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FIRST AMENDMENT TO PROMISSORY NOTE <br /> • <br /> THIS FIRST AMENDMENT TO PROMISSORY NOTE is made as of October 1. <br /> 1995, by and between Elk River Motel Properties, Inc., a Minnesota corporation (the <br /> "Borrower") and the City of Elk River Economic Development Authority, a public body <br /> corporate and politic of the State of Minnesota (the "Lender"). <br /> WHEREAS, the Borrower executed and delivered to the Lender a Promissory Note dated <br /> April 27, 1990 (as amended hereby, the "Note"); and <br /> WHEREAS, the maturity date of the Note stated therein is October 1. 1995; and <br /> WHEREAS, at the specific request of the Borrower, the Lender has agreed to extend <br /> the maturity date of the Note upon the terms and conditions set forth hereinafter. <br /> NOW, THEREFORE, in consideration of the mutual agreements set forth herein, and <br /> for other good and valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged, the parties agree as follows: <br /> 1. Borrower and Lender acknowledge and agree that the unpaid principal balance as <br /> of October 1, 1995, is $24,068.30. <br /> 4102. The final payment date of the Note is hereby extended from October 1, 1995, to <br /> March 1, 1997. Payments shall be made in accordance with the amortization schedule attached <br /> hereto and incorporated herein by reference. <br /> 3. Interest shall accrue on the unpaid principal balance of the Note at the fixed rate <br /> of eight and three-quarters percent (8.75%) per annum commencing as of October 1, 1995. <br /> 4. This First Amendment is executed as, and shall constitute an amendment to the <br /> Note and shall be interpreted in connection with and construed as a part of the Note. Except <br /> to the extent the Note is amended hereby, the Note is hereby in all respects ratified and <br /> confirmed. <br /> 5. The Borrower represents and warrants to the Lender that this First Amendment <br /> has been executed on behalf of the Borrower by its duly authorized officers, that all necessary <br /> corporate and board resolutions, actions and approvals have been obtained in connection <br /> herewith, and that the Note and this First Amendment constitute the legal, valid and binding <br /> obligations of the Borrower, enforceable in accordance with the terms thereof. <br /> Initialled: Lender I <br /> • ICRP 96761 1 Borrower <br /> SO /Z00d 06L'ON SZbLTbb F S1dW RIG Lb:9T 56/V0/0T <br />