Resolution - #79-47 - 06/11/1979

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advance written notice to the Holder of. this Note and shall not suspend or reduce required installment payments. All prepayments, after deduction of accrued interest and prepayment premium, shall be applied to reduce~the principal balance of this Note. Partial prepayments may be made only on.or as of a regular monthly installment payment date. This Note constitutes an issue in the maximum authorized face amount of $550,000, or .so much as is advanced by the Lender hereunder in payment of Project Costs, as defined in the Mortgage. This Note is issued by the City pursuant to the authority granted by Minnesota Statutes, Chapter 474, as amended (the Act), for the purpose of providing funds for a Project, as defined in Minnesota Statutes, Section 473.02, Subdivision la, consisting of certain real estate and construction of improvements thereon, and paying necessary expenses incidental thereto, such funds to be loaned by the City to the Borrower pursuant to a Resolution adopted by the City on June 11 , 1979 (the Resolution) and a Loan Agreement, of even date herewith (the Loan Agreement) between the City and the Borrower, thereby assisting activities in the public interest and for the public welfare of the City. This Note is secured by the Mortgage and a Guaranty Agreement of even date herewith between Grosslein Beverages, Inc. and the Holder and a Lease Assignment of even date herewith between the Borrower and the Holder. As provided in the Resolution, this Note may be assigned by the Holder, from time to time, by endorsement hereon or by other writing, provided that notice of such assignment shall be given in writing to the City and the Borrower. Ail of the agreements, conditions, covenants, provisions and stipulations contained in the Resolution, the Loan Agreement and the Mortgage are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. If a default occurs under this Note, or under the Loan Agreement, the Mortgage or if any other event occurs which entitles the Lender to accelerate payment under the Mortgage, then the Holder may at its right and option (subject, however, to such notice as may be required under the Mortgage) declare immediately due and payable the principal balance of this Note and interest accrued thereon to the date of declaration of such default, together with any attorney's fees incurred by the Holder in collecting or enforcing payment thereof, whether suit -3-