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EL185\40\720763.v1 2 <br />WHEREAS, the EDA has determined that an extension of the maturity date of the loan will <br />benefit the Borrower’s economic growth and help an existing business maintain operations in the City. <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 /> <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 /> <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 /> <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 /> <br /> Approved by the Board of Commissioners of the Economic Development Authority of the City <br />of Elk River this May 17th day of May, 2021. <br /> <br /> <br /> <br /> President <br /> <br />ATTEST: <br /> <br /> <br /> <br /> <br />Executive Director <br /> <br /> <br /> <br />