HomeMy WebLinkAboutContract 2011 2400 ,„
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9 NDUIVI
MEM0
TO: CITY OF COLUMBIA HEIGHTS
590 40TH AVE NE
COLUMBIA HEIGTS, MN 55421
FROM: Center for Energy and Environment
RE: Loan Payment
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Loan Number: 6271
Loan Amount: $18,549.41
Payment Amount: $611.27
Payment Date: October 12, 2011
Please make checks payable to Community Reinvestment Fund and mail it to:
CR?
SDS 12-2830
PO Box 86
Minneapolis, MN 55486-2830
A coupon book will be sent to yeoauwithin call Ic RF a
the next 612-338-3050.
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Ifyozi have any question, please a
LMATAN664\osesioandocs.doc
OS/06/2011 12: 58 6123793875 UNIVERSITY TECH
09/06/1111:32 FAX 612 335 5888 CENTER FOR ENERGY & N V E I
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. 13usiNEss COMPLETION CERTIFICATE CentOr f r)r EllerZY
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Deater/Contrator Statemeli t Ph (512) 35-5885 Fay, (12) 335-5t
, - Eadurano_SA r eC tdo Ina ,TaVe KC',''____.k.-381C4-----,--------- (firm name) cRrilfle.s that we ingalled the following!
22108Niumb" e 'Trial NortI4, Scold; MN .
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'LO AN DFT ATT. •
Pr*t, oOst ( $ 19,g=_ far e 1 :
ent, $ 14816,48 •
for Labor) $ ' 27,09128 EnetOY saviniis
— ...........„.......„....--,.........._
Amount of Xtal Energy rebate, if any @ulthract tritS =Cunt) $ ( g 741,83 ) $6,7g5/yr
Not Projeot Opat — $ 1sa49.41 Pa's/bat*
-
Loan prosins ftie $ 200.00 17 yr
, — - — .
Loan Mount Asitiestod $ 3,8
in the building of. '
Business Name elty of Co.litabie...
Street Address 9 40 Ave NE cit cobana.bifilleials State IviN Zip 55421
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Dealer/Contractor Name: 'udiarane e r.aectvie Inc Mate: 1 :4a
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. Authorized Rgnature; ,, ' - ill • Trtie: Ot-i•irt -e7
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Customer .Statement
The undersigned hereby certifies that all cidiuiprnent and materials included in The sales price, including any change
. , ()criers, have bean itIMisheri and instAlled, and that the work has been completed satisfacEorily as of this date. Center
for Energy artd ErMronment (cEp and Xcel eery (if appilc;able) see hereby authorted to pay the Dealer/Contractor
directy. .
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mear....... • . .................— 111111IL
NOTICE TO BUYR.: . Dta:
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DO NOT 8IGN this ceriificata uhtti you are completuly Ma 1 fi '
Busin f....= = ma: C • ,,, C0 _if...* g .17 I
matfseri thatthe Dealerioarktraator has iLdfiii,s4 Ilia Ath r ad
u Signature: AN....._ .,..! 4.41 .4Pill
obligzeoh to you and tot wa& or equipment has . – ri ,
gatIstoPtorilY comPlated- , '.. r •
Title: 46 . --4-
__ (Read before signing)
1,.................° ......
it le understood by the buyer and the Dealer/Contractor that the Dealer/Contraeibr is .E1.11 independent contractor and
not an agent of Xcel Energy or Center for Energy arid Environment (CEE). it le 'fort:her understood that Xcel Enemy
and CEE. make no warranties, expressed or implied, concerning The above desonbed equipment or workmanship.
Xcel Energy and CE shall not be reeponSIble for any defect in equipment or workMenShip such defects being the
sole responeibty of the D1421er/Contractor.
