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ECONOMIC DEVELOPMENT AUTHORITY OF <br /> THE CITY OF ELK RIVER <br /> COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 16-02 <br /> RESOLUTION APPROVING ISSUANCE OF A CERTIFICATE OF FORGIVENESS AND <br /> RELEASE OR MORTGAGE <br /> WHEREAS, Preferred Powder Coating, LLC (the "Borrower") has heretofore entered into <br /> a Loan Agreement, dated September 26, 2013, by and between the Economic Development <br /> Authority of the City of Elk River("EDA")and the Borrower(the"Loan Agreement"); and <br /> WHEREAS, in accordance with Section 6 of the Loan Agreement the Borrower has <br /> notified the EDA that all conditions have been met for the loan to be forgiven and has requested <br /> that the EDA issue a Certificate of Forgiveness and Release of Mortgage. <br /> NOW THEREFORE BE IT RESOLVED By the Board of Commissioners (the"Board") of <br /> the Economic Development Authority of the City of Elk River("EDA")as follows: <br /> Section 1. EDA Approval. The EDA hereby finds that conditions have been met for the <br /> loan to be forgiven, and the President and the Executive Director are hereby authorized and directed <br /> to execute the Certificate of Forgiveness and Release of Mortgage, together with any related <br /> documents necessary in connection therewith(the"Release Documents"),on behalf of the EDA and <br /> deliver the Note, the Entity Guaranty and the Personal Guaranties (as defined in the Loan <br /> Agreement) to the Borrower. The approval hereby given to the Release Documents includes <br /> approval of such additional details therein as may be necessary and appropriate and such <br /> modifications thereof, deletions therefrom and additions thereto including without limitation filling <br /> in any missing information, as may be necessary and appropriate and approved by legal counsel to <br /> the EDA and by the officers authorized herein to execute said documents prior to their execution; <br /> and said officers are hereby authorized to approve said changes on behalf of the EDA. The <br /> execution of any instrument by the appropriate officers of the EDA herein authorized shall be <br /> conclusive evidence of the approval of such document in accordance with the terms hereof. <br /> Approved by the Board of Commissioners of the Economic Development Authority of the <br /> City of Elk River this 18th day of April,2016. <br /> s�---�\ <br /> • <br /> President <br /> ATTEST: <br /> Secretary <br /> 478265v1 JSB EL185-22 <br />