Agenda - Council - 11/10/1981 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I pursuant to the Agreement among the Issuer, the Lender and the Borrower. Reference is hereby made to the Resolution, the Agreement, the Pledge Agreement, the Mortgage, the July 25, 1978 Mortgage, the Assignment and the Guaranty for a complete description of the covenants and agreements therein contained, the nature and extent of the security thereby created and the rights, duties and immunities of the Issuer thereunder. The principal of this Note is not subject to prepayment prior to January 1, 1987. Thereafter, at any time during the years 1987 to and including January 1, 1991, at the direction of the Borrower, the unpaid principal balance of this Note may be pre~aid, in whole but not in part, on any monthly installment payment date, upon payment of~ a price equal to the unpaid principal balance plus accrued interest to the date of prepayment and a prepayment premium of one percent (1%) of the unpaid principal balance on this Note at the date of prepayment. The Borrower' shall give tke Holder of this Note ninety (90) days' written notice of any such prepayment, and such notice shall not suspend or reduce required monthly installment payments hereunder. This Note is made pursuant to and shall be construed in accordance with the laws of the State of Minnesota. The Holder hereof imay make a reasonable charge to cover the expense of changing its record of ownership or the giv- ing of information relating to the unpaid balance of this indebtedness in connection with any conveyance of the Mort- gaged Property covered by the Mortgage in accordance with the terms of the Agreement. The Holder hereof may extend the times of payments of the principal of and/or interest on this Note without notice to or consent of any party liable hereon without releasing any such party. The Issuer hereby waives presentment for payment, demand, dishonor or protest and notice of nonpay- ment, dishonor or protest. Subject to the conditions set forth herein, the Issuer shall, upon request of the Holder, register this Note upon its books. Upon such registration, this Note shall be transferable only by the Holder hereof in person or by its attorney duly authorized in writing by registration hereon and on the books of the Issuer kept for ~hat purpose at the office of the City Administrator/Clerk and upon surrender hereof, together with a written instrument of transfer sat- isfactory to the City Administrator/Clerk, duly executed by the Holder or its duly authorized attorney. Upon such transfer, the City Administrator/Clerk shall .note the date of registration and the name and address of the new Holder - 5 -