•
Pas* 1 of 1 Eltines 5 Completion CallifiCate 1 agt Fli9i51
k:Eilitlisitt;COMPLETION.CERTIFICATE: Center for Energy
and Environment
wwwmncenmg
Jim Hasnik Email:
Dealer/Contractor Statement t mu(6zg»a5'suns Fax (6c) ss5-5uxx
Bndurance Electric Inc (Dave Kotaska) (flrm name) certifies that we instaHed the fotlowing:
22108 Manning Trial North, Scandia, MN
Project cost ( $ 16,272.70 for Equipment, $ 10,818.58 for Labor) $ 27,091.28 Energy Savings
Amount ofXm°| Energy r bate, if any (subtract this amount) | $ ( 8,741.88 ) $6
Net Project Cost 10,349.41 Payback
Loan processing fee w 200.00 2.7 yr
Loan amount requested 18
In the buuding of:
Business Name City of Columbia. Heights
Street Address 950 40th Ave NE City Columbia Heights State MN Zip 55421
Dealer/Contractor Name' Date:
•
AuthoMzedG(gnotuns: \/ Title: / `' `
Customer Statement
�������m�����l� ������n��������
The undersigned hereby certifies that all eqequipment and materiats inciuded in the sales prce, including any change
orders, have been furnished and installed, and that the work has been completed satisfactorily as of this date. Center
for Energy and Environment (CEE) and Xce Energy (if applicable) are hereby authorized to pay the Dealer/Contractor
directly.
Date: �� � / ~- v�
NOTICE TOBDYEF�: ' '
Business Name: Ci --'
oo NOT mGw this certificate until p|�e|v �
satisfied that the Dealer/Contractor has fulfilled his Autho nature
'--- — ' '
satisfactorily completed. Title: �� J//
' w ' (°°� - ^�- -
U (Read before signing)
It is understood by the buyer and the Dealer/Contractor that the Dealer/Contractor is an independent contractor and
not an agent of Xcei Energy or Center for Energy and Environment (CEE). It is further understood that Xcel Energy
and CEE make no warranties, expressed or implied, concerning the above described equipment or workmanship.
Xcel Energy and CEE shall not be responsible for any defect in equipment or workmanship; such defects being the
sole responsibility of the Dealer/Contractor. |
Page 1 of 1 Business Compretion Certificate ProgomID# 629151
CEE LOAN PROG " M
Request for Credit Verification
To Be Completed by Applicant
Name of Applicant Address of Applicant
City of Columbia Heights 590 40 Ave NE 55421
I authorize release to the CENTER FOR ENERGY AND ENVIRONMENT of my credit history for my
XCEL ENERGY account for the past 12 months from the date of request.
My Account Number is 51-8684074-4
My Fax Number is 763.706.3671
My email is_scott.clark@ci.columbia-
heightsemn.us
4, /
Borrower's Signat / i Date
PLEASE RET ' THIS FO ' TO:
Center for Energy and Environment
FOR MO ' INFO ATION CALL: 212 3 Avenue North, Suite 560
Jim Hasnik at (612) 335-5885 Minneapolis, MN 55401
Fax: (612) 335-2650
Email: jhasnik@mncee.org
699/formskericred.doc
Loan No 6271
SECURITY AGREEMENT
Debtor:
Name: CITY OF COLUMBIA HEIGHTS
Address: 590 4OIH AVE N8
COLUMBIA HElGTS,MN 55421
Secured Party:
Name: Center for Energy and Environrnent
Address: 2l2 3r Avenue North, Suite 560
Minneapolis, MN 55401
1. Grant of Security Interest. For value received, Debtor hereby grants to Secured Party a
security interest in the following described property:
Commercial Lighting Equipment at 950 40 AvmN]Q, Columbia
Heights, MN654%1:
197CIT]0232 -D Fixture
394]P32T0/SPX50UECO
together with any and all replacements and additions thereto, and any and all proceeds and
products thereof (the "Collateral").
