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Resolution 0941
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00500 - 00999 (1970-1979)
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Resolution 0941
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Last modified
10/30/2019 8:59:27 AM
Creation date
7/17/2018 7:44:53 AM
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MV City Council
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Resolutions
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E� <br />month noxt nuccet-diny Uw lutioi Li�raLi,j;i DaLo mid cutif,liming <br />until the Principal jinlancfa and accrurt! intere%t therean <br />hav# boon PAid ("a uvipAl, Maturit.- Data"). PaymanLg shall t* <br />applica r1rat to lAterov.t due on the Principal linlanve and <br />Lheroaftftr to roduct-if-,., e_t Ui, rrincik-al <br />%,2) If thty InLer"Ot on thim Nootet shoula <br />b#coma subject to federal or Minnesota state income taxation <br />purmuant to a *D6terWaation of TAXn�ility' ma that term LZ <br />Wtna,d in O"tion 4.07 of the Wan Aqr"mant, upon ruesipt by <br />the Rcrrnw*r from therrnk of notie--o of the "Detemin4tion of <br />TagObility,n the Intu a t ratr aht;�. 0-9 imm*dOiattly incrtaited <br />to two mij one-half ptruent (2 1/2%) over the yield an 74 <br />V.nit9d States Troboury Bonds ef May 1S, 1998, which noto 811811 <br />be Wasted each month according to the yield quoted on the <br />first busineas day of 6ach manth by The Chas* Manhattan Rank, <br />N.A. (or if suoh bank cvad*a to exist, or 044403 tc quot* Our7h <br />yield, by such oLher bank as the Mortgages shall ahoose) and <br />eath month!y ivrt-�llmert thereifter 2hdll <br />4eco r4a__ __ ____ <br />r-"Iy Ina � asad Lj amortile the r&maininq Principal <br />Balance by tha, Final Maturity Pat* with interest at said <br />-1fvv#amW- rat -vi aind in addition fto Payavi shall be entW40 to <br />receive, an mount equal to) the aggr%gau difftrenct between <br />11 th* mont "I <br />-pa m Payee on this <br />___y__ ent4--theretafove mWe � tv the <br />defln"_ <br />y <br />in the Loaft -Agreement- and the Offtatit'* date of 00 rat$ <br />-4nmmase-s" UY Whe monthly-paymen -0 wh4ch-waulChave- bmm- - <br />wadw duvl�v such period- it th*_ inareased rRt* had been !n- <br />-f imt v au-- U_ ed- in- Section CADI of the loan -Agreement <br />7 AMINU47 on- - th* - t441 &.-of - <br />'Or"t UJ I !J. <br />- A - <br />_W C pa- f'-- M_ -i U <br />ft- W--'& 44jr Nob <br />YOOrt U 4 <br />U -"ald. <br />-3#- Af - lihs. �Iayft*- shoul-d- 416t Im Vle--Af- <br />A I -W- AWy I= _0AA__vf___thMv prin-01*41- Ara IntafWAhm <br />_A9 tht <br />it--ths- Zty- ShOUW 4"Unuv to - bo <br />arrears thircuOh thi last -'.ay of raonth, then, in-addltLon <br />-due ttroaftoori --tAt lay" A"I - W#"1U4d <br />to recOve on the first d&y o6l LlAw nekt* succr.6diftij month a <br />servics-clarWAqual-to -four _p_&rAaent__(AL&OQ%1__of the-delingue t <br />and interest. <br />------t,—Pri-ricipa"nd-Ant-wr-oat -and--any- jmnalty�or- <br />premium due hereunder thatl be payable at the principal office <br />__49 -the- ftyo* t � or-- at - such other pl so* Ass - the PAyste may <br />desic.sts in writing <br />-7- <br />4 1 <br />
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