5.0. EDSR 02-10-1997 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
i
MEMORANDUM
TO: Economic Development Authority
FROM: Paul T. Steinman, Director of Economic
Development
DATE: February 4, 1997
SUBJECT: Micro Loan Request -Eastey and
Johnson, Inc.
Introduction
On January 23, 1997, the EDA Finance Committee met and discussed the
Eastey and Johnson, Inc., loan request of$50,000. This request is made in
•
order to fund fixed improvements to a building which Eastey and Johnson
recently purchased in Rail 10 Industrial Park.
The EDA Finance Committee approved this loan request for a term of five
years at a fixed interest rate of 8.25 percent. Committee member Jim
Simpson was not present at this meeting.
Background
Eastey and Johnson own and operate Eastey Enterprises currently located in
Rogers. They are intending to relocate certain portions of their business to
the new Elk River location.
Sally Johnson and Jeff Eastey will be available at this EDA meeting to
provide a brief description of their manufacturing operation and answer
questions of the EDA.
Attached to this memo is the application form from Eastey and Johnson, Inc.,
and also an EDA Statement of Financial Activity which indicates our current
micro loan fund amount.
13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743• (612) 441-7420 • Fax (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
• The details of the loan would be as follows:
• $50,000 principal
• Five year term
• Fixed interest rate of 8.25 percent
• Collateralized with a second mortgage position on the land and
buildings.
Staff is recommending a fixed interest rate on this loan due, in part, to
discussions with the Finance Department and staffs overall concern with the
logistics of implementing floating interest rate loans. The floating interest
rate makes administration of these loans more difficult due to having to
recalculate loan payments and provide this updated information to our
borrowers on a semi-annual basis. Staff will likely be recommending a fixed
interest rate approach to future micro loans also.
Action Requested
Staff is recommending that,the EDA approve the $50,000 loan request from
Eastey and Johnson, Inc.
IllAttachments
• Meeting minutes EDA Finance Committee
• Statement of Financial Activity as of January 31, 1997
• Loan Application from Eastey and Johnson, Inc.
\\elkriver\sys\shrdoc\eda\meetings\edeastey.doc
EDA FINANCE COMMITTEE MEETING MINUTES
JANUARY 23, 1997
• ELK RIVER CITY HALL CONFERENCE ROOM
Members Present: Tom McNair, Tom Bender, Lloyd Brutlag, and Bud
Houlton
Members Absent: Jim Simpson
Staff Members Present: Paul Steinman, Director of Economic Development
Also Present: Applicants: Jeff Eastey and Sally Johnson
The Finance Committee Meeting was called to order at 4:00 p.m.
Ms. Johnson and Mr. Eastey provided a video tape and summary of their
manufacturing business. They provided brochures and additional
information on the products which they manufacture - shrink wrapping
machines and sealers.
The proceeds of the $50,000 micro loan requested would go toward various
general upgrading and facilitating aesthetic improvements such as curb and
• gutter on the site, blacktopping parking lots, landscaping, and painting the
building. Jeff Eastey explained they have already purchased the former
Osseo Brake building on 173rd Avenue in Elk River, and intend to move the
assembling part of their business into that building from its current location
in Rogers.
After the applicants were dismissed, the Finance Committee discussed the
details of the requested $50,000 micro loan. Tom McNair asked about the
reasons for offering the applicants a fixed rate of 8.25 percent versus the
option of allowing for the rate to float and be adjusted every six months.
Staff indicated from an administrative point of view that it was much easier
and cleaner to fix the interest rate and amortization schedule rather than
recalculating semi-annually over the term of the loan.
It was the consensus of the Finance Committee, including phone comments
from Jim Simpson, that the loan be recommended for approval to the
Economic Development Authority. The applicants are requesting a $50,000
loan, and staff is recommending the loan term be 5 years at a fixed interest
rate of 8.25 percent.
