5.1. EDSR 07-16-2018 - Laserfiche WebLink

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9 491713v1 EL185-46 prior understandings and agreements, both oral and written. This Agreement may be amended only in a writing signed by the parties hereto. 23. Fees and Expenses. Borrower agrees to pay to Lender immediately upon demand all costs and expenses, including, without limitation, all attorneys’ fees, incurred by Lender in connection with the enforcement of the Lender’s rights and/or the collection of any amounts which become due to Lender under this Agreement, the Note, the Security Agreement or the other documents executed in connection herewith; and the prosecution or defense of any action in any way related to this Agreement, the Note, the Security Agreement or the other documents executed in connection herewith. 24. Business Subsidies Act. (a) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the “Business Subsidies Act”), the Borrower acknowledges and agrees that the amount of the “Business Subsidy” granted to the Borrower under this Agreement is the amount of the Loan which is $200,000 and that the Business Subsidy is needed because the project is not sufficiently feasible for the Borrower to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to help an existing business expand in the City, increase the tax base in the City and stimulate the creation and retention of high-quality jobs. In consideration of the Business Subsidy provided to assist with operating costs and investments associated with an expansion of an existing aerospace manufacturing business in the City, the Borrower represents that it will cause meet following goals (the “Goals”): the Borrower shall create 10 full-time equivalent jobs in Elk River, Minnesota, at the Loan Property at an average hourly wage equal to $15.00 per hour exclusive of benefits, or 150% of the state or federal minimum wage exclusive of benefits, whichever is greater, by the two (2) year anniversary of the date of closing on the Loan (the “Benefit Date”). (b) If none of the Goals are met, the Borrower agrees to repay all of the Business Subsidy to the EDA, plus interest (“Interest”) set at the greater of 4% per annum or the implicit price deflator defined in Minnesota Statutes Section 275.70, subdivision 3, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Borrower agrees to repay a portion of the Business Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above and the denominator of which is 10 (i.e. number of jobs set forth in the Goals). (c) The Borrower agrees to: (i) report its progress on achieving the Goals to the Lender until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Section 116J.994, subdivision 7 of the Business Subsidies Act on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the Lender. The Borrower agrees to file these reports no later than March 1 of each year commencing March 1, 2019, and within 30 days after the deadline for meeting the Goals. The Lender