5.4. ERMUSR 03-14-20006 - Laserfiche WebLink

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RESTATED PROMISSORY NOTE Elk River, Minnesota 2006 FOR VALUE RECEIVED, the undersigned, Elk River Municipal Utilities, ("Borrower"), promises to pay to the order of the County of Sherburne ("Lender"), 13880 Highway 10, Elk River, MN 55330 or at such other place as may be designated from time to time by the holder hereof, in lawful money of the United States of America, the principal sum of and /100ths ($ ) (the "Principal Balance"). There shall be no interest on the unpaid principal balance. Principal shall be payable under this Note in monthly installments of principal payable on the first day of each month during the term hereof. Payments shall commence on , 1, 200_. The actual amount of each monthly payment shall be the prorata portion of the amount set forth on Exhibit A, line 30, attached hereto. This Note is secured by a Security Agreement and Financing Statement, the terms of which are incorporated herein by reference, and any amendments thereto. This Note may be prepaid in whole or in part at any time without premium or penalty. Payments hereunder shall be applied first to payment of the amounts payable hereunder or under the Security Agreement and Financing Statement and any amendments thereto other than principal, and then to a reduction of principal, except that if any advance made by the holder hereof under the terms of any instrument securing this Note is not repaid, any monies received, at the option of the holder, may first be applied to repay such advances, and the balance, if any, shall be applied as above. No payment or prepayment shall suspend any required payments of principal or interest under this Note or reduce the amount of any scheduled monthly payment. It is agreed that time is of essence of this contract. Upon the occurrence of an Event of Default under the Security Agreement and Financing Statement or any amendments thereto, or upon Default in the payment when due and payable of any principal hereunder, the Lender, may without notice to the Borrower, declare the Principal Balance, and other charges immediately due and payable. In the event this Note is not paid when due, Borrowers remedies are limited to those set forth in the Security Agreement and Financing Statement of even date and any amendments thereto.