6.1 EDSR 05-16-2016 - Laserfiche WebLink

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(o) Consent. Deliver to Lender an original signed and notarized form of consent to the Mortgage from any other lender, if required pursuant to the other loan documents, in the form and content reasonably acceptable to Lender. (p) Escrow and Disbursement Agreement. Deliver the Escrow and Disbursement Agreement executed by Borrower and Title,to Lender. (q) Lease. Deliver to Lender a copy of the Lease for the use of the Loan Property, executed no later than the date of this Agreement, by and between Entity Guarantor,as landlord,and Borrower,as Tenant. (r) Program Fee. Borrower has paid this fee in full. Lender may waive any of the above requirements in its sole discretion. 5. Disbursement of Loan. Upon receipt by Lender of all of the items required pursuant to Section 4 above in the form and condition required therein and confirmation from Title that Title is prepared to issue the mortgagee's title insurance policy as required herein, Lender agrees to disburse the Loan proceeds into the escrow account set up pursuant to the Escrow and Disbursement Agreement by and among Lender, Borrower and Title. 6. Forgivable Login and Business Subsidy Agreement. (a) Loan Forgiveness Program. This Loan is made pursuant to the Lender's Forgivable Loan Program and pursuant to a Business Subsidy under the Minnesota Statutes, Sections 116..993 to 116.1.995 (the"Business Subsidies Act"). (b) Wage and Job Goals. Borrower acknowledges and agrees that the amount of the Business Subsidy granted to the Borrower under this Agreement is $111,155.13 and that this Business Subsidy is needed because the Improvement is not sufficiently feasible for the Borrower to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to create new full-time jobs in the City of Elk River and to enhance the tax base. Borrower agrees that it will meet the following goals (the"Goals"): (i) a net increase of four(4) new full-time jobs and retain its existing full- time jobs in the City within twenty-four(24)months of the date issuance of the Loan (the "Commencement Date") at an annual wage of at least $35,000.00 of which at least three (3) of the newly created jobs must be filled by individuals who meet the Stale of Minnesota's most current low to moderate income guidelines as established by HUD for Sherburne County at time of hire. Borrower agrees to provide documentation that an individual hired for the newly created job meets the low to moderate income guidelines at the time of hire. As of the date of execution of this Agreement, Borrower employs J $3 full-time employees. Once Borrower has achieved the Goals, the Goals must be maintained for a period of at least one year. The employees filling the newly created jobs must be filled and maintained employed, full-time, for at least one year following the date of hire that the position is first filled. Front and after the Closing Date through and until the Conversion Date (as defined below), Borrower shall not he required to make any 174124%5 -5-