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PROMISSORY NOTE <br />$40,068.00 Ramsey, Minnesota <br />Date: XXXXXX <br />For Value Received, Stories Foundation, a Minnesota non-profit Corporation ("Borrower") <br />promises to pay to the order of the City of Ramsey, a municipal corporation ("Lender"), at <br />7550 Sunwood Dr. NW, Ramsey, MN 53303, or at such other location as Lender may direct, <br />in lawful money of the United States of America, the principal amount of $40,068.00, with <br />interest at the Stated Rate (as defined below) computed on the principal balance of this <br />Promissory Note outstanding from time to time. The principal balance and all accrued <br />interest are fully due and payable on the Maturity Date (as defined below), unless sooner <br />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 Stories Foundation, a Minnesota non-profit Corporation. <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 TBD. <br />(e) "Stated Rate" means 0% per annum. <br />2. Payments. Principal and interest at the Stated Rate shall be paid in consecutive <br />annual installments commencing three hundred sixty-five (365) days after the Loan <br />Closing Date (the "Initial Payment Date") and continuing on the same day of the year <br />thereafter for four more years, the Borrower shall make annual payments of principal <br />and interest in the amount of $8,904 beginning, Insert Date unless the payment is <br />forgiven by the Lender. <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 />