2000-05-25 Default Notice
5975 Main Avenue N.E.
P.O. Box 9
Albertville, MN 55301
(612) 497-3384
Fax: (612) 497-3210
May 25, 2000
Gregory D. Mundahl
Chief Manager/President
GEM Development Company, LLC.
and
Eric E. Dudley
Chief Manager/President
Land of Lakes Stone, LLC.
11800 6200 Street NE
i\lbertville,~ 55301
RE: Default Notice - Revolving Loan Fund Payment
Dear Greg & Eric:
This letter serves to notify you that you are in default on your $75,000 Revolving Loan
issued by the City of Nbertville for failing to make payment of the loan principal due
January 1,2000. I am enclosing a copy of the amortization schedule attached to your
i\greement for Loan document.
I am sure this is simply an oversight on your part and am confident that payment will
be made immediately. Please do note that another principal payment in the amount of
$3,750 is due on July 1,2000.
Please send your payment in the amount of $3,750 tot he City of Nbertville promptly
to avoid further action by the City of Nbertville. If you have any questions, please
feel free to contact me.
Sincerely,
Linda Goeb
City i\dministrator
Enclosure
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:,~"f;;;;~~'.' 08-23-1999 09: 29AM FROM Cour i & Ma.c~thur
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TO
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49732113 P.02
city of AlbertVille
GEM DevelOpment ComP8l1ylLand of Lakes Stone Note Payable AmortiZation
Interest at 0CMt for the first two years; 3"- for the next three years; 5'6 for the last five years
EqualPrindp8IPaymenb
Month
Jan.
July
Jan.
July
Jan.
July
.len.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
Jan.
July
8/23/9V 9:23
Veer Payment Interest
2000 $3,750.00 $0.00
2000 $3,750.00 10.00
2001 $3,750.00 $0.00
2001 $3.750.00 $0.00
2002 $4.650.00 $900.00
2002 $4,593.75 $843.75
2003 $4,537.50 $787.50
2003 $4,481.25 $731.25
2004 $4.425.00 $875.00
2004 $4,368.75 $818.75
2005 $4,687.50 $837.50
2005 $4,593.75 $843.75
2008 $4,500.00 $750.00
2006 $4,406.25 $656.25
2007 $4,312.50 $562.50
2007 $4.218.75 $468.75
2008 $4,125.00 $375.00
2008 $4.031.25 $281.25
2009 $3.937.50 $187.50
2009 S3.843.75 1,93.75
$84,712.50 $9,712.50
'.
Principel $75,000.00
$3,750.00 $71,250.00
$3,7SO.oo .7,500.00
$3,750.00 .3,750.00
$3,750.00 $60.000.00
$3,7SO.00 $56,250.00
$3,750.00 $52,500.00
$3,750.00 $48,750.00
$3,750.00 $45,000.00
$3.750.00 $41.250.00
$3,750.00. $37,500.00
$3,750.00 $33,750.00
$3,750.00 $30,000.00
$3,750.00 $26.250.00
$3,750.00 $22,500.00
$3.750.00 $18.750.00
$3,750.00 $15,000.00
$3,750.00 "'$11,250.00
$3.750.00 $7.500.00