HomeMy WebLinkAbout79-040U10 CN-W
�1 CERTIFICATE OF MINUTES RELATING; TO 0
5830,000 COMMERCIAL DEVELOPMENT REVENUE,NOTE
(Prior Lake State Bank Project)
Issuer: City of Prior Lake, Minnesota
��Governin Bod
9 y. ,City Council.
a
Kind, date, time and place of meeting: A regulai meeting,
City held o Hall. November 19, 1979, at 7_30 o'clock P' M., at the
Ha `'—
Members, present: Mayor Stock, Councilmen Bissonett, Elise, Watkins,
Thorkei' 'n
Members absent; None
Documents Attached: ' ^l
Minutes of said meeting
9 (P2t9eS? , . One
w
RESOLUTION" NO. 79- W
RESOLUTION RELATING TO $8 COMMERCIAL
DEVELOPMENT REVENUE NOTcj- AUTHORIZING ZING THE
ISSUANCE THEREOF PURSUANT TO MINNESOTA
' STATUTES,, CHAPTER 474 '
f I ,
theundersigned;' being he duly c 9 y qualified and
.: acting recording: offic�er' of the
the obligations referredito in thebtitle ofothi8on issuing
certficate;;certify_ that the documents attached hereto,
as described above, {have .been :z;a.refully 1Y with the
original records of said corporation in my legal custody,
C a 3
from which they have been transcribed; that said documents
area correct and complete+ transcript of the minutes of a
meeting of the governing body. -of said corporation, and
" correct an& complete copies, of all resolutions and other
' actions taken and of all'docunients a
pproved by the
governing body at said meeting, so far as they relate to ,f
said obligations;= and that said meeting was duly held by
the governing body at the ime °and place and was a tended
throughout by the members.,indicated- above, pursuant to
call aa�d notice of such meeting given as required, by law.
- 'WhTNESSmy hand Officially as such,'recordin
offi+e t i day of Nov .1 9
} ember , 4 979. a
Ir
Sgnatur
,
Michael A. McGuire
City Manager
Name.an T e
WOW .. .
11�
i
CERTIFiCATE� =OF MINUTES REL4TING„ TO '
$830,000 COMMERCIAL DEVELOPMENT REVENUE NOTE
(Prior Lakjt State Bank Project)
"Issuer: City of Prior Lai Minnesota
doverming Body; City Coun� ^il. A .
!�z
Kind, date, time and place'of meeting: A regular meeting,
held on November 19, 1979,. at. 7:30 o'clock P .b�., "at the
City Hall ��—� ---
Members present: Mayor S,tock,'Councilmen B " issonett, Busse, Watkins,
Uorke) son
Members absent;; Noii e
Documents Atachd:
Minutes of said meeting (pages): One
r�
RESOLUTION NO. T - 40
RESOLUTION RELATI'G�TO A $830,000 COMMERCIAL
DEVELOPMENT REVEN � N OTE; AUTH0 THE
ISSUANCE THEREOF URSUANT TO MINNESOTA
STATUTES, CHAPTER�,474
I,, the undersigned, bei'�zg the duly qualified and
actingr,recording officer of the i�ublic corporation issuing F,
!the bligations referred to =in the title of. this
.
cer have be en car ficate, certify that,, the doc ?meets :attached hereto, f ,
,
as described above, ,1
4,fully compared` Stith " th
original records of said corporation in my legal custody,'
from, which "they have been transdrited; that , said documents
are <a.correct and complete transcript of, the minutes of a
meeting_ of the governing body, of 'said corporation, "andr `
correct and complete copies. all resolutions and other
AC
tions teffen and of all� documents approved .•by the
governing body at said meeting, so far as they relate to
said obi ga:tions-1 and that said meeting was duly held by
the governhg body at the'time_.and place and was attended y ,
throughout by the members indicated above, pursuan Ito V
call and notice of such meeting given as required'by law.° 'c
WITNE55 my hand officially as such recording G'
Officer this •36 t, h day of 'November 1979. '
(SEAL) - _ - 9natur a
Michael A. McGuire
Ci Maria of "" "
Name an
q
u
"'' a .* "- RMiuw».HU vvt.r.
a`wgir.+cw.+a.aq h M'• r. ww> wMwcxSC�" mW.. u' Yt�rmMKmw� 'SYatµlgpyq'"•'WNSM4veM4M "•,
Member B i ssonett intro, Uced the
,
following resolution `and moved its adoption:
RESOLUTION NO. 79 - f
RESOLUTION RELATING TO A $830400 COMMERCIAL
DEVELOPMENT REVENUE NdTE; AUTHORIZING THE
`
ISSUANCE THEREOF PURSUANT TO MINNESOTA
STATUTES, CHAPTER 474"
7
BE IT RESOLVED by the Ci t ^ ,.