Obligations Secured. This Agreement secures the payrnent and performance of (i) all
obligations under that certain Loan Note dated September 12, 2011 made by Debtor in favor of
Secured Party in the principal amount of $18,549.41 (the "Note"), including all costs and
expenses (including reasonable attorneys' fees) incurred by Secured Party in the disbursement,
administration and collection of the loan evidenced by the Note; (ii) all costs and expenses
(including reasonable attorneys' fees), incurred by Secured Party in the protection, maintenance
and enforcement of the security interest hereby granted; (iii) all obligations of Debtor in any other
agreement relating to the Note; and (iv) any modifications, renewals, refinancings, or extensions
of the foregoing obligations. The Note and all other obligations secured hereby are collectively
referred to herein as the "Obligations,"
2. Purchase Money Security Interest; Ownership; Restrictions on TruomDnr. Debtor
acknowledges that the loan from Secured Party to Debtor that is evidenced by the Note was made
specifically for the purpose of financing Debtor's purchase ofthe Collateral, and that the security
interest granted hereby is upucobuue-z0000y security interest in the Collateral. Except for the
security interest granted hereby, Debtor is, or to the extent that the Collateral is to be acquired
after the date hereof, will be, the orvoe, of the Collateral free from any lien, security interest or
encumbrance. Debtor will not sell, lease or otherwise transfer (including by granting security
interests, liens, or other encumbrances in) all or any part nfthe Collateral or Debtor's interest in
the Collateral without the prior written consent of Secured Party. Debtor will defend the
Collateral against all claims and demands of all persons at any time c the same or any
interest therein,
3. Purpose and Location of Collateral The Collatera is purchased purchased foi' use in Debtor o
business and is located at Debtor's business address stated above, which real estate is further
described on the UCC Financing Statement Addendum attached hereto as Exhibit A and
incorporated herein by this reference. Debtor will notify Secured Party in advance of any change
in the location of the Collateral.
4. Inspection and Maintenance of Collateral; Insurance. Debtor hereby grants to Secured
Party the right to inspect the Collateral at all reasonable times and upon reasonable notice.
Debtor will: (i) maintain the Collateral in good condition and repair; (ii) pay promptly all taxes,
assessments, judgments, or charges of any kind which may be levied or assessed against the
Collateral; (iii) keep current all rent or mortgage payments due, if any, on the premises where the
Collateral is located; (iv) not use the Collateral in violation of any applicable laws, regulations or
ordinances; and (v) maintain hazard insurance on the Collateral, with an insurance company and
in an amount approved by Secured Party (but in no event less than the replacement cost of the
Collateral), and including such terms as Secured Party inay require, including a lender's loss
payable clause in favor of Seeured Party. Debtor hereby assigns to Secured Party any proceeds of
such policies and all unearned premiums thereon and authorizes and empowers Secured Party to
collect such sums and to execute and endorse in Debtor's name all proofs of loss, drafts, checks
and any other documents necessary for Secured Party to obtain such payments.
6. Organizational Changes. Debtor will notify Secured Party in writing not less than 30
days before taking any of the following actions: (i) changing or reorganizing the type of
organization or form under which it does business; (ii) moving, changing its place of business or
adding a place of business; (iii) changing its jurisdiction of organization; or (iv) changing its
name. Debtor will pay for the preparation and filing of all documents Secured Party deems
necessary to maintain, perfect and continue the perfection of Secured Party's security interest in
the event ofany such change.
6. Perfection of Security Interest. Debtor consents, without further notice, to Secured
Party's filing and recording of any documents necessary to perfect, continue, amend or terminate
its security interest. Upon request of Secured Party, Debtor will sign or otherwise authenticate all
documents that Secured Party deems necessary at any time to allow Secured Party to acquire,
perfect, continue or amend its security interest in the Collo1exol. Debtor will pay the filing and
recording costs of any documents relating to Secured Party's security interest.
7. Default. Debtor is in default under this Agreement if: (i) Debtor fails to pay, perform or
otherwise comply with any provision of this Agreement; (ii) Debtor makes any false
representation, warranty or certification in, or in connection with, this Agreement, the Note, or
any other agreement related to the Note or this Agreement; (iii) another secured party or
judgment creditor exercises its rights against the Collateral; (iv) there is a loss, theft, destruction
of damage to the Collateral; or (v) an event defined as a "default" under the
Obligations occurs. Iii the event of default and if Secured Party requests, Debtor will assernble
and make available all Collateral at a place and tiine designated by Secured Party. Upon default
and at any time thereafter, Secured Party may deciare all Obligations secured hereby immediately
due and payable, and, in its sole discretion, may proceed to enforce payment of the same and
exercise any of the rights and remedies available to a secured party by law including those
available to it under Minnesota Statutes 8§ 336.9'101 et seq.
8. Secured Party Rights. All rights conferred in this Agreement on Secured Party are in
addition to those granted to it by law, and all rights are cumulative and may be exercised
simultaneously. Failure of Secured Party to enforce any rights or remedies will not constitute an
estoppel or waiver of Secured Party's ability to exercise such rights or remedies. Unless
otherwise required under applicable law, Secured Party is not liable for any loss or damage to
Collateral in its possession or under its control, nor will such loss or damage reduce or discharge
the Obligations that are due, even if Secured Party's actions or inactions caused or in any way
contributed to such loss or damage.
