8. EDSR 06-17-2013 - Laserfiche WebLink

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The proceeds of the Loan may only be used to construct approved Program Improvements (as defined below). 2. Construction of Improvements. For the purposes of this Agreement, the term "Loan Property" means the real estate described in the Mortgage together with all improvements now located or hereafter placed thereon. Borrower agrees to improve as a part of the Loan Property a project ("Project") consisting generally of renovations to and equipping of the building located at 13374 U.S. Highway 10, Elk River, Minnesota, substantially in accordance with plans and specifications which have been provided to Lender (the "Plans and Specifications"). The improvements to and equipping of the Loan Property contemplated by the plans and specifications, as the same may be changed with the approval of Lender, are herein collectively referred to as the "Improvements." The Improvements will consist of: (i) replacing the asphalt overlay on the Loan Property parking and drive areas and re- striping the same (the "Non-Program Improvements"); and (ii) certain improvements which are intended to increase the energy efficiency of the Loan Property, as specifically set forth on Exhibit A (the"Program Improvements"). Borrower covenants that when completed, the Improvements shall comply with all applicable restrictions, conditions, codes, ordinances, regulations and laws of the City of Elk River ("City") and all other governmental bodies having jurisdiction over the Loan Property, including, without limitation, the all municipal sign ordinances, the Americans with Disabilities Act and those related to environmental protection. Borrower SHALL NOT commence construction of the Improvements until after this Agreement is signed. Borrower agrees to commence construction of the Improvements promptly after the Closing Date and to carry on continuously, diligently and with reasonable dispatch the construction of the Improvements to full and final completion. 3. Title Insurance. ("Title"), is designated as the title insurer with respect to this Agreement. Title will insure Lender against loss or damage on account of mechanic's liens upon or unmarketability of the title to the Loan Property, and will insure that the Mortgage constitutes a [second][third] lien upon Borrower's interest in the Loan Property, subject only to the Contract for Deed and the Secondary Financing (each as defined below), as contemplated by this Agreement. Borrower agrees to promptly and fully observe and comply with the reasonable requirements of Title and Lender with respect to the title, the Mortgage, disbursements of funds and such other reasonable requirements as Title may make. 4. Borrower's Deliverables. Borrower covenants and agrees to immediately cause the compliance with the following conditions, which full and timely compliance is a condition precedent to Lender's obligations under this Agreement: (a) Note. Deliver to Lender the Note. -2-