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b. Verified bank statements showing liquid balances that will <br /> provide down payment proceeds . <br /> c. Borrower obtaining funds from the Elk River Economic <br /> Development Microloan Fund in the amount of $200 , 000 . 00 and <br /> the Elk River Economic Development Forgivable Loan Program in <br /> the amount of $75, 000 . 00 . <br /> d. Borrower' s satisfactory completion of and compliance with all. <br /> of the terms and conditions of this commitment, conditions <br /> stated in the programs administered by the Elk River Economic, <br /> Development, and any conditions set forth in the Purchase <br /> Agreements between parties. <br /> 3 . LOAN COVENANTS. Borrower will be required to meet the following <br /> ........................ <br /> requirements:..... <br /> a. Borrower will be required to maintain a Global Debt Service <br /> Coverage of 1 . 20 to 1 . 00 measured annually beginning December <br /> 31, 2017 . <br /> 4 . LOAN DOCUMENTS . Borrower shall execute such documentation as Lender <br /> ..........--- <br /> deems necessary or desirable, for its protection ("Loan Documents") <br /> All Loan Documents shall be prepared by Lender or Lender' s counsel <br /> and be satisfactory in form and content to Lender. The Loan <br /> Documents shall contain cross-default provisions and shall include, <br /> but not be limited to, the following: <br /> a. Promissory Notes ("Notes") , <br /> b. Combination Mortgages, Security Agreements and Fixture <br /> Financing Statements ("Mortgage" ) to be executed by Borrower <br /> covering the real property, improvements, fixtures and <br /> equipment involved in both loans, Any UCC-2 ' s that are <br /> necessary to perfect Lender' s security interest shall also be <br /> executed and filed of record in the appropriate state offices . <br /> c'. Loan 'Agreements to be executed by Borrower and Lender ("Loan <br /> Agreements") . <br /> d. Separate unconditional and unlimited Guaranties to be executed <br /> by the Guarantors . <br /> e . Hazardous Waste Indemnification and Waiver to be executed by <br /> Borrower and Guarantors in favor of Lender, <br /> f . Affidavit of Borrower. <br /> 3 <br />