02-28-2013 Council Agenda - Laserfiche WebLink

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FIRST AMENDMENT TO LOAN AGREEMENT THIS FIRST AMENDMENT TO LOAN AGREEMENT is dated as of March 20, 2013 (this "Amendment "), between the CITY OF LITTLE CANADA, MINNESOTA (the "City "), a municipal corporation under the Constitution and laws of the State of Minnesota, and ST. JOHN'S CHURCH OF LITTLE CANADA, MINNESOTA (the "Borrower "), a Minnesota religious corporation. WHEREAS, the City has heretofore issued, and delivered to BankCherokee (the "Lender "), its Educational Facilities Revenue Note, Series 2007 (St. John the Evangelist School Project) pursuant to a resolution of the City adopted on December 19, 2007, (the "Original Note "); and WHEREAS, pursuant to a Loan Agreement (the "Loan Agreement ") dated December 20, 2007 between the City and the Borrower, the Borrower agreed to repay the Original Note in specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Original Note; and WHEREAS, pursuant to a Pledge Agreement (the "Pledge Agreement ") dated December 20, 2007 between the City and the Lender, the City pledged and granted a security interest in all of its rights, title, and interest in the Loan Agreement to the Lender (except for certain rights of indemnification and to reimbursement for certain costs and expenses); and WHEREAS, the Lender and the Borrower have informed the City that they have agreed to certain changes in the terms of the Original Note; and WHEREAS, pursuant to a resolution of the City adopted on February 28, 2013 (the "Amendment Resolution "), the City has agreed to the requested changes to the terms of the Original Note; and WHEREAS, the parties hereto wish to amend the Loan Agreement to reflect the certain amendments as set forth herein. NOW, THEREFORE, in consideration of $1.00 and other good and valuable consideration and the premises contained herein, the parties hereto agree as follows: 1. Capitalized terms not otherwise defined herein shall have the meanings given such terms in the Resolution or the Loan Agreement. 2. Section 3.7 of the Loan Agreement is hereby amended by adding "and 2013" after each reference to "2007." 3. Section 4.5 of the Loan Agreement is hereby amended by adding a new subparagraph (o) thereto as follows: 5216559v2 15