Laserfiche WebLink
UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF WASHINGTON <br />CITY OF LAKE ELMO <br />Industrial Development Revenue Note <br />(Lake Elmo Hardwood Lumber, Inc. Project) <br />Dated: <br />$820,000 <br />FOR VALUE RECEIVED the City of Lake Elmo, (the <br />"City"), Washington County, Minnesotah, hereby promises to pay <br />to the order of Mid America National Bank of Roseville (the <br />"Lender"), Roseville, Minnesota, or registered assigns, from <br />the source and in the manner hereinafter provided, the <br />principal sum of EIGHT HUNDRED TWENTY THOUSAND DOLLARS <br />($820,000), or so much thereof as may have been advanced to or <br />for the benefit of the City and remains unpaid from time to <br />time (the "Principal Balance"), with interest thereon at the <br />rate of eight and twenty-five hundredths percent (8.25%) per <br />annum, in any coin or currency which at the time or times of <br />payment is legal tender for the payment of public or private <br />debts in the United States of America, and in accordance with <br />the terms hereinafter set forth. <br />1. From and after the date hereof and until the <br />"Amortization Date" (February 1, 1980), the City shall pay <br />interest only upon the Principal Balance at the rate of eight <br />and twenty-five hundredths percent (8.25%) per annum. Said <br />interest shall accrue from and after the date of each and <br />every advance so made under this Note and shall be payable on <br />the first day of the calendar month next succeeding the date <br />upon which the first advance is made, and on the first day of <br />each and every month thereafter. <br />2.- From and after the Amortization Date, the full <br />principal amount (regardless of whether that amount has been <br />advanced to the Company pursuant to the Disbursing Agreement) <br />of this Note shall be amortized and paid in 348 equal monthly <br />installments of Dollars ($ ) <br />each,'payable on the first day of each month commencing on the <br />first day of the calendar month next succeeding the <br />Amortization Date and continuing until such full principal <br />amount and accrued interest thereon shall have been paid (the <br />"Final Maturity Date"). Payments shall be applied first to <br />interest due on the Principal balance and thereafter to <br />reduction of the Principal Balance, provided that in all <br />events this Note will be due and payable in full on the day <br />preceding thirty years from the date of this Note. <br />7 <br />