6.6. EDSR 01-20-2015 - Laserfiche WebLink

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in Sherburne County, Minnesota legally described as Lot 2, Block 1, Elk River Business Park, according to the plat thereof on file and of record in Sherburne County, State of Minnesota (the “Loan Property”) as well as a security interest in certain other property described therein. D.Contemporaneously with the execution hereof, Borrower is entering into a contract for deed with Elk River Business Park, LLC to purchase the Loan Property. NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby agreed as follows: 1.Amount and Purpose of Loan. Borrower agrees to take and Lender agrees to make a mortgage loan in the principal amount of Two Hundred Thousand and No/100s Dollars ($200,000.00) (the “Loan”) to be advanced in a single disbursement as hereinafter provided, the Loan to be evidenced by the Note and secured by the Security Agreement, the Personal Guaranties, the Entity Guaranty, the Life Insurance Security Agreement, the Mortgage and any other security document required under this Agreement. The Loan proceeds will be used only towards a down payment on Borrower’s purchase of the Loan Property. 2.Equipment and Security Interest. The Entity Guarantor has provided Lender a preliminary list of the Equipment that shall be subject to the Equipment Security Interest, which is attached as Exhibit A. The Security Agreement will provide Lender with a first priority security interest in the Equipment. 3.Title Insurance. Sherburne County Abstract and Title Company (“Title”) is [A3] 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 ensure that the Mortgage constitutes a first priority lien upon Borrower’s interest in the Loan Property as contemplated by this Agreement, subject only to the Contract for Deed entered into by Borrower to purchase the Loan Property from Elk River Business Park, LLC that is dated ______________, 2015 (the “Contract for Deed”). Borrower agrees to [A4] 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.Documents to be Delivered. Borrower covenants and agrees to immediately cause the compliance with the following conditions: (a)Note. Deliver to Lender the Note. (b)Security Agreement. Deliver to Lender the Security Agreement, together with evidence that a UCC-1 Financing Statement has been or will be duly filed for record. (c)Personal Guaranties. Deliver to Lender the Personal Guaranties. 2 454752v2 EL185-29