Common use of Expansion Clause in Contracts

Expansion. 7. Within one (1) year of the effective date of this Agreement, KleinBank shall open one (1) full-service brick and mortar office, as defined by the Federal Deposit Insurance Corporation (“FDIC”),3 within a majority-minority census tract within Hennepin County, subject to regulator approval. The new branch office shall be in a location accessible to concentrations of owner-occupied residential properties in majority-minority census tracts. The new branch shall provide the range of services typically offered at KleinBank’s other full-service branches, to include a full-time on-site residential lending officer, fully trained in all aspects of home mortgage and home equity lending and whose work will include marketing and outreach to residents of majority-minority census tracts in a manner consistent with the terms of this Agreement. KleinBank shall continue to operate this new branch throughout the duration of this Agreement. 8. KleinBank has and shall continue to develop partnerships with organizations to help establish a presence in majority-minority census tracts in Hennepin County, in order to continue to increase the bank’s presence in these areas and to assist in developing strategies to 2 As of the effective date of this Agreement, KleinBank’s federal banking regulator is the Federal Deposit Insurance Corporation (“FDIC”). 3 A “full-service brick and mortar office” must “[a]ccept deposits, make loans, open/close accounts, [and have a] loan officer on site, normal hours, [and] full-time staff; [it] may have safe deposit facilities on site. The site may be owned by the institution or may be leased by the institution.” See xxxxx://xxxxxxxx.xxxx.xxx/bankfind/glossary.html. expand the bank’s marketing to, and intake of residential mortgage loan applications from, residents of these areas. KleinBank shall present to the United States a written proposal for continuing its community partnerships not later than six (6) months after the effective date of this Agreement that details how KleinBank intends to engage in the partnership(s) over the term of the Agreement.4 The proposal shall explain how the partnerships will assist KleinBank in serving the credit needs of residents of majority-minority census tracts. The United States shall review the proposal and communicate any objections within thirty (30) days. If the United States raises objections to the proposal, the parties shall confer in an attempt to resolve their differences. In the event the parties cannot resolve their differences, they may seek relief from the Court in accordance with paragraphs 22-25 of this Agreement. KleinBank shall thereafter implement the proposal within the timeframe set forth in the proposal.