Agenda - Council - 08/12/2008 - Laserfiche WebLink

Home

NOTE $24,300.00 Ramsey, Minnesota 2008 FOR VALUE RECEIVED, CLEAR CHOICE COUNTERTOPS, INC., a Minnesota corporation ("Borrower"), hereby promises to pay to the order of THE CITY OF RAMSEY, a Municipal Corporation ("Lender"), the principal sum of Twenty Four Thousand Three Hundred and 00/100 Dollars ($24,300.00) and all other amounts advanced by Lender to or on behalf of Borrower pursuant to the Loan Agreement (as hereinafter defined) and interest thereon from the date hereof until the maturity hereof, at the rate of six percent (6.0%) per annum, plus interest on any overdue principal, if any.: All computations of interest shall be based upon a 360-day year of twelve 30-day months, and, in the case of any partial month, on the actual number of days elapsed in such month. Borrower shall pay to Lender monthly principal and interest payments on this Note on the first day of the first calendar month subsequent to the date on which the loan proceeds are received in connection with the closing of the loan and shall continue on the first day of each calendar month thereafter for a period of sixty (60) months through 1, 2013 (the "Loan Maturity Date"). All monthly payments shall consist of a combined principal and interest installment of $469.79 each, provided, however, that the payment due on the Loan Maturity Date shall be in the amount necessary to pay all remaining unpaid principal and.unpaid accrued interest due on the Loan. Borrower shall make all payments hereunder in lawful money of the United States and in same day or immediately available funds. All principal and interest payments shall be paid to Lender at The. City of Ramsey, 7550 Sunwood Drive NW, Ramsey, MN 55303 or at such other location as requested by Lender in writing. This Note is the Note referred to in the Loan Agreement, dated , 2008, between Borrower and Lender (together with all Exhibits, supplements and amendments thereto, the "Loan Agreement") which is incorporated herein by reference. Terms used herein have the meanings assigned to those terms in the Loan Agreement, unless otherwise defined herein. Payment of this Note is secured by a Security Agreement, the Guarantees and by the UCC Fixture Financing Statement all as defined in the Loan Agreement and hereafter collectively referred to as the."Loan Documents." Should the indebtedness represented by this Note or any part hereof be collected at law or in equity or in bankruptcy, receivership or other court proceedings, or should this Note be placed in the hands of attorneys for collection after default, the Borrower agrees to pay, in addition to the principal, if any, interest due and payable hereon and any other sums due and. payable hereon, all costs of collecting or attempting to collect this note, including reasonable attorneys' fees and expenses (including those incurred in connection with any appeal). Borrower and all endorsers and guarantors of this Note hereby waive presentment, demand, notice, protest, stay of execution, and all other defenses to payment generally, assent to the terms hereof, and agree that any renewal, extension, or postponement of the time for payment or any other -86-