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NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lino <br />Lakes Economic Development Authority that: <br />1. The proposed Subordination and Assignment is hereby approved in all respects <br />and satisfies the conditions set forth in Section 7.3 of the Contract. <br />2. The President and the Executive Director are hereby authorized to execute and <br />deliver the Subordination and Assignment in substantially the form on file with the Authority, <br />with such additions, deletions, and other changes as are approved by the President and the <br />Executive Director. The President and the Executive Director are further directed to take all <br />steps and do all things necessary to effectuate the provisions of the Subordination and <br />Assignment. <br />Adopted by the Board of Commissioners of the Lino Lakes Economic Development <br />Authority this 12th day of December, 2016. <br />The motion for the adoption of the foregoing resolution was introduced by Board Member <br />Rafferty and was duly seconded by Board Member Manthey and upon vote <br />being taken thereon, the following voted in favor thereof: <br />Rafferty, Manthey, Reinert, Maher, Kusterman <br />The following voted against same: <br />none <br />ATTEST: <br /><2—r4,1 <br />J ar son, Executive Director <br />491614v1 JAE CN140-116 2 <br />illiam Kusterm n, President <br />