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3. If Owner fails to meet the Loan Forgiveness Requirements, Owner covenants and <br />agrees with City to repay the Loan in the amount determined as follows: <br />a. If the failure to meet the Loan Forgiveness Requirements occurs within one (1) <br />year after the date of the Loan, Owner shall repay the full Loan Amount to City. <br />b. If the failure to meet the Loan Forgiveness Requirements occurs after the first <br />year, but before the Forgiveness Date, Owner shall repay an amount determined <br />by deducting 20 % from the Loan Amount for each full year elapsed since the date <br />of the Loan. The amounts so deducted shall be deemed forgiven. <br />C. In the case of Owner's sale of the Real Property before the Forgiveness Date, the <br />amount of repayment required under this Agreement shall not exceed the "Net <br />Proceeds" of such sale. For purposes hereof, "Net Proceeds" shall mean the sales <br />price of the Real Property minus (i) loan repayment (other than the Loan described <br />in this Agreement), and (ii) closing casts. <br />Any repayment required under this paragraph shall be made to City no later than thirty (30) days <br />following the failure to meet the Loan Forgiveness Requirements, or on such later date or dates <br />as the City, in its sole discretion, may designate. <br />4. As security for owner's obligation of repayment, and subject to the terms and <br />conditions of this Agreement, Owner by this Agreement hereby grants to City a lien on the real <br />estate hereinafter described (the "Real Estate ") in the Loan Amount (as the same may have been <br />reduced in accordance with this Agreement) plus all amounts of the collection of same including <br />reasonable attorneys' fees, court costs, etc. The Real Estate is situated in the City of Elk River, <br />Sherburne County, Minnesota, and is legally described as: <br />Unit No. 1603, Woods at Elk river Station, CIC Number 46, Sherburne County, <br />Minnesota <br />5. Promptly after any event that causes Owner to fail to meet the Loan Forgiveness <br />Requirements (or, in the event of a sale by contract or deed, at least ten (10) days prior to the date <br />of such sale), Owner or his/her heirs, executors, or representatives, shall give City notice thereof <br />6. In the event Owner or his/her heirs, executors or representatives shall fail or <br />refuse to make a required repayment within the time required by this Agreement, City may <br />foreclose the lien granted by this Agreement in the Deal Property in the mariner provided by taw. <br />7. This agreement shall run with the Real Estate and shall inure to the benefit of and <br />be binding upon the parties hereto and their respective heirs, executors, representatives, <br />successors, and assigns.. <br />