accounting officer, which shall set forth in reasonable detail the computations necessary to determine whether the Borrower
is in compliance with the financial covenants contained in Section 4.17 hereof. 

  
 17 

 4.19 Post-Closing Covenants. 

4.19.1 Letters of Credit. Within forty-five (45) days after the date of this Agreement, Borrower must (i) obtain from the
beneficiaries thereof all letters of credit (the “WF L/Cs”) issued by Wells Fargo Bank, National Association (“Wells Fargo”) under that certain Third Amended and Restated Credit Agreement dated as of May 8,
2015 by and among Wells Fargo and the Borrowers, (ii) obtain the release of all cash collateral held by Wells Fargo securing the WF L/Cs, (iii) deposit the cash collateral released by Wells Fargo with Lender to collateralize the following
letters of credit to be issued by the Lender under separate written agreements between Borrower and Lender: 
  

							
	 Letter of Credit Number
	  	Location	  	Amount	 
	 #338
	  	Lyndi	  	$	140,000.00	  
	 #340
	  	Algonquin	  	$	135,000.00	  
	 #341
	  	KDR-Oswego	  	$	120,000.00	  
	 #342
	  	Broaddale	  	$	200,000.00	  

 4.19.2 Surveys. Within ninety (90) days after the date of this Agreement, Borrower must deliver,
without expense to Lender, current surveys for the Mortgaged Property certified to Lender and Title that are acceptable to Lender and which are sufficient for Title to append a “same as survey” endorsement to the title policy. 

4.19.3 Environmental Matters. Within ninety (90) days after the date of this Agreement, Borrower must deliver, without expense to
Lender, the Phase II Environmental Assessment. 
 Section 5. Negative Covenants of Borrower. Borrower further covenants, that so
long as Lender remains committed to extend credit to Borrower pursuant to this Agreement, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Lender under any of the Loan Documents remain outstanding (other
than inchoate indemnification obligations for which no claim has been made), and until payment in full of all obligations of Borrower in connection with the Loan, that Borrower will not do, and will not permit any Affiliate or other person to do,
without Lender’s prior written consent, any of the following: 
 5.1 Use of Funds. Use any of the proceeds of any credit
extended under this Agreement, except for the purposes stated in this Agreement. 
 5.2 Liens. Except for the Permitted Liens listed
in Schedule 5.2, Borrower must not create, incur or cause to exist any mortgage, deed of trust, pledge, lien, security interest, assignment or transfer with respect to all or any portion of the Collateral to secure any Indebtedness, and Borrower
will continue to own and have good title to all of the Collateral free and clear of all liens and security interests. Except with respect to the Permitted Liens, Borrower must not execute or authorize any party to execute any security documents or
financing statements with respect to the Collateral. 

  
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 5.3 Indebtedness. Borrower must not incur, assume or permit to exist any indebtedness or
liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Lender, (b) subordinated debt approved in
writing by Lender, and (c) the Indebtedness secured by the Permitted Liens, (d) any other liabilities of Borrower existing as of the date hereof and disclosed to Lender in writing as Permitted Indebtedness and listed in Schedule 5.3, and
(e) any extension, renewal or replacement of such excepted Indebtedness (so long as such Indebtedness is not increased above the amount outstanding immediately prior to giving effect to any such extension, renewal or replacement). 

5.4 Restrictions on the Sale or Transfer of Assets and Ownership Interests; Acceleration upon Transfer. Borrower will not cause a
Transfer to occur and will not change the person or entity controlling or managing Borrower, without obtaining, in each instance, the written approval of Lender. 

5.5 Consolidation and Merger. Borrower will not consolidate with or merge into any other entity, or permit any other entity to merge
into Borrower, or acquire (in a transaction analogous in purpose or effect to a consolidation or merger) all or substantially all the assets of any other entity. 

5.6 No Expansion of Improvements. Borrower further agrees that it will not expand any material Improvements or erect any new material
Improvements, provided nothing herein precludes Borrower from constructing Improvements necessary or desirable for Borrower’s business purposes which are non-structural in nature and which do not constitute material alterations, affect the
nature of use, structure or utility, or decrease the market value of the Mortgaged Property. 
 5.7 Transactions With a Related
Party. Borrower must not enter into or be a party to any transaction with any Related Party except in the ordinary course of and pursuant to the reasonable requirements of such business and upon fair and reasonable terms that are no less
favorable than would be obtained in a comparable arms-length transaction with a third party. 
 5.8 Restrictions on Nature of
Business. Borrower will not make any substantial change in the nature of Borrower’s business as conducted as of the date of this Agreement. 

