Laserfiche WebLink
WHEREAS, the EDA has determined that an extension of the maturity date of the loan will <br /> benefit the Borrower's economic growth. <br /> 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 /> 1.01. The Board hereby approves the amendment to the Loan.The Loan shall continue to be <br /> secured by the Security Documents,as amended by the Amendment Documents. <br /> 1.02. The Amendment Documents together with all related documents necessary in <br /> connection therewith, are hereby in all respects approved, in substantially the form on file with the <br /> Executive Director; and the President and Executive Director are hereby authorized and directed to <br /> execute the Loan Agreement and any Amendment Documents to which the EDA is a party on behalf of <br /> the EDA and to carry out,on behalf of the EDA,the EDA's obligations thereunder. <br /> 1.03. The approval hereby given to the Amendment 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 such <br /> document in accordance with the terms hereof In the event of absence or disability of said officers,any <br /> of the documents authorized by this Resolution to be executed may be executed without further act or <br /> authorization of the Board by any duly designated acting official, or by such other officer or officers of <br /> the Board as,in the opinion of the City Attorney,may act in their behalf. <br /> Approved by the Board of Commissioners of the Economic Development Authority of the City <br /> of Elk River this 21 st day of December,2020. <br /> President <br /> ATTEST: <br /> Executive Director <br /> 2 <br />