08-11-2004 Council Agenda - Laserfiche WebLink

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2. Except as provided herein, the terms and provisions of the Agreement shall remain unchanged and shall remain in full force and effect. Any modification herein of the Agreement shall in no way affect the security of the Loans. 3. The parties hereto do not intend by the execution and delivery of this First Amendment to waive any defaults which may exist under the Loans and the rights of each with regard to any such default whether known or unknown, are hereby preserved in their entirety. 4. It is intended that the Lenders shall continue to be entitled to all of the priorities existing under the Agreement as of the date the Agreement was first executed and delivered. 5. This First Amendment constitutes the entire agreement between the parties hereto regarding the modification of the Agreement as set forth herein and supersedes any prior or contemporaneous representations and agreements regarding the modification of the Agreement not contained herein. 6. Notwithstanding the place of execution of this instrument, the parties to this instrument have contracted for Minnesota law to govern this instrument and it is controllingly agreed that this instrument is made pursuant to and shall be construed and governed by the laws of the State of Minnesota without regard to the principles of conflicts of law. 7. This First Amendment and each and every part hereof shall be binding upon the parties hereto and their successors or assigns and shall inure to the benefit of Lenders' endorsees, successors or assigns. This First Amendment may be executed in any number of counterparts all of which, together, shall constitute one and the same Agreement with the same effect as if all parties hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart. The signature page of any counterpart may be removed therefrom and attached to any other counterpart. IN WITNESS WHEREOF, the parties hereto caused this First Amendment to be executed as of the date and year first above written. (Signature Pages to Follow)