Respectfully submitted,
•
Paul T. Steinman
Director of Economic Development
INFORMATION
STATEMENT OF FINANCIAL ACTIVITY
FOR THE EDA,MICRO AND DTED LOAN FUNDS
• FOR THE PERIOD JANUARY 31,1997
ECONOMIC DEVELOPMENT AUTHORITY
1997 Month to Year to
Budget Date Date
Cash Balance $ 118,209
Revenues
Property Tax 82,440 - -
HACA 12,060 - -
Refunds&Reimb. - - -
Interest Income - - -
Total Revenues 94,500 - -
Expenditures
Personal Services 46,600 17 17
Supplies 800 53 53
Other Services&Charges 45,350 - -
Capital Outlay - - -
Transfers 1,000 - -
Total Expenditures 93,750 70 70
IIIMICRO LOAN FUND DTED LOAN FUND
Month to Year to Month to Year to
Date Date Date Date
• Cash Balance $ 286,300 $ 87,648
Revenues
Application Fees 500 500 - -
Interest Income 2,517 2,517 771 771
Loan Payments 8,388 8,388 2,591 2,591
Total Revenues 11,405 11,405 3,362 3,362
Expenditures
Loans - - - -
Legal Services - - - -
Total Expenditures - - - -
Status of Micro Loans as of January 31:
Business Current Business Current
Alltool Grant Y Pomeroy Tool Y
Roma Tool Grant Y Designing Women Y
Second Generation Y Tescom Y
Indy Lube Y Larose Y
• Beaudry Y Water Laboratories Y
R&D Sales Y E R Automall Y
Carpe Kairos LLC Y T J Properties Y
Internet 5 Y Diamond City Bread Y
S:\FINANCE\EDA\EDASTMT.XLS
ECONOMIC DEVELOPMENT MICRO LOAN FUND
ELK RIVER, MINNESOTA
APPLICATION
• APPLICANT ) e X tvfx txx xi Eastev & Johnson Inc .
ADDRESS 21480 147th Ave . North
CITY Rogers , STATE MN ZIP CODE 55374
CONTACT PERSON(S) Sally Johnson or Jeff Eastey
BUSINESS PHONE 428-4846 HOME PHONE S-4416161 J-4974670
AMOUNT REQUESTED $50000 . 00
TERMS REQUESTED
SOCIAL SECURITY NUMBER J_477-68-8208 #41-1858594
S 47�-7n-tihn7 FED ID # I.Nb F
STATE ID #XAD0051E #2988370
1 . Type of Project:
•
Construction/New Building Expansion/Existing
Building
Equipment/Machinery Purchase __ Remodel/Commercial
• Retail/Industrial
Industrial Inventory Working Capital
X Other Renovation and moderization of building.
F.xt.pri nr rpnnvat i nn _
FvT anci nn of n1irrcnt—�?LySlA2SS t L2n 1 l nn�tlnn
2 . Describe Project:
Eastey Ent . Inc . manufactures Shrink Packaging Equipment
and is expanding to a 2nd location . The new building
will require renovation for use .
•
3 . Purpose of Loan:
2nd floor Expansion . Building liner & ceil_ing insulation.
• R1 artri ra 1 expansion _ Tnstal L new efficient furnaces .
Install new dock doors . Septic updated or replaced .
Tar Driveway and parking area . Landscaping.
*Note the $50 , 000 . 00 will be covering only some of the
above items , as they will total more than $50 , 000 . 00 .
4 . Cost of Project:
A) Land $
B) Buildings (attach plans & costs ) $ ?30 , 000 _ on
C) Equipment/Machinery/Fixtures (attach list
and estimated costs) $
D) Remodeling $ 69 , 922 . 00
E) Industrial Inventory/Working Capital $
F) Other (attach description) $
TOTAL COSTS $ 349 , 922 . 00
5 . Proposed Financing:
SOURCE NAME TERMS AMOUNT
A) Bank Loan 00
B) Bank Loan $
C) Other Private Funds $
D) Applicant Contribution -for building loan, other $23 , 922_:00
improvements will be out of pocket , ( Eastey )
E) Other $
F) Fed Grant/Loan $
G) State Grant/Loan $
111 H) This Loan $ 50 , 000 . 00
TOTAL FINANCING $349, 922 . 00
-2-
6 . Collateral to be assigned (Describe and show lien position) :
A) To Bank: Building & Land $280, 000 . 00
B) To Bank:
111 C) To Private Funding Source:
D) To Other Source:
E) To Federal Govt:
F) To State:
G) To This Loan: $50 , 000 .00 2nd Mortgage
7 . Value of Collateral :
COST BOOK VALUE EXISTING
LIENS
A) Land $ $ $
B) Buildings $ 280 , 000 . 00 $280 , 000 . 00 $2-76,.000-. 00)-Bank
C) Mach. & Equip. $ $ $
D) Other $ $ $
E) Other $ $ $
8 . Employment* :
111 Present: # of Employees 43 Total Payroll $79, nnn _ nn/week
After Project: # of Employees Total Payroll
*If Loan is for Job Retention Only, Explain in Business Plan.
