7.2. EDSR 10-17-2022 - Laserfiche WebLink

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(b) If none of the Goals are met, the Assignee agrees to repay all of the Business Subsidy to the Lender, plus interest (“Interest”) set at the greater of 4% per annum or the implicit price deflator defined in Minnesota Statutes Section 275.70, subdivision 3, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Assignee agrees to repay a portion of the Business Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above and the denominator of which is 1 (i.e. number of jobs set forth in the Goals). (c) The Assignee agrees to: (i) report its progress on achieving the Goals to the Lender until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Section 116J.994, subdivision 7 of the Business Subsidies Act on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the Lender. The Assignee agrees to file these reports no later than March 1 of each year commencing March 1, 2023, and within 30 days after the deadline for meeting the Goals. The Lender agrees that if it does not receive the reports, it will mail the Assignee a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Assignee agrees to pay to the Lender a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (d) The Assignee agrees that it will continue operations in the City for at least 5 years after the date of closing on the Loan. If the Assignee relocates operations outside of the City at any time prior to the maturity date of the Loan, the Loan shall be immediately due and payable in full. (e) Other than the loan provided pursuant to this Agreement, there are no other state or local government agencies providing financial assistance for the project. (f) There is no parent corporation of the Assignee. 5. No Other Amendments Intended. No amendment of the Loan Documents is intended and all other terms and conditions of the Loan Documents shall remain in full force and effect and shall not be modified or released in any way by this Agreement. 6. UCC-1 Financing Statements. Assignee agrees that Lender may file a UCC-1 Financing Statement and/or UCC-3 Amendment relating to the collateral described in the Financing Statement, to the extent necessary for Lender to maintain a perfected security interest in such collateral from and after the Effective Date. The Security shall continue to remain subject to the Security Agreement and nothing contained herein or done pursuant hereto shall affect or be construed to affect the lien of the Security Agreement or priority thereof over other liens, charges or encumbrances against the Security. 3 DOCSOPEN\\EL185\\56\\816081.v3-9/29/22