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(b) Before any Loan proceeds are disbursed, the Governor of the State of <br />Minnesota shall have permitted, by Executive Order, the Borrower to reopen and operate <br />its business, and the Borrower shall have delivered to the City: <br />(i) this Agreement, signed by the Borrower; <br />(ii) a completed application for the Fund; <br />(iii) the Borrower's two most recent business tax returns; <br />(iv) signed credit check authorization form, and personal financial <br />statement form; <br />(v) itemized operating expenses for the years 2020 and 2019. <br />(vi) articles of incorporation or organization, or other document(s) of <br />similar import; <br />(vii) CMDC debt schedule form; <br />(viii) A signed copy of the Note. <br />4. Representations and Warranties. The Borrower represents and warrants to the City. <br />(a) The Borrower is a Minnesota non-profit corporation and is duly authorized <br />and empowered to execute and deliver this Agreement, perform all obligations hereunder, <br />and to borrow money from the City. <br />(b) The execution and delivery of this Agreement, and the performance by the <br />Borrower of its obligations hereunder, do not and will not violate or conflict: with any <br />provision of law and do not and will not violate or conflict with, or cause any default or <br />event of default to occur under, any agreement binding upon the Borrower. <br />(c) This Agreement has in fact been duly executed and delivered by the <br />Borrower, and constitutes a lawful and binding obligation, legally enforceable against the <br />Borrower. <br />(d) The Borrower warrants that it shall keep and maintain books, records, and <br />other documents relating directly to the receipt and disbursements of Loan proceeds and <br />that any duly authorized representative of the City shall, at all reasonable times, have access <br />to and the right to inspect, copy, audit, and examine all such books, records, and other <br />documents of the Borrower pertaining to the Loan until the completion of all closeout <br />procedures and the final settlement and conclusion of all issues arising out of this Loan. <br />2 <br />12603643v1 <br />