Agenda - Council - 02/08/2000 - Laserfiche WebLink

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WHEREAS, the Note became due and payable in full on January 1, 1995; and WHEREAS, pursuant to the certain Amendment No. 1 to Tax Exempt Note dated as of March 23, 1995 (the "Amendment to Note"), by and among the City, the Grossleins and the Lender, the Note was amended to extend the maturity date thereof to January 1, 2000; and , WHEREAS, the Note became due and payable in full on Januaby 1, 2000; and WHEREAS, pursuant to the certain Amendment No. 2 to Tax Exempt Note dated as of ,2000 (the "Amendment to Note"), by and among the City, the Grosslein and the Lender, the Note was amended to extend the maturity date thereof to May 1,2005; and WHEREAS, as a condition precedent to entering into the Amendment to Note, the Lender has required that the Grosslein~...and L.A.N.D. enter into this Third Amendment to Combination Mortgage, Security Agreement and Fixture Financing State'ment to subject additional property to the lien of the Mortgage and to extend the maturity date of the Mortgage. NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: I. In addition to the Original Project as described on Exhibit A attached hereto, the Grossleins and L.A.N.D. hereby agree that the property legally described on Exhibit B attached hereto and hereby made a part hereof shall also be subject to lien of the Mortgage, as previously amended by the First Amendment and the Second Amendment to Mortgage. 2. The $550,000 Commercial Department Revenue Note (Grosslein Project) dated as of the date hereof, bearing interest at the rate of 8 ~A% per annum, maturing May 1, 2005, and which is issued by the City to the Lender pursuant to the Resolution; 3. Section 9.7 of the Mortgage is hereby amended to read as follows: 9.7 Time of Maturity of Debt or Obligation Secured Hereby. The time of the maturity of the debt or obligation secured by this Mortgage, within the meaning of Minnesota Statutes Section 541.03, is May 1, 2005, which is the date of the maturity of the Note. -2- I I I I I I I I