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[USE FOR EMERGENCY DEFERRED LOAN PROGRAM ONLY] <br />Promissory Note <br />(Mounds View Economic Development Authority Emergency Deferred Loan Program) <br />$1,770.00 Mounds View Minnesota <br />July 13, 2017 <br />FOR VALUE RECEIVED, the undersigned (the "Borrower"), promises to pay to the <br />order of the Mounds View Economic Development Authority, a public body corporate and <br />politic under the laws of Minnesota (the "Lender"), or its assigns, the sum of One Thousand <br />Seven Hundred Seventy Dollars and No/100 ($1,770.00), (the "Loan"), at zero percent (0%) <br />interest. Said sum was made available to the Boirower under that certain Mounds View <br />Economic Development Authority Emergency Deferred Loan Program for the Borrower to <br />undertake home improvements related to serious health o1 safety home repairs at the Borrower's <br />property located at 5702 Cabot Drive, Mounds View, Minnesota (herein called the `Residence"). <br />The Loan shall be repaid as follows: <br />1. The entire, unfoigiven principal balance of the Loan shall be immediately due and <br />payable upon the transfer, sale or lease of the Residence or at any time the Residence is no <br />longer the principal place of residence of the Borrower. <br />2. No interest shall accrue on this Loan. <br />3. The Borrower has the right to pay the debt evidenced by this Note, in whole or in <br />part, without charge or penalty, on any date. <br />4. The Lender will charge the Borrower $35.00 for each check or automatic payment <br />withdrawal request that is returned unpaid due to insufficient funds or for any other reason. <br />5. This Note is secured by a Mortgage (the "Mortgage') in favor of the Lender of <br />even date herewith. Failure to pay a payment of the Loan as required herein or default under any <br />of the covenants in the Mortgage shall constitute an event of default. <br />6. Upon the occurrence of an event of default, the Lender shall mail notice to the <br />Borrower specifying• (a) the event of default (b) the action required to cure such event; (c) a <br />date not less than 30 days from the date the notice is mailed to the Boirower by which date such <br />default must be cured and (d) that failure to cure such default on or before the date specified in <br />the notice may result in acceleration of the Loan. <br />7. If suit is instituted by the Lender, its successors or assigns, to recover on this <br />Note, the undersigned agrees to pay all costs of such collection, including reasonable attorneys' <br />fees and court costs. <br />382878v1 JAE MU210-194 1 <br />