11-10-1982 Council Agenda - Laserfiche WebLink

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2. In any event, the payments hereunder shall be sufficient to pay all principal and interest due, as such principal and interest becomes due, and to pay any premium or service charge, at maturity, upon redemption, or otherwise. Interest shall be computed on the basis of a 360 day year, but charged for the actual number of days elapsed in a 365 day year. 3. If the Lender should not receive on the first day of any month all of the principal and interest then due on the Note, and if the City should continue to be in arrears through the fifteenth day of such month, then, in addition to all other sums due hereunder, the 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. 4. Principal and interest and premium or service charge due hereunder shall be payable at the principal office of the Lender, or at such other place as the Lender may designate in writing. 5. 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 construction of a restaurant facility, pursuant to Loan Agreement of even date herewith between the City and the Company 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 , 1982 (the "Resolution "). 6. This Note is secured by a Pledge Agreement of even date herewith by the City to the Lender (the "Pledge Agreement "), a Mortgage, Security Agreement and Fixture Financing Statement, of even date herewith between the Borrower, as mortgagor, and the Lender as mortgagee (the "Mortgage "), a Guaranty of even date herewith from Curtis M. Forster and R. Robert Matson to the Lender (the Guaranty) and an Assignment of Leases and Rents, of even date herewith, from the Borrower to the Lender (the "Assignment of Leases and Rents "). The proceeds of the Note shall be placed in the Construction Fund established pursuant to the Resolution and the Construction Loan Agreement of even date herewith among the Lender, the City and the Borrower (the "Construction Loan Agreement "), and the disbursement of the proceeds of this Note from the Construction Fund is subject to the terms and conditions of the Construction Loan Agreement.