5. HRSR 05-02-2011 - Laserfiche WebLink

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required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Borrower agrees to pay to the Lender a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (d) The Borrower agrees to continue operations of its Class I restaurant facility in the City for at least five (5) years after the Benefit Date. (e) The Borrower does not expect to receive any financial assistance in connection with its activities at the facility located on the Loan Property from any other state or local government entity. (f) There is no parent corporation of the Borrower. (g) The Borrower certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement. 7. Access to Loan Property. Lender and its respective representatives shall have at all reasonable times the right to enter and have free access to the Loan Property and the right to inspect all work done, labor performed and material furnished in connection therewith. 8. Books and Records. Borrower agrees to maintain accurate and complete books, accounts and records in regard to the Loan Property in a manner reasonably acceptable to Lender. Lender and its representatives shall have the right to inspect, examine and copy all such books and records of Borrower and Borrower shall, at Lender's request, furnish such information as Lender may reasonably demand. 9. Encumbrances and Transfer. Other than a mortgage made or granted by way of security for, and only for, the purpose of obtaining construction, interim or permanent financing necessary to enable Borrower to construct the Improvements or any component thereof, Borrower agrees not to sell, transfer, lease or convey the Loan Property or any part thereof, or any interest therein, or encumber the Loan Property or any part thereof, in any manner, without the prior written consent of Lender which consent may be granted or withheld in the sole discretion of Lender. This requirement shall apply to each and every sale, transfer, lease or conveyance, whether voluntary or involuntary and whether or not Lender has consented to any prior sale, transfer lease or conveyance. The Loan shall be immediately due and payable upon any sale, transfer, lease, conveyance, or encumbrance of the Loan Property or any part thereof, or any interest therein, in any manner, without the prior written consent of Lender. 10. Time of Essence. Time is of the essence in the performance of this Agreement. If Borrower fails to commence construction of the Improvements prior to July 1, 2011 or to submit the items required by Section 5 prior to December 31, 2011, no Loan proceeds will be disbursed. 385593v3 JSB EL185-12 -6-