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

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Exhibit A AMENDMENT NO. 2 TO TAX-EXEMPT NOTE THIS AMENDMENT, made as of the ~ day of ., 2000 by and among the CITY OF RAMSEY, MINNESOTA, a political subdivision in the State of Minnesota (the "City"), August E. Grosslein and LaVerne G. Grosslein (the "Borrower"), and NORWEST BANK MINNESOTA, a national banking association formerly known as First National Bank in Anoka (the "Lender"). WHEREAS, the City previously issued its $550,000 Commercial Development Revenue Note (Grosslein Project) dated June 25, 1979 (the "Tax-Exempt Note") to the Lender; .and WHEREAS, the proceeds of the Tax-Exempt Note were loaned by the City to August E. Orosslein and LaVerne G. Grosslein pursuant to that certain Loan Agreement dated as of June 25, 1979, by and between the City and the Borrower (the "Loan Agreement"), to finance the construction and equipping of the "Project", as defined in the Loan Agreement; and WHEREAS, the Tax-Exempt Note first matured on Janu.ary 1, 1995; and WHEREAS, the Tax-Exempt Note was amended pursuant to the certain Amendment No. 1 to Tax-Exempt Note dated as of May 23, 1995 and such Amendment extended the maturity date to January 1, 2000; and WHEREAS, the City, the Borrower and the Lender desire to amend the Tax-Exempt Note by extending the maturity date thereof for an additional sixty-four (64) months as herein set forth. NOW, THEREFORE, in consideration of the foregoing premises, and further in consideration of the mutual promises herein contained, the City, the Borrower and the Lender hereby agree as follows: .. 1. The Tax-Exempt Note is hereby amended as follows: (a) The phrase "on the first day of the one-hundred eightieth (180th) month following the Completion Date" contained in the tenth (10th) line of subsection (b) on the first page of the Tax-Exempt Note (which was changed to January 1, 2000 in the First Amendment) is hereby changed to "May 1, 2005". Except as expressly amended hereby, the Tax-Exempt Note, the Loan Agreement and the documents related thereto shall remain in full force and effect in accordance with the original terms, except as expressly amended in writing prior to the date hereof. I I I i I I I I I I i I i I I I I I