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. JAN -H -2010 THH 11.44 AEI Angie Notary Signing FAX aka. 248 69$ 9097 P. 002 3. If Owner fps to meet the Lom Forgiveness Requirenmts, Owam' covenants and agrees with City to repair the Low m the amount detm=ed as follows: S. If the #hilum to mm the Loan Fosgivertess ReqWnmmts occurs within ode (1) year after the date of'the Loan, Owner shall repay tlae fell Loan Amrnmt to City. b. If the failure to meet the Loan Fo*vimcss Requiremeft ocem after dW BM year, but before the Forgiveness Date, Owner shall repay su amt detarmmed by deducting 20% fix= the Loan Amount for eaoh_fuil year elapsed rime the date ofthe Loan The ammmis so deducted shall be deemed €orgivam C, In the case of Own es sale of the Reel Propw ly before the Forgiverma Imm, the amovat of repayment required antler this Agf mzM shall not meed the "Net Proceeds" of such sale. For purpoaea hares. '4t Proceeds- shdl mom the sales price of the Real Property mmms (J) loan repayment (odw thOA the Loan described in tktis ,A`greonantj and iii) dosing costs Any repgmle t required under this paragraph shall be made to City no later then tinny (30) clays t'allowmg the failure to meet the Lamy ForVvearss RaqummDents, or on stash later date or dates as the City, in its sole discreNon, may desgpars. 4. As security for owner's abligatacua of =pWu=t mad subject to the teams and caaditi ms of this Agremtnet Owner by this Agra maA hamby OMU to City alien, on the real ame humeft described (the "heal Estate°) in the Lgau Amount (as the am may have been reduced m accordamee with this A, xt) plus all amounts of the collector of sauna inctudin reasonable aMmeys, fees, court costs, etc. The Real En to is sibmted in the City of Elk River, Sherburne County, Nfumesota, mad is legally described as. Unk No. 3604, Woeds at Elk Rivex S ahem4 Comma Merest Coo muu ity No. 46, Sherburne Cmaty, Mbumoto - 5. Promptly a€ter my evacid drat causes Owner to fled to read the Loaah Fwpvwm &KuiremaW (or, in the event of a sale by comt ma or deed, at least ten (10) days prior to the date of such Patel Owner or NM= helm, mcoca=s, or reprseentatives, shah give City notice thereof 6. In tiw evmrt Owner or hiis4m heirs, aacecWom or representatives slxIl feel at refuse to make a requm:d repayment within the time required by this AgTeemud, Qty Wray foreclose the lien gxamted by this Agresamt in the Reeel Property in the Qmaaurter provided by law. 7. This av=m M shall nkn with the treat Estate and small inure to the benelll of and bG bkidit upam the parties hereto and their rapective heirs, exec Wors, Wives, successors, and assips.