7.5. SR 07-20-2015 - Laserfiche WebLink

Home Browse Search

officer of Lender at the address for Lender for the mailing of notices. Either party may change its address for the giving of notices by giving the other party at least ten (10) days’ notice in the manner provided above. 18.Headings. The headings used in this Agreement are for convenience only and do not define, limit or construe the contents of this Agreement. 19.Bindings on Successors and Assigns. Subject to the limitations on transfer contained in this Agreement, this Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto. 20.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Minnesota, without giving effect to any choice or conflict of law provision or rule. 21.Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be an original and all of which shall constitute the same agreement. 22.Entire Agreement. This Agreement, the Note, the Security Agreement and the other documents executed by Borrower and/or Lender pursuant to this Agreement contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior understandings and agreements, both oral and written. This Agreement may be amended only in a writing signed by the parties hereto. 23.Fees and Expenses. Borrower agrees to pay to Lender immediately upon demand all costs and expenses, including, without limitation, all attorneys’ fees, incurred by Lender in connection with the enforcement of the Lender’s rights and/or the collection of any amounts which become due to Lender under this Agreement, the Note, the Security Agreement or the other documents executed in connection herewith; and the prosecution or defense of any action in any way related to this Agreement, the Note, the Security Agreement or the other documents executed in connection herewith. 24.Business Subsidies Act. (a)In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Business Subsidies Act”), the Borrower acknowledges and agrees that the amount of the “Business Subsidy” granted to the Borrower under this Agreement is the amount of the loan, which is $200,000, and that the Business Subsidy is needed because the project is not sufficiently feasible for the Borrower to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to develop manufacturing facilities, increase the tax base in the City and stimulate the creation and retention of jobs. In consideration of the Business Subsidy provided for the Borrower’s acquisition of the Loan Property, the Borrower represents that pursuant to the terms of the Lease, it will cause the Entity Guarantor to meet the following goals (the “Goals”): the Entity Guarantor shall retain its existing 105 jobs in Minnesota and create at least 8 additional full-time equivalent jobs at the Loan Property at an hourly wage equal to the 10 464429v2 EL185-33