Agenda - Council - 11/25/1981 - Laserfiche WebLink

Home

I I I I I I I I I I I I I I I I I I unpaid through and including April 1, 1992 (the "Final Maturity Date"), at which time the Principal Balance plus accrued interest shall, if not sooner paid, be due and payable in full monthly repayments of principal shall be made in the following amounts on the following dates:~ Date Amount Date Amount If the interest on this Note should become subject to federal income taxation pursuant to a "Determination of Taxability" as that term is defined in Section 4.07 of the Loan Agreement, upon receipt by the Borrower from the Lender of notice of the "Determination of Taxability," the interest rate, to the extent permitted by law, shall be immediately increased and thereafter be equal, to two percent (2%) per annum over the prime rate (as hereinafter defined) of the First National Bank of Minneapolis as the same may change from time to time, and each monthly installment of interest thereafter payable shall be accordingly adjusted; in addition, the Lender shall be entitled to receive an amount equal to the aggregate difference between: (i) the monthly payments theretofore made to the Lender on this Note between the date of receipt of such notice by the Lender and the "Date of Taxability" (as that term is defined in the Loan Agreement) and (ii) the monthly payments which would have been made during such period if the adjusted rate had been in effect throughout such period; all as provided in Section 4.09 of the Loan Agreement hereinafter referred to. The prime rate shall be the stated rate of interest made available by the First National Bank of Minneapolis on short term unsecured loans to large businesses with the highest credit standing, as that rate may change from time to time. All changes in the interest rate caused