7.2. EDSR 10-17-2022 - Laserfiche WebLink

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PROMISSORY NOTE (Jobs Incentive Microloan) Amount: $200,000.00 Interest: 3.00% Maturity: June 17, 2025 July 17, 2018 FOR VALUE RECEIVED, the undersigned, ORLUCK INDUSTRIES, INC., a Minnesota corporation (the "Borrower") promises to pay to the order of the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and politic of the State of Minnesota ("Lender"), at 13065 Orono Parkway, Elk River, Minnesota 55330, or such other place as the Lender or any other holder of this Note may designate in writing, on or before June 17, 2025 ("Maturity Date"), the principal sum of Two Hundred Thousand and 00/100 Dollars ($200,000.00), together with interest on any and all amounts remaining unpaid thereon from time to time from the date hereof (computed on the basis of actual days elapsed in a year of 360 days) at a fixed interest rate of three percent (3%) per annum. This Note is made pursuant to a Loan Agreement, between Borrower and Lender, of even date herewith ("Loan Agreement") which provides for the payment of a portion operating costs and investments associated with an expansion of the Borrower's existing aerospace manufacturing business in the City of Elk River (the "City") in anticipation of new long tern contracts received by the Borrower. The principal amount of this Note shall be amortized over a seven (7) year period. Based on the foregoing, the Borrower shall be obligated to make monthly installments (each a "Monthly Installment") in the amount of $2,642.66, which Monthly Installments shall commence on August 17, 2018, and continue on the seventeenth (17th) day of each and every month thereafter until the Maturity Date, when all outstanding principal and accrued but unpaid interest shall be payable in full. This Note is secured by, among other things a Security Agreement ("Security Agreement") given by the Borrower to Lender and the Personal Guaranty made by Mark Orluck to Lender both of which are made to Lender of even date herewith (collectively, the "Security Documents"). All of the terms and conditions contained in the Security Documents which are to be kept and performed by the Borrower are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein; and Borrower covenants and agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance with their terms. This Note shall be immediately due and payable in full if the Borrower relocates operations outside of the City prior to the Maturity Date. 1 529333v2 EL185-56