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1 <br />Section 2. Approval of Subordination AgreefiIent. <br />2.01. The Subordination Agreeme,nt 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 grven 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. ln the event of <br />abse,lrce 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 6, h the opinion of the City <br />Attomey, 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 21st day of Dece,mber, 2020. <br />z>-s-- trfs*- <br />President <br />ATTEST: <br />Executive Director <br />EL185\5n693396.v1 <br />a <br />4-//*