6.3. EDSR 09-04-2018 - Laserfiche WebLink

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(i) Location/Existence. Upon the delivery of a certificate of occupancy for the Project, the Borrower's business has at all times been, located in Elk River and has been open for business as a going concern. (ii) Job Creation/Maintenance. The Borrower has created or caused the Entity Guarantor to create not less than 7 new jobs from and after the date of completion of the Project, which date shall be the date the Certificate of Occupancy for the Loan Property is issued (the "Benefit Date"). For the created jobs: (A) the salary/wage of each position created must be $12.19/hour or greater (inclusive of salary and benefits); (B) at least 4 of the created jobs must be filled by a person who meets State of Minnesota's most current low to moderate income guidelines; (C) the employee filling such job must have worked for at least 1,750 hours in any 12 month period; provided that the 12 -month period shall commence no later than the 2 year anniversary of the Benefit Date. If the employee initially hired to any created position leaves or is terminated prior to completing the required time of employment, Lender may allow a replacement employee hired to fill the position to complete the requirements of this section, in the sole discretion of Lender as to: (X) whether to allow such "tacking"; and (Y) the terms and conditions of such completion. (iii) No Defaults. As of the Determination Date, there are no defaults under this Agreement or any other agreement between Lender and Borrower which is beyond any notice and cure period. (d) Completion. Within a reasonable time after: (i) the 3rd Anniversary of the Benefit Date; or (ii) such earlier date as Borrower requests Lender's review, Lender will determine, in its sole and absolute discretion, whether Borrower has fully and timely complied with the requirements of this Section 6. Borrower will promptly provide all such documentation as Lender reasonably requests in Lender's effort to determine whether Borrower has timely complied with the requirements of this Section 6. The date upon which Lender gives Borrower written notice of its determination of Borrower's compliance with the requirements of this Section 6 is the "Determination Date". If Borrower has timely and completely complied with all of the requirements of this Section 6, as strictly interpreted, Lender will forgive all outstanding principal and interest due and owing pursuant to the Loan as of the Determination Date. Within a reasonable time thereafter, Lender will return the Note, the Personal Guaranty and the Entity Guaranty to Borrower and will provide a satisfaction and release of the Mortgage and a termination of its financing statement. If, however, Lender determines that Borrower has not fully or timely complied with the requirements of this Section 6 or at any time after the 2nd Anniversary of the Benefit Date reasonably determines that Borrower cannot comply with the requirements of this Section 6, then: (i) all interest accrued to date shall be capitalized as of the next occurring first of a calendar month (the "Conversion Date"); (ii) the term of the Loan shall be 7 years, commencing upon the Conversion Date; (iii) Lender will calculate the monthly payments due and owing from Borrower, based upon a 7 year amortization; (iv) the first payment will be due and payable on the Conversion Date; and (v) the terms and conditions of this Loan Agreement and any other related loan