9. Severability. If any provision of this Agreement is determined by a court of competent
jurisdication to be unenforceable, all other provisions will remain in full force and effect.
10. Successors and Assigns. All rights of Secured Party hereunder shall inure to the benefit of
its successors and assigns, and all obligations of Debtor shall bind its successors and assigns.
11. Joint and Several Liability. If there be more than one Debtor, their obligations and
liability hereunder shall be joint and several.
12. Debtor Certifications. Debtor certifies that: (i) its Name (or Names) as stated above is
(are) correct; (ii) all Collateral is owned or titled in the Debtor's name and not in the name of any
other organization or individual; (iii) Debtor has the legal authority to grant the security interest
in the Collateral; (iv) Debtor's ownership in or title to the Collateral is free of all adverse claiins,
liens, or security interests (unless expressly permitted in writing by Secured Party); (v) none of
the Obligations are or will be primarily for personal, family or household purposes; and (vi)
Debtor has read and understands the meaning and effect of all terms of this Agreement.
13. Governing Law. This Agreement will be governed by the laws of the State of Minnesota,
without reference to its conflicts of laws principles.
14. Effective Date. This Agreement shall become effective as of the date signed by Debtor
below.
DEBTOR:
\\,
CITY OF COLU ri; HEIGHTS
(Enti Name ,
11
fif
BY Its : Mayor
Date; September 12, 2011
Its: City Manager
STATE OF MINNESOTA,
( 2 g and Walter F eh s t, City
On this 12th day of September, 20
Manager of the CITY OF COLUMBIA HEIGHTS , a government agency to me personally known to be
the person(s) described in and who executed the foregoing instrument and acknowledged that they/she/he/it
executed the same as their/her/his/its free act and deed.
My Commission expires:
Notary P:blic
This instrument was prepared by Center for Energy and Environment at 212 3" Avenue North, Suite 560 of
Minneapolis, Minnesota, 55401
AV M R •
This instrument was drafted by:
- c
Center for Energy and Environment **
212 3' Avenue North, Suite 560 Oxivn 01412O15
Minneapolis, Minnesota 55401
ATTENTION: REAL ESTATE/LEGAL DEPARTMENT
Exhibit A
[UCC Financing Statement and Addendum]
•
UCC FINANCING STATEMENT
FOLLOW INSTRUCTIONS (front and back) CAREFULLY
A. NAME & PHONE OF CONTACT AT FILER [optional]
B. SEND ACKNOWLEDGMENT TO: (Name and Address)
rj enter for Energy and Environment
212 3rd Ave N, Ste 560
Minneapolis, MN 55401
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1, DEBTOR'S EXACT FULL LEGAL NAME-Insert only gm debtor name (1a orlb)- do notabbreviate or combine names
1a. ORGANIZATIONS NAME
— City of Columbia Heights
OR 1 b. INDIVIDUAL'S LASTNAME §11IMI MIDDLE NAME SUFFIX
1 c, MAILING ADDRESS 1 ivti N CITY STATE POSTAL CODE COUNTRY
-10
4 P Coltinithw4elefic V WC/9
i d. SEE INSTRUCTIONS ADM INFO RE le. TYPE OF ORGANIZATION lf. JURISDICTION OF ORGANIZAT 14 lg. ORGANIZATIONAL ID A If any
ORGANIZATION
DEBTOR Government j MN 41-6005069 fl NONE
2, ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME insert only op, debtor name (2a or 2b) - do not abbreviate or combine names
2a. ORGANIZATIONS NAME
OR 2b. INDIVIDUAL'S LAST NAME I1tEV.Wd MIDDLE NAME SUFFIX
2c. MAILING ADDRESS STATE POSTAL CODE COUNTRY
2d. SEE INSTRUCTIONS ADD'L INFO RE 2e. TYPE OF ORGANIZATION 2f. JURISDICTION OF ORGANIZATION 2g. ORGANIZATIONAL ID #, If any
ORGANIZATION
DEBTOR 1 1 El NONE
3. SECURED PARTY'S NAME (or NAME ofTOTAL ASSIGNEE of ASSIGNOR SFP) - Insert onlygmsecured party name (3a or 3b)
3a. ORGANIZATIONS NAME
Center for Energy and Environment
OR
3b. INDIVIDUAL'S LAST NAME FIRST NAME 'MIDDLE NAME SUFFIX
3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
— 212 3rd Ave N, Ste 560 Minneapolis MN 55401 US
4. This FINANCING STATEMENT covers the following collateral:
197 CITB232MV-D Fixture
394 F32T8/SPX50/ECO
5, ALTERNATIVE DESIGNATION (if applicable): 1LESSEEJLESSOR I 1 CONSIGNEE/CONSIGNOR BAILEE/BAILOR !SELLER/BUYER I AG. LIEN INON-UCC FILING
6, pl This FINANCING STATEMENT is to be filed [for record) (or recorded) In the REAL 17, Check to REQUEST SEARCH REPORT(S) on Debtor(s) r i`
ESTATE , ECORDS Attach Addendu (if applicable) ITIoNAI FFE1 foptionail All Debtors i Debtor 1 Debtor 2 ,
8. OPTIONAL FILER REFERENCE DATA
FILING OFFICE COPY UCC FINANCING STATEMENT (FORM UCC1) (REV. 05/22/02)
UCC FINANCING STATEMENT ADDENDUM
FOLLOW INSTRUCTIONS (front and back) CAREFULLY
9. NAME OF FIRST DEBTOR (1a or 1b) ON RELATED FINANCING STATEMENT
9a. ORGANIZATION'S NAME
OR City of Columbia Heights
9b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME,SUFFIX
1 0.MISCELLANEOUS:
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
11. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - Insert only one_ name (11a or 11b) - do not abbreviate or combine names
11 a. ORGANIZATION'S NAME
OR
11b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX
11c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
11d. SEE INSTRUCTIONS ADDL INFO RE I 11e. TYPE OF ORGANIZATION 11f. JURISDICTION OF ORGANIZATION 11g. ORGANIZATIONAL ID #, if any
ORGANIZATION
DEBTOR 1 � D NONE
12. ADDITIONAL SECURED PARTY'S or 1 ASSIGNOR SIP'S NAME - insert only mg name (12a or 12b)
12a. ORGANIZATION'S NAME
OR 12b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX
12c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
13. This FINANCING STATEMENT covers timber to be cut or El as- extracted 16. Additional collateral description:
collateral, or Is filed as a e fixture filing.
14. Description of real estate:
Lots 24 thru 26 and that part of Lot 27, Block 6,
Reservoir Hills together /with Lots 20 thru 22 and that
— part of Lot 23, Block 1 Waltons rearrangement of
Lots 33 & 34, Block 6, Reservoir Hills together with
vacated alley abutting said Block 1 lying Easterly of
the following described line: commencing at a poing
on South line of said Block 1, 18 feet West of
Southeast corner of Lot 23 said Block 1, then
Northerly on a line 18 feet West and parallel West
East line of said Lot to the North line of Block 6,
Reservoir Hills, except part platted as regular land
survey No. 250, except road subject to easement of
record
15. Name and address of a RECORD OWNER of above - described real estate
(if Debtor does not have a record Interest):
17. Check only If applicable and check only one box.
Debtor Is a n Trust or ❑ Trustee acting with respect to property held In trust or ❑ Decedent's Estate
18. Check only if applicable and check only one box,
❑ Debtor Is a TRANSMITTING UTILITY
Ei Filed In connection with a Manufactured -Home Transaction — effective 30 years
0 Flied In connection with a Public- Finance Transaction — effective 30 years
FILING OFFICE COPY — UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad) (REV, 05/22102)
INFORMATION ON OWNERS/GUARANTORS
Note: Non-Profits, Government entities, churches and publicly traded companies do not need to complete this section
Guarantors must add up to at least 50% ownership of the business. (Attach additional sheet if necessary)
Name Social Security number DOB % of Business owned Annual Income
Home address City State Zip
Name Social Security number DOB % of Business owned Annual income
Home address City State Zip
Name Social Security number DOB % of Business owned Annual Income
Home address City State Zip
AUTHORIZATION FOR DISCLOSURE OF PERSONAL /GUARANTOR CREDIT INFORMATION
By signing below, the undersigned individual (who is either a sole proprietor, a partner, or a personal guarantor of the
Applicant) authorizes and instructs CEE to obtain and review the individual's personal credit file from a credit reporting agency. A
photocopy or facsimile copy of this authorization bearing the signatures of the undersigned is valid as an original.
