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06-08-2022 Council Packet
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06-08-2022 Council Packet
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73495160v3 <br /> <br /> <br />A-1 <br /> <br />EXHIBIT A <br /> <br />FORM OF GOVERNMENTAL NOTE <br />THIS NOTE MAY BE OWNED ONLY BY AN APPROVED TRANSFEREE IN <br />ACCORDANCE WITH THE TERMS OF THE FUNDING LOAN AGREEMENT, AND THE <br />HOLDER HEREOF, BY THE ACCEPTANCE OF THIS GOVERNMENTAL NOTE (A) <br />REPRESENTS THAT IT IS AN APPROVED TRANSFEREE AND (B) ACKNOWLEDGES THAT <br />IT CAN ONLY TRANSFER THIS GOVERNMENTAL NOTE OR ANY INTEREST HEREIN TO <br />ANOTHER APPROVED TRANSFEREE IN ACCORDANCE WITH THE TERMS OF THE <br />FUNDING LOAN AGREEMENT. <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br /> <br />CITY OF LITTLE CANADA, MINNESOTA <br />MULTI-FAMILY HOUSING REVENUE NOTE <br />SERIES 2022 <br />(Twin Lake Apartments Project) <br /> <br />$9,319,750 DATED June __, 2022 <br />FOR VALUE RECEIVED, the undersigned City of Little Canada, Minnesota (“Obligor”) promises <br />to pay to the order of Allianz Life Insurance Company of North America (“Noteowner”) the maximum <br />principal sum of NINE MILLION THREE HUNDRED NINETEEN THOUSAND SEVEN HUNDRED <br />FIFTY AND NO/100 ($9,319,750), on ___________, 2022, or earlier as provided herein, together with <br />interest thereon at the rates, at the times and in the amounts provided below. <br />Obligor shall pay to the Noteowner on or before each date on which payment is due under that <br />certain Funding Loan Agreement, dated as of June 1, 2022 (the “Funding Loan Agreement”), between <br />Obligor and Noteowner, an amount in immediately available funds sufficient to pay the principal amount <br />of and Prepayment Premium, if any, on the Funding Loan then due and payable, whether by maturity, <br />acceleration, prepayment or otherwise. In the event that amounts held derived from proceeds of the <br />Borrower Loan, condemnation awards or insurance proceeds or investment earnings thereon are applied to <br />the payment of principal due on the Funding Loan in accordance with the Funding Loan Agreement, the <br />principal amount due hereunder shall be reduced to the extent of the principal amount of the Funding Loan <br />so paid. Capitalized terms not otherwise defined herein shall have the meaning assigned in the Funding <br />Loan Agreement. <br />Obligor shall pay to the Noteowner on or before each date on which interest on the Funding Loan <br />is payable interest on the unpaid balance hereof in an amount in immediately available funds sufficient to <br />pay the interest on the Funding Loan then due and payable in the amounts and at the rate or rates set forth <br />in the Funding Loan Agreement. <br />The Funding Loan and this Governmental Note are pass-through obligations relating to a <br />construction and permanent loan (the “Borrower Loan”) made by Obligor from proceeds of the Funding <br />Loan to Twin Lake Limited Partnership, a Minnesota limited partnership, as borrower (the “Borrower”), <br />under that certain Borrower Loan Agreement, dated as of June 1, 2022 (as the same may be modified, <br />amended or supplemented from time to time, the “Borrower Loan Agreement”), between the Obligor and
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