Solution
NI-ModInst should appear in NI Package Manager under the "Installed" tab when 'Products only' box is unchecked.

If you do not have NI Package Manager, please follow the steps below to ensure you have niModInst folder on your system.
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For Windows 10 navigate to C:\Program Files\National Instruments\LabVIEW 2020\instr.lib\niModInst
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The niModInst folder should contain the following contents shown in the image below.

If NI-ModInst is not found in NI Package Manager or at the file path mentioned above, try uninstalling and reinstalling NI-RFSA/NI-RFSG. Otherwise, if feasible try running the code on a different computer.
On the condition that neither steps above rectified issue, the issue may be caused by a missing dependency. To determine if there is a missing dependency follow the steps below:
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Use a dependency viewer program such as Dependency Walker.
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If the dependency missing is of the format "API-MS-WIN-CORE..." please follow the steps found in following KB to troubleshoot. Windows DLLs "api-ms-win-core..." Not Found When Calling LabWindows/CVI DLL.