11-25-1981 Council Agenda - Laserfiche WebLink

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RLH 10/19/81 thereon, pursuant to a Loan Agreement of even date herewith between the City and (the "Borrower ") (the "Loan Agreement "), and this Note is further issued pursuan 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 (the "Resolution "). 6. This Note is secured by an assignment of the Loan Agreement by the City to the Lender, a Mortgage, Security Agreement and Fixture Financing Statement, of even date herewith between the Borrower, as mortgagor, and the Lender as mortgagee (the "Mortgage ") and by an Assignment of Leases and Rents, of even date herewith, from the Borrower to the Lender (the "Assignment of Leases and Rents "). The disbursement of the proceeds of this Note is subject to the terms and conditions of a Disbursing Agreement of even date herewith between the Lender, the City and the Borrower (the "Disbursing Agreement "). 7. The Lender may extend the times of payments of interest and /or principal of this Note, including the date of the Final Maturity Date, without notice to or consent of any party liable hereon and without releasing any such party. However, in no event may the Final Maturity Date be extended beyond 30 years from the date hereof. 8. This Note may be prepaid, in whole or in part, on any monthly payment date without premium or penalty. The Lender shall apply any such prepayment against the accrued interest on the Principal Balance and finally against the final principal amounts due under the Note. The term "Loan Year" as used herein shall mean a 12 month period commencing on the Amortization Date and on each anniversary thereof. 9. This Note is further subject to prepayment by the City, in whole or in part, on any monthly payment date, without premium or penalty, upon the occurrence of certain events of damage, destruction or condemnation of the property secured by the Mortgage, as specified in Section 5.02 of the Loan Agreement and Section 3 -1 of the Resolution. 10. The monthly payments due under paragraph 1 hereof, shall continue to be due and payable in full until the entire Principal Balance and accrued interest due on this Note have been paid regardless of any partial prepayment made hereunder.