Section 6. Events of Default. 

6.1 Events of Default. Each of the following events will constitute an “Event of Default” under this Agreement: 

6.1.1 Borrower’s failure to make a payment of principal, interest or other amounts as and when due under the Note. 

6.1.2 If at any time any representation or warranty made by Borrower in this Agreement or in any other Material Loan Document or under any
financial statement or certificate provided by Borrower to Lender proves to be incorrect, false or misleading in any material respect when furnished or made. 

  
 19 

 6.1.3 If Borrower fails to perform, without expense to Lender and within a reasonable period of
time after receipt of the Phase II Environmental Assessment, any remediation of environmental matters on the Mortgaged Property which are both (x) recommended by the environmental consultant performing the post-closing Phase II Environmental
Assessment, and (y) deemed reasonable and appropriate by Lender; provided, however, that any such Event of Default pursuant to this Section 6.1.3 shall be deemed cured in all respects automatically if and to the extent Borrower promptly
pays to Lender the Release Amount (as set forth on Schedule 2.4) with respect to the Mortgaged Property to which the Phase II Environmental Assessment applies. 

6.1.4 If Borrower fails to perform or observe (subject to any cure right provided for herein) any of the covenants, conditions or terms
contained in this Agreement (other than covenants, conditions or terms otherwise specifically addressed in this Section 6) or any Material Loan Document. 

6.1.5 If at any time title to any part of the Collateral or the Mortgaged Property is not satisfactory to Lender by reason of any lien,
encumbrance or other defect (even though the same may have existed at the time of any advance) except those matters affecting title which have at any time been consented to in writing by Lender, and such lien, encumbrance or other defect is not
corrected to Lender’s satisfaction within thirty (30) days after notice to Borrower. 
 6.1.6 If Borrower fails to comply with any
requirement of any governmental authority within thirty (30) days after notice in writing of such requirement has been given to Borrower by such governmental authority, subject to any rights of Borrower to contest such requirement as provided
in the Mortgage or hereunder. 
 6.1.7 If a petition in bankruptcy or for reorganization or for an arrangement under any bankruptcy or
insolvency law or for a custodian, receiver or trustee for any of its property is filed by Borrower, or if a petition in bankruptcy or for reorganization or for an arrangement under any bankruptcy or insolvency law or for a custodian, receiver or
trustee of any of Borrower’s property is filed against Borrower which is not dismissed within sixty (60) days, or if a custodian, receiver or trustee of any property of Borrower is appointed and is not discharged within sixty
(60) days, or if Borrower makes an assignment for the benefit of creditors or generally does not pay its debts as they become due, or if Borrower be adjudged insolvent by any state or federal court of competent jurisdiction, or if an attachment
or execution is levied against any substantial portion of the property of Borrower which is not discharged within sixty (60) days. 

  
 20 

 6.1.8 If Borrower is dissolved, liquidated or otherwise not in existence, or any of
Borrower’s directors, governors, shareholders, members or owners initiate any such action. 
 6.1.9 If any other Material Loan Document
is revoked or terminated. 
 6.1.10 Failure to timely provide financial statements as required hereunder. 

6.1.11 A default in the payment or performance by Borrower of any of the terms and conditions of the Leasing Documents. 

6.1.12 If Borrower is in default under any other agreement with Lender (whether in connection with the Loan or otherwise) other than any Letter
of Credit Agreement and any required notice has been given and any time in which to cure the default has elapsed; it being understood that any default or event of default under any Letter of Credit Agreement shall not itself cause an Event of
Default hereunder or under any other Loan Document. For purposes of the foregoing, “Letter of Credit Agreement” shall mean any business loan agreement, promissory note or other similar agreement or instrument supporting, evidencing
or otherwise executed in connection with each letter of credit now or hereafter issued by the Lender for the benefit of the Borrower or any affiliate of the Borrower. 

