Document:

Document

Exhibit 10.7
EXECUTION VERSION

COLLATERAL ACCESS AGREEMENT
This COLLATERAL ACCESS AGREEMENT dated as of July 31, 2020 (this “Agreement”), is executed by AquaBounty Technologies, Inc., a Delaware corporation (the “Parent”), whose address is 2 Mill and Main Place, Suite 395, Maynard, MA 01754, Attention: David Frank, to and for the benefit of First Farmers Bank and Trust (the “Lender”), whose mailing address is 123 N. Jefferson Street, Converse, Indiana  46919.
R E C I T A L S:
A. The Parent is the owner of real property commonly known as 11550 E Gregory Road, Albany, Indiana 47320, as more particularly described on Exhibit A attached hereto (the “Premises”), and has provided use of the Premises to AquaBounty Farms Indiana LLC, a Delaware limited liability company and subsidiary of the Parent (“ABF Indiana”).
B. The Lender has entered into, and may from time to time hereafter enter into, various agreements, instruments and documents with ABF Indiana and/or its affiliates and subsidiaries (collectively, as such agreements, instruments and documents may be amended, restated, supplemented or otherwise modified from time to time, “Loan Agreement”; capitalized terms used herein but not otherwise defined herein shall have the meanings given to such terms in the Loan Agreement) providing for the Lender to make or cause to be made certain financial accommodations for the benefit of ABF Indiana and/or its affiliates and subsidiaries.
C. ABF Indiana has granted to the Lender a first priority security interest in substantially all of the personal property and assets, including inventory, equipment, trade fixtures and books and records of ABF Indiana which may from time to time be located in and on the Premises (the “Collateral”) as security for any and all loans which the Lender has made or may make to ABF Indiana and its affiliates (the “Loans”).
D. The Lender is willing to make such Loans only if the Parent waives any claims, demands or rights which the Parent may have or acquire with respect to such Collateral.
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parent hereby agrees with the Lender as follows:
A G R E E M E N T S:
1. The Parent hereby unconditionally subordinates to the security interest of the Lender any and all liens, claims, demands or rights, however arising, including without limitation, the right to levy, distrain, sue, execute or sell for unpaid rent or otherwise, which the Parent now has or may hereafter acquire with respect to any or all of the property of ABF Indiana, or in which ABF Indiana has an interest (whether such property is now or hereafter located on or in the Premises), including, without limitation, the Collateral, and all of the proceeds thereof, whether by statute under the laws of the State in which the Premises is located, by virtue of ABF Indiana's occupation of the Premises.  The Parent shall not take any action to enforce any liens, statutory or otherwise, with regard to the Collateral or the Premises, without 
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the prior written consent of the Lender or until all Borrower Obligations owed to the Lender by ABF Indiana under the Loan Agreement have been paid in full.
2. Subject to all the provisions of this Agreement, the Parent recognizes and acknowledges that the Lender’s security interest in the Collateral is superior to any lien, right or claim of title of any nature which the Parent now has or hereafter may have or assert in or to the Collateral by statute, any other agreement or otherwise.
3. The Parent agrees that the Collateral (a) is and shall remain the personal property of ABF Indiana, and (b) is not and shall not become or be deemed to be fixtures affixed to the Premises.
4. The Parent represents and warrants to the Lender that ABF Indiana has complied with all obligations currently owed to the Parent by ABF Indiana, and that there is currently no lease agreement by Parent and ABF Indiana. The Parent agrees to give the Lender written notice of the occurrence to the address set forth above of any event which, with the giving of notice or passage of time or both, could result in the Parent terminating ABF Indiana's use of the Premises.
5. Nothing contained in this Agreement will, as between the Parent and ABF Indiana, (i) extend or create any right to cure any default by ABF Indiana, or (ii) limit, restrict, alter or modify the rights of the Parent which are available to the Parent as result of the use of the Premises by ABF Indiana.  In the event of a termination of the use of the Premises by ABF Indiana, or if the Parent recovers possession of the Premises by any means, the Lender shall have the right to remove the Collateral from the Premises for the ninety (90) day period after its receipt of written notice thereof from the Parent.
