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05-09-2018 Council Packet
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05-09-2018 Council Packet
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in any proceeding. <br /> <br />d. Judgment. Final judgment(s) for the payment of money shall be rendered <br />against the Borrower and shall remain undischarged for a period of ninety (90) days during which <br />execution shall not be effectively stayed. <br /> <br />8. Acceleration. Upon the occurrence of an Event of Default or at any time thereafter, the <br />outstanding Principal Balance hereof and accrued interest and all other amounts due on this Note shall, at <br />the option of the Holder, accelerate and become immediately due and payable, without notice or demand. <br /> <br />9. Collection. Upon the occurrence at any time of an Event of Default or at any time <br />thereafter, the Borrower promises to pay all costs of collection of this Note, including but not limited to <br />attorneys’ fees, paid or incurred by the Holder on account of such collection, whether or not suit is filed <br />with respect thereto and whether such cost or expense is paid or incurred, or to be paid or incurred, prior to <br />or after the entry of judgment. <br /> <br />10. Waiver of Certain Defenses. Demand, presentment, protest and notice of nonpayment <br />and dishonor of this Note are hereby waived. <br /> <br />11. Governing Law. This Note shall be governed by and construed in accordance with the <br />laws of the State of Minnesota, without giving effect to the choice of law provisions thereof. <br /> <br />12. Personal Guaranty. This Note is personally guaranteed by Joel Larson pursuant to that <br />Guaranty of even date herewith. <br /> <br />13. Security. This Note is secured by that certain Pledge Agreement from DH Senior <br />Properties, LLC, a Minnesota limited liability company, a member of Borrower, of even date herewith. <br /> <br /> <br /> BORROWER: <br /> <br />DIGNICARE PROPERTIES OF LITTLE <br />CANADA, LLC <br /> <br /> <br /> <br />By: <br /> Joel Larson <br />Its: Chief Manager <br /> <br /> <br />4
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