Agenda - Economic Development Authority - 03/09/2017

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d. Borrower having delivered evidence to the Lender that Borrower has contributed a minimum cash equity for the acquisition of the Property in at least the amount of $72,500.00. e. Borrower having closed on a loan from The Bank of Elk River in an amount not to exceed$722,000.00. £ Borrower having closed on a loan from US Small Business Administration c/o MBFC in an amount not to exceed$577,000.00. g. Borrower having delivered to Lender articles of organization/incorporation and operating agreements/bylaws for the Borrower and the Corporate Guarantor. h. Borrower having delivered evidence satisfactory to Lender that there has been no materially adverse change to the financial condition of the Borrower, Co-Borrower or the Personal Guarantor prior to the Date of Closing. i. Borrower having paid to or reimbursed the Lender for any and all costs and expenses, including, without limitation, attorneys' fees, paid or incurred by the Lender in connection with (i) review, negotiation, preparation, and approval of the Loan Documents and any other document or agreement related thereto or the transactions contemplated hereby; (ii) the review, negotiation, preparation, and approval of any amendments, modifications or extensions to any of the foregoing documents, instruments or agreements, and the preparation and consummation of any and all documents necessary or desirable to effect such amendments, modifications or extensions; (iii) any appraisals, environmental assessments or other reports relating to the Property which the Lender is authorized to seek, order or prepare pursuant to the Loan Documents or any other instrument evidencing or securing the Loan or is required to seek, order or prepare pursuant either to applicable laws or regulations or the Lender's policies or procedures generally applicable to commercial mortgage loans by the Lender; (iv) any reasonable fees or costs charged to the Lender by an architect or other design professional engaged by the Lender to, among other things, inspect the construction of any approved improvements to the Property, or verify compliance thereof with applicable building and zoning laws; (v) all title insurance premiums, filing and recording fees and mortgage registration tax paid or payable in connection with the consummation of the transaction contemplated hereby; and (vi) the enforcement by the Lender during the term hereof or thereafter of any of the rights or remedies of the Lender under any of the foregoing documents, instruments or agreements or under applicable law, whether or not suit is filed with respect thereto (attorneys fees and costs are limited to reasonable fees and costs). 3