2009-04-10 Promissory Note
@
IVERSON REUVERS
ATTORNEYS AT LAW
April 10, 2009
Larry Kruse, City Administrator
City of Albertville
5959 Main Avenue NE
P.O. Box 9
Albertville, MN 55301
PERSONAL AND.CONFIDENTIAL
RE: City of Albertville vs. SEH
Our File No. 800.520
Dear Mr. Kruse:
Enclosed please find the signed Promissory Note. Under the payment schedule
attached to the Note, SEH's first payment date is July 1, 2009.
I am in the process of putting together a Stipulation of Dismissal ofthis matter
and will forward it on to SEH's attorney for signature. We should have this
matter finalized within the next few weeks at which time we will close our file.
Please feel free to contact me if you have any questions, comments or direction.
Very trol y yours,
IVERSON REUVERS
(J&~
~i!fZ;~e~
Enclosure
IVERSON REUVERS,LLC I 9321 ENSIGN AVENUE SOUTH I BLOOMINGTON, MN 55438 I 952.548.7200 I FAX: 952.548.7210
JASON J. KUBOUSHEK
DIRECT 952.548.7206
/KUBOUSHEK@IVERSONLAW.COM
JON K. IVERSON
PAULD.REUVERS
JEFF M. ZALASICY
JASON J. KUBOUSHEK
PAMELAJ.F. WHITMORE
JASON M. HIVELEY
SUSAN M. TINDAL
JEFFREY A. EGGE
STEPHANIE A. ANGOLKAR
ANDREA B. WING
WWW.IVERSONLAW.COM
$150,000.00
PROMISSORY NOTE
'5 -t, (Jav..1 , Minnesota
March ;)0, 2009
FOR VALUE RECEIVED, the undersigned ("Borrower") hereby promises to pay
to the order of City of Albertville ("Payee") at 5959 Main Avenue NE, Albertville,
Minnesota, or at any other place designated at any time by the Payee hereof, in lawful
money of the United States of America, the principal sum of One Hundred and Fifty
Thousand and 00/1 OOths Dollars ($150,000.00), together with interest on the unpaid
balance accruing as of the date hereof, as provided in Exhibit A and below:
A. BORROWER'S PRE~P A YMENT RIGHT. BOlTower reserves the right to prepay
this Note in whole or in part, prior to maturity, without penalty, upon prior written
notice to Payee. All interest accrued on the principal amount being prepaid shall
be paid at the time of such prepayment.
B. PLACE FOR PAYMENT. Borrower promises to pay to the order of Payee at the
place for payment and according to the terms for payment the principal amount
plus interest at the rates stated above. All unpaid amounts shall be due by the final
scheduled payment date.
C. DEFAULT AND ACCELERATION CLAUSE. If Borrower defaults in the
payment of this Note or in the performance of any obligation, and the default
continues after Payee gives Borrower notice of the default and the time within
which it must be cured, as may be required by law or written agreement, then
Payee may declare the unpaid pli.ncipal balance and earned interest on this Note
immediately due. Borrower and each surety, endorser, and guarantor waive all
demands for payment, presentation for payment, notices of intentions to
accelerate maturity, notices of acceleration of maturity, protests, and notices of
protest, to the extent permitted by law.
D. INTEREST ON PAST DUE INSTALLMENTS AND CHARGES. All past due
installments of principal and/or interest and/or all other past-due inClilTed charges
shall bear interest after maturity at the maximum amount of interest pennitted by
the laws of the State of Minnesota until paid. Failure by Borrower to remit any
payment by the 15th day following the date that such payment is due entitles the
Payee hereof to declare the entire principal and accrued interest immediately due
and payable. Payee's forbearance in enforcing a right or remedy as set f01ih
herein shall not be deemed a waiver of said right or remedy for a subsequent
cause, breach or default of the Borrower's obligations herein.
E. INTEREST. Interest on this debt evidenced by this Note shall not exceed the
maximum amount ofnon~usurious interest that may be contracted for, taken,
reserved, charged, or received under law; any interest in excess of the maximum
shall be credited on the principal of the debt or, iftl1at has been paid, refunded.
On any acceleration or required or permitted prepayment, any such excess shall
be canceled automatically as of the acceleration or prepayment or, if already paid,
credited on the principal of the debt or, if the principal of the debt has been paid,
refunded. This provision overrides other provisions in this instrument (and any
other instruments) concerning this debt.
F. FORM OF PAYMENT. Any check, draft, Money Order, or other instrument
given in payment of all or any portion hereof may be accepted by the holder and
handled in collection in the customary manner, but the same shall not constitute
payment hereunder or diminish any lights of the holder hereof except to the extent
that actual cash proceeds of such instruments are unconditionally received by the
payee and applied to this indebtedness in the manner elsewhere herein provided.
G. ATTORNEY'S FEES. If this Note is given to an attorney for collection or
enforcement, or if suit is brought for collection or enforcement, or if it is collected
or enforced through probate, bankruptcy, or other judicial proceeding, then
Borrower shall pay Payee all costs of collection and el1forcement, including
reasonable attorney's fees and court costs in addition to other amounts due.
H. SEVERABILITY. If any provision of this Note or the application thereof shall,
for any reason and to any extent, be invalid or unenforceable, neither the
remainder ofthi8 Note nor the application of the provision to other persons,
entities or circumstances shall be affected thereby, but instead shall be enforced to
the maximum extent pennitted by law.
1. BINDING EFFECT. The covenants, obligations and conditions herein contained
shall be binding on and inure to the benefit of the heirs, legal representatives, and
assigns of the pmties hereto.
1. DESCRIPTIVE HEADINGS. The descriptive headings used herein are for
convenience of reference only and they are not intended to have any effect
whatsoever in determining the rights or obligations under this Note.
K. CONSTR UCTION. The pronouns used herein shall include, where appropriate,
either gender or both, singular and plural.
L. GOVERNING LAW. This Note shall be governed, construed and interpreted by,
through and under the Laws of the State of Minnesota.
BOlTower is responsible for all obligations represented by this Note.
EXECUTED this ;t0Jl4- day of A a.vr c:0
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