2009_1207_Packet - Laserfiche WebLink

Home

$426,500 PROMISSORY NOTE given by SIENNA GREEN I LIMITED PARTNERSHIP, a Minnesota limited partnership to THE CITY OF ROSEVILLE a Minnesota municipal corporation Dated: December , 2009 Attachment C At: Minneapolis, Minnesota FOR VALUE RECEIVED, the undersigned, SIENNA GREEN I LIMITED PARTNERSHIP, a Minnesota limited partnership (the `Borrower"), hereby promises to pay to the order of THE CITY OF ROSEVILLE, a Minnesota municipal corporation ("Holder") or at such other place as the Holder may, from time to time, designate in writing, the principal sum of Four Hundred Twenty-Six Thousand, Five Hundred and No/100 Dollars ($426,500.00) incurring simple interest at the annual rate of percent (_%) (the "Loan"). The entire principal balance of and accrued interest on this Note are due and payable on December 31, 2039. This Note is secured by, among other things, a Mortgage dated the date hereof from Borrower, as Borrower, to the Holder, as Holder (the "Mortgage"), on property owned by Borrower (the "Project"). This Note is issued pursuant to that certain LCDA Grant Agreement and that certain TBRA Grant Agreement, both between the Metropolitan Council and Holder and defined in the Mortgage. All of the agreements, conditions, covenants, provisions and stipulations contained in the Mortgage are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. Time is of the essence hereo£ In the event of any default in the payment of any principal of other indebtedness due hereunder, the Holder may, at its right and option, declare immediately due and payable the principal balance of this Note, together with any attorneys fees incurred by the Holder in collecting or enforcing payment thereof, whether suit be brought or not, and all other sums due hereunder and payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided in any document securing this Note, including any Mortgage. The Holder may extend the time of payment of principal of this Note without notice to or consent of any party liable hereon and without releasing such Party. The Borrower and any guarantor, surety or endorser hereby waives demand, presentment, notice of nonpayment, protest, notice of protest, notice of dishonor and diligence in collection and agree that without any notice the Holder hereof may take and/or release additional security herefor or the Holder hereof may, from time to time, release any part or parts of security interests from Borrower in favor of Holder with or without fb.us.4624958.03