Agenda - Economic Development Authority - 03/09/2017

Home

LOAN AGREEMENT American Print and Digital,LLC and Zap Properties, LLC as Co-Borrowers LOAN: $72,500.00 TERM LOAN PART 1. PARTIES,DATE, TERM AND PURPOSE 1.1 Parties. The parties to this Agreement(this "Agreement") are as follows: The City of Ramsey, Minnesota, a public body corporate and politic under the laws of Minnesota whose business address is 7550 Sunwood Dr NW, Ramsey, MN 55303, (hereinafter referred to as "Lender"); Lender administers a loan program to facilitate development and redevelopment in Ramsey, Minnesota. Zap Properties LLC LLC, a Minnesota limited liability company, whose registered address is 13950 Radium St NW, Suite 400 Ramsey, MN 55303, (the "Borrower"). American Print and Digital LLC, a Minnesota Limited Liability Company, whose registered address is 13950 Radium St NW, Suite 400 Ramsey, MN 55303, (the "Co- Borrower"); Jason Farrell, whose address is (the "Personal Guarantor"); and Guarantors, the personal Guarantor may hereinafter be referred to collectively as (the "Guarantor"). 1.2 Date of this Agreement. The date of this Agreement is , 2017 and said date is the date of closing on the loan("the Date of Closing"). 1.3 Term of this Agreement. The term of this Agreement shall be from the date of this Agreement set forth above and continue thereafter until all indebtedness has been paid in full. 1.4 Purpose of this Agreement. Borrower has requested credit accommodations from Lender, to which Lender has agreed. Lender has granted to Borrower the following credit accommodations, on the conditions set forth herein: a. Term Loan of Seventy Two Thousand Five Hundred Dollars ($72,500.00) (the "Loan") to be used for the purchase of real estate and minor renovations which real estate is commonly known as 6320 Highway 10, Ramsey, MN, 55303 and having Anoka County, Minnesota PID 35-32-25-32-0037 (the "Property").