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(i) The Recipient represents that it is not in default on the date hereo off` <br /> • any subsidy agreement entered into by the Recipient under the idy <br /> Law. <br /> (j) The Recipient shall complete and file with the Grantor anir" al report <br /> in a form supplied by its Executive Director. The Subsidy La, requires <br /> that if the Recipient does not file such reports, when due, the Grantor <br /> must mail the Recipient a warning within one week of the filing date, and <br /> if, after 14 days after the postmark date of that warning, the Recipient <br /> continues to fail to report, then the Recipient is required to and shall pay <br /> the Grantor a penalty of$100 for each subsequent day until the report is <br /> filed, up to a maximum of$1,000. The Recipient shall file these reports <br /> with the Grantor, in care of its 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 be <br /> the date which is two years after the benefit date. <br /> • If the goals are not met by the compliance date, every <br /> subsequent anniversary thereof until the subsidy is repaid, as <br /> 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 period. <br /> (k) If the Recipient fails to meet the established goals by the compliance <br /> date, the Grantor, upon receiving written request by the Recipient <br /> indicating the reasons why the goals have not been met and the <br /> Recipient's reasonable assurance that the goals will be met, may, in its <br /> absolute discretion, grant a one year extension of the compliance date. <br /> In witness whereof, the Grantor and the Recipient have duly executed this <br /> agreement by their duly authorized representatives. <br /> Elk River Economic Equity Management, Inc <br /> Develoent Authority (crantor) (Recipient) <br /> By ► By £-/-a <br /> 'at Dwyer Linda Norha <br /> Its President Its President <br /> • Catherine Mehelich <br /> Its Executive Director s:\eda\prospect\santwire\equitymg.doc <br /> 3 <br />