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

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I I I I I I AMENDMENT NO. i TO TAX-EXEMPT NOTE EXHIBIT A THIS AMENDM]~NT, made as of the day of ,1995, by and among the CITY OF RAMSEY, 1VHNNESOTA, a political subdivision in the State of Minnesota (the "City"), August E. Grossl~in and LaVerne G. Grosslein (the "Borrower"), and NORWEST BANK MINNESOTA, N4kTIONAL ASSOCIATION, a national banking association formerly known as First National Bank in Anoka (the "Lender"). WITNESSETH' WHEREAS, the City previously issued its $550,000 Commercial Development Revenue Note (Grosslein Project)I dated June 25, 1979 (the "Tax-Exempt Note") to the Lender; and WHEREAS, the l~roceeds of the Tax-Exempt Note were loaned by the City to August E. Grosslein and LaV. erne 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 exiuipping 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 matUi/ty date thereof for five (5) years as herein set forth. NOW, THEREFOgE, 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 fh'st 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". 2. Exce pt as expressly amended hereby, the Tax-Exempt Note, the Loan Agreement and the documents related thereto shall remain in full force and effect in acco:' dance with their original terms, except as expressly amended in writing prior to thb date hereof.