5. EDSR 07-15-2013 - Laserfiche WebLink

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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 constructing a new industrial building, substantially in accordance with plans and specifications which have been provided to Lender. 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 referred to as the "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 Americans with Disabilities Act and those related to environmental protection. Borrower has commenced construction of the Improvements. 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 date of this Agreement and to carry on continuously, diligently and with reasonable dispatch the construction of the Improvements to full and final completion. Failure to complete the Improvements on or before the 1s` anniversary of the date of this Agreement shall be a default hereunder. 3. Purchase of Equipment. Borrower has provided Lender a preliminary list of the Equipment that it intends to purchase for use in its business from the Project, attached hereto as Exhibit A. Borrower will complete the purchase of the Equipment and take delivery of the same on or before the date that the Certificate of Occupancy for the Loan Property is issued. If Borrower wishes to purchase other or different Equipment, Borrower shall provide Lender an updated Exhibit A for its review and approval, which approval will not be unreasonably withheld, so long as the replacement equipment is substantially similar to the replaced Equipment in function and value. Borrower will provide Lender a final list of Equipment purchased within fifteen (15) days after the Certificate of Occupancy for the Loan Property is issued. 4. Title Insurance. Sherburne County Abstract and Title Company ("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 first position lien upon Borrower's interest in the Loan Property as contemplated by this Agreement, subject only to the lien of the mortgage set forth as Item 1 on Exhibit B to the Mortgage (the "Prior Mortgage"). 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. 5. Documents to be Delivered. Borrower covenants and agrees to immediately cause the compliance with the following conditions: -2-