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REPAYMENT AGREEMENT <br /> THIS AGREEMENT made this day of , 199_by and between <br /> the City of Elk River Economic Development Authority ("EDA") and Larry Hickman <br /> ("Hickman"). <br /> BACKGROUND <br /> The EDA has created the Elk River Business Incubator ("ERBI") to support <br /> the development of new high technology companies during the early years of their <br /> development. <br /> The EDA has made arrangements with Hickman to lease certain space and <br /> real property owned by Hickman described on Exhibit A attached hereto. That <br /> lease agreement is dated , 1997 ("the Lease"). <br /> The EDA, Hickman, and Genesis Business Centers, Ltd., have or will also <br /> enter into memorandum of understanding agreements with various companies who <br /> will be subtenants of the EDA in the ERBI. In order to make the ERBI habitable <br /> for the new high technology companies, the EDA has invested the actual amount of <br /> $ , not to exceed $81,253, to accomplish construction of the leasehold <br /> improvements listed on Exhibit B attached hereto. <br /> Hickman and the EDA agree that the leasehold improvements described on <br /> Exhibit B will remain the property of Hickman at the end of the Lease term or any <br /> renewal or extension thereof and Hickman and the EDA desire that Hickman <br /> reimburse the EDA for a pro-rated portion of the cost of those improvements at the <br /> termination of the Lease. <br /> NOW, THEREFORE, in consideration of the foregoing and the mutual <br /> promises and agreements hereinafter contained and other good and valuable <br /> consideration, the receipt and sufficiency of which are hereby acknowledged, the <br /> parties covenant and hereto agree as follows: <br /> 1. EDA will pay Hickman for the cost of leasehold improvements as <br /> provided within the Lease. Such leasehold improvements are identified on Exhibit <br /> B attached hereto. <br /> 2. EDA and Hickman agree that the actual cost of such improvements is <br /> $ , not to exceed $81,253, based upon a description of such <br /> improvements identified on Exhibit B. <br /> 3. So long as the EDA has performed all of its obligations under the <br /> Lease, at the termination of the Lease or at the termination of any renewal term or <br /> extension thereof, Hickman will reimburse the EDA for a proportionate share of the <br /> cost of leasehold improvements as described in Paragraph 2 hereof. The <br /> proportionate share shall be as set forth on Exhibit C attached hereto. Such <br />