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90028024v1 <br /> <br /> <br />Page Two <br /> <br />The Lender hereby notifies you that for each Reset Date (as defined in the <br />Notes) occurring on or after July 1, 2023, the Existing Index Rate shall be replaced with <br />a rate per annum equal to (a) the sum of (i) 2.50% and (ii) the Benchmark, which is <br />initially Fallback Rate (SOFR), as those terms are defined in each Allonge to Note <br />included with this Notice, (b) multiplied by 0.67 (collectively, the “Replacement Index <br />Rate”). The Replacement Index Rate is a rate that is comparable to the Existing Index <br />Rate. <br /> <br />Enclosed herewith is an Allonge to Note for each of the Notes which evidences <br />the new Replacement Index Rate for the Notes. Terms not defined herein are defined <br />in each Allonge to Note. We request that the City of Little Canada, Minnesota, as Issuer <br />of the Notes, and Presbyterian Homes of Arden Hills, Inc., as the Borrower, upon <br />approval respectively, execute each Allonge to Note that is enclosed and return them to <br />the undersigned at the following address: <br /> <br /> Bremer Bank, National Association <br /> 225 South Sixth Street, Suite 300 <br /> Minneapolis, MN 55402 <br /> Attn: Jenny Blake <br /> <br />We also request that bond counsel provide an update to its opinion confirming <br />the execution and delivery of the Allonge s to Notes will not adversely affect the tax <br />exempt status of the Notes. <br /> <br />Bremer Bank, National Association <br /> <br /> <br /> By:_____________________________ <br /> Its:__________________________ <br /> <br /> <br />/enclosure