6.2 Remedies. If any Event of Default occurs, except where otherwise provided in this Agreement or the Loan Documents, all commitments
and obligations of Lender under this Agreement or the Loan Documents or any other agreement will immediately be suspended or terminated (including any obligation to make advances for which Lender will not be obligated to make upon the happening of
any event set forth in Section 6.1 regardless of whether or not any required notice was given) at Lender’s option, and/or Lender may, at its option, declare the entire Indebtedness owed to Lender immediately due and payable and may
foreclose the Mortgage and any other collateral given as security for the Loan, all without notice of any kind to Borrower, except that in the case of an Event of Default described in Section 6.1.7), such acceleration will be automatic and not
optional. Following an Event of Default, Lender will have all remedies available under the Loan Documents and at law or in equity, and all such remedies will be cumulative and not exclusive. 

Section 7. Miscellaneous. 

7.1 No Waiver. No delay, failure or discontinuance of Lender in exercising any right, power or remedy under any of the Loan Documents
will affect or operate as a waiver of such right, power or remedy; nor will any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect any other or further exercise of those rights, powers or remedies or
the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Lender of any breach of or default under any of the Loan Documents must be in writing and is effective only to the extent set forth in the
writing. 

  
 21 

 7.2 Notices. Any notices and other communications permitted or required by the provisions
of this Agreement (except for telephonic notices expressly permitted) must be in writing and will 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 will be effective upon being
deposited or delivered as aforesaid. The time period within which a response to any such notice must be given, however, will 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 will 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 will have the
right from time to time to change its address and will have the right to specify as its address any other address within the United States of America. 

Each notice to Lender will 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 Borrower will 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.:        (        )
                     
 7.3
Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay to Lender immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel
fees and all allocated costs of Lender’s in-house counsel), expended or incurred by Lender in connection with: (a) the negotiation and preparation of this Agreement and the other Loan Documents, Lender’s continued administration of
this Agreement and the Loan Documents, and the preparation of any amendments and waivers of this Agreement and the Loan Documents; (b) the enforcement of 

  
 22 

 
Lender’s rights and/or the collection of any amounts that become due to Lender under any of the Loan Documents; and (c) the prosecution or defense of any action in any way related to
any of the Loan Documents including, without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with
any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Lender or any other person) relating to Borrower or any other person or entity. 

7.4 Successors; Assignment. This Agreement is binding upon and inures to the benefit of the heirs, executors, administrators, legal
representatives, successors and assigns of the parties; except that Borrower may not assign or transfer its interest under this Agreement without Lender’s prior written consent. Lender reserves the right to sell, assign, transfer, negotiate or
grant participations in all or any part of, or any interest in, Lender’s rights and benefits under each of the Loan Documents. In connection therewith, Lender may disclose all documents and information that Lender now has or may later acquire
relating to any credit subject to the Loan Documents, Borrower or its business, or any collateral required under the Loan Documents. 
 7.5
Entire Agreement; Amendment. This Agreement and the other Loan Documents constitute the entire agreement between Borrower and Lender with respect to each credit subject to the Agreement and supersede all prior negotiations, communications,
discussions and correspondence concerning the subject matter contained in the Agreement and the Loan Documents. The terms and provisions of the Loan Proposal are hereby terminated and superseded by this Agreement. This Agreement may be amended or
modified only in writing signed by each party. 
 7.6 No Third Party Beneficiaries. This Agreement is made and entered into for the
sole protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity may be a third party beneficiary of, or have any direct or indirect cause of action or claim in connection with
this Agreement or any other of the Loan Documents to which it is not a party. 
 7.7 Time. Time is of the essence for each and every
provision of this Agreement and each of the other Loan Documents. 
 7.8 Severability. If any provision of this Agreement is
prohibited by or invalid under applicable law, the provision will be ineffective only to the extent of the prohibition or invalidity without invalidating the remainder of the provision or any remaining provisions of this Agreement. 

7.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered is deemed to
be an original, and all of which when taken together constitute one and the same Agreement. 
 7.10 Consent to Jurisdiction. The
Borrower submits and consents to personal jurisdiction of the Courts of the State of Minnesota and Courts of the United States of America sitting in such State for the enforcement of this instrument and waives any and all personal rights under the
laws of any state or the United States of America to object to jurisdiction in the State 

  
 23 

 
of Minnesota. Litigation may be commenced in any state court of general jurisdiction for the State of Minnesota or the United States District Court located in that state, at the election of the
Lender. Nothing contained herein prevents Lender from bringing any action against any other party or exercising any rights against any security given to Lender, or against the Borrower personally, or against any property of the Borrower, within any
other state. Commencement of any such action or proceeding in any other state does not constitute a waiver of consent to jurisdiction or of the submission made by the Borrower to personal jurisdiction within the State of Minnesota. 

