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LOAN AGREEMENT <br />(SAC/WAC LOAN FUND) <br />THIS LOAN AGREEMENT (the "Agreement"), effective XXXXX, 202X, is between the <br />City of Ramsey, Minnesota, a municipal corporation under the laws of the State of Minnesota (the <br />"City"), and Stories Foundation, a Minnesota non-profit corporation (the "Borrower"). <br />RECITALS <br />A. The City has established its SAC/WAC Loan Fund (the "Fund") as a means to assist <br />specific businesses within the City of Ramsey, Minnesota (the "City"), which incur SAC/WAC <br />charges. <br />B. The Borrower has applied for, and the City agrees to make, a loan from the Fund <br />to the Borrower pursuant to the terms and conditions of this Agreement, and the policy of the City <br />which governs the Fund. <br />THEREFORE, to induce the City to make the Loan (as defined herein) to the Borrower, <br />and for good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the parties hereto agree as follows: <br />1. The Loan Amount. Subject to and upon the terms and conditions of this Agreement, <br />the City agrees to loan to the Borrower the sum of $40,068.00, or so much thereof as is disbursed <br />to the Borrower in accordance with this Agreement (the "Loan"). Proceeds of the Loan shall be <br />disbursed in accordance with Section 3 hereof. <br />2. Repayment of Loan. The Loan shall be repaid without interest as follows: <br />(a) Interest at the rate of zero percent (0.00%) per annum shall accrue from the <br />Loan Closing Date (as hereinafter defined) until the Loan is repaid in full. <br />(b) Monthly payments of principal and interest shall be deferred for the first <br />three hundred sixty-five (365) days immediately following the Loan Closing Date. <br />Commencing three hundred sixty-five (365) days after the Loan Closing Date (the "Initial <br />Payment Date") and continuing the same day of every year thereafter for four more years, <br />the Borrower shall make annual payments of principal and interest in the amount of $8,904 <br />subject to Section 9. <br />3. Disbursement of Loan Proceeds. <br />(a) The Loan proceeds shall be paid by the City on the closing date or such <br />other date as the parties hereto agree (the "Loan Closing Date"). The loan proceeds will be <br />distributed to governing authorities who provide sewer and water access to the borrower's <br />place of business. <br />12603643v1 <br />