11-27-1991 Council Agenda - Laserfiche WebLink

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UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF LITTLE CANADA ndersu red /1 -90 -9/ Amended and Restated Commercial Development Revenue Note of 1981 (Yorkton Industrial Building B Project) $670,000 FOR VALUE RECEIVED the CITY OF LITTLE CANADA, Ramsey County, Minnesota, (the "City ") hereby promises to pay to the order of The Midway National Bank of St. Paul in St. Paul, Minnesota (the "Lender "), its successors or registered assigns from the source and in the manner hereinafter provided, the principal sum of SIX HUNDRED SEVENTY THOUSAND AND NO /100 ($670,000.00), or so much thereof as may have been advanced to or for the benefit of the City and remains unpaid from time to time (the "Principal Balance "), with interest thereon at the rate of eleven and five - eighths (11 5/8 %) per annum or at such other rate as hereinafter provided, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debts in the United States of America, in accordance with the terms hereinafter set forth. 1. (a) Interest only shall accrue from and after the date of the first advance under the Construction Loan Agreement hereinafter referred to and shall be payable on the first day of each and every month thereafter to and including November 1, 1981. (b) The Principal Balance shall be amortized and paid in 121 consecutive monthly installments of $7,202.90 each commencing on December 1, 1981 and continuing on the first day of each and every month thereafter to and including December 1, 1991. Payments shall be applied first to interest due on the Principal Balance and thereafter to reduction of the Principal Balance. (c) Commencing on January 1, 1992, and on the first day of each and every month thereafter to and including November 1, 1994, the Principal Balance shall be amortized and paid in 3-5 consecutive monthly installments of $4,407.77 each. 25000 Page 64