y .,ouncivof the City of
Prior Lake, Minnesota, as follows: z
Section 1. Definitions
1.01. In this Resolution the following terms''.
have the following respective meanings unless the context f"
hereof or use herein clearly requires otherwise:
Act the Minnesota Municipal Industrial
'
Development:,Act, Minnesota Statutes, Chapter 474, as
amended
'
City the City of Prior Lake, Minnesota, its
successors And assigns;
Commitment: the ,Lender's Commitmen t
t� to urchase
the N .te ate P
i� Nov 1979;
r
Disbursing Agreement: the Di sbursing�Agreement
among the TeTeenant the City ' the Lender and Title Insurance
Company of Minnesota, as Disbursing Agent;
Eq uipment; all personal property owned by the
City locate — Ton — or about or used in connection with the
Project, together with all accessions theretooand_ the
replacements and proceeds thereof, but excluding equipment
owned by the Tenant; -
Fix_xtures!: those items defined as such iii Section" n
P
1 -1 of the Mortga`ge;
„
Guarant': the Guaranty "Agreement; executed by
"the
the Tenant in favor of Lender;
r
`.
Holder: tfie� Lender or any person to whom thee„
Note has eb en assigned
�.
pursuant to Section'5.04 of 'this
Resolution;,
"' o
�
��
�
• .. ..
4:
_ . ,...
'x*tiv' Q
� G
Land the real estate described in °Exhibit A 'to
the Mortgage;
Lease: the Lease between the City and the Lender;
Lease Assignment the Assignment of Lease "from
the City of the Lender;
Lender First Security State Bank, its
successors and assigns;_
Mort ee : the Mortgage and Security:Agreement,
between t eh Tenant and the Lender;
Note; the $830,000 Commercial Development
Revenue Node (Prior Lake State Bank Project) to issued
�. by the City pursuant to this Resolution;
;% Organizational Documents the following
documgyits, each of which shai=e in form and substance ,
acceptable to " Lenders
(a) certified copies of the articles of'-
incorporation and bylaws of the Tenant,'
a;. together with all amendments thereto;
(b) b Certificate, of Corporate Existence issued
y the minnesota Commissioner of Banking
with respect to the Tenant;
(c) a certified copy of a resolution of the
° Board of Directors of the Tenant"
;. specifically authorizing the execution and
delivery of each of the documents referred
to in Section 3.03 hereof to be= executed'and
delivered by the Tenant;
r (d)" an opinion or opinions of Counsel reasonably
<' a6ceptable to the Lender indicating that"
each of the documents referred to in Section
3.03 hereof has `been duly executed and
delivered and are legal and binding k
obligations -of the Tenant or the City, as
the case may be, enforceable in accordance
with their terms.;
Pro the Land, the Fixtures and the �}
Equipment, „as ey.may at any time exist;
Proj ect Costs: those items of Project Costs
defilnedt -in section of the Mortgage;
-2- '
Resolution this resolution of the City,
adopted Nov. 1 9 1979 authorizing the issuance of the
Note; an
Tenant Prior Lake State Bank, its successors
and assigns, and any surviving, resulting or transferee'
corporation which may assume its obligations in accordance
with the provisions of the Lease.
Section 2. Findings It is hereby found and
declared thats
(a) the real property and improvements described
in the Lease and the Mortgage constitute a Project
authorized by the Act;
(b) the purpose of the Project is, and the
effect thereof will be to promote the public welfareV
by the attraction, encouragement and development of
economically sound industry and commerce so as to
prevent the emergence of or to rehabilitate, so far as
possible, blighted and marginal lands and areas of
chronic unemployment; the retention of industry to use
the available resources of the community in order to
retain the 'benefit of its existing investment in
educational and public service facilities; halting the
movement of' talented, educated personnel of mature age
to other areas and thus preserving, the economic and
human resources needed as a base for providing
governmental services and faciltties; more intensive
development of land available in the community to
provide an adequate and better balanced tax base to
.finance the increase in the amount and cost of
governmental services;
(c) the Project when completed will add to the
tax base of the City, and will accordingly be of
direct benefit to the taxpayers of the City as well as
those of the County and School District in which the
City is located;
(d) the Project has been approved by the
Commissioner of Securities of the State of Minnesota'
as tending ,to further the purposes and policies of the
Act;
(e) the financing, of the Project., the issuance
and sale of the Note, the execution and delivery of
the Lease and the Lease Assignment and the performance
of.all covenants and agreements of the City contained
j
l
g .
