Agenda - Council - 05/23/1995 - Laserfiche WebLink

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I I ! I I I I I I I I I I I I I I I AMENDMENT NO. 1 TO TAX-EXEMPT NOTE EXHIBIT A THIS AMENDMENT, made as of the __ day of , 1995, by and among the CITY OF RAMSEY, MiNNF_~OTA, a political subdivision in the State of Minnesota (the "City"), August E. Grossle~in and LaVeme G. Grosslein (the "Borrower"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking association formerly known as First National B~k in Anoka (the "Lender"). WlTNESSETH' 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. Grosslein and LaVerne G. Grosslein pursuant to that certain Loan Agreement dated as of June 25, 1979, by and I~etween the City and the Borrower (the "Loan Agreement"), to finance the [ . construction and ex~mpping of the "Project", as defined in the Loan Agreement; and WHEREAS, the Note matured on January 1, 1995; and WHEREAS, the City, the Borrower and the Lender desire to amend the Tax-Exempt Note by extending the matu~'ity date thereof for five (5) years as herein set forth. NOW, THEREFOI~E, in consideration of the foregoing premises, and further in consideration of the mutual pron{ises 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 is hereby changed to "January 1, 2000". Except as expressly amended hereby, the Tax-Exempt Note, the Loan Agreement and ~he documents related thereto shall remain in full force and effect in accordance with'their original terms, except as expressly amended in writing prior to thb date hereof.