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Section 2. Approval of Subordination Agreement. <br /> 2.01. The Subordination Agreement as presented to the EDA is hereby in all respects <br /> approved, in substantially the form submitted, together with any related documents necessary in <br /> connection therewith, and the President and Executive Director are hereby authorized and directed <br /> to execute the Subordination Agreement on behalf of the EDA and to carry out, on behalf of the <br /> EDA,the EDA's obligations thereunder. <br /> 2.02. The approval hereby given to the Subordination Agreement includes approval of <br /> such additional details therein as may be necessary and appropriate and such modifications thereof, <br /> deletions therefrom and additions thereto as may be necessary and appropriate and approved by <br /> legal counsel to the EDA and by the President and Executive Director prior to executing said <br /> documents; and said officers are hereby authorized to approve said changes on behalf of the EDA. <br /> The execution of any instrument by the President and Executive Director shall be conclusive <br /> evidence of the approval of such document in accordance with the terms hereof. In the event of <br /> absence or disability of said officers, any of the documents authorized by this Resolution to be <br /> executed may be executed without further act or authorization of the Board by any duly designated <br /> acting official, or by such other officer or officers of the Board as, in the opinion of the City <br /> Attorney,may act in their behalf. <br /> Approved by the Board of Commissioners of the Economic Development Authority of the <br /> City of Elk River this 21 st day of December, 2020. <br /> President <br /> ATTEST: <br /> Executive Director <br /> EL185\57\693396.v1 <br />