Laserfiche WebLink
PROMISSORY NOTE <br />$100,000 Ramsey, Minnesota <br />August , 2017 <br />For Value Received, MK Johnson Properties, LLC, a Minnesota limited liability company <br />("Borrower") promises to pay to the order of the City of Ramsey, a municipal corporation <br />("Lender"), at 7550 Sunwood Dr. NW, Ramsey, MN 53303, or at such other location as <br />Lender may direct, in lawful money of the United States of America, the principal amount of <br />$100,000, with interest at the Stated Rate (as defined below) computed on the principal <br />balance of this Promissory Note outstanding from time to time. The principal balance and all <br />accrued interest are fully due and payable on the Maturity Date (as defined below), unless <br />sooner required under the terms hereof. <br />1. Definitions. The following terms have the following meanings wherever they are used <br />in this Promissory Note: <br />(a) "Borrower" means MK Johnson Properties, LLC, a Minnesota limited liability <br />company. <br />(b) "Lender" means the Lender named in the first paragraph and each <br />subsequent holder or holders of this Promissory Note, and their respective <br />heirs, personal representatives, successors and assigns. <br />(c) "Loan" means all amounts advanced hereunder plus all interest, charges and <br />fees due to Lender hereunder. <br />(d) "Maturity Date" means October 01, 2032. <br />(e) "Stated Rate" means 3% per annum. <br />2. Payments. Principal and interest at the Stated Rate shall be paid in consecutive <br />monthly installments on the first day of each month beginning November 01, 2017. <br />Each installment shall be in the amount of $690.58, sufficient to amortize the Loan <br />fully over the remaining term of the Loan. <br />3. Application of Payments. All payments and prepayments shall be applied first to any <br />costs of collection, second to accrued interest on this Promissory Note, and third to <br />principal. <br />4. Prepayment. This Promissory Note may be prepaid in full or in part at any time <br />without premium or penalty. Prepayments shall apply to Borrower's indebtedness last <br />incurred. <br />5. Loan Documents; Security. This Promissory Note is given to evidence the Loan and is <br />the Note referred to and secured by the following ("Loan Documents"): <br />• Loan Agreement <br />• Combination Mortgage, Security Agreement and Fixture Financing Statement <br />