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if to Lender: <br /> Economic Development Authority of the City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, Minnesota 55330 <br /> Attn: Director of Economic Development <br /> or addressed to any such party at such other address as such party shall hereafter furnish by <br /> notice to the other party. Any notice delivered personally to Borrower shall be delivered to an <br /> officer of Borrower, and any notice delivered personally to Lender shall be delivered to an <br /> officer of Lender at the address for Lender for the mailing of notices. Either party may change <br /> its address for the giving of notices by giving the other party at least ten (10) days' notice in the <br /> manner provided above. <br /> 18. Headings. The headings used in this Agreement are for convenience only and do <br /> not define, limit or construe the contents of this Agreement. <br /> 19. Binding on Successors and Assigns. Subject to the limitations on transfer <br /> contained in this Agreement,this Agreement shall be binding upon and inure to the benefit of the <br /> successors and assigns of the parties hereto. <br /> 20, Governing Law. This Agreement shall be governed by and construed in <br /> accordance with the laws of Minnesota, without giving effect to any choice or conflict of law <br /> provision or rule. <br /> 21. Counterparts. This Agreement may be executed in two (2) or more counterparts, <br /> each of which shall be an original and all of which shall constitute the same agreement. <br /> 22. Entire Agreement. This Agreement, the Note, the Security Agreement and the <br /> other documents executed by Borrower and/or Lender pursuant to this Agreement contain the <br /> entire agreement between the parties with respect to the subject matter hereof and supersede all <br /> prior understandings and agreements, both oral and written. This Agreement may be amended <br /> only in a writing signed by the parties hereto. <br /> 23. Fees and Expenses. Borrower agrees to pay to Lender immediately upon <br /> demand all costs and expenses, including, without limitation, all attorneys' fees, incurred by <br /> Lender in connection with the enforcement of the Lender's rights and/or the collection of any <br /> amounts which become due to Lender under this Agreement, the Note, the Security Agreement <br /> or the other documents executed in connection herewith; and the prosecution or defense of any <br /> action in any way related to this Agreement, the Note, the Security Agreement or the other <br /> documents executed in connection herewith, other than the gross negligence or willful <br /> misconduct of Lender in the creation and/or implementation of its Forgivable Loan program. <br /> (Signature Pages follow) <br /> )Remainder of page intentionally left blank.) <br /> 174 L'4vi <br /> -13- <br />