6.2. SR 07-06-2004 - Laserfiche WebLink

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ASSIGNMENT OF TAX REBATES THIS AGREEMENT, Made this 6th day of July, 2004, by and between Badger Ventures, LLC (the "Borrower") and The Bank of Elk River (the "Lender"). RECITALS The Borrower has entered into a Loan Agreement of even date herewith with the Lender (the "Loan Agreement"), under which the Lender has agreed to make advances to the Borrower not exceeding the aggregate principal sum of Nine Hundred Seventy-seven Thousand Five Hundred and 00/00's Dollars ($977,500.00) in accordance with the terms thereof, to finance construction on land located within the City of Elk River, Sherburne County, State of Minnesota, legally described on Exhibit "A" attached hereto (the "Project"). Advances to be made under the Loan Agreement will be evidenced by the Borrower's Mortgages, Security Agreements and Fixture Financing Statements (the "Mortgages") and Promissory Notes (hereafter "Notes") of even date therewith payable to the order of the Lender in the aggregate principal amount of Nine Hundred Seventy-seven Thousand Five Hundred and 00/00's Dollars ($977,500.00). Badger Ventures, LLC, has been approved through the City of Elk River, a municipal corporation and political subdivision of the State of Minnesota and by Sherburne County, State of Minnesota for Tax Rebate Financing, and has entered into Tax Abatement and Business Subsidy Agreements with each on or about this same date. The Lender has required, as a condition to making any Advances under the Loan Agreement, the execution hereof by the Borrower, the City of Elk River, and Sherburne County. ACCORDINGLY, in consideration of the foregoing, the Borrower does hereby grant, assign, transfer and set over unto the Lender all of its rights, title and interest in and to any and all tax rebates or abatements ("Rebates") received from the City of Elk River and Sherburne County in connection with the tax abatement financing. The Assignment shall terminate when Borrower has fully performed. The Borrower agrees that no change in the terms thereof shall be valid without the written approval of the Lender. The Borrower agrees not to assign, sell, pledge, mortgage or otherwise transfer or encumber its interest in the Rebates so long as this Assignment is in effect. The Borrower hereby irrevocably constitutes and appoints the Lender as its attorney-in-fact to demand, receive, and enforce the Borrower's right with respect to the Rebates, to receive payments under the Rebates and file appropriate receipts, releases and satisfactions for and on behalf of and in the name of the Borrower or, at the option of the Lender, in the name of the Lender, with the same force and effect as the Borrower could if this Assignment had not been made.