Laserfiche WebLink
EXHIBIT A <br />FIRST AMENDMENT TO <br />COMMERCIAL DEVELOPMENT REVENUE <br />NOTE OF 1981 <br />(YORKTON INDUSTRIAL BUILDING B PROJECT) <br />WHEREAS, on October 14, 1981, the City of Little Canada, <br />Minnesota (the "City ") issued its $670,000 Commercial Development <br />Revenue Note of 1981 (Yorkton Industrial Building B Project) (the <br />"Note ") payable to The Midway National Bank of Saint Paul, in <br />Saint Paul, Minnesota (the "Lender ") pursuant to a Loan Agreement <br />dated October 14, 1981 (the "Loan Agreement "), between the City <br />and Curtis J. Cargill (the "Borrower "); and <br />WHEREAS, the City, the Borrower and the Lender have agreed <br />to amend the Note upon the terms and conditions hereinafter set <br />forth: <br />1. The first unnumbered paragraph of the Note is hereby <br />amended to read as follows: <br />"FOR VALUE RECEIVED the CITY OF LITTLE CANADA, Ramsey <br />County, Minnesota, (the "City ") hereby promises to pay The <br />Midway National Bank of St. Paul, St. Paul, Minnesota (the <br />"Lender "), its successors or registered assigns, from the <br />source and in the manner hereinafter provided, the principal <br />sum of Six Hundred Seventy Thousand and No /100's Dollars <br />($670,000.00), or so much thereof as may have been advanced <br />to or for the benefit of the City and remains unpaid from <br />time to time (the "Principal Balance "), with interest <br />thereon at the rate of eleven and five eighths percent <br />(11 5/8 %) per annum, or at such other rate as hereinafter <br />provided, in any coin or currency which at the time or times <br />of payment is legal tender for the payment of public or <br />private debts in the United States of America, in accordance <br />with the terms hereinafter set forth." <br />2. Paragraph 1(b) of the Note is hereby amended to read as <br />follows: <br />24987 <br />"(b) The Principal Balance shall be amortized and paid <br />in 121 consecutive monthly installments of $7,202.90 each <br />commencing on December 1, 1981, and continuing on the first <br />day of each and every month thereafter to and including <br />December 1, 1991. Payments shall be applied first to <br />interest due on the Principal Balance and thereafter to <br />reduction of the Principal Balance." <br />Page 57 <br />