6. Upon receipt by the Parent of a written notice from the Lender containing a certification to the Parent that (i) ABF Indiana is in default under any document or agreement evidencing or securing the Loans, and (ii) Lender is entitled to take possession of the Collateral, the Lender, through its authorized representatives, may enter the Premises at any time and from time to time, and maintain, store, sell or remove the Collateral, allow Borrower (at Lender's sole discretion and pursuant to Section 11.1 of the Loan Agreement) to continue operations relating to the Collateral, or conduct a sale or sales of the Collateral on the Premises and that the Lender shall have no obligation to the Parent except the obligation to pay the Parent any monthly rent for the Premises being paid by ABF Indiana to Parent at the time of such default (to the extent rent was not previously received by the Parent for such period, and to the extent such rent has been previously paid by ABF Indiana as evidenced by the financial records of ABF Indiana and Parent, which shall be provided to Lender in the event that entry upon the Premises by the Lender pursuant to this Section 6 occurs) prorated on a per diem basis for the period from (x) the earlier of (1) the date on which the Lender notified the Parent of the Lender’s intent to possess the Collateral and (2) the date on which the Lender and/or its representatives actually enter the Premises, to (y) the date on which the Lender and its representatives relinquish possession of the Premises.  ABF Indiana hereby unconditionally and irrevocably authorizes the Parent to (a) rely upon the validity and correctness of any such notice from the Lender, and (b) following the Parent’s receipt of such notice, grant and allow access by the Lender (or its attorneys or representatives) to the Premises without any duty or obligation to make inquiry of the Lender or to oversee or monitor in any way the activities of the Lender in the Premises.  ABF Indiana 
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hereby unconditionally releases the Parent from any such claim, allegation or assertion by ABF Indiana so long as the Parent receives the written notice from Lender required by this section.  If the Parent obtains possession of the Premises and any significant Collateral remains on the Premises, the Parent shall notify the Lender in writing that the Parent has obtained possession of such Collateral and that Lender shall have the right to obtain possession of such Collateral in accordance with the terms of this Agreement.  In the event that the Lender removes any or all of the Collateral from the Premises, the Lender shall repair any damage to the Premises resulting from the removal of any of the Collateral.  During the Lender’s occupancy of the Premises, the Lender shall make the Premises available for inspection by the Parent and prospective tenants and shall cooperate in the Parent’s reasonable efforts to re-lease the Premises. 
7. The Lender shall promptly repair, at the Lender’s expense, or reimburse the Parent for any physical damage to the Premises actually caused by the conduct of such sale and/or any removal of Collateral by or through the Lender or its representatives.  In addition, the Lender shall indemnify, defend and hold the Parent, its mortgagee(s) and their respective officers, directors, shareholders, members, managers, partners, agents, employees, contractors and other representatives (collectively, the “Indemnified Parties”), harmless from and against any and all liability and damage, and from and against any and all lawsuits, claims and demands of every kind and nature, including reasonable attorneys’ fees and other legal expenses by or on behalf of any person, firm, association or company arising from or based upon any accident, bodily injury or damage, however occurring, which shall happen or may happen in connection with (i) a public auction or private sale of the Collateral from the Premises or (2) the entry into the Premises and/or any removal therefrom of the Collateral by the Lender or its representatives, agents, contractors or employees; provided, that in no event shall the Lender be liability for any such liability or damage to the extent arising out of an Indemnified Party’s gross negligence or willful misconduct. 
8. The Lender may, without any fee or charge for rent, at any reasonable time during customary business hours and with reasonable notice, enter upon the Premises to inspect ABF Indiana’s activity located at the Premises in accordance with the terms of the Loan Agreement.
9. The Lender may, without affecting the validity of this Agreement, extend, amend or in any way modify the terms of payment or performance of any of ABF Indiana’s obligations and liabilities to the Lender, without the consent of the Parent and without giving notice thereof to the Parent.
10. The parties hereto hereby express their intention to be legally bound by this Agreement and acknowledge receipt of benefit therefrom.  This Agreement shall inure to the benefit of the successors and assigns of the Lender and shall be binding upon the heirs, personal representatives, successors and assigns of the Parent and ABF Indiana.  This Agreement represents the whole agreement between the parties relating to the matters set forth herein and may be amended only in writing signed by all parties.  The Parent agrees to disclose this Agreement to any purchaser or successor to the Parent’s interest in the Premises.
11. The laws of the State of Indiana shall govern the validity, interpretation and enforcement of this Agreement.
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12. This Agreement shall continue in force until all of the Loans are paid in full and the Lender has no further interest in any of the Collateral.
13. Notices hereunder shall be effective when sent to the parties at the addresses set forth above (or such other addresses specified in accordance with this paragraph), by personal delivery, recognized overnight courier, or certified mail, return receipt requested, sufficient postage prepaid.
14. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have executed this Collateral Access Agreement as of the date first above appearing.

