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Developer's authorized financial officers to have been prepared in a manner <br />consistent with prior practices satisfactory to the EDA. <br />(c) On or before the last day of April of each year, the Developer's <br />financial statement and each Guarantor's personal financial statement as of <br />the last day of the previous year. <br />(d) From time to time such other information respecting the <br />financial condition and results of operations of Developer and each Guarantor <br />as the EDA may reasonably request. <br />6.10 Conduct the same general type of business as it presently conducts; <br />preserve and maintain its existence and all of its rights, privileges and franchises; and <br />continue its compliance with all valid, applicable statutes, laws, rules and regulations. <br />6.11 Permit any person designated by the EDA, at the EDA's expense, to <br />visit and inspect any of the properties, corporate books and financial records of <br />Developer to discuss their affairs, finances and accounts with the principal officers <br />of Developer, all at such reasonable times and as often as the EDA may reasonably <br />request. <br />6.12 To competitively bid all Contracts for the Rehabilitation Work in the <br />Enhancement Work pursuant to Minnesota Statutes, Section 471.345. <br />7. Negative Covenants. Developer covenants and agrees that for so long as it is <br />indebted to the EDA, it will not, without the EDA's prior written consent: <br />304291.2 <br />7.1 Merge or consolidate with or into any other entity, or lease or sell all <br />or substantially all of its property and business to any other entity or entities, other <br />than in the ordinary course of business. <br />7.2 Create, assume, incur or suffer to exist any pledge, mortgage, security <br />interest, assignment or other lien or encumbrance of any kind, of or upon the Project <br />or of or upon the income or profits therefrom. <br />7.3 Issue, incur, guarantee, assume or permit to be outstanding any <br />indebtedness for borrowed money other than the Note covered hereby and notes <br />previously approved by the EDA in writing. <br />7.4 Assume, guarantee, endorse or otherwise become liable upon the <br />obligations of any person, firm or corporation except by endorsement of negotiable <br />instruments for deposit or collection in the ordinary course of business, nor sell any <br />notes or accounts receivable with recourse. <br />7.5 Make or approve any material change in the Plans. <br />Page 19 <br />