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

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merits. Ail prepayments, after deduction of accrued inte~- est and prepayment premium, shall be ~pplied 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 $450,000, 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 pur- pose of providing funds for a'Project, as defined in Minn- esota Statutes, Section 474.02, Subdivision la, consisting of certain real estate and construction of improvements . thereon, and paying necessary expenses incidental thereto, such funds to be loaned by tSe City to the Borrower pursu- ant to a Resolution adopted by the City on June 11 , 1979 (the Resolution) and a Loan Agreement, of even~date here- with (the Loan Agreement) between the City and the Borrow- er, 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 Donald Greenberg, Harvey Greenberg and their respective spouses 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. All 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 Agree- ment, the Mortgage or if any other event occurs which entitles the Lender to accelerate payment under the Mort~ gage, then the Holder may at.its right and option (sub- ject, however, to such notice as may be required under the Mortgage) declare immediately due and payable the princi- pal 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 be brought or not, and all other sums due hereunder or under the Loan Agree~ ment or the Mortgage. The Holder may extend the time of payment of interest or principal of this Note, without -3-