ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-23
July 13, 2011
AMENDING RESOLUTION No. 11-19 AUTHORIZING A LOAN OF $20,000
TO MAPLE RUN EMPORIUMS, INC.
WHEREAS, the St. Lawrence County Local Development Corporation on March 9, 2011 did
pass Resolution No. 11-19 authorizing to loan an amount not to exceed $20,000 from the Microenterprise
Revolving Loan Fund to Maple Run Emporiums, Inc., and
WHEREAS, the term of the loan set forth in Resolution No. 11-19 is a three year amortization
schedule, and
WHEREAS, the term of the loan to Maple Run Emporiums, Inc. was intended to be a five year
amortization,
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to amend the terms and conditions to change the term of the $20,000 loan from a three
year amortization to a five year amortization, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
4%
Term
Five (5) Year Amortization Schedule.* [Loan schedule will provide for an initial four (4) months
of interest-only payments, followed by a monthly loan repayment period of 56 months.]
Security
 $20,000 first lien position on all inventory, machinery & equipment, furniture & fixtures,
accounts receivable and general intangibles of Maple Run Emporiums, Inc.
 Unlimited Personal Guarantee of Mary Hilton
Other
 Agreement to meet with the Small Business Development Center on a regularly scheduled basis
to discuss current business operation.
 The Company agrees to create 1 FTE jobs within three years (of which 51% shall be made
available to individuals considered low-moderate income).
 The Company agrees to make available to the St. Lawrence County Local Development
Corporation information necessary to secure liens on collateral as described above; this
includes, but is not limited to, providing serial numbers of machinery and equipment, allowing
photographs thereof, and periodic inspection and inventory of collateral.
 Evidence of public liability insurance coverage in an amount to be determined by Counsel.
 Evidence of owner’s cash/equity of $43,221
Move:
Second:
VOTE
Chambers
Clark
Deuel
Marr
O’Bryan
Ragan
Scott
Snyder
Deuel
Chambers
Yea
V
Nay
Abstain
Absent
X
V
P
V
X
X
V
(V = Voice Vote; P = Proxy Vote)
I hereby certify that I have compared a copy of this Resolution with the
original record in this office and that the same is a correct transcript
thereof and of the whole of said original record.
/S/
Lori Sibley
Lori Sibley
July 13, 2011