9 . Attorney, Accountant (Names , addresses , phone) :
Mark Saliterman LTD, Diamond Hi1.1 center , 4301 HWY 7 , Suite 100
St . Louis Park, MN 55416 920-8282
Fredrikson & Bryon; 1100` Inter.nationai` Centre , 900 Second Ave South
?1pT� M 5 0 1d 347-714z
10 . Bank and Other Credit References (Names, addresses, phone) :
Joe Jensen, Park Nat ' l Bank, 5353 Wayzata Blvd . Mpls . , MN 55416
544-3544 - Bank, Joe ' s desk - 591-2784
•
-3-
11 . Attach and include the following:
IA) Written Business Plan:
1. Description of Business
2 . Ownership
3 . Management
4 . Date established
5 . Products/Services
/ 6 . Future Plans
✓ B) Financial Statements for past two years
/ C) Financial Projections for two years
AD) Resume of Owner/Management
/E) Personal Financial Statements of proprietor, partners,
guarantors
F) Letter of commitment from applicant pledging to complete
during the proposed project duration
G) Letter of commitment from the other sources of financing,
stating terms and conditions of their participation in
project
H) Other
O „,
I ) Other
U/-J) Fee ( 1% of amount of loan request)
-4-
I/We certify that all information provided in this application is
true and correct to the best of my/our knowledge. I/We authorize the
City of Elk River and the Finance Committee to check credit
references and verify financial and other information. I/We agree to
provide any additional information as may be requested by the City
and the Finance Committee.
DATE
•//4/-C-C41-271k
Applicant Name � � � �%SI �� Fr' � c '
By l\ iv� �� /
By
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fl ( /
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-5-
411
JEFF EASTEY ENT. INC. IS A MANUFACTURER OF SHRINK PACKAGING EQUIPMENT.
OWNERSHIP: JEFF EASTEY 80% MANAGES FACTORY
SALLY JOHNSON 20% MANAGES OFFICE
INCORPORATED 5-9-1986
PRODUCTS : MANUAL L-SEALERS , AUTOMATIC L-SEALER (WE IMPORT THESE) ,
SLEEVEWRAPPERS , SHRINK TUNNELS, AND PARTS FOR OUR EQUIPMENT
AS WELL AS REPLACEMENT PARTS FOR WELDOTRON SHRINK PACKAGING
EQUIPMENT. SEE ATTACHED
FUTURE PLAN: CONTINUE GROWTH AT A RATE OF 12% TO 20% PER YEAR,
DEVELOPE NEW SHRINK PACKAGING EQUIPMENT, WITHIN 5 TO 7
YEARS BUILD AT NEW LOCATION SO WHOLE BUSINESS IS AT ONE
LOCATION.
Eastey & Johnson Inc .
(A Real Estate Holding Company formed by Jeff Eastey & Sally Johnson
to Purchase the Elk River Building)
110 Ownership : Jeff Eastey 50%
Sally Johnson 50%
[NAME OF TENANT]
SUBLEASE
THIS SUBLEASE,made this day of , 1997, by and between the City
of Elk River Economic Development Authority, a (hereinafter called
"Sublessor"), and , a
(hereinafter called "Sublessee");
WITNESSETH, THAT:
WHEREAS, Sublessor has leased certain space in an office/industrial complex known as
and located at in the City of Elk River, for
the purpose of supporting the development and growth of high technology companies in the City
of Elk River. Such space being leased by Sublessor shall be referred to herein as the "Elk River
Business Incubator."
WHEREAS, Sublessor is leasing the Elk River Business Incubator pursuant to the terms
and conditions of that certain lease (hereinafter called "Prime Lease") dated
1997, between Larry Hickman (hereinafter called "Landlord"), as landlord, and Sublessor, as
lessee, a true and correct copy of which is attached hereto as Exhibit A and made a part hereof.
• WHEREAS, Sublessee desires to lease the space in the Elk River Business Incubator
designated on Exhibit B attached hereto and made a part hereof (hereinafter called the
"Subleased Premises") and Sublessor desires to sublease the Subleased Premises to Sublessee.
