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Resolution 0940
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00500 - 00999 (1970-1979)
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Resolution 0940
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Last modified
10/30/2019 8:59:27 AM
Creation date
7/17/2018 7:44:52 AM
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MV City Council
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Resolutions
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ill PC) <br />11, j j JAij I i V <br />JULA-lull of UJU Prill'.1 i144 <br />1 (') If. 0)(- 4.11teut—il ()I! <br />ljechrnp gobject tc) fetleTal or Minnt-rot i st-ito itwom_ LaAdti011 <br />purmiant to a "Wtorminution (it TaxaLii ity" at; thist torm Lfi <br />(jetined in section 4.07 of the Wqn Aqreui.tent, upon racoipt by <br />the Burrowor from the vank of notice of the of <br />Taxabxlity," the inturent rnLu shAIIL L," iiimlttddltiti�ly incCea0c.1 <br />to Lwo and one-balf porcent (2 1121) Q*v614 the yield on 71 <br />Unit --d Statev Tzeanury "ndo of May is, 199c, whizh rato shall <br />be adjuqted each munth. accaLdiny to tbo yield quotEd an t.1'e <br />first. bumineum day �jr (vg�;rj month by The Chase Manhattan bank, <br />Nth# (cr if sur-- bank cthstAft W Ox�stt Or cOaLug tr,? quote Ouch <br />yitldi by Stich other hank as the Mortgagee shall choose) ond <br />each monthly installment theveafter payable shall be <br />accordingly incressvd w amort.J.ze triv rumaining PrinvApal <br />salia-wo by the rinni Maturity Date with interest at said <br />increased ratel and In Addition the Payee shall be antitliod to <br />t`,1#JV9 An #1ount equal to thq Aggrogate difference between <br />ti) the montbly payments thiretofore made to the Pa 00 on this <br />Note betWeen the HDAto %)i 'taxability" an that t%rm is win*4 <br />Ln the Loan Agreement and t11% offVetiv* dote of the rate <br />inamw-And- tW: -the amth y PAY-ments which would- have been <br />#We 4urin Su h period if the increa"d rate had been in <br />eprovid*d in Section 4,07 of the Lo" Agreawat <br />99factl all As <br />2, InUrtat shall be Compi" on Cas LaBis of <br />_ng' R -b- a' r of days pringipil is 'un_oalri. <br />--j. _lf- tb*� 7A"q -'-V# on the firs -t <br />__ahbjlJ nat _Vwt. <br />aw -09 ony No ' n-sh .01A, us WIV kor-LIM&P"I 4110 anufffvxt C-11911411ow (XI <br />Tx1W twust- iW_W �Ir- this, -W# .-shoul-&- <br />A"Uto"Xr <br />Apnt- due -havounde lot -the- Payse, <br />an the 444teen-th, day—C-1 **Uch m0t6th a' servide <br />J *AW <br />(440%) of the delinquent. priistuipal and <br />its <br />C M-101 pal-land--inte root And- any -ren<y--or:- <br />1W,40JAW duo hereunder shall be payable, at the principal affice <br />May <br />of the ftyse, or tit auuh other place at the PAyet <br />its Lqna to In--W—rL t LWq t <br />—Mi -a #()-to is - issued by thu city to providt <br />toaft for a Project, an defined in Section 474.02, Subdivision <br />I I <br />ME <br />V .: - <br />
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