3.1. EDSR 03-27-2015 - Laserfiche WebLink

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ESCROW AGREEMENT THIS ESCROW AGREEMENT ( "Agreement ") is made and entered as of the day of March, 2015, by and among SPORTECH, INC., a Minnesota corporation ( "Sportech "), the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota ( "EDA "), and OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY ( "Escrow Agent "). RECITALS: WHEREAS, Sportech and EDA have entered into a Loan and Business Subsidy Agreement dated April 25, 2014 (the "Loan Agreement "), pursuant to which EDA has made a loan under its Forgivable Loan Program in the amount of $111,155.13 to Sportech (the "Loan"). WHEREAS, the Loan Agreement imposes certain requirements on Sportech, including an obligation of Sportech to create four new (4) full -time jobs and maintain such new positions for a period of at least one year, as more fully provided in Section 6(b) of the Loan Agreement (the "Job Requirement "). WHEREAS, the Loan is secured by a Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement dated April 25, 2014, filed for record in the office of the County Recorder, Sherburne County, Minnesota on April 28, 2014, as Document No. 786986 (the "Mortgage "), relating to the real property leased by Sportech and currently owned by an affiliate of Sportech, Envision Company, LLC ( "Envision "), which is located at 10800 175th Avenue NW, Elk River, Minnesota and is legally described as Lot 4 in Block 1 of "Northstar Business Park" according to the plat thereof recorded September 29, 2005 as Document No. 600880 in the Office of the County Recorder for Sherburne County, Minnesota (the "Property "). WHEREAS, on or about the date hereof, Envision is selling the Property to Broadstone STI Minnesota, LLC ( "Broadstone ") and Sportech, as tenant, is entering into a new lease for the Property with Broadstone, as landlord, under a transaction that EDA has previously consented to pursuant to a Consent to Transaction given by EDA to Sportech. WHEREAS, in connection with the current Property transaction, Sportech has requested, and EDA has agreed to provide, a release of the Mortgage to be recorded in the Office of the County Recorder for Sherburne County, Minnesota (the "Mortgage Release "). WHEREAS, in connection with its agreement to provide the Mortgage Release to facilitate Sportech's current transaction, EDA has required the outstanding principal and interest due under the Loan (the "Funds ") to be escrowed with Escrow Agent to ensure Sportech complies with the Job Requirement through April 1, 2016. 085714 \001 \4025070.v 1