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• filing date, and if, after 14 days after the postmark data of that <br /> warning, the Recipient continues to fail to report, then the Recipient is <br /> required to and shall pay the Grantor a penalty of$100 for each <br /> subsequent day until the report is filed, up to a maximum of$1000. <br /> The Recipient shall file these reports with the Grantor, in care of its <br /> Executive Director at the following times: <br /> • On March 1 of each year, beginning with the March 1 <br /> immediately following the benefit date. <br /> • Within 30 days of the "Compliance Date," hereby defined to <br /> be the date which is two years after the benefit date. <br /> • If the job goals are not met by the compliance date, every <br /> subsequent anniversary thereof until the subsidy is repaid, <br /> as may be required hereunder. <br /> Each March 1 report shall reflect the prior calendar year, and each <br /> subsequent report shall reflect the period since the last reporting <br /> period. <br /> (k) If the Recipient fails to meet the job goals by the compliance date, the <br /> Grantor, upon receiving written request by the Recipient indicating <br /> the reasons why the job goals have not been met and the Recipient's <br /> reasonable assurance that the goals will be met, may, in its absolute <br /> 111, discretion, grant a one year extension of the compliance date. <br /> (1) This section of this Agreement is intended to be the "Subsidy <br /> Agreement" required by Section 116J.994, Subdivision 3 of the Subsidy <br /> Law. In the event that any provision of this Section is inconsistent or <br /> in conflict with any provision of the Subsidy Law, and in the event that <br /> any provision of the Subsidy Law provides additional requirements, <br /> the provisions of the Subsidy Law shall apply and govern. <br /> In witness whereof, the Grantor and the Recipient have dully executed <br /> this agreement by their duly authorized representatives. <br /> Elk River Economic David S. & Carole A. Ripplinger <br /> Development Authority (Grantor) (Recipient) <br /> By By <br /> Pat Dwyer David S. Ripplinger <br /> Its President, <br /> By By <br /> • Catherine Mehelich Carole A. Ripplinger <br /> Its Executive Director, <br /> s:\eda\prospect\santwire\rippling.doc <br /> 3 <br />