'3' i
„
in the Note”; the Lease and the Lease Assignment and of
all other acts and things required under the
Constitution and haws of the State of Minnesota to
make the Lease, the Lease Assignment and the Note
'valid and binding obligations..of the City, in
accordance with their terms, are authorized the"
Municipal Industrial Development Act;
(f ; it is desirable that the Note be issued by
`
the City upon the terms set forth herein, and that the
City grant a security interest in the Lease to the
Lender as "security for the payment of the principal
of, 'interest and premium, „if any, on the Note;
,.
(g) the payments of basic 'and additional rent
contained in the Lease are fixed, and required to be
,,revised from time to time-as necessary, so as to
produce income and revenue sufficient to provide for
prompt payment of principal of and interest on the
Note issued under this Resolution when due, an& the
Lease also provides that the Tenant is „requ,ired to pay
all expenses"of the operation and maintenance of the °
Project including, but without limitation, adequate -�,
insurance thereon and all taxes and special
.
- assessments levied upon or with respect to the Land
and-payable during the term of the Lease; and
(h) under the provisions of Minnesota Statutes,
Section 474.1.0, and as provided in =the Lease and in „
the Mortgage,' the Note is not to be payable from nor ”
charged upon any funds of the City other than the
revenue pledged to the payment'thereof, the City is
not subject to "any liability thereon; no holder of the
Note shall ever have the right=to compel any exercise
of the taxing power of the City to pay the Note or the
- interest thereon, nor to enforce payment thereof
against any property of the City; the Note'shall not
i1
constitute a charge, lien or encumbrance, legal or
equitable, upon any property of the6City; the Note
�r
issued hereunder shall recite that the Note, including
interest thereon, is payable solely from the revenue
pledged to the payment thereof; and the Note shall not
constitute a debt of the City within the meaning,of'
°
any constitutional or statutory limitation.
Section 3. Authorization and Sale
3.01. Authorization. The City is authorized by
the Act to issue revenue bonds and loan the proceeds
v
thereof' to business enterprises to finance the acquisition
-4-
7
i
�
d Ii
an �. ned in, theand'
c o nstr uction of projects as def Act,:
to make all contracts execute all instruments and do all
9
things necessary or convenient in the exercise of such
authority.
3.02. Preliminary City A By preliminary
resolution duly adopted by t Counci May 1.4, 1979, this.,
Council approved the sale of a revenue note pursuant to a
the Act
and the loan of the proceeds to the Tenant for "the:'
acquisi�
of the band and construction thereon of the q
Project suitable and designed, for use as an officer and „' ± 'V
banking facility and authorized the p
pre aration of such
documents as may be appropriate to the Project.
3.03. Approva of Do cuments. 'Pursuant to``the•
above, there have -- —
prepared ana presented to this
` Council copies of the following d'ocuments'4 all of
�
which
are now, or be, placed on file in the office of the
Manager:
(a) Note;'
(h) Mortgage;
(c) Lase;
(d) I'Iase Assignment;
(e)!JGuaranty Agreement; and
(f) Agreement.
(y
The forms of " documents listed in (a} through (f) above
are approved;, with such variations, insertions and
additions as are deemed appropriate by the parties and°
approved b" the City Attorney
o
/" 4. Authorizations. Upon the completion
of the Dbursing 'Agreement, the Lease and the Lease
'Ass nment a
9 pproved in-Sectioi� 3.03 hereof and the
«
execution thereof by the Tenant and:the Lender, as the
'ay
case b -, the Mayor and thd'City Manager shall ;execute
the ame on ,behalf of the City and ° shal1 #Xecute the Note
in. %s ubstantially the form
set forth in paragraph p5.01
h reof`dh,be'half
R
of-the City; and shall execute such other"
s
certifications, documents or instruments as bond counsel
or counsel for the- Lender shall require, subject to - the
ff approval of the City Attorney, and all'
certifications,
/ recitals and representations thereim shall constitute the
certificates, recitals and representations of the City.
cn
r fl
u
S
1
r
r
i
,
k o
Jl i
o
-
'Execution of any instrument or document by one or more
appropriate officers of the City shall constitute, and
shail be the conclusive evidence of, the approval
and authorization by the °City and�the Council of the
itlatrument or document so i
Section 5. The Note
r
5.01. Form aInd Authorized Amount. The 'Note
v
shall be issued substantially in the form as Exhibit A
attached to this Resolution with such appropriate
variat]�ons, "omissions and insertions as are permitted or
required by this Resolution in the total principal amount
t
of $830A00. The, terms. of the Note are set forth therein,
and such terms, includ'ingp but not limited provisions
as to interest rate, dates and amount of payment of
-
principal and inte =rest and prepayment privileges, are "
_
;^
incorporated by referenc herein.
