Agenda - Council - 12/12/2023 - Laserfiche WebLink

Home

PROMISSORY NOTE (TERM LOAN) $1499999.00 92023 FOR VALUE RECEIVED, the undersigned, SA GROUP, INC., a Minnesota limited liability company (hereinafter referred to as "Borrower"), promises to pay to the order of the City of Ramsey, a Minnesota municipal corporation (hereinafter referred to as "Lender") (Lender and any holder of this Note from time to time are each hereinafter sometimes referred to as "Holder"), at 7550 Sunwood Drive NW, Ramsey, MN 55303, or such other place as may be designated from time to time in writing by the Holder hereof, the principal sum of One Hundred Forty Nine Thousand Nine Hundred Ninety Nine and No/100ths Dollars ($149,999.00) (hereinafter referred to as the "Loan Amount"), pursuant to the terms of a Loan Agreement of even date (the "Loan Agreement"), together with interest from the date of this Note (the "Note") until fully paid, at the Interest Rate on the Loan Amount remaining unpaid from time to time (hereinafter referred to as the "Principal Balance"). The Principal Balance and interest shall be due and payable as follows: Interest: The Interest Rate under this Note shall be equal to a fixed rate that is 3.50%per annum. Upon the occurrence of and during the continuance of an Event of Default, the rate of interest on the Note shall automatically increase by 5%per annum until the Event of Default has been cured. Late Charge: Borrower acknowledges and agrees to pay Lender a late charge ("Late Charge") of five percent (5%) of the amount of any payment that is more than ten (10) days late to defray the costs of Lender incident to collecting such late payment. This Late Charge shall apply individually to all payments past due and there will be no daily pro rata adjustment. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights the Lender may have including the right to declare the entire Principal Balance and interest immediately due and payable. Prepayment: Borrower may pay without penalty all or a portion of the Principal Balance owed under this Note earlier than it is due. Partial prepayments will not reduce or delay any scheduled payments of principal and interest required under this Note but will be credited against Principal and payments due in the inverse order of maturity. Borrower agrees not to send Lender payments marked "paid in full", "without recourse", or similar language. Payments and Application of Payments: Borrower shall make 72 consecutive monthly payments of principal and interest in the initial amount of$2,312.74 each, beginning December 1, 2023, and continuing on the first day of each and every month thereafter through November 1, 2029, when the entire remaining Principal Balance plus accrued but unpaid interest shall be due and payable in full. 1