NOW, THEREFORE, in consideration of the rents to be paid and the covenants to be
performed by the Sublessee as hereinafter set forth, Sublessor does hereby demise and sublease
the Subleased Premises to the Sublessee, and Sublessee does hereby hire and take the Subleased
Premises from Sublessor upon the terms and conditions hereinafter set forth.
(1) Assumption of Obligations. Except as may be herein otherwise specifically
provided, Sublessee shall have all the rights and privileges and assume and agree to keep, obey
and perform all of the obligations, restrictions and conditions, agreements and covenants of the
Sublessor as lessee under the Prime Lease as fully and to the same extent as if the provisions of
the Prime Lease were set forth herein.
Sublessee hereby accepts the demise and Sublease of the Subleased Premises expressly
subject to all of the terms, covenants and conditions set forth in the Prime Lease, and agrees to
comply with all of the terms, covenants and provisions thereof. Any failure by Sublessee to
perform such duties, liabilities and obligations under the Prime Lease shall also be a default
under this Sublease.
(2) Rent and Other Charges. In consideration of the aforesaid subleasing, Sublessee
eda/doc/bilease2 1
covenants and agrees to pay to the Sublessor, without setoff or deduction whatsoever, rent in the
amount of$ per month payable on the first day of each month during the Term
described in Paragraph (3) hereof. In the event that the Term begins or ends on other than the
first or last day of the month, rent shall be pro-rated for such partial month. Sublessor shall be
responsible for payment of all rent due to the Landlord under the Prime Lease.
(3) Term. Notwithstanding any provisions relating to the Term or Renewal Term
contained in the Prime Lease, the Term of this Lease shall be for the period commencing on
, 1997 and terminating on
(4) Quiet Enjoyment. Sublessor covenants that Sublessee, subject to the Prime Lease
and on paying the rents and performing the covenants herein set forth, shall and may peaceably
and quietly have, hold and enjoy the Subleased Premises for the Term hereof free of all claims
made by persons claiming by,through or under Sublessor.
(5) Exclusions. The following rights, if any, reserved to the Sublessor under the
Prime Lease shall be reserved to the Sublessor, and Sublessee shall have no right therein:
(a) The right to sublease, assign or sublet.
(b) Any right on the part of the Sublessor under the Prime Lease to terminate
the Prime Lease in the event of damage by casualty or taking by eminent
41 domain,the default of the Landlord, or for any reason whatsoever.
(c) Any option or right to extend the Term or any Renewal Term.
(6) Maintenance. The Sublessee agrees to accept the Subleased Premises as of the
commencement of the Term in their then "as is" condition and that they will take good care of the
Subleased Premises, and will commit no waste, and will not do, suffer or permit to be done any
injury to the same; that they will keep said Subleased Premises in at least as good order,
condition and state of repair required of Sublessor under the Prime Lease; that they will permit
the Sublessor to enter onto the Subleased Premises at any and all reasonable times to inspect the
same or for any other proper purpose without liability on the part of Sublessor for any loss or
interruption of business occasioned thereby, and that they will not do or permit to be done any act
or thing contrary to the covenants and agreements made by the Sublessor in the Prime Lease.
Sublessee shall also, at their sole cost and expense, comply with all applicable local, state and
federal laws, ordinances, codes and regulations, and with all rules and regulations promulgated
by companies which from time to time insure against loss or damage to, or against injuries or
deaths occurring on or about, the Subleased Premises. In no event shall Sublessee allow the
Subleased Premises to be used for any use which makes void or voidable any insurance in force
with respect to the Subleased Premises or makes it impossible to obtain insurance, creates a
public or private nuisance, or is illegal, unlawful, immoral, or is a hazardous business, trade,
occupation, activity or purpose.
• (7) Alterations. Sublessee agrees that any alterations or improvements will be made
eda/doc/bilease2 2
in good and workmanlike manner and that it will not make any alterations or improvements in or
• to the Subleased Premises except in compliance with Prime Lease and with all applicable laws,
ordinances, codes and regulations and without obtaining the prior written consent of the
Sublessor, but such consent will not be unreasonably withheld if Landlord grants its consent
thereto. Sublessor may require Sublessee, at the end of the term and at Sublessee's expense, to
remove all alterations and improvements made by Sublessee and to repair any damage caused by
such removal.
