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ECONOMIC DEVELOPMENT AUTHORITY OF <br />THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION NO. 16-02 <br />RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS AND <br />RELEASE OR MORTGAGE <br /> WHEREAS, Preferred Powder Coating, LLC (the “Borrower”) has heretofore entered into <br />a Loan Agreement, dated September 26, 2013, by and between the Economic Development <br />Authority of the City of Elk River (“EDA”) and the Borrower (the “Loan Agreement”); and <br /> WHEREAS, in accordance with Section 6 of the Loan Agreement the Borrower has <br />notified the EDA that all conditions have been met for the loan to be forgiven and has requested <br />that the EDA issue a Certificate of Forgiveness and Release of Mortgage. <br /> NOW THEREFORE BE IT RESOLVED By the Board of Commissioners (the “Board”) of <br />the Economic Development Authority of the City of Elk River (“EDA”) as follows: <br />Section 1. EDA Approval. The EDA hereby finds that conditions have been met for the <br />loan to be forgiven, and the President and the Executive Director are hereby authorized and directed <br />to execute the Certificate of Forgiveness and Release of Mortgage, together with any related <br />documents necessary in connection therewith (the “Release Documents”), on behalf of the EDA and <br />deliver the Note, the Entity Guaranty and the Personal Guaranties (as defined in the Loan <br />Agreement) to the Borrower. The approval hereby given to the Release Documents includes <br />approval of such additional details therein as may be necessary and appropriate and such <br />modifications thereof, deletions therefrom and additions thereto including without limitation filling <br />in any missing information, as may be necessary and appropriate and approved by legal counsel to <br />the EDA and by the officers authorized herein to execute said documents prior to their execution; <br />and said officers are hereby authorized to approve said changes on behalf of the EDA. The <br />execution of any instrument by the appropriate officers of the EDA herein authorized shall be <br />conclusive evidence of the approval of such document in accordance with the terms hereof. <br /> Approved by the Board of Commissioners of the Economic Development Authority of the <br />City of Elk River this 18th day of April, 2016. <br /> President <br />ATTEST: <br />Secretary <br />478265v1 JSB EL185-22 <br /> <br />