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EDA Finance Committee Meeting <br /> December 3,2001 <br /> Page 2of 2 <br /> • <br /> Recommendation <br /> The Finance Committee noted that MN Fabrication&Machine, Inc. meets or exceeds the <br /> criteria set forth by the Loan Fund guidelines. Subsequently the committee unanimously <br /> recommended that the EDA approve a $50,000 Supplemental Financing Loan to MN <br /> Fabrication &Machine, Inc. to be secured by a 2nd lien position on the real estate and a 2nd <br /> lien position on the machinery and equipment. The loan is proposed to be structured as a <br /> participation loan with First National Bank of Elk River. <br /> MF &M will be required to execute the following paperwork,which is standard procedure <br /> for all EDA Micro Loans: <br /> • Security Agreement <br /> • Promissory Note <br /> • Personal Guarantees <br /> • Job Performance Agreement (per Business Subsidy Law) <br /> • UCC-1 Financing Agreement <br /> • <br /> • <br />