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

7.12 Waiver of Jury Trial. THE BORROWER WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH ANY PARTIES 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. 

7.13 Right of Setoff. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with
Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower 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. Borrower authorizes Lender, 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 Lender’s option, to
administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 

7.14 Cross Collateralization. In addition to the Note, this Agreement secures all obligations, debts and liabilities, plus interest
thereon, of Borrower to Lender, or any one or more of them, as well as all claims by Lender against Borrower 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 Borrower 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. 
 7.15 Joint and Several Liability. Since multiple corporations are executing this Agreement as Borrower, the
liability of each such corporation to pay and perform all obligations under the Loan Agreement and the other Loan Documents shall be joint and several. Each Borrower shall remain liable for all obligations under the Loan and Loan Documents
notwithstanding any provisions of law that may prevent the Lender from enforcing such obligations against the other Borrower. 

  
 24 

 7.16 Changes to Financial Reporting. Notwithstanding anything to the contrary contained
herein, the parties acknowledge and agree that if, after the date hereof, there are any changes to GAAP or if GAAP is replaced by another set of accounting rules and principles to which the Borrower is subject, the parties shall mutually agree to
revise the financial covenants and definitions affected thereby so that they conform to such modifications after giving effect thereto. 

7.17 Waiver and Subordination of Co-Borrower Claims. Each Borrower unconditionally and absolutely waives: 

7.17.1 all claims, rights and remedies, and all rights of subrogation, indemnity, exoneration, contribution or reimbursement whatsoever, and
any right of recourse to the security given to the Lender, that a Borrower may have against the other Borrower until all of the obligations under the Loan and Loan Documents are fully paid and discharged. Borrower understands that Borrower may have
rights under applicable law to be subrogated to such security and knowingly waives and relinquishes such rights and any claim that any subrogation rights were abrogated by any acts of Lender. Borrower agrees that all current and future obligations
under the Loan and Loan Documents shall be superior to all current and future claims, rights and remedies that a Borrower may have against the other Borrower. Borrower subordinates all current and future claims, rights and remedies that Borrower may
have against the other Borrower to all current and future claims, rights and remedies that Lender may have against Borrower; and 
 7.17.2
any right that Lender prosecutes collection of the Loan or resorts to any instrument or security given to secure the Loan or proceeds against the other Borrower or against any other guarantor or surety prior to enforcing the Loan and Loan Documents
against a Borrower. Lender may, in its sole discretion, proceed in joint or separate action against each Borrower and pursue its remedies against each Borrower or any other guarantor or surety without affecting its rights against the other Borrower.

 signature pages follow 

  
 25 

 IN WITNESS WHEREOF, the parties have executed this Loan Agreement as of the date first above
written. 
  

			
	BORROWER:
	
	 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 Loan Agreement 

- re: Famous Dave’s Loans 2 and 3 

  
 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 Loan Agreement 

- re: Famous Dave’s Loans 2 and 3 

  
 S-2 

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

		 	Bryan Frandrup, its VP and Commercial Loan Officer

 SCHEDULE 2.4 TO LOAN AGREEMENT 

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	  	$	1,310,000	  

 SCHEDULE 3.4 TO LOAN AGREEMENT 

LITIGATION AND JUDGMENTS 

Famous Dave’s of America, Inc. v. SR El Centro, Inc., et al., Superior Court of the State of California, County of Los Angeles, Central Division,
Case No. BC589329, filed July 24, 2015. 
 SR El Centro, Inc., et al. v. Famous Dave’s of America, Inc., Superior Court of the State of
California, County of Los Angeles, Case No. NC060189, filed July 28, 2015. 
 Cascade PDX Partners, LLC, et al. v. Kurt Schneiter, et al.,
Superior Court of the State of California, County of Orange, Central Justice Center, Case No. 30-2014-00752683-CU-BC-CJC, filed October 23, 2014. 

