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of and interest on this Bond shall be paid in 300 installments of <br />Two Thousand Two Hundred Five Dollars ($2,205) each on the first <br />day of the first month following the Completion Date, and on the <br />first day of each month thereafter to and including the twenty-fifth <br />anniversary of the first day of the first month prior to the <br />Completion Date, and a final installment on the twenty-fifth <br />anniversary of the first day of the first month following the <br />Completion Date (but in no event later than April 1, 2006) at <br />which time the unpaid principal of this Bond and interest hereon <br />shall become due and payable. Payments not received within 15 <br />days of the date they are due shall bear a late penalty of four <br />percent (4%) of the amount due plus an additional penalty of four <br />percent (4%) of the amount due for each 30 day period thereafter <br />for which payment is not made. Payments of installments prior to <br />maturity shall be applied, first, to accrued and unpaid interest '~ <br />and, next, to installments of unpaid principal due hereunder in <br />inverse order of maturity. Principal and interest shall be paid <br />to the registered holder hereof in lawful money of the United <br />States at its address as it appears on the registration records <br />maintained by the City Clerk. <br /> <br /> This Bond is issued pursuant to the Minnesota Municipal <br />Industrial Develooment_ Act, Ch~t_~-~ ~ ~_~, Mimnesota Statutes, as <br />amended (the "Act"), and in conformity with the provisions, <br />restrictions and limitations thereof. This Bond is not payable <br />from nor charged upon any funds other than amounts payable by the <br />Borrower, hereinafter mentioned, pursuant to the Loan Agreement, <br />hereinafter mentioned, which are pledged to the payment hereof, <br />and, in an event of default, moneys derived from foreclosure or <br />other enforcement of the hereinafter-mentioned Mortgage; the City <br />is not subject to any liability hereon; no Holder of this Bond <br />shall ever have the right to compel the exercise of the taxing <br />power of the City to pay this Bond or the interest hereon, nor to <br />enforce payment hereof against any property of the City; and this <br />Bond shall not constitute a charge, lien or encumbrance, legal or <br />equitable, upon any property of the City; and this Bond does not <br />constitute an. indebtedness of the City within the meaning of any <br />constitutional or statutory limitation. <br /> <br /> This Bond is a limited obligation in the principal <br />amount of $225,000, which has been authorized by law to be issued <br />and has been issued for the purpose of funding a loan from the <br />City to Charles B. and Shirley A. Soderholm (the "Borrower"), to <br />enable the Borrower to acquire, construct, and equip a manufacturing <br />and storage building in the City, as authorized by the Act (-the <br />"Project"). This Bond is issued pursuant to a Bond Resolution of <br />the City duly adopted on June 11, 1980, and a Loan and Purchase <br />Agreement (the "Loan Agreement") dated as of June 1, 1980, by and <br />among the City, the Borrower and the Wayzata Bank and Trust <br />Company (the "Lender"). This Bond is secured by the Bond Resolu- <br />tion, the Loan Agreement, a Pledge Agreement (the "Pledge Agreement") <br />dated as of June 1, 1980, from the City to the Lender, and a <br />Combination Mortgage, Security Agreement and Fixture Financing <br />Statement (the "Mortgage") and an Assignment of Rents (the "Assign- <br />ment''), both dated as of June 1, 1980, from the Borrower to the <br /> <br />-2- <br /> <br /> <br />