5.02. Executionl. the Note shall be'executed on
behalf of the City Iiy t ,fie signatures of the Mayor and the t '
City Manager, and shall be sealed with its corporate
j -
seal. o In case any officer whose,signature shall appear on
the
the-Note shall cease to be such officer before the
de {t livery t`4exeof, such signature shall nevertheless be 4
va d and sufficient for all purposes.
a
'5 Mutilate4,Lost and Destroyed Note. In
case the Note shall ecome -mutilated _:or b d estroyed or "
`
lost, the C
City shall cause to be executed and delivered a
"
new: like outstanding principal amount and tenor in "a3
'
�v exchange and for and upon cancellation -of the
multilated Note, or in lieu of and in substitution, for ;.
such Note destroyed or lost, upon the Holder's payment of
the reasonable expenses and charges of the City in
connection therewith, and, in case the Note is ' destroyed
or lost, its filing with the City satisfactory evidence of
�a
such loss or destruction.
5.04 . Assignment The Note may be assigned by
the Holder, from time to time, by endorsement thereon or
by separate written instrument; provided that notice of
atiy such assignment shall be given in.writing to the City_
and the Tenant.
5.05. Deliver and Use of Proceeds. Prior to
delivery of the Note, to d ocuments referre to in Section
3.03 hereof shall be completed and executed in form and
substance as approved by the City Attorney and an original
executed counterpart. each such document shall be
-6-
r ,
delivered to the Lender, together witfi� the Organizational
Documents. The City shall thereupon deliver ta`the Lender
tip'
the Note, together with a copy, duly certified by,,the
K
Manager, of this Resolution and such closing certificates
i
-,
as are required by bond counsel.
Upon execution and recording of' the Lease ,and trie
delivery of the Note and the above - items' �to the3Lend'er,
the Lender shall, on behalf of the City, deposit the'
proceeds of the Note in the Construction Fund established
pursuant to the Disbursing Agreement. =Advance s, shall be
-
made by the - Disbursing Agent to. the Tenant in "accordance
„
with the pra�yisions "of the Lease and the Disbursing-
Agreement.intireimbursement of Project Costs.;'The
Disbursing Agent shall provide.the''City, the Ten ant and
the Lender with a full accounting o „aal�payments''from the -:„
Construction Fund.
Section 6. Limitations.,o the Cit:''s
Obl igations. Notwithstanding anyt i ' con a�.ned ''in the
„ng
Note, the Lease, the Lease Assignment,'the Disbursing n'
Agreement ov any other documents refer r_ to in Section.
3.03 hereof, the Note shall not constitute a° debt „of the
City within the meaning of any constitutional or 'statutory
limitation, and shall not be payable from o` charged uFon
any funds other than the revenue. pledged ` to - the' payment
,,, ,,
thereof, and the City shall not be, subject to arty
liability thereon, and, no holder,o`such Note shall ever
have the right to compel `any exercise of the;.,taxing power
of the City tojpay the Note or the interest there on, to
;enforce payment thereof against any property.of` the City,
Jfl
and the Note shall not constitute a dhargev, lien or..
encumbrance, legal or equitable, upon anyproperty of the
City. The agreement "of the City to, perform� the covenants --
and other provisions contained in this Resa;l'utior or`the
Note, the Disbursing Agreement, the Lease or the Lease
Assignment and the other documents.listed in Sect,;ion,_3.03
hereof shall be subject at all times to the availability"
J7
of revenues furnished by the enforcement thereof, and the
City shall not be subject to any personal or' pecuniary ”
liability thereon.
Approved:
or
attest •_ -
ty Manager
OW ar
,;
—7—
a
The motion for the adoption of the foregoing
resolution was duly seconded by ,Member Busse
and upon vote being taken thereon, the
following voted in.favor thereof :'
r e
Mayor Stock, Councilmen Bissontt Busse Watkins, tkins, Thorkelson
E < ?, and the following voted against the same:
None
whereupon the resolution was'.<declared duly passed and
,
SA adopted.
