03-22-2000 Council Agenda - Laserfiche WebLink

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PROMISSORY NOTE $95,000.00 St. Paul, Minnesota Dated: March , 2000 1. FOR VALUE RECEIVED, City of Little Canada ( "MAKER ") promises to pay to the order of the Ramsey County Housing and Redevelopment Authority, a political subdivision of the State of Minnesota ( "AUTHORITY "), at its office at 250 Courthouse, St. Paul, Minnesota 55102, or at any other place that the holder of this Note subsequently designates, in writing, the principal sum of Ninety -five Thousand and 00 /100 Dollars ($95,000.00), or such lesser amount as the AUTHORITY actually advances to MAKER in accordance with the terms of that certain Loan Agreement between MAKER and the AUTHORITY bearing even date herewith, as the same may hereafter be amended from time to time (the "AGREEMENT ") together with interest on the unpaid principal balance, at the rate set forth in paragraph 3, below. 2. Interest shall not accrue hereunder upon disbursement of loan proceeds to MAKER. 3. MAKER will pay this loan in accordance with the following payment schedule: Four payments in the amount of Twenty -three Thousand, Seven Hundred Fifty and 00 /100 Dollars ($23,750.00) each to be made by MAKER on March 15, 2010, March 15, 2011, March 15, 2012, and March 15, 2013. Notwithstanding the foregoing, the full amount of unpaid principal on the NOTE shall be due and payable, if not sooner paid, on or before March 15, 2013. 4. MAKER shall have the right to fully or partially prepay this NOTE at any time without penalty. Any partial prepayment shall be applied to installments of principal in the inverse order of maturity. 5. This NOTE is issued under the terms and provisions of the AGREEMENT as the same may be amended from time to time. The holder of this NOTE is entitled to all of the benefits provided in the AGREEMENT, or referenced in the AGREEMENT, to which AGREEMENT reference is made for statement of the terms and conditions under which the indebtedness evidenced hereby was incurred and the EVENT(s) OF DEFAULT under which the due date of this NOTE may be accelerated. The provisions of the AGREEMENT are incorporated by reference herein with the same force and effect as are fully set forth herein. 6. MAKER waives presentment for payment, notice of nonpayment protest and notice of protest hereon and agrees to pay all costs of collection, including but not limited to, reasonable attorneys' fees, whether or not suit is commenced. 7. No delay on the part of the holder of this NOTE in the exercise of any power or right under this NOTE or under the AGREEMENT or any other instrument executed in connection therewith shall operate as a waiver thereof, nor shall a single or partial Little Canada Redevelopment Note (12068) Page 141