1981-03-24 - Laserfiche WebLink

Home Browse Search

EXHIBIT A r UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON No. 1 $450,000 Industrial Development Revenue Note of 1981 (Micom Corporation Project) The City of New Brighton, t-1innesota (the "City"), for value received, hereby promises to pay to Midwest Federal Savings and Loan Association of Minneapolis (the "Lender"), or registered assigns (the "Holder"), at its principal office or such other place as the Holder may designate in writing, but solely from revenues derived from Micom Corporation, its successors and assigns (the "Borrower") under the Loan Agreement hereinafter described, the outstanding and unpaid balance of advances on account of an authorized principal sum of Four Hundred Fifty Thousand Dollars ($450,000), or such portion thereof as may be advanced under the Disbursing Agreement hereinafter described, and to pay interest on the unpaid principal amount thereof at the rate of eleven percent (11%) per annum (computed from the date hereof on the basis of a 360-day year, 30-day month). Interest only accruing On IUCh principal amount from the date or dates advanced shall be paid on he first day of each month following the month during which the nitial advance is made under the Disbursing Agreement. Commencing on the first day of the second month following the date of the final advance under the Disbursing Agreement, but not later than December 1, 1981, which date is hereinafter referred to as the "Amortization commencement Date" and on the first day of each month thereafter monthly installments including principal and interest in the amount of Four Thousand Four Hundred Ten and 51/100ths Dollars ($4,410.51) shall be due and payable, and one final installment of all unpaid principal and interest shall be due and payable twenty-five (25) years from the Amortization Commencement Date or December 1, 2006, whichever is earlier. Payments of such installments shall be applied, first, to accrued and unpaid interest and next to unpaid principal. In the event of a Determination of Taxability, as defined in the Loan Agree- ment, the rate of interest hereon shall be automatically increased effective as of the Date of Taxability, as defined in the Loan Agree- ment, to a rate of sixteen percent (16%) per annum. In the event of a Determination of Taxability monthly payments of principal and interest from and after the Date of Taxability shall, at the option of the Lender, be recomputed at the applicable rate set forth above so that the principal balance hereof remaining on the date of final payment will be what it would have been if there had been no Determination of Taxability and the City shall promptly pay (but solely out of revenues ander the Loan Agreement) to the Lender, the Holder, and to any prior Holder, the aggregate difference between (i) the amounts actually paid reunder between the Date of Taxability and the date of payment and ii) the amounts which would have been paid to the Lender or such Holder or Holders during such period if the increased rate had been in