4.13 SR 07-15-2024 - Laserfiche WebLink

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A-8 EL185\61\949053.v3 Exhibit 1A To Acknowledgment Regarding TIF Note The Note Holder understands that the representations contained below are made for the purpose of qualifying the Note Holder as an “accredited investor” as that term is defined in Regulation D of the General Rules and Regulations under the Act and for the purpose of inducing a sale of securities to the Note Holder. The Note Holder agrees to furnish any additional information which the City of Elk River, Minnesota (the “City”) deems necessary to verify the answers set forth below. The Note Holder hereby represents that the statement or statements checked or initialed below are true and correct in all respects. The Note Holder understands that a false representation may constitute an Event of Default as defined in that certain Tax Increment Development Agreement, dated as of October 5, 2020 (as the same may be amended from time to time, the “Development Agreement”), between the City and Moyer Properties, LLC, a Minnesota limited liability company, or its registered assigns (the “Developer”). For purposes of this letter an Accredited Investor shall mean any one of the following entities which by check mark or initials the Note Holder represents that it qualifies: ______ The Note Holder is a natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1,000,000, exclusive of the fair market value of primary residence of the Note Holder, at the time of the purchase. ______ The Note Holder is a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with the Note Holder’s spouse in excess of $300,000 in each of those years and who reasonably expects to reach the same income level in the current year. ______ The Note Holder hereby certifies that all of the equity owners of the Note Holder qualify as accredited individual investors. (Please submit a copy of this page countersigned by each such equity owner if relying on this item). ______ The Note Holder is a bank or savings and loan association as defined in Sections 3(a)(2) and 3(a)(5)(A), respectively, of the Act acting either in its individual or fiduciary capacity. ______ The Note Holder is an insurance company as defined in Section 2(13) of the Act. ______ The Note Holder is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of that Act. ______ The Note Holder is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) of the Small Business Investment Act of 1958. ______ The Note Holder is an employee benefit plan within the meaning of Title I of the Employee Retirement Security Act of 1974 and either (check one or more, as applicable): ______ the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser; or ______ the employee benefit plan has total assets in excess of $5,000,000; or ______ the plan is a self-directed plan with investment decisions made solely by persons who are “Accredited Investors” as defined under the Act. Page 268 of 389