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5.0. 6.0. 7.0. EDSR 06-14-1999
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5.0. 6.0. 7.0. EDSR 06-14-1999
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City Government
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6/14/1999
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AMENDED AND RESTATED <br /> PROMISSORY NOTE <br /> S <br /> $45,150.12 Elk River, Minnesota <br /> June 15, 1999 <br /> This Amended and Restated Promissory Note amends and restates in its <br /> entirety that certain Promissory Note made by Northstar Die Casting, L.L.C., a Minnesota <br /> limited liability company (the "Original Borrower") payable to the Economic Development <br /> Authority of the City of Elk River (the "Lender"), dated January 29, 1998, in the original <br /> principal amount of$50,000.00 (the "Original Note"). The outstanding principal balance of <br /> the Original Note on the date hereof is in the amount of$45,150.12, and such indebtedness <br /> has been assumed by Badger Die Casting, LLC, a Minnesota limited liability company, <br /> pursuant to the terms of this Amended and Restated Promissory Note. <br /> FOR VALUE RECEIVED, the undersigned promises to pay to the order of the <br /> Economic Development Authority of the City of Elk River (the "Lender"), at its office in Elk <br /> River, Minnesota, or at such other place as any present or future holder of this Note may <br /> designate from time to time, the principal sum of FORTY-FIVE THOUSAND ONE HUNDRED <br /> FIFTY AND 12/100 DOLLARS ($45,150.12) in lawful money of the United States of America, <br /> plus interest thereon from the date hereof until this Note is fully paid at an annual rate equal to <br /> five and one-half percent (5.5%), computed on the basis of the actual number of days elapsed and <br /> • a 360-day year. <br /> Commencing on July 15, 1999, and continuing on the 15th day of each month <br /> thereafter, to and including April 15, 2003, the undersigned shall pay to the Lender payments of <br /> principal and interest each in the amount of$490.00. The entire unpaid principal balance hereof, <br /> together with all accrued but unpaid interest thereon, together with any other charges under this <br /> Note shall be due and payable on May 1, 2003. <br /> All or any part of the unpaid balance of this Note may be prepaid at any time <br /> without penalty. Any prepayment shall be applied first to the payment of other charges under this <br /> Note, second to the payment of interest accrued through the date of payment, and third to the <br /> payment of principal. Any partial prepayment shall be applied to the principal hereof in inverse <br /> order of maturity. No prepayment shall suspend any required payments of principal or interest <br /> on this Note or reduce the amount of any scheduled payment. <br /> If any installment or payment under this Note is paid more than 10 days after the <br /> due date thereof, the undersigned agrees to pay a late payment charge of 5% of the installment <br /> or payment to cover the expenses of collection. <br /> This Note is secured by (i) a Security Agreement dated the date hereof (the <br /> "Security Agreement") between the undersigned, as Debtor, and the Lender, as Secured Party, and <br /> • (ii) a Guaranty made by Steve Whiting in favor of the Lender dated the date hereof (the <br /> "Guaranty"). In the event of any default in the payment of this Note, or the occurrence of any <br /> Event of Default as defined in the Security Agreement, then in any such event the holder of this <br /> KeesK 995359.1 <br />
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