'
eq ..
2
3
'�; �
E� r `-
i
a '1
,t O
1
t ;
,
is
0
ill --mok
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF SCOTT
CITY OF PRIOR LAKE
ti
Commercial Development Revenue Note
(Prior Lake State 'Bank - Project]
No. R -1 $830,000
The City of Prior Lake, Minnesota a municipal
corporation of the State of Minnesota (the City), for
value received, hereby promises to pay to the order of
FIRST SECURITY STATE BANK, or assigns (the Holder) at its '
Principal office in Sleepy Eye, Minnesota, such other',
place as the''Holder may designate in writing, from the j
source and in the manner hereinafter provided, the
principal sum of EIGHT HUNDRED THIRTY THOUSAND;DOLLARS
($830,000) ,-with interest =won the unpaid principal amount at
the rate `of seven and one =half percent (7 -1/2 %) per annum,
in any coin or currency which at the time "nor times of a
payment °is.legal tender for the payment of public or
oprivate debts in the United States of America. This Note
is payable in installments on the first day of each month
(or the
-next business day thereafter if the first is a
holiday) in the amount of $ on 1 1979,
and in the amount of $ on the first day of each
month thereafter, which are a amounts necessary to
amortize the outstanding principal balance of the Note in
accordance with a 15 -year amortization schedule, until the
first day of 19 , when the entire principal
balance of the Loan shall -be due and payable.
Provided, however, that in the event interest on
this'Note becomes subject to federal or state income taxes
pursuant to a Determination of Taxability, as defined in
the Mortgage (as hereinafter defined)',,. the rate of
interest hereon shall be automatically increased to an
annual rate equal to one percent (18) over the prime rate
of interest charged by from
-
time to time on 90- day�unsecured, loans to is commercial,
borrowers of the highest credit rating, which annual rate
shall.change when and as such prime rate - shall, change.
The monthly installment payments hereunder from and after
the 'Date of Taxability, as defined in the Mortgage 'shall
be computed at the rate set forth above and the City; shall
pay to the-Hold er and any prior Holder the aggregate
difference between (i) the amounts actually paid hereunder
0
from said Date of Taxability, and
(ii) the amounts which`
would have been
paid to such..HOlder during such period if
the increased rate had.been`''in effect.`
All intere .9t )jhereoh' shall bt- cbmputed on the
fuss of the actual"number of, days elapsed on the
a':Rsumption that each ynonth contains thirty (30)` days.
Payments shall be applied first to in,dkerest due'lon the
unpaid principal and thereafter to reduction of the
principal. "
The principal of this Note is not subject to
prepayment prior to the expiration of the fifth loan
yeas. Beginning with the W xth loan year, the outstanding
principal balance of this Note may be prepaid at 1038,
reducing 1/2 to par in wholejbut not in part, without
prepayment premium or penaltj�� The first loan year is
defined as the twelve -month (I2) .,period commencing with
the first day of the calendar month in which monthly
payments of principal and interest begin. Subsequent loan
years shall run consecutively, each commencing upon the
anniversary of the commencement "ref the first loan year.
No prepayment shall redu-.e the amount or postpone
the due dates of monthly installment payments due
hereunder nor shall any such prepayment reduce or postpone
any other payment due hereunder,'in'stallments and other
payments of'which shall continue un�, -il the entire
principal balance has been paid. All prepayments, after
deduction of interest and fees, shal':, be applied to °reduce
the principal balance of the Note.
This Note constitutes an issue in the total '1
authorized face amount of $830,000. This Note is issued
by the City pursuant to the authority granted by Minnesota
Statutes, Chapter' 474, as amended (the Act), for the 1
purpose of providing funds for a Project, as defined in iC
Minnesota Statutes,, Section 474.02, Subdivision la,
consisting of 'certain real estate and construction of `
improvements thereono and paying necessary expenses 1
`incidental thereto, such funds to be loaned by the City to "I
Prior Lake State Bank (the Borrow r) pursuant to a1,
il Resolution, adopted Nov. 19 , 1970, by the City (the t
Resolution), and a Lease of even date herewith, between
the City and the Borrower, and a - Disbursing 'Agreement
among the City, the'Borrower, the Holder and Title
insurance Company (the Disbursing Agent), thereby
assisting activities in the public interest and for the
public welfare of the City. This Note is secured by a
Rortgage and Security Agreement, of even date herewith
�, o f
o ,
t
-1D -
(the Mortgage), given•by the Borrower as Mortgagor to the
Holder as Mortgagee; an Assignment of Lease, of even date_
herewith, from the City to the Holder; a Guaranty
Agreement of even date herewith from the Borrower to the "
Holder (the Guaranty Agreement
F
As provided in the Resolution, this Note may be
assigned by the Holder, from time to time, by endorsement
hereon or by other writing; provided that notice of such
assignment shall be given in writing to the City and the
Borrower.
