res_7660 - Laserfiche WebLink

Home

3. Principal and interest and premiwu or service charge due hereunder shall be payable at the principal office of the Lender, or at such other place as the Lender may designate in writing. 4. This Note is issued by the City to provide funds for a project, as defined in Section 474.02, Subdivision 1, Minnesota Statutes, consisting of the acquisition and installation of Improvements as defined in the Loan Agreement in the building located at 1629-1645 Terrace Drive, Roseville, Minnesota pursuant to the Loan Agreement and this Note is further issued pursuant to and in full compliance with the Constitution and laws of the State of Minnesota, particularly Chapter 474, Minnesota Statutes, and pursuant to a resolution of the City Council duly adopted on October 8, 1984 (the "Resolution") . 5. This Note is secured by a Pledge Agreement of even date herewith by and between the City and the Lender (the "Pledge Agreement"), a Security Agreement, of even date herewith executed by the Borrower, in favor of the Lender (the "Security Agreement") and an Occupancy Agreement dated October iv, 1984 by and between the Borrower and the Lender (the "Occupancy Agreement"). The proceeds of the Note shall be placed in the Construction Fund and the Debt Service Reserve Fund established pursuant to the Resolution and the Disbursing Agreement (hereinafter referred to), and the disbursement of the proceeds of this Note from the Construction Fund and the Debt Service Reserve Fund is subject to the terms and conditions of a Disbursing Agreement of even date herewith among the Lender, the City and the Borrower (the "Disbursing Agreement") . 6. The City, for itself, its successors and assigns, hereby waives demand, presentment, protest and notice of dishonor: and to the extent permitted by law, the Lender may extend interest and/or principal of or any service charge or premium due on this Note, including the Final Maturity Date, or release any part or parts of the property and interest subject to the Security Agreement or to any other security document from the same, all without notice to or consent of any party liable hereon or thereon and without releasing any such party from such liability and whether or not as a result thereof the interest on the Note is no longer exempt from the Federal income tax. In no event, however, may the Final Maturity Date be extended beyond thirty (30) years from the date hereof. 9