PARENT:
AQUABOUNTY TECHNOLOGIES, INC.

By: /s/ David A. Frank 
Name:  David A. Frank
Its:  Treasurer and Chief Financial Officer

[Signature Pages to Collateral Access Agreement]

CONSENTED AND AGREED TO:
ABF INDIANA:
AQUABOUNTY FARMS INDIANA LLC

By: /s/ David A. Frank 
Name:  David A. Frank
Its:  Treasurer and Chief Financial Officer
[Signature Pages to Collateral Access Agreement]

LENDER:
FIRST FARMERS BANK AND TRUST

By: /s/ Amie Osborn 
Name: Amie Osborn
Its: Vice President
[Signature Pages to Collateral Access Agreement]

Exhibit A
Description of Real Property

THE FOLLOWING REAL ESTATE IS LOCATED IN DELAWARE COUNTY, INDIANA:
Part of Section 35, Township 22 North, Range 11 East, Niles Township, Delaware County, Indiana as described as follows:
Commencing at a monument found at the southwest corner of said Section 35; thence South 88 degrees 52 minutes 32 seconds East (assumed bearing) 753.23 feet along the south line of said Section 35 to a PK nail found in Gregory Road at the Point of beginning of this description; thence North 61 degrees 09 minutes 52 seconds West 8.97 feet to a point in Gregory Road; thence North 34 degrees 42 minutes 01 second West 269.24 feet to a PK nail found Gregory Road; thence North 32 degrees 04 minutes 43 seconds West 210.49 feet to a PK nail found in Gregory Road; thence North 57 degrees 58 minutes 47 seconds East 165.85 feet to an iron rod set; thence North 00 degrees 02 minutes 33 seconds West 455.09 feet to an iron rod found; thence North 83 degrees 34 minutes 06 seconds East 157.13 feet to an iron rod found; thence South 00 degrees 47 minutes 35 seconds West 956.90 feet to a point found; thence North 88 degrees 52 minutes 32 seconds West 13.88 feet to the Point of Beginning, containing 3.45 acres, in Section 35.
ALSO: A part of the Southwest Quarter of Section 35, Township 22 North, Range 11 East, more particularly described as follows, to-wit: Beginning at a point in the centerline of Granville & Albany Pike 1,276.0 feet West of the southeast corner of the Southwest Quarter of Section 35, Township 22 North, Range 11 East; thence North 01 degree 29 minutes 26 seconds East parallel with the east line of said Southwest quarter 2,660.27 feet to the north line of said Southwest Quarter also being the northwest corner of Deed Record 2000 page 8008 as recorded in the records of Delaware County, Indiana; thence North 89 degrees 14 minutes 04 seconds West and on the north line of said Southwest Quarter 632.62 feet; thence South 00 degrees 14 minutes 26 seconds West 580.95 feet to an existing fence; thence North 88 degrees 41 minutes 51 seconds West 126.23 feet to a concrete post; thence South 00 degrees 22 minutes 07 seconds West on an existing fence line 1,112.71 feet to its intersection with the north line of Deed Record 1998 Page 6312 as recorded in the records of Delaware County, Indiana; thence North 83 degrees 24 minutes 42 seconds East and on the north line of said Deed Record 1998 Page 6312, 157.13 feet to the northeast corner of said Deed Record 1998 Page 6312; thence South 00 degrees 27 minutes 29 seconds West on the east line of said Deed Record 1998 Page 6312, 984.53 feet to the Point in the center line of Granville & Albany Pike (being the southeast corner of said Deed Record 1998 Page 6312); thence South 88 degrees 53 minutes 41 seconds East 566.52 feet to the Point of Beginning. Estimated to contain 40.0 acres, more or less.
A-1Document

