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Business Subsidy. The words "Business Subsidy" mean a below market forgivable loan to <br />finance the SAC and WAC. <br />Fiscal Year. The words "Fiscal Year° mean October 1 through September 30 of the year <br />referenced. <br />Grantor. The word "Grantor" means the City of Ramsey, Anoka County, Minnesota, a <br />Minnesota municipal corporation, wh(ch City is granting the business subsidy. <br />Note One. The word "Note One" means the Note executed by So~iia-Ramsey, LLC as <br />maker, in the principal amount of $74,956.00 dated January / S , 2010, together with all <br />renewals of, extensions of, modifications of, refinancing bf, consolidations of, and <br />substitutions for the Note One or credit agreement. The Nnte One shall have the following. <br />terms: <br />Maker Sophia-Ramsey, LLC <br />Lender City of Ramsey, <br /> a Minnesota munici al cor oration <br />Principal Amount $74,956.00 <br />Interest Rate Three ercenf(3% <br />Term Five 5 Years <br />Annual Payments $16,366.98 <br /> due annually each October 1st <br /> commencing with October 1, 2010 <br /> and continuing each October 1`~ <br /> thereafter until October 1, 2014 <br /> when all interest and principal <br /> shall be due in full. <br />Balloon Pa merit None <br />Payment in Lieu of If a Restaurant is operated on the <br />Annual Payment Site for a minimum of seven (7) <br />- <br /> any Fiscal Year <br />full months during <br /> during the Term of Note One, the <br /> Lender will credit the principal and <br /> interest due on Note One in the <br /> amount of $16,366.98 annually. <br /> No such credit will be given after <br /> October 1 2014. <br />Note Two, The word "Note Two" means the Note executed by the City of Ramsey, a <br />Minnesota m~cipal corporation as maker, in the principal amount of $29,400.00 dated <br />January ~_, 2010, together with all renewals of, extensions of, modifications of, <br />refinancing of, consolidations of, and substitutions for the Note Two or credit agreement. <br />The Note Two shall have the following terms; <br />Maker City of Ramsey, <br />a Minnesota munici al cor oration <br />bender Sophia-Ramsey, LLC <br /> <br />