Resolution 2219 - Laserfiche WebLink

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e e - the Note is determined to have been taxable, and in such event monthly payments of principal and interest from and after the date from which the Note is determined to have been taxable shall be recomputed at the applicable rate set forth above and the City shall promptly pay to the registered owner the aggre- gate difference between (i) the amounts actually paid hereunder between the date from which the Note is determined to have been taxable and the effective date of such rate increase and (ii) the amounts which would have been paid to such registered owner during such period if the increased rate had been in effect. The Note is subject to prepayment on any installment payment date after the end of the Fifth Loan Year, as defined in the Loan Agreement, at the option of the City, at the request of the Company in whole or in part as provided in Section 5.04 of the Loan Agreement upon thirty (30) days' prior mailed notice to the last known Holder at par plus accrued interest plus a premium on the principal amount prepaid as follows: 5.00% premium if prepaid during the Sixth Loan Year; 4.00% premium if prepaid during the Seventh Loan Year; 3.00% premium if prepaid during the Eighth Loan Year; 2.00% premium if prepaid during the Ninth Loan Year; and 1.00% premium if prepaid during the Tenth Loan Year or thereafter. This Note is also subject to mandatory prepayment in whole or in part at par plus accrued interest (i) at the election of the Lender during the Fifteenth Loan Year (ii) if, in the event of damage, destruction or condemnation of the Project, the Lender applies the proceeds of insurance or condemnation to the Note pur- suant to the Mortgage and (iii) if the Escrow Agent prepays the Note with excess Note proceeds pursuant to the terms of the Escrow Agreement. The Note is also subject to special redemption in whole but not in part by the City in the event of a Determination of Taxability as provided in Section 5.05 of the Loan Agreement. Notice of- any such prepayment shall be given to the owner or registered assigns of this Note by certified or regis- tered mail, addressed to him at his registered address, not later than thirty (30) days prior to the date fixed for prepayment, and shall be published, if required by law, in a fin.ancia1 journal circulated in the English language in the cities of Minneapolis or St. Paul, Minnesota, at least once, not less than thirty (30) days before the date so fix~d for prepayment. At the date fixed -3-