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Elk River EDA Finance Committee <br /> Decembe 3,2013 <br /> Page Three <br /> If the Borrower and Guarantors default and do not answer the Summons and Complaint,the <br /> following amounts would be necessary to enter the default judgment against each of the parties so <br /> that the EDA could take the actions necessary to collect therefrom. <br /> 1. Enter the judgments and transcribe the judgments to the counties where the parties are <br /> located if there are not located in Sherburne County, approximately$700. <br /> 2. Take the deposition of the applicable parties to determine what assets they have in order to <br /> collect on the same, $700 to $1,000 per party or approximately$1,000 since Mr. Barton <br /> would be able to answer most questions. If any assets are found,then there would be <br /> additional cost to secure the same and have a sale thereof,the amount to do this would <br /> depend upon what assets are actually found and the value thereof. <br /> If the Borrower and the Guarantors answer the Summons and Complaint,there would be <br /> significant cost in attempting to collect in that the matter would have to proceed to a summary <br /> judgment motion or trial and the EDA would have to prove up the actual amount owing and there <br /> would have to be no defenses to said action. This cost would range upward of$2,500 to $3,000 <br /> • and take considerable time to get on the court calendars to actually have a trial if needed. <br /> • <br /> 173697v2 <br />