05-09-2018 Council Packet - Laserfiche WebLink

Home Browse Search

Promissory Note $600,000.00 Minneapolis, Minnesota _______________, 2018 FOR VALUE RECEIVED, DIGNICARE PROPERTIES OF LITTLE CANADA, LLC, a Minnesota limited liability company (the “Borrower”), promises to pay to the order of the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA, a political subdivision under the laws of the State of Minnesota (the “Holder”), the principal sum of Six Hundred Thousand and 00/100 Dollars ($600,000.00), in lawful money of the United States and immediately available funds to satisfy the note (all together, the “Principal Balance”), in accordance with the provisions of this Promissory Note (this “Note”): 1. Project. Payments of this Note will generally correspond with the release of construction draws made to Borrower as part of its development of real property located in the City of Little Canada, County of Ramsey, State of Minnesota, and legally described as follows: The West 417.44 feet of the North 3 Acres of the South 30 Acres of the West Half of the Southwest Quarter of Section 6, Township 29, Range 22, Ramsey County, Minnesota; EXCEPT that part that lies north of the southerly line of the North 3.35 Acres of the Southwest Quarter of the Southwest Quarter of said Section 6 and that part platted as VILLAS OF LITTLE CANADA THIRD, Ramsey County, Minnesota; AND ALSO EXCEPT that part that lies easterly of the easterly right of way line of Trunk Highway No. 49 as located and established prior to January 1, 1981 and westerly of a line run parallel with and distant 40 feet easterly of the west line of said Section 6; together with that part herein before described adjoining and easterly of the above described strip, which lies westerly of a line run parallel with and distant 50 feet easterly of the following described line: Beginning at a point on the west line of said Section 6, distant 969.38 feet north of the southwest corner thereof; thence run North on the west line of said Section 6 for 175 feet and there terminating, all in Ramsey County, Minnesota. AND; The West 417.44 feet of the West 1/2 of the North 2 Acres of the South 27 Acres of the West 1/2 of the Southwest 1/4 of Section 6, Township 29, Range 22, Ramsey County, Minnesota; EXCEPT that part that lies easterly of the easterly right of way line of Trunk Highway No. 49 as located and established prior to January 1, 1981 and westerly of a line run parallel with and distant 50 feet easterly of the west line of said Section 6. (the “Project”) 2. Payments. Equal monthly interest only payments in the amount of One Thousand Five Hundred and 00/100 Dollars ($1,500.00) shall commence on __________, 20__ (the “Commencement Date”), and shall continue on the same day of each month thereafter until ___________, 20___ (the “Maturity Date”) when the entire unpaid Principal Balance under this Note, including all accrued interest, shall be due and payable (the “Balloon Payment”). 3. Interest Rate. Interest on the unpaid Principal Balance shall accrue at the rate of four 2