6.5. EDSR 08-20-2018 - Laserfiche WebLink

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AMENDED AND RESTATED ENERGY EFFICIENCY IMPROVEMENT PROGRAM LOAN AGREEMENT THIS AMENDED AND RESTATED ENERGY EFFICIENCY IMPROVEMENT PROGRAM LOAN AGREEMENT (the “Agreement") is made effective as of __________, 2018 (the “Closing Date”), by and between ALAN ARNOLD CORPORATION, a Minnesota corporation ("Borrower"), and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota ("Lender"), and amends and restates in all respects the Loan Agreement, dated September 10, 2013 (the “Original Loan Agreement”), by and between the Borrower and the Lender. RECITALS A. On September 10, 2013, the EDA provided a loan to the Borrower pursuant to the EDA Energy Efficiency Improvement Program, in the amount of Seventy-Four Thousand Nine Hundred Ninety-Nine and No/100s Dollars ($74,999.00) (the “Original Loan”) of which Forty Thousand and Four Hundred Eighty-Two and 91/100s Dollars ($40,482.91) is currently outstanding. The Original Loan was secured by a Promissory Note, dated September 10, 2013 (the “Original Promissory Note”), from Borrower to the Lender, a Security Agreement, dated September 10, 2013 (the “Security Agreement”), from the Borrower to the Lender providing a security interest in certain equipment financed with the proceeds of the Original Loan, and Guaranty Agreements, each dated September 10, 2013 (together, the “Original Guaranties”), from Brian Brehmer, Nancy Brehmer, Allen Meyer and Yankee Doodle Enterprises, LLC. B. To complete the Improvements described herein, the Borrower has requested an additional loan in the principal amount of $19,175.00 from the Lender, pursuant to the EDA Energy Efficiency Improvement Program (the “New Loan”, and together with the Original Loan, the “Loan”). C. The Borrower and the Lender desire to amend and restated the Original Loan Agreement to provide the New Loan to the Borrower subject to the terms and conditions of this Agreement. D. On the date in the principal amount of the Loan is Fifty-Nine Thousand Six Hundred and Fifty-Eight and 91/100s Dollars ($59,657.91). E. Contemporaneously with the execution hereof, Borrower is executing and delivering to Lender the following security documents: (i) An Amended and Restated Promissory Note effective as of the date herewith ("Note") made by Borrower and payable to the order of Lender which amends and restated the Original Promissory Note and secures the Loan;