Exhibit 10.8
EXECUTION VERSION

UNCONDITIONAL AND CONTINUING GUARANTY AGREEMENT

        THIS UNCONDITIONAL AND CONTINUING GUARANTY AGREEMENT (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Agreement”) is made as of July 31, 2020, by AquaBounty Farms, Inc., a Delaware corporation (the “Guarantor”), in favor of First Farmers Bank and Trust, located at 123 N. Jefferson St., Converse Indiana 46919 (the “Lender”). 
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, and to induce Lender to make certain loans (collectively, the “Loan”) to AquaBounty Farms Indiana LLC, a Delaware limited liability company (the “Borrower”),  pursuant to that certain Loan and Security Agreement dated as of the date hereof by and among Lender and Borrower (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), from which Guarantor expects to derive direct financial benefit, Guarantor, for itself, legal representatives, successors and assigns, absolutely and unconditionally guarantees to Lender, its successors and permitted assigns, the full and complete payment and performance of any and all of Borrower’s liabilities, obligations and debts to Lender, now existing or hereinafter incurred or created, with respect to the Loan; whether any such indebtedness is due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined; whether recovery on the indebtedness may be or may become barred or unenforceable against Borrower for any reason whatsoever, and including, without limitation, pertaining to the Note issued pursuant to and as defined in the Loan Agreement, and secured by such other documents or instruments given in connection with the Loan (all such liabilities, obligations and debts of Borrower, together with all accrued and unpaid interest thereon, any expenses, including reasonable and documented outside attorneys’ fees, that Lender may pay in collecting from Borrower or Guarantor, and all other amounts payable by Borrower pursuant to the Loan Documents (as defined in the Loan Agreement) with respect to the Loans shall be referred to herein collectively as the “Guaranteed Obligations”). Unless otherwise defined herein, all capitalized terms shall have the meanings given them in the Loan Agreement.
Additional Terms and Conditions of Guaranty

1. This Agreement is a guaranty of payment and not of collection.  Therefore, Lender may insist that Guarantor pay immediately, and Lender is not required to attempt to collect first from Borrower, any Collateral, any other Guarantor, or any other person liable for the Guaranteed Obligations.  The obligations of Guarantor under this Agreement shall be unconditional and absolute, regardless of any invalidity or unenforceability of any provisions of the Loan Documents, or the existence of any defense, setoff or counterclaim which Borrower may assert against Lender or which Guarantor may assert against Borrower and/or Lender.  Without limiting the generality of the foregoing, the obligations of Guarantor hereunder shall not be discharged or impaired upon the happening from time to time of any event, including, without limitation, any of the following, whether or not with notice to, or the consent of, Guarantor: (a) the failure to give notice to Guarantor of the occurrence of a default under this Agreement or of a default under the terms and provisions of any of the Loan Documents; (b) the waiver, compromise, consent or release, or other action or inaction in respect to the payment, performance or observance of any of the obligations, covenants or agreements of Borrower or any other party liable for the Guaranteed Obligations contained in any of the Loan Documents; (c) the extension of the time for payment of the Loan or of the time for performance of any of the 
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obligations, covenants or agreements under or arising out of any of the Loan Documents or this Agreement, or the extension or renewal thereof; (d) the modification, amendment, addition or supplement (whether material or otherwise) of any obligation, covenant or agreement or other term of the Loan Documents; (e) any failure, omission or delay on the part of Lender in enforcing, asserting or exercising any right, power or remedy conferred on Lender under any of the Loan Documents or this Agreement, or in enforcing, asserting or exercising any other right, power or remedy of Lender; (f) the voluntary or involuntary liquidation, dissolution, sale, lease or other transfer or disposition of all or substantially all assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with creditors or readjustment of, or other similar proceedings affecting Borrower or any other party liable for the Guaranteed Obligations or any of the assets of Borrower or any other such party, or any allegation concerning, or contest of, the validity of any of the Loan Documents or this Agreement in any such proceeding; (g) to the extent permitted by law, any event or action that would, in the absence of this clause, result in the release or discharge by operation of law of Guarantor from the performance or observance of any obligation, covenant or agreement contained in this Agreement; (h) the default or failure of Borrower or any other party liable for the Guaranteed Obligations fully to perform any of their respective obligations, covenants or agreements set forth in any of the Loan Documents; (i) any act or omission of Lender; (j) any limitation of Borrower’s or any other party’s liability under any of the Loan Documents or any limitation of Borrower’s or any other such party’s liability which may now or hereafter be imposed by any statute, regulation or rule of law; (k) the substitution or release, in whole or in part, of any Collateral securing the Loans; (l) the addition of a new guarantor or guarantors or the release of one or more than one guarantor; (m) any change in the composition or structure of Borrower, including a merger or consolidation with any other person or entity; or (n) any other circumstance. Guarantor waives, to the extent permitted by applicable law, any defenses based on suretyship and all relief from any and all homestead, appraisement and exemption laws now in force or hereafter enacted.

