6.6. EDSR 01-20-2015 - Laserfiche WebLink

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PROMISSORY NOTE (Microloan) _______________, 2015 Amount: $200,000.00 Interest: 2.00% Maturity: ___________, 2020 FOR VALUE RECEIVED, the undersigned, STONESTHROW PROPERTIES, LLC, a Minnesota limited liability company (“Borrower”), promises to pay to the order of the ECONOMIC DEVELOPMENT 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 ____________, 2020 (“Maturity Date”), the principal sum of Two Hundred Thousand and 00/100 Dollars ($200,000.00), together with interest on any and all amounts remaining unpaid thereon from time to time from the date hereof (computed on the basis of actual days elapsed in a year of 360 days) at a fixed interest rate of two percent (2%) per annum. Monthly payments shall be calculated using a twenty (20) year amortization period. The Borrower shall be obligated to make monthly installments (“Monthly Installment”) in the amount of _______________ Dollars ($______), which Monthly Installments shall commence on [A1] _____________ 1, 2015, and continue on the first (1st) day of each and every month thereafter until the Maturity Date, when all outstanding principal and accrued but unpaid interest shall be payable in full. This final payment shall 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 Security Agreement (“Security Agreement”) given by Coin-Tainer Co., LLC to Lender, an Assignment of Life Insurance Policy as Collateral assigning a life insurance policy on the life of David M. Walters (the “Life Insurance Security Agreement”), a Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement covering property owned by the Borrower (the “Mortgage”), a Personal Guaranty made by David M. Walters and Barbara J. Walters and that certain Entity Guaranty made by Coin-Tainer Co., LLC, all of which are made to Lender of even date herewith (collectively, the “Security Documents”). All of the terms and conditions contained in the Security Documents 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 Monthly 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 Monthly Installment. The Borrower shall pay this late charge fee on demand, however, collection of the 1 454896v2 EL185-29