6.1 EDSR 05-16-2016 - Laserfiche WebLink

Home Browse Search

payments of principal or interest, though interest shall accrue at the interest rate set forth in the Note. (c) Reporting. Borrower agrees to (i) report its progress on achieving the Goals to the Lender until the Goals are met,or the Business Subsidy is repaid, whichever occurs earlier, (ii) include in the report the information required on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send the completed reports to Lender. The Borrower agrees to file these reports no later than April 1 of each year and within thirty days after the deadline for meeting the Goals. The Lender agrees that if it does not receive the reports, it will mail the Borrower a warning within one week of the required filing date. If within fourteen (14) days of the post marked date of the warning letter the reports are not made, the Borrower agrees to pay to the Lender a penalty of S100.00 for each subsequent day until the report is filed up to a maximum of$1,000. (d) Guidelines. The Loan will be forgiven as set forth below if Borrower meets all of the following requirements: (i) Location/Existence. Borrower's business in now, and since the execution of this Agreement has at all times been, located in Elk River and has been open for business as a going concern and Borrower agrees to maintain its business in the City of Elk River for a period of five(5)years after the Closing date. (ii) Job Creation/Maintenance. Borrower has met all of the Goals identified in subsection(b)of this section. (iii) No Defaults. As of the Determination Date, there are no defaults under this Agreement or any other agreement between Lender and Borrower which is beyond any notice and cure period. (e) Completion. Within a reasonable time after: (i)the 3'1 Anniversary of the Commencement Date; or (ii) such earlier date as Borrower requests Lender's review, Lender will determine, in its sole and absolute discretion, whether Borrower has fully and timely complied with the requirements of this Section 6. Borrower will promptly provide all such documentation as Lender reasonably requests in Lender's effort to determine whether Borrower has timely complied with the requirements of this Section 6. The date upon which Lender gives Borrower written notice of its determination of Borrower's compliance with the requirements of this Section 6 is the "Determination Date". If Borrower has timely and completely complied with all of the requirements of this Section 6, as strictly interpreted, Lender will forgive all outstanding principal and interest due and owing pursuant to the Loan as of the Determination Date. Within a reasonable time thereafter, Lender will return the Note and will provide a satisfaction and release of the Mortgage. (f) Default. If the Goals established in this Section 6 are not met at as of the 2"d Anniversary of the Commencement Date, then Borrower shall, upon thirty (30)days 1741240 -6-