8. EDSR 06-17-2013 - Laserfiche WebLink

Home Browse Search

ENERGY EFFICIENCY IMPROVEMENT PROGRAM LOAN AGREEMENT THIS ENERGY EFFICIENCY IMPROVEMENT PROGRAM LOAN AGREEMENT ("Agreement") is made effective as of , 2013 (the "Closing Date"), by and between Yankee Doodle Enterprises, LLC, a Minnesota limited liability company ("Borrower"), and Economic Development Authority of the City of Elk River, a public body corporate and politic of the State of Minnesota ("Lender"). RECITALS A. Borrower has applied to Lender for a construction and term mortgage loan on the Loan Property (as hereinafter defined) in the principal amount of Seventy-four Thousand Nine Hundred Ninety-nine and No/100s Dollars ($74,999.00). B. Lender is willing to make such mortgage loan to Borrower in the principal amount of Seventy-four Thousand Nine Hundred Ninety-nine and No/100s Dollars ($74,999.00), subject to all of the terms and conditions of this Agreement. C. Contemporaneously with the execution hereof, Borrower is executing and delivering to Lender the following security documents: (i) A Promissory Note ("Note") effective as of the date herewith made by Borrower and payable to the order of Lender, in the original principal amount of Seventy-four Thousand Nine Hundred Ninety-nine and No/100s Dollars ($74,999.00). (ii) A Mortgage, Assignment of Rents, Security Agreement and Fixture Financing Statement securing the Note ("Mortgage"). The Mortgage is of even date herewith, is executed by Borrower, as mortgagor, in favor of Lender, as mortgagee, and covers property therein described situated in Sherburne County, Minnesota as legally described in the Mortgage (the "Loan Property"). (iii) Personal Guaranties of Brian Brehmer and , owner of Borrower(the "Guaranties"). NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, it is hereby agreed as follows: 1. Amount and Purpose of Loan. Borrower agrees to take and Lender agrees to make a mortgage loan in the principal amount of Seventy-four Thousand Nine Hundred Ninety-nine and No/100s Dollars ($74,999.00) (the "Loan")to be advanced in a single disbursement as hereinafter provided, the Loan to be evidenced by the Note and secured by the Mortgage and any other security document required under this Agreement.