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<br />ECONOMIC DEVELOPMENT AUTHORITY OF <br />THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. _________ <br /> <br />RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS <br />(APEX DESIGN & EMBROIDERY, INC. PROJECT) <br /> <br /> WHEREAS, SBH Properties, LLC, Inc., a Minnesota limited liability company (the <br />“Borrower”), has heretofore entered into a Loan Agreement, dated October 26, 2016, by and <br />between the Economic Development Authority of the City of Elk River (“EDA”) and the Borrower <br />(the “Loan Agreement”) providing a loan to the Borrower in the amount of $200,000 to help finance <br />the acquisition of land and the construction and equipping of a new manufacturing located in the <br />City of Elk River to be operated by Apex Design & Embroidery, Inc., an affiliate of the Borrower; <br />and <br /> <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. <br /> <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 /> <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 Mortgage, together with any related <br />documents necessary in connection therewith (the “Release Documents”), on behalf of the EDA and <br />deliver the Note, the Entity Guaranty and the Personal Guaranty (as defined in the Loan Agreement) <br />to the 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 /> <br /> <br /> <br />536599v2 JSB EL185-45 <br />