7.5. SR 07-20-2015 - Laserfiche WebLink

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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 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 & Title Company \[Old Republic National Title Insurance Company\] (“Title”) is 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 second priority lien upon Borrower’s interest in the Loan Property as contemplated by this Agreement, subject only to a mortgage in favor of The Bank of Elk River in the amount of $____________ (the “First Lien Mortgage”). Borrower agrees to 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. (d)Entity Guaranty. Deliver to Lender the Entity Guaranty. (e)Mortgage. Deliver to Lender the Mortgage, together with evidence that the Mortgage has been or will be duly filed for record. (f)Notice and Cure Agreement. Deliver to Lender the Consent and Notice and Cure Agreement, with respect to the Contract for Deed. 2 464429v2 EL185-33