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MEMORANDUM OF UNDERSTANDING <br /> • MEMORANDUM OF UNDERSTANDING ("Agreement") is made and <br /> entered into this day of , 19_by and between the City <br /> of Elk River Economic Development Authority (EDA), Larry Hickman, <br /> Genesis Portfolio Partners, LLC., and MAS Technologies, Inc., a corporation <br /> organized and existing under the laws of the State of Minnesota (the <br /> "Company"). <br /> BACKGROUND <br /> The EDA has created the Elk River Business Incubator (ERBI) to <br /> support the development of new high technology companies ("Member <br /> Companies") during the early years of such Member Companies' <br /> development. <br /> The Company has been approved as a potential Member Company, and <br /> the Company desires the support, services, and programs of the EDA as part <br /> of the Elk River Business Incubator. <br /> EDA, through its creation of the Elk River Business Incubator, is <br /> prepared to arrange for the provision of certain services in accordance with <br /> the terms of this Agreement. <br /> • <br /> NOW, THEREFORE, in consideration of the premises and of the <br /> mutual promises and covenants contained in this Agreement and other good <br /> and valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged, the parties covenant and agree as follows: <br /> 1. SERVICES OF ERBI <br /> 1.1. Rent of Available Space. At the time of execution of this <br /> Memorandum of Understanding, the Company shall have executed a <br /> Sublease for space within the Elk River Business Incubator. The terms and <br /> conditions of such space rental shall be strictly in accordance with the <br /> Sublease, substantially in the form of Exhibit A attached hereto. <br /> 1.2. Leasehold Improvements. In order for the Company (and <br /> additional companies) to occupy space within the Elk River Business <br /> Incubator, the EDA has provided leasehold improvements in the form of <br /> construction of restroom facilities, partition walls, doors, windows, carpeting, <br /> and other improvements, at a total cost of$75,063. Such leasehold <br /> improvements were constructed in order to make the Elk River Business <br /> Incubator available to all qualified applicants, including the Company. <br /> • <br /> eda/doc/masagrmt 1 <br />