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Business Subsidy. The words "Business Subsidy" mean a below market forgivable loan to <br />finance the SAC and WAC. <br />Fiscal Year. The words "Fiscal Year" mean October 1 through September 30 of the year <br />referenced. <br />Grantor. The word "Grantor" means the City of Ramsey, Anoka County, Minnesota, a <br />Minnesota municipal corporation, which City is granting the business subsidy. <br />Note One. The word "Note One" means the Note executed by Soia-Ramsey, LLC as <br />maker, in the principal amount of $74,956.00 dated January / 2010, together with all <br />renewals of, extensions of, modifications of, refinancing of, consolidations of, and <br />substitutions for the Note One or credit agreement. The Note One shall have the following <br />terms: <br />Maker <br />Lender <br />Principal Amount <br />Interest Rate <br />Term <br />Annual Payments <br />Balloon Payment <br />Payment in Lieu of <br />Annual Payment <br />Sophia -Ramsey, LLC <br />City of Ramsey, <br />a Minnesota municipal corporation <br />$74,956.00 <br />Three percent (3%) <br />Five (5) Years <br />$16,366.98 <br />due annually each October 1st <br />commencing with October 1, 2010 <br />and continuing each October 1st <br />thereafter until October 1, 2014 <br />when all interest and principal <br />shall be due in full. <br />None <br />If a Restaurant is operated on the <br />Site for a minimum of seven (7) <br />full months during any Fiscal Year <br />during the Term of Note One, the <br />Lender will credit the principal and <br />interest due on Note One in the <br />amount of $16,366.98 annually. <br />No such credit will be given after <br />October 1, 2014. <br />Note Two. The word "Note Two" means the Note executed by the City of Ramsey, a <br />Minnesota municipal corporation as maker, in the principal amount of $29,400.00 dated <br />January / 5 , 2010, together with all renewals of, extensions of, modifications of, <br />refinancing of, consolidations of, and substitutions for the Note Two or credit agreement. <br />The Note Two shall have the following terms: <br />Maker <br />Lender <br />City of Ramsey, <br />a Minnesota municipal corporation <br />Sophia -Ramsey, LLC <br />4 <br />