2. If any monies become available that Lender can apply to the Guaranteed Obligations, Lender may apply them in any manner it chooses, including but not limited to applying them against obligations of Borrower which are not covered by this Agreement.  Lender may take any action against Borrower, any Collateral securing the Guaranteed Obligations or any other person liable for any of the Guaranteed Obligations.  Lender may release Borrower or anyone else from the Guaranteed Obligations, either in whole or in part, or release any Collateral, and need not perfect a security interest in any Collateral.  Lender is not liable to exercise any rights that it has against Borrower or any other party or make any effort to realize on any Collateral or right of set-off.  If Borrower requests more credit or any other benefit, Lender may grant it, and Lender may grant renewals, extensions, modifications and amendments of the Guaranteed Obligations and otherwise deal with Borrower or any other person as Lender sees fit and as if this Agreement were not in effect, all without affecting the obligations of Guarantor hereunder.

3. Guarantor shall be jointly and severally liable with Borrower and any other guarantor of the Guaranteed Obligations to the extent of this Agreement.  If Lender elects to enforce its rights against less than all guarantors of the Guaranteed Obligations, that election shall not release Guarantor from its obligations under this Agreement.  The compromise or release of any of the obligations of any of the other guarantors or Borrower shall not serve to waive, alter or release Guarantor’s obligations under this Agreement.

4. Guarantor agrees that, without the prior written consent of the Lender, which consent shall not be unreasonably withheld or delayed, Guarantor shall not permit (a) any pledge of any ownership interest in Guarantor, Borrower or any Domestic Subsidiary or (b) any sale or other transfer of any ownership interest in Guarantor, Borrower or any Domestic Subsidiary.

5. Guarantor waives, to the extent permitted by applicable law, any right it may have to receive notice of the following matters before Lender enforces any of its rights: (a) Lender’s acceptance of this Agreement; (b) any credit that Lender extends to Borrower; (c) the occurrence of a Default; (d) any demand; or (e) any action that Lender takes regarding Borrower, anyone else liable for the Guaranteed Obligations, any Collateral or any Guaranteed Obligations which it might be entitled to by law or under any other agreement.  Lender may waive or delay enforcing any of its rights without losing them.  No modification or waiver of this Agreement shall be effective unless it is in writing and signed by the party against whom it is being enforced, and any such waiver shall affect only the specific terms and time period stated in the waiver.

