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1 <br />\fHEREAS, the EDA has determined that an extension of the maturity date of the loan will <br />benefit the Borrowet's economic gtowth. <br />NOr07 THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic <br />Development Authority of the City of Elk River as follovrs: <br />1.01. The Board hereby approves the amendment to the Loan. The I-,oan shall continue to be <br />secured by the Security Documents, as amended by the Amendment Documents. <br />1.02. The Amendment Documents together u/ith all telated documents necessary in <br />connecdon thereurith, are hereby in all respects approved, in substantially the form on file with the <br />Execudve Director; and the President and Executive Ditector ate heteby authodzed 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 caffy out, on behalf of the EDA, the EDA's 6bligations thereunder. <br />1.03. The approval hereby gtven to the Amendment Documents includes approval of such <br />additional deails therein as firay be necessary and apptopdate and such modificadons thereo( deletions <br />thereftom and additions thereto as fivry be necessaq, and appropriate and approved by legat counsel to <br />the EDA and by the President and Execudve Director pdor to executing said documents; and said <br />officers are hereby authorized to approve said changes on behalf of the EDA. The execudon of any <br />instnrment by the President and Executive Director shall be condusive evidence of the apptoval 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 authodzed by thir Resolution to be executed *y be executed without firrther act or <br />atthonzaaon of the Board by *y duly designated acting official, or by such other officer or officers of <br />the Board as, in the opinion of the City Attomey, fi^y <br />^ct <br />in their behalf. <br />Approved by the Board of Commissioners of the Economic Development Authodty of the City <br />of Elk River this 27st day of December, 2020. <br />President <br />ATTEST: <br />Execudve Directot <br />1 <br />2