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2 <br />611368v1EL185-30 <br />thereafter until the Maturity Date, when all unpaid principal and interest shall be payable in full. <br />The principal amount of the New Note will be amortized over a period of twenty (20) years. <br /> <br />This Note replaces and supersedes in all respects the Note issued on March 3, 2015, and <br />this Note is the “Note” referred to the Loan Agreement. The Note is made to secure the Loan <br />made pursuant to the Loan Agreement and is secured by, among other things, an Amended and <br />Restated Security Agreement (the “Security Agreement”) given by Distinctive Iron, LLC to <br />Lender, an Mortgage and Assignment of Rents and Security Agreement and Fixture Financing <br />Statement covering property owned by the Borrower (the “Mortgage”), the Personal Guaranties <br />made by Cynthia Mae Hemmer and Steven Michael Hemmer, and that certain Entity Guaranty <br />made by Distinctive Iron, LLC all of which are made to Lender (collectively, the “Security <br />Documents”). All of the terms and conditions contained in the Security Documents which are to <br />be kept and performed by Borrower are hereby made a part of this Note to the same extent and <br />with the same force and effect as if they were fully set forth herein; and Borrower covenants and <br />agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance <br />with their terms. <br /> <br />The Note shall be immediately due and payable in full if the Borrower or the Entity <br />Guarantor relocates outside of the city of Elk River prior to the Maturity Date. <br /> <br />If the Lender, or any other holder of this Note, has not received the full amount of any <br />Original Note Monthly Installment or New Note Monthly Installment provided for in this Note, <br />by the end of seven (7) calendar days after the date it is due, Borrower shall pay a late charge fee <br />to the Lender, or any other holder of this Note. The amount of the late charge fee shall be eight <br />percent (8.00%) of the overdue Original Note Monthly Installment or New Note Monthly <br />Installment. The Borrower shall pay this late charge fee on demand, however, collection of the <br />late charge fee shall not be deemed a waiver of the Lender’s right to declare an Event of Default <br />and exercise its rights and remedies as provided for in the Loan Agreement and the Security <br />Agreement. <br /> <br />Each Original Note Monthly Installment or New Note Monthly Installment and other <br />payments made under this Note shall be applied as follows: (i) first, to be applied against and pay <br />interest which has accrued and remains unpaid on the date the payment is received; then (ii) to be <br />applied against and pay unpaid late charges and any other charges, including attorneys’ fees and <br />protective advances; and then (iii) all remaining amounts, if any, shall be applied against and <br />reduce the then outstanding principal balance of this Note. <br /> <br />If an Event of Default shall occur hereunder or under the Loan Agreement or any <br />Security Document and any cure period provided for in the Loan Agreement or such Security <br />Document has expired, the Borrower agrees to pay a default rate of interest equal to ten percent <br />(10.00%) per annum as the applicable interest rate of this Note, and the entire principal amount <br />outstanding, accrued interest and any other charges due hereon shall at once become due and <br />payable at the option of the Lender or the holder hereof. Any failure of the Lender to exercise its <br />right to increase the interest rate by the default rate of interest set forth above or its option to <br />accelerate this Note at any time shall not constitute a waiver of the right to exercise the same <br />right to increase the interest rate or accelerate at any subsequent time. Notwithstanding anything