7.2. EDSR 10-17-2022 - Laserfiche WebLink

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2. Eouipment and Security Interest. The Borrower has provided Lender a list of the Equipment that shall be subject to the security interest in the Equipment, which is attached as Exhibit A. The Security Agreement will provide Lender with a first priority security interest in a portion of the Equipment and a second priority lien in a portion of the Equipment. Borrower hereby consents to the Lender recording a UCC-1 Filing Statement with respect to all such Equipment. 3. Documents to be Delivered. Borrower covenants and agrees to immediately cause the compliance with the following conditions: (a) Note. Deliver to Lender the Note. (b) Security Agreement. Deliver to Lender the Security Agreement, together with evidence that a UCC-1 Financing Statement has been or will be duly filed for record. (c) Personal Guaranty. Deliver to Lender the Personal Guaranty. (d) Organizational Documents and Resolutions. Deliver to Lender copies of the (i) articles of incorporation for the Borrower certified by the Minnesota Secretary of State, (ii) a certificate of good standing for the Borrower issued by the Minnesota Secretary of State; (iii) bylaws for the Borrower; and (iv) a certified resolution of the Borrower authorizing the execution and delivery of this Agreement, the Note and any other document to be executed by Borrower pursuant to this Agreement. (e) Insurance. Deliver to Lender: (i) a certificate or policy for all insurance required, under the terms hereof to be maintained by Borrower; and (ii) evidence that no part of the Loan Property is located in an area designated as being a flood plain or flood hazard area as defined by the Flood Hazard Boundary Map published by the Federal Insurance Administration. (f) Compliance with Laws, Etc. Deliver to Lender such evidence as Lender may require as to the compliance of the Loan Property with: (i) all applicable laws, codes, rules, regulations and ordinances, including, without limitation, those relative to environmental protection, protection of wetlands, building and zoning matters and the Americans with Disabilities Act; and (ii) the requirements of any restrictive covenants, conditions and restrictions; conditional use permit or planned unit development applicable to the Loan Property. (g) Program Fee. Deliver to Lender the program fee of $2,000. (h) A form of subordination from the Bank of Elk River subordinating its interest in the Zeiss Contura Q2 Inspection Machine. Lender may waive any of the above requirements in its sole discretion. 2 4917130 EL18546