(8) Liability of Sublessor; Assignment of Right of Action. Sublessor shall have no
responsibility whatsoever with respect to the Subleased Premises or the condition thereof.
Sublessor shall not be liable for any nonperformance of or noncompliance with or breach or
failure to observe any term, covenant or condition of the Prime Lease upon Landlord's part to be
kept, observed, performed or complied with, or for any delay or interruption in Landlord's
performing its obligations thereunder. Sublessor hereby assigns unto Sublessee, for so long as
this Sublease shall be in force and effect, any and all rights and causes of action which it may
have against Landlord with respect to the Subleased Premises due to defaults by Landlord under
the Prime Lease. Sublessor agrees to cooperate with and join Sublessee in claims or suits
brought by Sublessee against Landlord under the Prime Lease, provided that the costs and
expenses of such participation shall be borne by Sublessee. Sublessor reserves the right at
Sublessor's option to tender to Sublessee the defense of any claim made against Sublessor arising
out of the Prime Lease, the Sublease or any use of the Subleased Premises, in which instance
Sublessee shall defend the claim using counsel reasonably acceptable to Sublessor. In any event,
• the expense of all such costs and attorney's fees shall be borne by Sublessee.
(9) Insurance; Indemnification. Sublessee shall continuously maintain public liability
insurance with respect to death or injury to persons and damage to or destruction of property
occurring at or about the Subleased Premises. Such policy of insurance shall be in form and
amount reasonably satisfactory to Sublessor, shall name Sublessor and/or Landlord as an
additional insured party and shall be delivered to Sublessor. Sublessee hereby agrees to
indemnify and hold harmless Sublessor from, and shall reimburse Sublessor for, all costs and
expenses, including reasonable legal expenses, incurred by Sublessor in connection with the
defense of all claims and demands of third persons, whether or not suit is brought, including but
not limited to those for death, for personal injuries, or for property damage, arising out of any
default of Sublessee in performing or observing any term, covenant, condition or provision of
this Sublease, or out of the use or occupancy of the Subleased Premises by the Sublessee, or out
of any of the acts or omissions of the Sublessee, its agents, representatives, employees,
customers, guests, invitees or other persons who are doing business with Sublessee or who are at
the Subleased Premises with Sublessee's consent. Sublessee, for itself and its insurers, hereby
further expressly waives all claims against Sublessor for any and all damages to persons or
property caused by or resulting from any thing or circumstance. Sublessee agrees that said
insurance policies shall contain waiver of subrogation rights against Sublessor.
(10) Termination; Surrender of Subleased Premises. This Sublease shall terminate at
the end of the term hereof or upon any default arising under the Prime Lease without the
• necessity of any notice from either Sublessor or Sublessee to terminate the Sublease. Sublessee
eda/doc/bilease2 3
hereby agrees that they will peacefully and quietly vacate and surrender the Subleased Premises
• to the Sublessor at the expiration of the term, in as good order and repair as required under this
Sublease and the Prime Lease. It is further understood and agreed by and between the parties
hereto that existence of this Sublease is dependent and conditioned upon the continued existence
of the Prime Lease, and in the event of the cancellation or termination of said Prime Lease, this
Sublease automatically shall be terminated. Sublessor shall have no liability to Sublessee due to
the termination of the Prime Lease by reason of any default by Sublessee hereunder, by reason of
any condemnation or destruction of the Subleased Subleased Premises, or by any other reason not
within the control of Sublessor.
(11) Sublease and Subletting. Sublessee may not assign this Sublease or sublet all or
any part of the Subleased Premises. Sublessee may not pledge this Sublease, or allow any liens
to be placed hereon, or suffer this Sublease or any portion thereof to be attached or taken upon
execution.
(12) Sublessor's Right to Cure Defaults. If Sublessee shall default in the observance or
performance of any of Sublessee's covenants, agreements or obligations hereunder, Sublessor
may, but it is not obligated, and without limiting any other remedy which Sublessor may have by
reason of such default, cure the default and charge the cost thereof to Sublessee including,
without limitation, reasonable attorney's fees. Sublessee shall pay the same within ten (10) days
after receipt of an invoice therefore from Sublessor, together with interest thereon at the lesser of
the rate of twelve percent(12%)per annum or the maximum rate allowed by law.