All of,'the agreements conditions, covenants,
provisions and \stipulations contained in the Mortgage,-
Resolution, Lease, Lease Assignment, Disbursing Agreement_
and Guaranty Agreement are hereby made a part of this Note
to the' extent and with the same force and effect as
if they were fully set forth herein. If a default occurs
under this Note or, under the Mortgage, Lease, Lease
Assignment'Disbursing Agreement or Guaranty Agreement,
then the Holder may at its right and option declare
immediately due and payable the principal balance of this
Note and interest accrued thereon to the date of
declaration of such default, together with any attorneys'
fees incurred by the.Holder in collecting or enforcing
a merit thereof Lw
pay , hether suit be brought .. or not, and all
other sums due hereunder or under the Mortgage, Lease,
Vease-Assignment, Disbursing Agreement or Guaranty
Agreement. The Holder may extend the time of payment'of
interest and /or principal of this Note, without notice to
I or consent of any party liable hereon and without
releasing any such parity.
This Note and the interest hereon shall never
constitute a debt of the City within the meaning of any
kconstitutional provision or statutory limitation and shall
never constitute or give rise to a pecuniary liability of
ikhe City or a charge against its general credit or taxing
powers, This Note and the interest hereon are
� payable..
��olely from the revenues pledged to the payment thereof
plursuant to the Lease and secured by the provisions of the
t rtgage
p and Lease Assignment, and the Holder of this Note" -
shall never have the right to enforce payment thereof
a ainst any property of'the City, except revenues under
tine, Lease. This Note does not constitute -a charge, lien
o encumbrance, legal or equitable, upon any property of
th�, City, e xcept: revenues under the Lease, and•the -ji
i �
ag'•eement of the City to perform or cause the performance
of the cove;nantss and other, provisions herein referred to ,.
sh be subject at all times to the availablity of
r it
-11-
v
reveniulge.from the Lease or the Mortgage, sufficient to pay
all c061ts of such performa ,, nce or the enforcement thereof.
The remedies of the Holder, as provided herein
and in the Mortgage, Lease, Lease Assignment and Gua ° ranty
Agreement shall be cumulative and concurrent; may be
pursued singly, successively or together and, except_.as
provided in the Mortgage, at the sole discretion of the
Holder; and may be exercised as often as occasion therefor
shall occur. The failure to exercise any such right or
remedy shall inn no event be construed, as a waiver or
release thereof.
The Holder shall not be deemed, by any act of
omission or commission, to have waived any of its rights
or remedies hereunder unless; such waiver -is in writing and
signed by the Holder and then only to the extent
specifically set forth in writing. A waiver with
reference to one event shall, not be construed as
continuing or s a bar to °or waiver of any right or. remedy
as to a subsequent event.
Each maker, co- maker, endorser, surety and
guarantor, subject to limitation of the,City's liability,
hereby guarantees payment of this,Note and waives demand,
presentment, protest and notice of dishonor and agrees
that without any notice., the Holder hereof and any present,
or future owner or owners of any property and interests
covered by the "Mortgage or any other documents given to
secure this Note,, or executed in connection with this
Note, may from time to time extend, renew, or otherwise
modify the date or ,dates or amount or amounts of payment
r above recited. The Holder hereof may from time to time
2 release any part or parts of the property and interest
subject to the Mortgage or to any such,other document from
the same, with or without consideration. In any;such
case, each maker, co- maker, endorser, surety,an&
guarantor, subject to limitation of the'rity's,liability,
shall °continue liable to,pay,:the unpaid valance of the
indebtedness evidenced hereby as so exten renewed or
modified and notwithstanding any such.release, and furhter
agrees to pay all costs of collection,, including _a
reasonable amount for attorney's fees, in case any payment
shall not be made at maturity, and all costs and expenses
including reasonable attorney's fees, incurred in
protecting the security for this Noteor in preserving. the
or interests or an
properties y part thereof described in
said Mortgage and "any such other document, whether suit be"
brought or not.
�;1Z-
0