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(collectively, the "Loan Documents', and the President and Executive Director are hereby <br />authorized and directed to negotiated the final terms thereof and, in their discretion and at <br />such time as they may deem appropriate, to execute the Loan Documents to which the EDA <br />is a parry on behalf of the EDA and to carry out, on behalf of the EDA, the EDA's <br />obligations thereunder. <br />1.02. The approval hereby given to the Loan Documents includes approval of <br />such additional details therein as may be necessary and appropriate and such modifications <br />thereof, deletions therefrom and additions thereto as may be necessary and appropriate and <br />approved by legal counsel to the EDA and by the President and Executive Director prior to <br />executing said documents; and said officers are hereby authorized to approve said changes <br />on behalf of the EDA. The execution of any instrument by the President and Executive <br />Director shall be conclusive evidence of the approval of such document in accordance with <br />the terms hereof. This Resolution shall not constitute an offer and the Loan Documents <br />shall not be effective until the date of execution thereof as provided herein. In the event of <br />absence or disability of said officers, any of the documents authorized by this Resolution to <br />be executed may be executed without further act or authorization of the Board by any duly <br />designated acting official, or by such other officer or officers of the Board as, in the opinion <br />of the City Attorney, may act in their behalf. <br />1.03. Upon execution and delivery of the Loan Documents, the officers and <br />employees of the EDA are hereby authorized and directed to take or cause to be taken such <br />actions as may be necessary on behalf of the City to implement the Loan Documents. <br />Approved by the Board of Commissioners of the Economic <br />Development Authority of the City of Elk River this 171b day of June, 2024. <br />President <br />ATTEST: <br />dX4 <br />Executive Director <br />r <br />IIEIEI IT <br />rNA E <br />Page 15 of 82 <br />