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Example Loan Document 3 <br />City of Mounds View <br />Promissory Note <br />Creditor: The Economic Development Authority Date: <br />In and For the City of Mounds View <br />2401 Mounds View Blvd <br />Mounds View, MN 55112 <br />Borrower(s): <br />The undersigned Borrower(s) (referred to herein as 'Borrower"), jointly and severally if more than one, promise(s) <br />to pay to the order of the Creditor named above (referred to herein as "Creditor") at the address listed above or <br />whatever location Creditor may specify, the sum of <br />$ , plus interest on the unpaid balance at an <br />annual rate of Interest will begin to accrue as of the date of this note and continues to accrue until the <br />loan has been paid in full. <br />Security This note ❑X IS secured by a Mortgage on my residence at: <br />❑ IS NOT secured by other collateral or property. <br />An itemization of amount financed is available upon request. <br />If secured, the Legal description of the property securing this Note is: <br />Repayment Borrower agrees to repay this Promissory Note in monthly installments of $ Principal <br />and Interest at a rate of , beginning on and on the same date each <br />month until the loan maturity date of or until the loan is otherwise paid in <br />full, whichever occurs first. <br />Prepayment Borrower may prepay this loan in part or in whole, at any time prior to the maturity date, without <br />penalty. If a partial payment (also known as a principal reduction payment) is made at any time, it <br />does not change the regularly scheduled monthly payments required or any other terms required <br />under this Promissory Note. <br />Assumption Anyone buying or acquiring an interest in the property secured by this Promissory Note may NOT <br />assume the remaining debt. <br />Initial(s) Page 1 of 3 <br />CEE / Mouds View _Revolving_Note / 12-17 <br />