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ALLONGE
<br />First Amendment to the City of Gcm Lake, Minnesota
<br />Educational Development Revenue Note, Series 1998
<br />(White Bear Montessori Project)
<br />FOR VALUE RECEIVED, the CITY OF GEM LAKE, MINNESOTA, a municipal
<br />corporation under the laws of the State for Minnesota (the "City"), does hereby amend that
<br />certain note specified above (the Note) originally issued on July 1, 1998 in the principal
<br />amount of up to $980,000 from the City to PREMIER BANK, a Minnesota corporation (the
<br />"Lender") at the request Fapproval,
<br />INC., consent
<br />Minnesota agreement
<br />nonprofi t corporationLender
<br />and
<br />(he
<br />WHITE BEAR MON1SSORI SCHOOL,
<br />"Borrower"), as follows:
<br />The second paragraph on page 1 of the Note is hereby deleted in its entirety and replaced
<br />with the following new paragraph:
<br />Interest only on the Principal Balance of this Note shall be paid on the first
<br />day of each month, commencing September 1, 1998 to and including March 1,
<br />1999. From March 1, 1999 the Principal Balance and interest thereon shall be
<br />paid together in 240 consecutive monthly installments, commencing on April 1,
<br />1999 and continuing thereafter on the first day of each month until March 1, 2019
<br />(the "Final Maturity Date"), when the entire remaining Principal Balance and all
<br />accrued interest thereon shall be due and payable. The amount of the monthly
<br />installments shall be determined on March 1, 1999 and adjusted at five-year
<br />intervals based on changes in the applicable interest rate so that the monthly
<br />installment amount remains sufficient to fully amortize the outstanding Principal
<br />Balance as of each adjustment date by March 1, 2019; provided, however, that
<br />notwithstanding the foregoing, the monthly installments due on February 1, 2010,
<br />March 1, 2010, April 1, 2010, May 1, 2010, June 1, 2010, July 1, 2010 and
<br />August 1, 2010 shall be equal to the amount of accrued and unpaid interest on the
<br />Principal Balance as of each such date, with no further adjustment the amount of
<br />the monthly installments next adjusted on March 1, 2014 to fully amortize the
<br />outstanding Principal Balance by March 1, 2019. All payments shall be applied
<br />first to accrued interest on the unpaid Principal Balance and next to the Principal
<br />Balance.
<br />Except as amended above, all remaining terms and conditions of the Note, and the
<br />security therefor, shall continue in full force and effect without amendment or modification.
<br />This first amendment shall be attached as an allonge to the Note and become a part thereof and
<br />be effective as of the date of execution hereof and the consent, approval and agreement hereof.
<br />All references to the "Note" in the Loan Agreement, Mortgage, Assignment, and Pledge
<br />Agreement, Assignment (all as defined in the Loan Agreement), and in any other document or
<br />instrument executed and delivered in connection with the Loan Agreement, shall refer to the
<br />Note, as amended hereby.
<br />[SIGNATURE PAGE FOLLOWS]
<br />24903750
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