6. Guarantor represents that (a) the execution and delivery of this Agreement and the performance of the obligations it imposes (i) do not violate any law; (ii) do not conflict with any material agreement by which such Guarantor is bound; and (iii) do not require the consent or approval of any governmental authority or any third party; (b) this Agreement has been duly executed and delivered and is a valid and binding agreement of Guarantor, enforceable according to its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity; and (c) all financial statements and other information furnished to Lender fairly reflect, in all material respects, the financial condition of Guarantor on their effective dates, including contingent liabilities of every type, which financial condition has not changed materially and adversely since those dates, subject to normal year-end adjustments (the effect of which will not, individually or in the aggregate, be materially adverse) and the absence of notes and other presentation items.

7. Guarantor expressly waives, to the extent permitted by applicable law, any and all rights of subrogation, contribution, reimbursement, indemnity, exoneration, implied contract, recourse to security or any other claim (including any claim, as that term is defined in the federal Bankruptcy Code, and any amendments) which Guarantor may now have or later acquire against Borrower, or any other person or entity directly or contingently liable for the Guaranteed Obligations, arising from the existence or performance of Guarantor’s obligations under this Agreement. Guarantor further agrees that should any payments to Lender on the Guaranteed Obligations be, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy act or code, state or federal law, common law or equitable doctrine, this Agreement shall remain in full force and effect (or be reinstated, as the case may be) until payment in full of any such amounts, which payment shall be due on demand.

Except as prohibited by applicable law, Guarantor waives any right to require Lender: (a) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the Guaranteed Obligations, or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Guaranteed Obligations or in connection with the creation of new or additional loans or obligations; (b) to resort for payment or to proceed directly or at once against any person, including Borrower or any 

other guarantor; (c) to proceed directly against any Collateral securing the Guaranteed Obligations, any other guarantor, or any other person or entity; (d) to give notice of the terms, time, and place of any public or private sale of any personal property Collateral, or to comply with any other applicable provisions of the Uniform Commercial Code; (e) to pursue any other remedy within Lender’s power; or (f) to commit any act or omission of any kind, or at any time, with respect to any matter whatsoever.

8. Any notice regarding this Agreement shall be in writing and shall be deemed to have been sufficiently given or served for all purposes when presented personally to the party or upon receipt thereof following its having been sent by registered or certified mail to any party hereto at the applicable address above stated or at such other address of which said party shall have notified the party giving such notice in writing.

9. This Agreement shall be governed by Indiana law.  Guarantor agrees that any legal action or proceeding against it with respect to any of its obligations under this Agreement may be brought in any state or federal court located in the State of Indiana, as Lender in its sole discretion may elect.  By the execution and delivery of this Agreement, Guarantor submits to and accepts, with regard to any such action or proceeding, for itself and in respect of its property, generally and unconditionally, the jurisdiction of those courts. Guarantor waives any claim that Indiana is not a convenient forum or the proper venue for any such suit, action or proceeding.

10. Guarantor’s liability under this Agreement is independent of its liability under any other guaranty previously or subsequently executed by Guarantor, singularly or together with others, as to all or any part of the Guaranteed Obligations, and may be enforced for the full amount of this Agreement regardless of Guarantor’s liability under any other guaranty.  Upon the occurrence of an Event of Default, Lender shall have the right at any time to apply its own debt or liability to Guarantor in whole or partial payment of this Agreement, without any requirement for mutual maturity.  This Agreement is binding on Guarantor’s successors and assigns and will operate to the benefit of Lender and its successors and assigns.

11. Guarantor acknowledges and agrees that there may be a constitutional right to a jury trial in connection with any claim, dispute or lawsuit arising with respect to this Agreement, but that such right may be waived.  Accordingly, Guarantor agrees that, notwithstanding such constitutional right, in this commercial matter Guarantor believes and agrees that it shall be in Guarantor’s best interests to waive such right, and, accordingly, hereby waives such right to a jury trial, and further agrees that the best forum for hearing any claim, dispute, or lawsuit, if any, arising in connection with this Agreement or the relationship among Borrower, Lender, and Guarantor, whether now existing or hereafter arising, or whether sounding in contract or tort or otherwise, shall be a court of competent jurisdiction sitting without a jury. 

