Agenda - Council - 11/13/2012 - Laserfiche WebLink

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7 Personal Guarantee. The Note shall be personally guaranteed by the principals of the Borrower, Nicole Kutches and Gary Nereson. The form of the said personal guaranties is attached hereto as Exhibit B. 8. Covenants and Warranties. Borrower covenants, represents and warrants to the Lender as follows: a. Borrower is a Minnesota corporation in good standing and has the legal authority to undertake the obligations contemplated by this Loan Agreement. b. Borrower will maintain policies of product liability and general liability insurance in such amounts and with such insurers as are reasonably satisfactory to Lender. c. Borrower will locate its business operations and locate the Collateral at 16158 Iodine Street NW, Ramsey, MN 55303, so long as any balance is due and owing to Lender pursuant to the Note. d. All financial statements and other information relating to the financial condition of Borrower which have been furnished to Lender prior to the date hereof are true and accurate as of the date of this Loan Agreement. e. Borrower shall provide to Lender annually during the term of the Note as soon as available, and in any event within thirty (30) days after the deadline for filing, a copy of the Borrower's U.S. Income Tax Returns prepared by an independent certified public accountant acceptable to Lender. The said Tax Returns provided shall be inclusive of all schedules and statements. f. A Breach of any of the covenants declared in this paragraph 6. shall be an Event of Default as defined in the Note. 9. Costs. In any proceeding to enforce the terms and conditions of the Note, the Lender shall be entitled to recover its costs and expenses including reasonable attorney fees from Borrower. 10. Purnose of Loan: The Loan is made pursuant to the Lender's Revolving Loan Fund (the "RLF"). The RLF is a City of Ramsey program administered by the City's Economic Development Authority ("EDA") and is designed to assist businesses in acquiring financing to expand business operations in the City of Ramsey, Minnesota. The Borrower agrees to utilize the Loan proceeds in furtherance of this purpose. 11. Conflict of Interest Prohibition: The Borrower acknowledges that none of its shareholders, directors, officers, or employees are related to Lender by way of being an employee, agent, consultant, officer, or elected or appointed official of Lender. 12. Data Privacy: The Borrower agrees that all data collected, created, received, maintained, or disseminated, or used in conjunction with the Loan is governed by the Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13 (the "Act") or any other applicable Minnesota statutes and any Minnesota administrative rule adopted to 2