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• <br /> required filing date. If within 14 days of the post marked date of the warning the • <br /> reports are not made, the Borrower agrees to pay to the Lender a penalty of$100 <br /> for each subsequent day until the report is filed up to a maximum of$1,000. <br /> (d) The Borrower agrees to continue operations of its Class I <br /> restaurant facility in the City for at least five(5)years after the Benefit Date. <br /> (e) The Borrower does not expect to receive any financial assistance in <br /> connection with its activities at the facility located on the Loan Property from any <br /> other state or local government entity. <br /> (f) There is no parent corporation of the Borrower. <br /> (g) The Borrower certifies that it does not appear on the Minnesota <br /> Department of Employment and Economic Development's list of recipients that <br /> have failed to meet the terms of a business subsidy agreement. <br /> 7. Access to Loan Property. Lender and its respective representatives shall <br /> have at all reasonable times the right to enter and have free access to the Loan Property <br /> and the right to inspect all work done, labor performed and material furnished in <br /> connection therewith. <br /> 8. Books and Records. Borrower agrees to maintain accurate and complete <br /> books, accounts and records in regard to the Loan•Property in a manner reasonably <br /> acceptable to Lender. Lender and its representatives shall have the right to inspect, <br /> examine and copy all such books and records of Borrower and Borrower shall, at <br /> Lender's request, furnish such information as Lender may reasonably demand. <br /> 9. Encumbrances and Transfer. Other than a or e a mort made granted b <br /> mortgage g by <br /> way of security for, and only for, the purpose of obtaining construction, interim or <br /> permanent necessary ermanent financin necess to enable Borrower to construct the Improvements or any <br /> component thereof, Borrower agrees not to sell, transfer, lease or convey the Loan <br /> Property or any part thereof, or any interest therein, or encumber the Loan Property or <br /> any part thereof, in any manner, without the prior written consent of Lender which <br /> consent may be granted or withheld in the sole discretion of Lender. This requirement <br /> conveyance, whether voluntary or <br /> shall apply to each and every sale, transfer, lease or y <br /> involuntary and whether or not Lender has consented to any prior sale, transfer lease or <br /> conveyance. The Loan shall be immediately due and payable upon any sale, transfer, <br /> lease, conveyance, or encumbrance of the Loan Property or any part thereof, or any <br /> interest therein, in any manner,without the prior written consent of Lender. <br /> 10. Time of Essence. Time is of the essence in the performance of this <br /> Agreement. If Borrower fails to commence construction of the Improvements prior to <br /> Jul 1, 2012 or to submit the items required by Section 5 prior to December 31, 2012, no <br /> July q y p <br /> Loan proceeds will be disbursed. <br /> 385593v4 JSB EL185-12 <br /> -d- <br />