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FIRST AMENDMENT TO LOAN AGREEMENT <br />This First Amendment to Loan Agreement dated as of <br />December 1, 1991, by and between the City of Little Canada, <br />Minnesota, a municipal corporation (the "Issuer "), and Curtis J. <br />Cargill (the "Borrower "): <br />WITNESSETH <br />1. The Issuer has previously issued its $670,000 Commercial <br />Development Revenue Note of 1981 (Yorktown Industrial Building B <br />Project) (the "Note ") pursuant to a Note Resolution adopted by <br />the City on May 13, 1981, which Note, as of December 1, 1991, has <br />a principal balance of $ ; and <br />2. The proceeds of the Note were loaned to the Borrower <br />pursuant to the terms of a Loan Agreement dated October 14, 1991 <br />(the "Loan Agreement ") entered into between the Issuer and the <br />Company, providing for the acquisition and construction of the <br />Project, as described therein; and <br />3. The Borrower and the purchaser of the Note, The Midway <br />National Bank of Saint Paul (the "Bank "), have agreed to amend <br />and restate the Note to, among other things, reduce the interest <br />rate, accelerate the final maturity date, and provide for the <br />reissuance of the Note, as amended, as a taxable obligation (the <br />"Amended and Restated Note "). <br />4. It is necessary to amend the Loan Agreement in certain <br />respects to conform to and reflect the issuance of the Amended <br />and Restated Note. <br />NOW, THEREFORE, in consideration of the above recitals, the <br />Issuer and Company hereby agree to amend and supplement the Loan <br />Agreement as follows: <br />1. Article 3, Section 3.01, paragraph (2) of the Loan <br />Agreement is hereby amended to read as follows: <br />"(2) (a) On December 1, 1981, and on the first day of <br />each and every month thereafter to and including December 1, <br />1991, the Borrower shall pay the Principal Balance of the <br />Note in 121 equal installments of $7,202.90 as provided in <br />the Note. <br />24995 <br />(b) On January 1, 1992, and on the first day of <br />each and every month thereafter to and including November 1, <br />1994, the Borrower shall pay the Principal Balance of the <br />Note in 35 equal installments of $4,407.77 each as provided <br />in the Note. On December 1, 1995, the entire Principal <br />Balance shall be due and payable as provided in the Note." <br />Page 59 <br />