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3.1. EDSR 03-27-2015
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3.1. EDSR 03-27-2015
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3/26/2015 12:11:07 PM
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3/26/2015 10:23:53 AM
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EDSR
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3/27/2015
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CONSENT TO TRANSACTION <br />THIS CONSENT TO TRANSACTION, dated as of the day of March, 2015, is <br />given from the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK <br />RIVER, a public body corporate and politic of the State of Minnesota (the "Authority ") to <br />SPORTECH, INC., a Minnesota corporation ( "Sportech "). <br />Recitals <br />A. Sportech and Authority have entered into a Loan and Business Subsidy <br />Agreement dated April 25, 2014 (the "Loan Agreement "), pursuant to which the Authority <br />has made a loan under its Forgivable Loan Program in the amount of $111,155.13 to <br />Sportech (the "Loan "). <br />B. The Loan Agreement imposes certain requirements and contains certain <br />restrictions relating to the real property leased by Sportech and owned by an affiliate of <br />Sportech, Envision Company, LLC, which is located at 10800 175th Avenue NW, Elk River, <br />Minnesota and is legally described as Lot 4 in Block 1 of "Northstar Business Park" <br />according to the plat thereof recorded September 29, 2005 as Document No. 600880 in the <br />Office of the County Recorder for Sherburne County, Minnesota (the "Property "), including <br />limitations on sales and leases of the Property under Section 9 of the Loan Agreement. <br />C. Sportech and its affiliated entity Envision Company, LLC desire to enter into a <br />sale and leaseback transaction with Broadstone STI Minnesota, LLC ( "Broadstone ") under <br />which Sportech (through Envision Company, LLC) will sell the Property to Broadstone and <br />Sportech, as the tenant, will concurrently enter into a new lease for the Property with <br />Broadstone as the landlord (collectively, the "Proposed Transaction "). <br />D. Sportech has requested the Authority's written consent to the Proposed <br />Transaction, and the Authority is willing to consent to the Proposed Transaction. <br />NOW, THEREFORE, for good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the Authority does hereby unconditionally <br />and irrevocably consent to the Proposed Transaction. This written consent constitutes all <br />necessary consents required by the Authority in connection with the Loan for Sportech to <br />enter into the Proposed Transaction (specifically including the requirements under Section 9 <br />of the Loan Agreement). <br />[signature page follows] <br />085714 \001 \4017001.v 1 <br />
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