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(i) The Recipient represents that it is not in default on the date her <br /> • any subsidy agreement entered into by the Recipient under th bsidy <br /> Law. <br /> (j) The Recipient shall complete and file with the Grantor nual report <br /> in a form supplied by its Executive Director. The Subsidy aw 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 job 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 goals by the compliance date, the <br /> Grantor, upon receiving written request by the Recipient indicating the <br /> reasons why the goals have not been met and the Recipient's reasonable <br /> assurance that the goals will be met, may, in its absolute discretion, <br /> 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 Davi S. & Car. - A..Ri lin:e <br /> Develo nt Authority (Gr tor) : - 'i;fent) <br /> `� <br /> By �, • % <br /> Pat Dwyer Davis S. Rippl'nger'/ <br /> Its President, <br /> By • <br /> - it By ��� 0 J-40 . <br /> �Q � s <br /> • Catherine Mehelich Carole A. Ripphnger <br /> Its Executive Director, <br /> s:\eda\prospect\santwire\rippling.doc <br /> 3 <br />