04-26-2023 Council Packet - Laserfiche WebLink

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90028032v2 ALLONGE TO NOTE This Allonge to Note is dated and effective as of ____________, 2023 (the “Effective Date”), and is attached to and made a part of that certain City of Little Canada, Minnesota Amended and Restated Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project) Series 2011B (the “Note”), reissued by the City of Little Canada, Minnesota, a municipal corporation and political subdivision duly organized and existing under the Constitution and the laws of the State of Minnesota (the “Issuer”), on August 18, 2015, and originally issued by the Issuer on September 30, 2011, in the principal amount of $9,503,938.05 in favor of Bremer Bank, National Association, a national banking association (the “Lender”). Due to the unavailability of the 1-Month LIBOR Rate (as defined in the Note) after June 30, 2023, and as contemplated by the terms of the Note in the event of such unavailability, the Note is amended as follows: 1. Section 3 of the Note is hereby deleted and replaced in its entirety with the following: “3. The per annum rate of interest payable hereunder shall initially be equal to 1.80873 percent per annum. Effective as of the fifteenth day of each calendar month commencing on the first calendar month following the date hereof (each such date being hereinafter referred to as a “Reset Date”) through and including June 15, 2023, the per annum rate of interest payable hereunder shall be equal to sixty-seven percent (67%) times the sum of the then -current 1- Month LIBOR Rate (defined below) plus two and one half percent (2.5%). As used herein, the term “1-Month LIBOR Rate” shall mean the current 1-month London Interbank offered rate, as determined two (2) London Banking Days prior to each Reset Date as published in the Midwest Edition of The Wall Street Journal. All such adjustments to said rate shall be made and become effective as of such Reset Date and said rate as adjusted shall remain in effect unti l and including the date immediately preceding the next Reset Date. If on any Reset Date, the 1-Month LIBOR Rate is no longer used by the Lender as its index for adjustment, or is no longer available, the Lender will select a new index for adjustment which is based upon comparable information and give the City and the Borrower written notice of the selected new index. As used herein, the term “London Banking Date” means any day that is a day for trading by and between banks in Dollar deposits in the London interbank market. On July 15, 2023, and each Reset Date thereafter, the interest rate on this Note will be adjusted to a rate per annum equal to (“Stated Rate”): (a) the sum of (i) 2.50% and (ii) the Benchmark, (b) multiplied by 0.67. As used in this Note, the following terms have the following meanings: