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1 <br />611368v1EL185-30 <br />AMENDED AND RESTATED PROMISSORY NOTE <br />(Microloan) <br /> <br />Original Issue Date: March 3, 2015 <br />Amended and Restated Date: ___________, 2019 <br /> <br />Original Principal Amount: $126,000.00 <br />Amended and Restated Amount: $189,338.20 <br />Maturity: ____________, 2024 <br /> <br /> <br />FOR VALUE RECEIVED, the undersigned, HEMMER COMPANIES L.L.C., a <br />Minnesota limited liability company (“Borrower”), promises to pay to the order of the <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body <br />corporate and politic of the State of Minnesota (“Lender”), at 13065 Orono Parkway, Elk River, <br />Minnesota 55330, or such other place as the Lender or any other holder of this Note may <br />designate in writing, on or before _____________, 2024 (“Maturity Date”), the principal sum of <br />One Hundred Eighty Nine Thousand Three Hundred and Thirty-Eight Dollars and 20/100s <br />Dollars ($189,338.20), together with interest on any and all amounts remaining unpaid thereon <br />from time to time from the date hereof (computed on the basis of actual days elapsed in a year of <br />360 days) accruing interest at the rates set forth below. <br /> <br />This Note is made pursuant to an Amended and Restated Loan Agreement, between <br />Borrower and Lender, of even date herewith (“Loan Agreement”) which provides for both the <br />payment of the cost of acquisition and renovation of property and for the purchase of equipment. <br /> <br />Original Note Balance. A portion of the outstanding Principal Balance in the amount of <br />$89,338.20 (the “Original Note Balance”) shall accrue interest at a fixed interest rate of 2.00% <br />per annum. The Borrower shall be obligated to make monthly installments (each an “Original <br />Note Monthly Installment”) in the amount of Eight Hundred Seventy-Four and 71/100 Dollars <br />($874.71), which Original Note Monthly Installments shall commence on May 1, 2015, and <br />continue on the first (1st) day of each and every month thereafter until April 1, 2020 (the <br />“Original Note Maturity Date”), when all outstanding principal and accrued but unpaid interest <br />on the Original Note Balance shall be payable in full. The final payment shall be a balloon <br />payment in the amount of all outstanding principal and accrued but unpaid interest. One <br />Hundred Thousand One Hundred and 00/100 Dollars ($107,100.00) of the principal amount of <br />the original principal amount of the Original Note ($126,000.00) for improvements to real <br />property shall be amortized over a twenty (20) year period and the remaining Eighteen Thousand <br />Nine Hundred and 00/100 Dollars ($18,900.00) of the principal amount of the Original Note for <br />the purchase of equipment shall be amortized over a five (5) year period. <br /> <br />New Note Balance. A portion of the outstanding Principal Balance in the amount of <br />$100,000.00 (the “New Note Balance”) shall accrue interest at a fixed interest rate of 3.00% per <br />annum. The Borrower shall be obligated to make monthly installments (“New Note Monthly <br />Installment”) in the amount of ________________, which New Note Monthly Installment shall <br />commence on __________, 2019, and continue on the first (1st) day of each and every monthly