12. Lender is hereby authorized to record electronically or otherwise (i) the date and amount of each disbursement of any Guaranteed Obligations, (ii) the date and amount of each payment or repayment of Guaranteed Obligations, and (iii) such other information as it deems necessary or appropriate, and may, if Lender so elects in connection with any transfer or enforcement of this Agreement, endorse on a schedule forming a part hereof appropriate notation to evidence the foregoing information with respect to the Guaranteed Obligations then outstanding.  Such recordation or endorsement shall constitute prima facie evidence of the 

accuracy of the information so recorded or endorsed; provided, however, the failure of Lender to make any such recordation(s) or endorsement(s) shall not affect the obligation of Guarantor to pay the Guaranteed Obligations or any other amount due hereunder in accordance with the terms hereof.

13. Guarantor agrees to pay all costs, expenses (including reasonable and documented attorneys’ fees), and disbursements incurred by Lender on Borrower’s behalf (a) in all efforts made to enforce this Agreement, (b) in connection with modifying or amending this Agreement, (c) in enforcing and foreclosing on Lender’s security interest in any Collateral or possession of any premises containing any Collateral, whether through judicial proceedings or otherwise, (d) in defending or prosecuting any actions or proceedings arising out of or relating to Lender’s transactions with Guarantor, or (e) in connection with any advice given to Lender with respect to its rights and obligations under this Agreement and all related agreements.  Expenses being reimbursed by Guarantor under this section include costs and expenses incurred in connection with: (i) appraisals and insurance reviews; (ii) environmental examinations and reports; (iii) field examinations and the preparation of reports based thereon; (iv) the fees charged by a third party retained by Lender or the internally allocated fees for each person or entity employed by Lender with respect to each field examination; (v) taxes, fees and other charges for (x) lien and title searches and (y) the recording of any mortgages, filing of any financing statements and continuations, and other actions to perfect, protect, and continue Lender’s security interests; (vi) sums paid or incurred to take any action required of Borrower under the Loan Documents that Borrower fails to pay or take; and (vii) forwarding loan proceeds, collecting checks and other items of payment, and costs and expenses of preserving and protecting the Collateral.

[Signature Page Follows]

        IN WITNESS WHEREOF, the Guarantor has executed this Agreement as of the day and year first written above.

GUARANTOR:

AQUABOUNTY FARMS, INC.

By: /s/ David A. Frank 
David A. Frank, Treasurer and Chief 
Financial Officer

Address: 2 Mill & Main Place, Suite 395
Maynard, MA 01754

STATE OF MASSACHUSETTS )
         ) SS:
COUNTY OF MIDDLESEX  )

The foregoing instrument was acknowledged before me, a Notary Public in and for said County and State, on this 31st day of July, 2020, by David A. Frank, as Treasurer and Chief Financial Officer of AquaBounty Farms Indiana LLC, a Delaware limited liability company, on behalf of the company.

/s/ Christopher H. Martin 
Print Name: Christopher H. Martin
Notary Public, Middlesex County, Massachusetts
My commission expires: August 19, 2022

[Affix seal below]

/SEAL/
Signature Page to Guaranty Agreement (ABF)

Witness:

/s/ Sherry Sylvester 
Witness Signature

Witness Name (Print): Sherry Sylvester

STATE OF MASSACHUSETTS )
        ) SS:
COUNTY OF MIDDLESEX )

Before me, a Notary Public in and for said County and State, personally appeared Sherry Sylvester, on this 31st day of July, 2020, being known to me to be the person whose name is subscribed as a witness to the foregoing instrument, who, being duly sworn by me, deposes and says that the foregoing instrument was executed and delivered by David A. Frank in the above-named subscribing witness’s presence, and that the above-named subscribing witness is not a party to the transaction described in the foregoing instrument and will not receive any interest in or proceeds from the property that is the subject of the transaction.

/s/ Christopher H. Martin 
Print Name: Christopher H. Martin
Notary Public, Middlesex County, Massachusetts
My commission expires: August 19, 2022

[Affix seal below]

/SEAL/

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