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ELK RIVER MULTI -PURPOSE FACILITY SPONSORSHIP AGREEMENT THIS SPONSORSHIP AGREEMENT ("Agreement") is made as of this 3rd day of November, 2020 (the "Effective Date"), by and between and among the CITY OF ELK RIVER, a Minnesota municipal corporation ("City"), and The Bank of Elk River, a Minnesota corporation ("Sponsor"). The following recitals form the basis for this Agreement and are made a part hereof. RECITALS A. The City of Elk River owns the Elk River multipurpose facility ("Facility") with a street address of 1000 School Street, Elk River, MN 55330. B. Sponsor is a financial institution with the intent of sponsoring certain facilities and/or spaces within the Facility. C. The City and Sponsor enter into this Agreement whereby in exchange for Sponsor's agreement to make initial and annually recurring Contributions (as hereinafter defined) to the City for deposit divided equally in the Facility Fund and Park Improvement Fund, the City agrees to grant to Sponsor certain sponsorship recognition rights and assets for the Facility, as set forth and agreed to in this Agreement. D. Other than the sponsorship rights, the City is not giving Sponsor anything of value for the Contributions. AGREEMENT NOW, THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS, THE MUTUAL PROMISES AND CONSIDERATIONS SET FORTH BELOW, AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE CITY AND SPONSOR AGREE AS FOLLOWS: Article I Sponsorship Rights and Assets 1. Facility Signage and Related Sponsorship Rights and Assets. a. Sponsor shall be a secondary sponsor of the Facility and will be permitted the sponsor signage and assets as listed in Exhibit A. b. The City will fabricate and install the signage and related sponsorship rights and assets and will own, maintain and replace (if required due to normal wear and tear) them during the term of this Agreement. C. The City and Sponsor will work together to develop a signage package and a budget for the signage and additional sponsorship rights and assets. The City will pay for the initial fabrication and installation of the signage and additional assets.