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The following are conditions precedent to the loan of monies and the creation of <br />the Amended Security Agreement and Financing Statement and the Restated <br />Promissory Note: <br />1 Elk River Municipal Utilities shall obtain certification of the Project as a QF <br />from FERC no later than May 31, 2006. <br />2. The fourth generator at the Project shall begin commercial operation no <br />later than July 1, 2006. <br />3. Elk River Municipal Utilities shall obtain any necessary <br />approvals/agreements from Great River Energy. <br />This Note shall be binding upon and inure to the benefit of the parties hereto and <br />their respective heirs, administrators, successors and assigns, and shall be governed by <br />and construed in accordance with the laws of the State of Minnesota. <br />Elk River Municipal Utilities <br />By: <br />Commission Chairperson <br />By: <br />General Manager <br />ermu.pmm~not <br />2 <br />