HomeMy WebLinkAboutIV. b. Gardner House L.L.C. (Hastings Beauty School) - Amendment to Promisary NoteAMENDMENT TO PROMISSORY NOTE
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This Amendment to Promissory Note is made as of the 9day of November,
2010, and amends that certain Promissory Note (the “Note”) originally dated as of June
21, 2005, executed and delivered by Gardner House, LLC, a Minnesota limited liability
company (“Gardner House”) to the Housing and Redevelopment Authority In and For the
City of Hastings, Minnesota (the “Authority”), which note has been assigned by the
Authority to the Hastings Economic Development and Redevelopment Authority
(“HEDRA”).
Gardner House and HEDRA agree that the Note is hereby amended in the
following respects:
1.As of the date hereof the outstanding debt evidenced by the Note is
$40,422.10consisting of $32,907.97in principal amount and $7,514.13 in accrued
interest.
2.Effective as of June 21, 2010, and continuing until the entire principal
amount of the Note and all accrued interest have been paid in full, interest on the unpaid
principal amount of the Note shall accrue at the rate of seven percent (7%) per annum.
3.The payment schedule attached to the Note is hereby replaced by the
payment schedule attached to this Amendment.
4.Except as specifically amended herein, all other terms of the Note shall
remain in full force and effect.
IN WITNESS WHEREOF
, HEDRA and Gardner Househave executed this
Amendment as of the date first written above.
HASTINGS ECONOMIC DEVELOPMENT
ANDREDEVELOPMENTAUTHORITY
By: _______________________
Kurt Keena, President
GARDNER HOUSE,LLC
By: _____________________
Its: _______________
AMENDED PAYMENT SCHEDULE