11-12-1980 Council Agenda - Laserfiche WebLink

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3. If, after the Purchase Date, any installment of principal and interest then due on the Note remains unpaid, through the fifteenth day of such month, then, in addition to all other sums due hereunder, the Permanent Lender shall be entitled to receive on the sixteenth day of such month a service charge equal to four percent (4.00 %) of the delinquent principal and interest. The Permanent Lender shall be entitled to an additional four percent (4.00 %) of delinquent principal and interest for each 30 days such payments remain delinquent. 4. Principal and interest and any premium due hereunder shall be payable at the principal office of the Lender prior to the Purchase Date or the Permanent Lender subsequent to the Purchase Date or at such other place as may be designated in writing. S. This Note is issued by the City to provide funds for a Project, as defined in Section 474.02, Subdivision la, Minnesota Statutes, consisting of the acquisition of real estate, and the construction of an office warehouse building thereon, pursuant to the Loan Agreement, and this Note is further issued pursuant to and in full compliance with the Constitution and laws of the State of Minnesota, particularly Chapter 474, Minnesota Statutes, and pursuant to a resolution of the City Council duly adopted on November 12, 1980 (the "Resolution "). 6. This Note is secured by an assignment of the Loan Agreement by the City to the Interim Lender (the "Assignment "), a Mortgage, Security Agreement and Fixture Financing Statement, of even date herewith between the Borrower, as mortgagor, and the Interim Lender, as mortgagee (the "Mortgage "), a Personal Guaranty from 0. Larry Lee, Gerald Guimont, Robert A. Carlson, Paul Pribula, and Steven W. Fighar as guarantors to the Interim Lender (the "Guaranty "), an Assignment of Leases and Rents, of even date herewith, from the Borrower to the Interim Lender (the "Assignment of Leases and Rents "). Prior to the Purchase Date, the disbursement of the proceeds of this Note is subject to the terms and conditions of the Construction Loan; sub- sequent to the Purchase Date, the proceeds of this Note will be disbursed pursuant to the terms of the Buy -Sell Agreement. 64