06-28-2004 Council Packet - Laserfiche WebLink

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EXHIBIT A PROMISSORY NOTE $60,000.00 Dated:.2004 FOR VALUE RECEIVED, the undersigned, Premier Design & Development, LLC. a Minnesota limited liability company ("Borrower") hereby agrees and promises to pay to the order of Mar>' A Dunn ("Holder"), at P. O. Box 77, Long Lake. MN 55356. or such other place as the Holder may from time to time designate the principal sum of Sixty Thousand and OO'lOOths Dollars (560,000.00), together with interest on the unp.aid principal balance of this Note at the rate of eight (81o) percent per annum commencing on the date of this Note. The principal balance of this Note and accrued interest thereon shall be payable as follows; a.Commencing on the first anniversary date of this Note and on the same day of each .successive year thereafter, Borrower shall pay I lokler a pa> ment in the amount of all accrued interest due on the principal balance of this Note at the time of such payment. b.Reference is made to that certain M> !gage Deed from 1 lolder to liorrower of even date herewith (“Mortgage”) grantin. Iloldei a second mortgage lien upon each of .seven platted lots (“Lots”) ou ned by Borrower as security for repayment of this Note. As provided in the Mortgage, upon the .sale of each of the lots. Borrower shall pay Holder a principal payment of SS.600.00 plus all accrued intere.st due on the remaining princip.il balance of this Note at the time of such principal payment I he principal payment due at the time of .sale of the seventh lot shall be in an amount equal to the remaining unpaid principal balance of this Note. c.On January 1. 2008. the entire unpaid balance of this Note and accrued interest thereon, if not sooner paid, shall be due and payable in full. All payments made by Borrower on this Note shall be applied fir.st to interest and the balance, if any, to principal, except that if any advance made by the Holder of this Note under the temis of the Mortgage or any other instruments securing this Note is not repaid on demand, any payments received, at the option of the Holder, may first be applied to repay such advances, plus interest thereon at the rate of eight (8®(>) percent pet annum, and the balance, if any. sh.dl be applied on account of any installments then due. Borrower may prepay the principal of this Note, in whole i>r in part, at any time without penalty. The terms, agreements and covenant.s of the Mortgage arc incorporated in and made a f t t of this Note. Borrower agrees that any default by Borrower under the mortgage sliall constitute a default under this Note entitling Holder to invoke all of Holder's remedies upon a default under this Note or the Mortgage. Any notice to Borrower provided for in this Note shall be given in the manner provided in the Nlortgage for the giving of notices. f Dwisn PfcmNete - I -