06-14-2017 Council Packet - Laserfiche WebLink

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8333721v2 3 state income tax. In no event, however, may the Final Maturity Date of the Note be extended beyond 30 years from the date hereof. 7. This Note is subject to prepayment in immediately available funds on any date at the option of the Borrower, in whole or in part as provided in Section 5.1 of the Loan Agreement. The prepayment price is equal to the outstanding principal amount of this Note to be prepaid plus accrued interest, without penalty or premium for prepayments in an amount up to 15% of the outstanding Principal Balance as of January 1 of each year. Any prepayment by the Borrower in excess of 15% of the outstanding Principal Balance as of January 1 each year will be subject to a prepayment premium equal to the percentages set forth below applied to the prepaid amounts of the Principal Balance of this Note, or the entire outstanding Principal Balance in the event such amount is prepaid in full: (a) three percent (3%) as of any date prior to the 3rd anniversary of this Note; (b) two percent (2%) as of any date on or after the 3rd anniversary and prior to the 6th anniversary of this Note; (c) one percent (1%) as of any date on or after the 6th anniversary and prior to the 8th anniversary of this Note; and (d) on or after the 8th anniversary, this Note may be prepaid in whole or in part on any date without premium. In the event of any partial prepayment of this Note, the Lender shall apply any such prepayment first against amounts which are neither principal nor interest, including any collection costs, late fees or prepayment or termination fees, then against the accrued interest on the Principal Balance and then against the outstanding principal amount of this Note in the inverse order of maturities. The monthly payments due under Paragraph 3 hereof, shall continue to be due and payable in full until the entire Principal Balance and accrued interest due on this Note have been paid. However, the Note shall be reamortized by the Lender upon the request of the Borrower if the Borrower is in compliance with all terms of the Loan Agreement. 8. Upon a Determination of Taxability, as defined in the Loan Agreement, this Note shall convert to a taxable obligation and the interest rate for interest accruing from the Date of Taxability, as defined in the Loan Agreement, shall be adjusted to an interest rate per annum equal to the then current interest rate payable hereunder, divided by 0.67 (the "Taxable Rate"). Any interest accruing from the Date of Taxability which is retroactively due as a result of the interest rate adjustment shall be payable on the 1st day of the following month along with regularly scheduled principal payment and interest accruing from the previous payment date at the Taxable Rate. 9. As provided in the Resolution and subject to certain limitations set forth therein, this Note is only transferable upon the books of the City at the office of the City Administrator, by the Lender in person or by its agent duly authorized in writing, at the Lender's expense, upon surrender hereof together with a written instrument of transfer satisfactory to the City Administrator, duly executed by the Lender or its duly authorized agent. Upon such transfer the