3.5 EDSR 11-21-2016 - Laserfiche WebLink

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PROMISSORY NOTE Effective as of April 25, 2013 Amount: $74,500.00 Interest: 2.00% Maturity: May 1,2023 FOR VALUE RECEIVED, the undersigned, BLUE EGG MARKET, LLC, a Minnesota limited liability company ("Borrower"), promises to pay to the order of 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 May 1, 2023 ("Maturity Date"), the principal sum of Seventy-Four Thousand Five Hundred and 00/100 Dollars ($74,500.00), 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 monthly installments ("Monthly Installment") in the amount of Six Hundred Eighty-five and 50/100 Dollars ($685.50), which Monthly Installment shall commence on June 1, 2013, and continue on the first (V) day of each and every month thereafter until the Maturity Date, when all accrued but unpaid interest shall be payable in full. 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 to Lender and that certain Personal Guaranty made by Robin DeWitt and Bruce DeWitt 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 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 late charge fee shall not be deemed a waiver of the Lender's right to declare an Event of Default and exercise its rights and remedies as provided for in the Loan Agreement and the Mortgage.