Agenda - Council - 06/14/2011 - Laserfiche WebLink

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5. Continued Operations. The Recipient agrees to continue the restaurant operations at the location of the Project for at least seven (7) years after the Benefit Date. As used herein "Benefit Date" means the date the Business Subsidy is received. The Business Subsidy is for improvements to property, therefore the Benefit Date refers to the earliest of either: when the improvements are finished for the entire Project; or when the Recipient occupies the property. 6. Financial Obligation of the Recipient if Recipient Does Not Fulfill this Agreement. If the Recipient does not fulfill this Agreement, the Recipient will repay all of the Business Subsidy to the Grantor plus interest ( "Interest ") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subd. 2, accruing from and after the Benefit Date, compounded semiannually. Said repayment will be pursuant to the terms and conditions of the Note. 7. Business Subsidy Contingency. The amount of the Business Subsidy is $35,579.00, which is the total of the SAC and WAC. As a guarantee for Recipient to fulfill this Agreement, Recipient shall execute this Agreement. 8. Reporting Requirements. (a) The Recipient agrees to furnish to the Grantor on or before March 1 in each year the report required in Section 1 16J.994, Subd 7 of the Act on forms developed by the Minnesota Department of Trade and Economic Development (the "Reports "). (b) If the Grantor does not receive the Reports, it will mail the Recipient 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 Recipient agrees to pay to the Grantor a penalty of $100 for each subsequent day until the Reports are filed up to a maximum of $1,000. 9. Parent Corporation. There is no parent corporation for the Recipient. 10. Other Grantors. The following is a list of all financial assistance to be provided by all grantors for the Project: None. 11. Miscellaneous Provisions. The following miscellaneous provisions are a part of this Agreement. Amendments. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement. Governing Law. This Agreement will be governed by the laws of the State of Minnesota. Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered 2