 SCHEDULE 3.9 TO LOAN AGREEMENT 

EXCEPTIONS TO OTHER OBLIGATIONS 

NONE 

 SCHEDULE 3.10 TO LOAN AGREEMENT 

EXCEPTIONS TO ENVIRONMENTAL MATTERS 

NONE 

 SCHEDULE 4.18 TO LOAN AGREEMENT 

COMPLIANCE CERTIFICATE 

Pursuant to Section 4.18 of the Loan Agreement, dated as of December 2, 2016, (the terms defined therein being used herein as
therein defined and terms used herein and not otherwise defined therein being used herein as defined in the Loan Agreement) between 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, the “Borrower”), and VENTURE BANK, a Minnesota banking corporation (“Lender”), the Borrower hereby certifies to Lender as follows: 

1. The financial statements of the Borrower attached hereto for the period ending
            , 20    , are maintained on a consolidated and consolidating reporting basis and are complete and correct in all material respects and fairly
present the financial condition of the Borrower as of the date of said financial statements and results of its business operations for the period covered thereby, it’s and are prepared in reasonable detail and in accordance with GAAP (or tax
accounting reconciled to GAAP). 
 2. As of             ,
20     (the “Reporting Date”), the Borrower is in compliance with Section 4.17.1 of the Loan Agreement. The calculations made to determine compliance with such provision were as follows: 

DEBT SERVICE COVERAGE RATIO: 

The Ratio of: 
  

					
	 On a consolidated basis:
	  			
	 net income (net loss)
	  	$	                    	  
		  	  
	  
	 
	 interest expense
	  	+	                    	  
		  	  
	  
	 
	 income tax expense
	  	+	                    	  
		  	  
	  
	 
	 depreciation and amortization expense
	  	+	                    	  
		  	  
	  
	 
	 non-cash charges and losses, including any write-offs or write-downs and in respect of
equity-based compensation and asset impairment
	  	+	                    	  
		  	  
	  
	 
	 non-recurring legal or severance costs, fees or charges paid in cash
	  	+	                    	  
		  	  
	  
	 
	 Subtotal
	  	$	                    	  
		  	  
	  
	 

 To 
  

					
	 the aggregate amount of principal and interest due and payable by the Borrower under the Loan and
any other loans
	  	$	                    	  
		  	  
	  
	 
	 Actual Ratio
	  			
		  	  
	  
	 
	 Minimum Required per Covenant This Period
	  	 	1.15	  

 2. As of             ,
20     (the “Reporting Date”), the Borrower is in compliance with Section 4.17.2 of the Loan Agreement. The calculations made to determine compliance with such provision were as follows: 

GROWTH CAPITAL EXPENDITURES 
  

					
	 Total Growth Capital Expenditures this reporting period
	  	$	                    	  
		  	  
	  
	 
	 Total Growth Capital Expenditures to date for current fiscal year
	  	$	                    	  
		  	  
	  
	 
	 Remaining allowable Growth Capital Expenditures for current fiscal year
	  	$	                    	  
		  	  
	  
	 

 [remainder of page internationally left blank] 

Dated:             , 20     

 Dated:             ,
20     
  

			
	 FAMOUS DAVE’S OF AMERICA, INC.,

a Minnesota corporation,

		
	By:	 	  

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

		
	By:	 	  

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

a Minnesota corporation,

		
	By:	 	  

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

		
	By:	 	  

		 	Dexter Newman, its Chief Financial Officer
	
	 FAMOUS DAVE’S RIBS-U, INC.,
 a
Minnesota corporation,

		
	By:	 	  

		 	Dexter Newman, its Chief Financial Officer

			
	 LAKE & HENNEPIN BBQ & BLUES, INC.,

a Minnesota corporation,

		
	By:	 	  

		 	Dexter Newman, its Chief Financial Officer

 SCHEDULE 5.2 

PERMITTED LIENS 
 Permitted Liens
means the following: 
 1. Mortgages, deeds of trust, pledges, liens, security interests and assignments with respect to all or any portion of the
Collateral to secure any indebtedness in existence as of the date of this Agreement and listed as follows: 
  

	 	(a)	The Mortgage as defined under this Agreement; and 

 The aforesaid excludes any such lien as to Collateral
described in the lien that has been released or limited but includes any subsequent extension or renewal of such lien to the extent (i) the related extension or renewal of the indebtedness secured thereby is otherwise permitted under this
Agreement, (ii) the principal amount secured thereby is not increased above the amount outstanding immediately prior to such extension or renewal, and (iii) the property securing the lien is not increased. 

2. Liens for taxes or assessments or other governmental charges to the extent specifically not required to be paid under this Agreement. 

3. Liens and security interests granted to Lender. 
 4.
Bankers’ liens, rights of set-off or similar rights as to accounts maintained with a financial institution. 

 SCHEDULE 5.3 TO LOAN AGREEMENT 

PERMITTED INDEBTEDNESS 
 Permitted
Indebtedness means the following: 
 NONE

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