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NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic <br />Development Authority of the City of Elk River as follows: <br />Section 1. Approval of Documents. <br />1.01. The Loan to the Borrower is hereby approved. <br />1.02. The Loan Agreement as presented to the EDA, together with all related documents <br />necessary in connection therewith, including without limitation, a personal guaranty from Kari Kraft, <br />(as defined in and described in the Loan Agreement) (together, the "Loan Documents' are hereby in <br />all respects approved, in substantially the form on file with the City's Economic Development Director; <br />and the President and Executive Director are hereby authorized and directed to execute the Loan <br />Agreement and any Loan Documents to which the EDA is a party on behalf of the EDA and to carry <br />out, on behalf of the EDA, the EDA's obligations thereunder. <br />1.03. The approval hereby given to the Loan Documents includes approval of such <br />additional details therein as may be necessary and appropriate and such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to <br />the EDA and by the President and Executive Director prior to executing said documents; and said <br />officers are hereby authorized to approve said changes on behalf of the EDA. The execution of any <br />instrument by the President and Executive Director shall be conclusive evidence of the approval of <br />such document in accordance with the terms hereof. In the event of absence or disability of said <br />officers, any of the documents authorized by this Resolution to be executed may be executed without <br />further act or authorization of the Board by any duly designated acting official, or by such other officer <br />or officers of the Board as, in the opinion of the City Attorney, may act in their behalf. <br />1.04. Authority staff and officials are authorized to take all actions necessary to give effect to <br />the Loan Agreement and to disburse the loan to the Borrower. <br />Approved by the Board of ommissioners of the Economic Development Authority of the <br />City of Elk River this day of , 20A0 <br />President <br />