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02/21/12 Special
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02/21/12 Special
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7/18/2025 11:11:55 AM
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2/16/2012 4:39:28 PM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Special
Document Date
02/21/2012
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in no event shall such interest and other consideration be in excess of such limit. If any payments of <br />interest or other consideration have been made to Creditor in excess of such limits, such excess amount <br />shall be applied to the principal balance or, if the Note has been fully paid, refunded to Debtor. This <br />provision shall control every other provision of all agreements between Debtor and Creditor and shall also <br />be binding upon and available to any subsequent holder of this Note. <br />5. Debtor agrees that if, and as often as, this Note is given to an attorney for collection or <br />defend or enforce any of Creditor's rights hereunder, Debtor will pay to Creditor Creditor's reasonable <br />attorneys' fees, together with all court costs and other expenses paid by Creditor. <br />6. This Note is secured by, among other things, that certain Mortgage dated on or about the <br />date hereof made by Debtor for the benefit of Creditor encumbering certain real property owned by <br />Debtor in Anoka County, Minnesota and more particularly described in said Mortgage (the "Mortgage "). <br />The full payment and prompt performance of this Note and all of the indebtedness evidenced hereby is <br />unconditionally guaranteed by Brian R. Winges ( "Guarantor ") pursuant to a Guaranty dated on or about <br />the date hereof (as the same may be hereafter amended, supplemented or restated from time to time, the <br />"Guaranty "). For purposes of this Note, "Transaction Documents" means collectively, this Note, the <br />Mortgage, the Guaranty and all other documents, instruments, certificates, statements and agreements <br />now or hereafter delivered that evidence or secure, in whole or in part, any obligations of Debtor to <br />Creditor, or otherwise relate to such indebtedness or relate to any of the agreements enumerated above, in <br />each case, as amended, restated, supplemented, renewed, replaced or otherwise modified from time to <br />time. <br />7. The occurrence of any one or more of the following events shall constitute an "Event of <br />Default" under this Note: <br />4489181v2 <br />02/15/12 <br />(a) Debtor shall fail to make when due, whether by acceleration or otherwise, any payment <br />of principal of or interest on this Note or any fee or other amount required to be paid to the <br />Creditor hereunder, or under any other Transactional Documents; <br />(b) The occurrence of an event of default (however denominated) under any Transaction <br />Documents; <br />(c) Any non - compliance by Debtor with any of the terms, provisions, covenants or <br />agreements set forth herein, or in any other Transaction Documents to which it is a party; <br />(d) Any representation or warranty of Debtor herein or in any other Transaction Document, <br />when made or deemed made, is false, misleading or incorrect in any respect; <br />(e) The insolvency of Debtor or Guarantor; <br />(0 (i) the appointment of a receiver for any part of the property of Debtor or Guarantor, (ii) <br />the making by Debtor or Guarantor of an assignment for the benefit of creditors or (iii) the <br />initiation by or against Debtor or Guarantor of any case or proceeding under the Federal <br />Bankruptcy Code or any other state or federal insolvency law; <br />(g) an event of default occurs under the terms of any indebtedness of Debtor or Guarantor to <br />any creditor other than Creditor; <br />(h) the entry of any judgment or other order for the payment of money in the amount of <br />$50,000 or more against Debtor or Guarantor; <br />2 <br />
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