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written notice,repay the Business Subsidy as follows: (1)all interest accrued to date shall <br /> be capitalized as of the next occurring first of a calendar month (the "Conversion Date"); <br /> (ii) the term of the Loan shall be five (5) years, commencing upon the Conversion Date; <br /> (iii) Lender will calculate the monthly payments due and owing from Borrower, based <br /> upon a ten (10) year amortization; (iv) the first payment will be due and payable on the <br /> Conversion Date; and (v)the terms and conditions of this Loan Agreement and any other <br /> related loan document and the Borrower's obligations thereunder shall continue until the <br /> Loan and all accrued interest is repaid in full. <br /> 7. Access to Loan Property. Lender and its respective representatives shall have at <br /> all reasonable times the right to enter and have free access to the Loan Property and the right to <br /> inspect all work done,labor performed and material furnished in connection therewith, <br /> S. Books and Records. Borrower agrees to maintain accurate and complete books, <br /> accounts and records in regard to the Loan Property and the Equipment in a manner reasonably <br /> acceptable to Lender. Lender and its representatives shall have the right to inspect, examine and <br /> copy all such books and records of'Borrower and Borrower shall, at Lender's request, furnish <br /> such information as Lender may reasonably demand. <br /> 9. Encumbrances and Transfer. Borrower agrees not to sell, transfer, lease or <br /> convey the Loan Property, or any part thereof, or any interest therein, or encumber the Loan <br /> Property,or any part of thereof, in any manner, without written consent of Lender which consent <br /> may be granted or withheld in the sole discretion of Lender, except that Lender will not <br /> unreasonably withhold consent where Borrower relocates within the City of Elk River and <br /> provides alternate and equivalent security in a form approved by Lender. This requirement shall <br /> apply to each and every sale,transfer, lease or conveyance, whether voluntary or involuntary and <br /> whether or not Lender has consented to any such prior sale,transfer lease or conveyance. <br /> 10. Time of Essence. Time is of the essence in the performance of this Agreement. <br /> 11. Assignability. Borrower shall not assign this Agreement or all or any part of any <br /> advances to be made hereunder without written consent of Lender which consent may be granted <br /> or withheld in the sole discretion of Lender. <br /> 12. Miscellaneous Covenants of Borrower. Borrower covenants and agrees with <br /> Lender that, without costs to Lender, Borrower will: <br /> (a) Performance of Conditions. Promptly keep: perform and comply with all <br /> of the terms, covenants and conditions to be kept and performed by Borrower and/or <br /> Entity Guarantor,as required by the City of Elk River(the"City") and any other <br /> governmental body having jurisdiction over the Loan Property as a condition of platting, <br /> rezoning or developing the Loan Property;keep unimpaired the rights of Borrower and/or <br /> Entity Guarantor under any permit or agreement issued or made by the City or other <br /> governmental body having jurisdiction over the Loan Property and any contracts obtained <br /> or held by Borrower and/or Entity Guarantor in connection with the construction or <br /> operation of the Improvements; and to enforce the prompt performance of all of the <br /> 1741240 <br /> -7- <br />