5. HRSR 05-02-2011 - Laserfiche WebLink

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Apri128, 2011 Draft PROMISSORY NOTE Effective as of May , 2011 Amount: $90,000.00 Interest: 2.00% Maturity: May 1, 2016 FOR VALUE RECEIVED, the undersigned, GRM OF MINNESOTA, LLC, a Minnesota limited liability company, ("Borrower"), promises to pay to the order of Housing and Redevelopment Authority of the City of Elk River, a public body corporate and politic of the State of Minnesota ("Lender"), at 13065 Orono Parkway, Elk River, Minnesota 55330, or such .other place as the Lender or any other holder of this note may designate in writing, on or before May 1, 2016 ("Maturity Date"), the principal sum of Ninety Thousand and 00/100 Dollars ($90,000.00), together with interest on any and all amounts remaining unpaid thereon from time to time from the date hereof (computed on the basis of actual days elapsed in a year of 360 days) at a fixed interest rate of two percent (2%) per annum. The Borrower shall be obligated to make semiannual installments ("Semiannual Installments") in the amount of and _/100 Dollars ($~, which Semiannual Installments shall commence on November 1, 2011, and continue on each May 1 and November 1 thereafter through and including the Maturity Date, when all unpaid accrued but unpaid interest shall be payable in full. The final payment will be a balloon payment. This Note is made pursuant to a Loan Agreement ("Loan Agreement") between Borrower and Lender of even date herewith and secured by, among other things a Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement ("Mortgage") given by Borrower and Robert McDonald to Lender of even date herewith. All of the terms and conditions contained in the Loan Agreement and the Mortgage which are to be kept and performed by Borrower 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; and Borrower covenants and agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance with their terms. If the Lender, or any other holder of this note, has not received the full amount of any Semiannual Installment provided for in this note, by the end of seven (7) calendar days after the date it is due, Borrower shall pay a late charge fee to the Lender, or any other holder of this note. The amount of the late charge fee shall be eight percent (8.00%) of the overdue Semiannual Installment. The Borrower shall pay this late charge fee on demand, however, collection of the late charge fee shall not be deemed a waiver of 385594v3 JSB EL185-12