X Ji � X
Guarantor Signature Name (Please Print) Date
X /44 X
Guarantor Signature Name (Please Print) Date
X Ii X
Guarantor Signature Name (Please Print) Date
APPLICANT'S SIGNATURE AND AUTHORIZATION FOR DISCLOSURE OF BUSINESS CREDIT INFORMATION
By signing below, I acknowledge and attest that I am authorized to make this application and the authorizations and agreements below
on the Applicant's behalf, and that all information contained in and submitted with this application is true, correct and complete.
I further authorize and consent to the release of information to Center for Energy and Environment ( "CEE ") from any source, including
without limitation credit reporting ages '-s and the personal, bank, and trade references listed above, that may be requested by CEE in connection
with this application, and the sharing 4a f suctiinformation by CEE with third parties for purposes of this application. The Applicant hereby agrees to
release and hold CEE and its employe 5, managers, and directors harmless from, and indemnify them against, any claims or liabilities whatsoever
arising out of or relat -d to CEE's proc rement or sharing of such information for such purposes.
A phot. ' or facsimile co .y of a r horization bearing the signatur-- of the und-rsign- • s valid as an original.
( .4 :. ,
Authorized signature if applicant) (Authorized signatur- of applicant) Dat /
X Gary Peterson /Mayor and Walter
Fehst /City Manager
(Print or type name of authorized agent)
Information Required
U Credit Application ❑ Financial Statements ❑ Vendor's Proposal /Contract
Notice:
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color,
religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the
applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer
Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission,
Equal Credit.Oppoctunity, Washington, DC 20580. If your application for business credit is denied, you have the right to a written statement of the
specific reasons for the denial. To obtain the statement, please call or send a written request within 60 days of the date you are notified of the
decision to: Center for Energy and Environment, 212 3 Avenue North, Suite 560, Minneapolis, MN 55401; Tel: (612) 335 -5885. We will send you a
written statement of reasons for the denial within 30 days of receiving your request for the statement.
Return completed application to:
Center for Energy and Environment
212 3` Avenue North, Suite 560
Minneapolis, MN 55401
Attn: Jim Hasnik
jhasnik @mncee.org
Ph (612) 335 -5885
Fax (612) 335 -2650
LOAN NOTE
Non - Consumer
Note No. 6271 September 12, 2011
Creditor: CENTER FOR ENERGY AND ENVIRONMENT
212 3 Avenue North, Suite 560
Minneapolis, MN 55401
Borrower: CITY OF COLUMBIA HEIGHTS 41- 6005069
(Name) (Social Security or Tax I.D. No.)
590 40TH AVE NE
COLUMBIA HEIGTS, MN 55421
(Address)
Co- Borrower
Name (Social Security or Tax I.D. No.)
Address
The undersigned Borrower(s) (referred to herein as "Borrower ") (jointly and severally if more than one)
promise(s) to pay to the order of the Creditor named above (referred to herein as "Creditor ") at the address listed
above, or whatever location Creditor may specify, the sum of Eighteen Thousand Five Hundred Forty Nine
and 41/100 Dollars ($18,549.41) to improve the property at 950 40111 AVE NE, COL IA HEIGHTS MN
55421.
INTEREST Together with interest thereon until paid at the rate of 3.9% per annum. Unless otherwise
RATE indicated, interest will be charged for the actual number of days in each interest period on the
basis of a 360 day year.
PAYMENT This Promissory Note ( "Note ") is payable in 32 monthly payments of $611.27 each on the
SCHEDULE 12th day of each month, starting on October 12, 2011 and a final payment on May 12, 2014.
A payment schedule may be requested from the Creditor.
This Note is secured by a separate security instrument.
SECURITY, This Note may be prepaid at any time without penalty. Prepayments will be applied first to
PREPAYMENT accrued and unpaid interest, and the remainder, if any, will be applied to reduce the principal
balance.
Upon any default by Borrower where Creditor deems it necessary to employ an attorney to enforce collection
and/or acquire possession of any property given as security for this Note, Borrower agrees to pay Creditor's costs
of collection and reasonable attorneys' fees.
