Laserfiche WebLink
Attachment E <br />ALLONGE TO AMENDED AND RESTATED SERIES 2012A NOTE <br />This Allonge to Amended and Restated Series 2012A Note is dated and effective <br />as of April 27, 2023 (the "Effective Date"), and is attached to and made a part of that <br />certain City of Arden Hills, Minnesota Amended and Restated Senior Housing Revenue <br />Note (Presbyterian Homes of Arden Hills, Inc. Project) Series 2012A, dated September <br />2, 2015 (the "Note"), reissued by the City of Arden Hills, Minnesota (the "Issuer"), a <br />statutory city and political subdivision duly organized and existing under the Constitution <br />and the laws of the State of Minnesota, in the principal amount of $9,481,981.98 in favor <br />of Bremer Bank, National Association, a national banking association (the "Lender"). The <br />Note is currently outstanding in the principal amount of $7,158,592.61. <br />Due to the unavailability of the 1-Month LIBOR Rate (as defined in the Note) after <br />June 30, 2023, and as contemplated by the terms of the Note in the event of such <br />unavailability, the Note is amended as follows: <br />Section 3 of the Note is hereby deleted and replaced in its entirety with the <br />following: <br />"3. The per annum rate of interest payable hereunder shall initially be <br />equal to 1.80803 percent per annum. Effective as of the fifteenth day of each <br />calendar month commencing on the first calendar month following the date hereof <br />(each such date being hereinafter referred to as a "Reset Date") through and <br />including June 15, 2023, the per annum rate of interest payable hereunder shall <br />be equal to sixty-seven percent (67%) times the sum of the then -current 1-Month <br />LIBOR Rate (defined below) plus two and one half percent (2.5%). As used herein, <br />the term "l-Month LIBOR Rate" shall mean the current 1-month London Interbank <br />offered rate, as determined two (2) London Banking Days prior to each Reset Date <br />as published in the Midwest Edition of The Wall Street Journal. All such <br />adjustments to said rate shall be made and become effective as of such Reset <br />Date and said rate as adjusted shall remain in effect until and including the date <br />immediately preceding the next Reset Date. If on any Reset Date, the 1-Month <br />LIBOR Rate is no longer used by the Lender as its index for adjustment, or is no <br />longer available, the Lender will select a new index for adjustment which is based <br />upon comparable information and give the City and the Borrower written notice of <br />the selected new index. As used herein, the term "London Banking Day" means <br />any day that is a day for trading by and between banks in Dollar deposits in the <br />London interbank market. <br />On July 15, 2023, and each Reset Date thereafter, the interest rate on this <br />Note will be adjusted to a rate per annum equal to ("Stated Rate"): (a) the sum of <br />(i) 2.50% and (ii) the Benchmark, (b) multiplied by 0.67. <br />As used in this Note, the following terms have the following meanings: <br />