Agenda - Council - 09/08/2009 - Laserfiche WebLink

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Fiscal Year. The words "Fiscal Year" mean October 1 through September 30 of the year referenced. Grantor. The word "Grantor" means the City of Ramsey, Anoka County, Minnesota, a Minnesota municipal corporation, which City is granting the business subsidy. Note One. The word "Note One" means the Note executed by Sophia-Ramsey, LLC as maker, in the principal amount of $150,863.02 dated September , 2009, together with all renewals of, exten~ions of, modifications of, refinancings of, consolidations of, and substitutions for the Note One or credit agreement. The. Note One shall have the following terms: Maker Sophia-Ramsey, LLC Lender City of Ramsey, a Minnesota municipal corporation Principal Amount $150,863.00 Interest Rate Three percent (3%) Term Five (5) Years Annual Payments $32,941.63 due annually each October 15t commencing with October 1,2010 and continuing each October 15t thereafter until October 1, 2014 when all interest and principal shall be due in full. Balloon Payment None Payment in Lieu of If a Restaurant is operated on the Annual Payment Site for a minimum of seven (7) full months during any Fiscal Year during the Term of Note One, the Lender will credit the principal and interest due on Note One in the amount of $32,941.63 annually. No such credit will be given after October 1, 2014. Note Two. The word "Note Two" means the Note executed by the City of Ramsey, a Minnesota municipal corporation as maker, in the principal amount of $59,000.00 dated September , 2009, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the Note Two or credit agreement. The Note Two shall have the following terms: Maker City of Ramsey, a Minnesota munici al cor oration Sophia-Ramsey, LLC $59,000.00 Lender Principal Amount Interest Rate 4