6.3. EDSR 12-21-2015 - Laserfiche WebLink

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(c) Guidelines. The Loan will be forgiven as set forth below if Borrower meets all of the following requirements: (i) Location/Existence. Borrower's business in now, and since the execution of this Agreement has at all tines been, located in Elk River and has been open for business as a going concern. (ii) Job Creation/Maintenance. Borrower has created not less than six (6) new jobs from and after the earlier of. (a) the date the Certificate of Occupancy for the Expansion is issued; and (ii) November 1, 2013 (the "Commencement Date"). For the created jobs: (A).the salary/wage of each position must be $12.19/hour or greater; (B) at least four (4) of the created jobs must be filled by a person who meets State of Minnesota's most current low to moderate income guidelines; (C) the employee filling such job must have worked for at least 1,750 hours in any twelve (12) month period; provided that the 12 -month period shall commence no later than the two (2) year anniversary of the Closing Date. If the employee initially hired to any created position leaves or is terminated prior to completing the required time of employment, Lender may allow a replacement employee hired to fill the position to complete the requirements of this section, in the sole discretion of Lender as to: (X) whether to allow such "tacking"; and (Y) the terms and conditions of such completion. (iii) No Defaults. As of the Determination Date, there are no defaults under this Agreement or any other agreement between Lender and Borrower which is beyond any notice and cure period. (d) Completion. Within a reasonable time after: (i) the 3`d Anniversary of the Commencement Date; or (ii) such earlier date as Borrower requests Lender's review, Lender will determine, in its sole and absolute discretion, whether Borrower has fully and timely complied with the requirements of this Section 6. Borrower will promptly provide all such documentation as Lender reasonably requests in Lender's effort to determine whether Borrower has timely complied with the requirements of this Section 6. The date upon which Lender gives Borrower written notice of its determination of Borrower's compliance with the requirements of this Section 6 is the "Determination Date". If Borrower has timely and completely complied with all of the requirements of this Section 6, as strictly interpreted, Lender will forgive all outstanding principal and interest due and owing pursuant to the Loan as of the Determination Date. Within a reasonable time thereafter, Lender will return the Note and Guaranty to Borrower and will provide a termination of its financing statement. If, however, Lender determines that Borrower has not fully or timely complied with the requirements of this Section 6 or at any time after the 2nd Anniversary of the Commencement Date reasonably determines that Borrower cannot comply with the requirements of this Section 6, then: (i) all interest accrued to date shall be -4-