• (13) Default by Sublessee. If Sublessee shall default in the payment of any installment
of rent or other monies to be paid under this Sublease, or if Sublessee shall default in the
observance or performance of any of Sublessee's other covenants, agreements or obligations
hereunder, or if any proceeding is commenced by or against Sublessee for the purpose of
subjecting the assets of Sublessee to any law relating to bankruptcy or insolvency, or for
appointment of a receiver for Sublessee or for any of Sublessee's assets, or if Sublessee makes a
general Sublease of Sublessee's assets for the benefit of creditors; then Sublessor, at its option,
may terminate this Sublease, may reenter the Subleased Premises and remove all persons and
property therefrom, and have, regain and enjoy possession of the Subleased Premises and, in
addition, Sublessor shall have all of the rights and remedies against Sublessee as are available to
Landlord against Sublessor pursuant to the Prime Lease.
Sublessee hereby expressly waives service of any notice of Sublessor's intention to
reenter and waives all right of restoration to possession of the Subleased Premises after reentry or
after judgment for possession thereof. In case of any such termination, and in addition to any
other remedies which Sublessor may have, Sublessee shall indemnify Sublessor for all damages
Sublessor may incur by reason of such default, including the cost of recovering the Subleased
Premises, attorney's fees and expenses incurred in enforcing any term of this Sublease, and the
rent reserved in this Sublease for the remainder of the Term, all of which amounts shall be
immediately due and payable to Sublessor. Sublessor shall have no obligation whatsoever to
mitigate the aforesaid costs, expenses or damages incurred or suffered by Sublessor.
•
eda/doc/bilease2 4
(14) Security Interest. Sublessor shall have a security interest in all trade fixtures,
• exterior signs, floor coverings, or drapes, or any other equipment or property owned by Sublessee
and installed on the Subleased Premises, for rent and other sums which may become due
Sublessor, or upon any default, under this Sublease and the Prime Lease. Sublessee agrees to
execute such UCC filings as Sublessor may require as necessary to perfect such security interest.
(15) Expenses and Attorney's Fees. Sublessee shall pay to Sublessor within ten (10)
days after receipt of an invoice therefore an amount equal to any costs, legal or otherwise,
including attorney's fees, incurred by Sublessor in protecting Sublessor's interest in the
Subleased Premises or in enforcing Sublessor's rights under this Sublease, whether or not a
lawsuit is involved.
(16) Relocation. In the event that the Landlord exercises its rights, if any under the
Prime Lease to relocate the Subleased Premises, then Sublessor shall have the same right to
relocate the Subleased Premises.
(17) Notice. Any notices or demands (not to include invoices) permitted or required
hereunder shall be deemed given or made if, and shall not be deemed to have been delivered or
made unless, in writing and delivered personally or deposited in the United States mails,
registered or certified, postage prepaid, addressed to Sublessor and Sublessee jointly as follows:
If to Sublessor: City of Elk River Economic Development Authority
• Elk River City Hall
P.O. Box 490
Elk River, Minnesota 55330-0490
Attention: Paul Steinman
If to Sublessee:
which addresses may be changed from time to time by notice as above provided. Sublessee
agrees to furnish Sublessor immediately upon Sublessee's receipt thereof any and all
communications received by Sublessee from the Landlord under the Prime Lease. Sublessee
further agrees to give Sublessor concurrent notice of any notice or demand given to said
Landlord.
(17) Relationship of the Parties. This Sublease does not and shall not create the
relationship of principal and agent, or of partnership, or of joint venture, or of any other
association between Sublessor and Sublessee, the sole relationship between the parties hereto
being strictly Sublessor and Sublessee.
(18) Severability. If any term, condition or provision of this Sublease, or the
application thereof to any person or circumstance, shall, to the extent be held to be invalid or
• unenforceable, the remainder hereof, and the application of such term, provision, and condition
eda/doc/bilease2 5
to persons or circumstances other than those as to whom it shall be held invalid or unenforceable,
• shall not be affected thereby, and this Sublease, and all of the terms, provisions, and conditions
hereof, shall, in all other respects, continue to be effective and to be complied with to the full
extent permitted by law.
•
•
eda/doc/bilease2 6
IN WITNESS WHEREOF, the parties hereto have fully executed this Sublease on the day
• and year first written above.
SUBLESSOR:
City of Elk River Economic Development
Authority
By:
Witness
Its:
SUBLESSEE:
Witness
•
•
eda/doc/bilease2 7