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172982028v5 <br /> <br /> 2 <br /> <br />following: (i) increase the Borrower’s payments to ensure this Note will pay off by its original <br />final maturity date, (ii) increase the Borrower’s payments to cover accruing interest, (iii) increase <br />the number of the Borrower’s payments, or (iv) continue the Borrower’s payments at the same <br />amount and increase Borrower’s final payment. The Lender will tell the Borrower the current <br />Index rate upon the Borrower’s request. The interest rate change will not occur more often than on <br />each Rate Reset Date. Adjustments shall become effective the next Business Day after publication <br />or announcement of the index change. The Borrower understands that the Lender may make loans <br />based upon other rates and indices as well. <br />2. Repayment. Principal and interest on this Note shall be payable on the [___] day <br />of each month in arrears commencing [____] [__], 2025 and continuing thereafter until the Final <br />Maturity Date and in such amounts as are required to amortize the Principal Balance in accordance <br />with the Amortization Schedule below, together with accrued interest thereon at the interest rate <br />then in effect hereunder (such schedule subject to replacement following each Rate Reset Date to <br />reflect the then current payment schedule and amortization). <br />Amortization Schedule <br />Number of <br />Payments <br />Number of Months Over <br />Which Amortization Occurs <br />Payments <br />Dates <br />Type of <br />Payment <br />Interest Rate <br />240 monthly <br />payments <br />360 month amortization [___] [__], 2025 <br />through <br />September [__], <br />2045 <br /> <br />Principal & <br />Interest <br />4.39% through September [_ <br />], 2030, and thereafter at the <br />Adjusted Rate then in effect <br /> <br /> <br />A final installment of the then outstanding Principal Balance hereunder shall be due and payable <br />on the Final Maturity Date, together with all then accrued and unpaid interest hereunder (adjusted <br />by any default rate, service charge, late payment fees, or additional advances then due). <br />3. General Terms. In any event, the payments hereunder shall be sufficient to pay all <br />principal and interest due, as such principal and interest becomes due, and to pay any premium or <br />service charge, at maturity, upon prepayment, or otherwise. Interest shall be computed on [an <br />actual/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied <br />by the outstanding Principal Balance, multiplied by the actual number of days the Principal <br />Balance is outstanding]. All interest payable under this Note is computed using this method. Unless <br />required by applicable law, and prior to any default being declared, payments will be applied first <br />to any accrued unpaid interest; then to any late charges, then to any unpaid collection costs, then <br />to principal, and then to any escrow. If a payment date falls on a Saturday, Sunday, or federally <br />designated bank holiday, the obligation will continue to incur interest until the payment is applied, <br />and the payment will be applied (first to interest) on the next Business Day. For the purposes of <br />this Note, principal and interest and premium, if any, due hereunder shall be payable at the <br />principal office of the Lender, or at such other place as the Lender may designate in writing. <br />4. Purpose of Note. This Note is issued by the City to provide funds pursuant to a <br />Loan Agreement dated as of the date hereof (the “Loan Agreement”) by and between the City and <br />Legacy Christian Academy, a Minnesota nonprofit corporation (the “Borrower”), for a project <br />consisting of (i) financing, in part, the acquisition of land and improvements located generally at