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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. 16-03 <br /> RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS AND <br /> RELEASE OF ESCROW AGREEMENT <br /> WHEREAS, Sportech, Inc. (the "Borrower") has heretofore entered into a Loan <br /> Agreement,dated April 25,2014,by and between the Economic Development Authority of the City <br /> 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 <br /> WHEREAS, in accordance with Section 3 of the Escrow Agreement dated March _, <br /> 2015 between the Borrower, the EDA and Old Republic National Title Insurance Company, the <br /> Borrower has notified the EDA that all conditions have been met to release the Escrow <br /> Agreement and the Borrower has requested that the EDA issuer a Release of Escrow Agreement. <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 Escrow Agreement, together with any <br /> related documents necessary in connection therewith (the "Release Documents"), on behalf of the <br /> EDA and deliver the Note and the Personal Guaranties (as defined in the Loan Agreement) to the <br /> Borrower. The approval hereby given to the Release Documents includes approval of such <br /> additional details therein as may be necessary and appropriate and such modifications thereof, <br /> deletions therefrom and additions thereto including without limitation filling in any missing <br /> information, as may be necessary and appropriate and approved by legal counsel to the EDA and by <br /> the officers authorized herein to execute said documents prior to their execution; and said officers <br /> are hereby authorized to approve said changes on behalf of the EDA. The execution of any <br /> instrument by the appropriate officers of the EDA herein authorized shall be conclusive evidence of <br /> the approval of such document in accordance with the terms hereof. <br /> 478266v1 JSB EL185-31 <br />