THIS NOTE IS SUBJECT TO THE ADDITIONAL TERMS AND CONDITIONS SET FORTH ON THE
FOLLOWING PAGE OF TIHS NOTE, THE SAME BEING INCORPORATED IFEREIN BY
REFERENCE.
IN TESTIMONY WHEREOF, the Borrower has caused this Note to be signed and delivered as of the date first
above written, with all nec scary corporate and/or other action having been first and duly taken.
� f �
F i _ E SS ENTI TES
(CITY OF COL 1IA 1 GHTS)
By Gary Peterson By Walter Fehst
Its Mayor Its City Manager
ADDITIONAL TERMS
(Continued from the other side)
Borrower hereby represents, warrants, covenants and agrees as follows:
PARTIES
Each party to this Note, whether Borrower (or any individual or entity which comprises Borrower) or any Guarantor(s), and all others who
may become liable for all or any part of the obligations under this Note, do hereby jointly and severally waive presentment, demand,
protest, notice of protest and/or dishonor, and also notice of acceleration of maturity on default or otherwise. Further, they agree that
Creditor may, from time to time, extend or renew this Note for any period (whether or not longer than the original term of this Note) and
grant any releases, compromises or indulgences with respect to the Note or any extension or renewal thereof or any security therefore or to
any party liable hereunder or thereunder, all without notice to or consent or any of the undersigned and without affecting the liability of the
undersigned.
INTEREST RATE
Notwithstanding anything to the contrary in this Note, the rate of interest on this Note shall not exceed the maximum rate (if any) allowed
by law for this type of loan. If for any reason the effective rate of interest on this loan should at any time exceed the maximum lawful rate,
the effective rate shall be deemed reduced to and shall be such maximum lawful rate, and any sums of interest which have been collected in
excess of such maximum lawful rate shall be applied as a credit against the unpaid balance due under this Note.
EVENTS OF DEFAULT
Borrower will be in default under this Note upon the occurrence of any of the following events or circumstances: (1) Borrower's failure to
make a payment of principal and/or interest required under this Note when due; (2) Borrower's failure to comply with any other terms,
convenants or conditions of this Note, any separate security instrument which secures this Note, or any other agreement Borrower may
have with Creditor at any time; (3) if any warranty or representation made herein or any information in Borrower's application or any
financial statements made or submitted to Creditor by or on behalf of Borrower in connection with this Note or to induce Creditor to make
this loan proves to be false, misleading or incomplete in any material respect when made or furnished; (4) if Borrower or any endorser,
guarantor or surety for Borrower in connection with this Note (hereinafter termed "Surety") should die or become insolvent or generally
unable to meet his, her or its obligations as they become due; (5) if a petition should be filed or other proceedings should be started under
the Federal Bankruptcy Code or any State insolvency statute by or against Borrower or any Surety; (6) if a judgment or tax lien should be
filed against Borrower or any Surety; (7) if a receiver should be appointed for Borrower or any Surety; (8) if a writ or order of attachment,
levy or garnishment should be issued or any proceeding should be started against Borrower or any Surety or any of his or its property,
assets or income, to include anyone's starting a suit or proceeding to seize any of Borrower's or any Surety's funds on deposit with Creditor;
(9) if Borrower permits any other lien holder to gain priority on any lien or security interest of the security instrument(s) which secures this
Note, except for any prior security interest disclosed in writing to Creditor that is outstanding when Creditor records its security interest to
secure this Note; (10) if Borrower should sell, transfer, convey or encumber any portion of or any interest in any collateral securing this
Note without Creditor's prior written consent; (11) if Borrower shall allow any mechanic's lien to be filed against any property which was
given as security for the Note, if such mechanic's lien is not released or discharged within ten (10) business days; or (12) if Creditor should
consider any debts due under this Note unsafe or not completely secure, or if Creditor should believe, in good faith, that the prospect of
Borrower's payment or other performance under this Note is unpaired or that the condition or value of the collateral (if any) which secures
this Note has significantly deteriorated.
ENTIRE BALANCE DUE; RIGHT OF SET -OFF
If any of the above defaults should occur, Borrower's obligations evidenced by this Note shall immediately become due and payable,
without notice or demand. Upon default, Creditor is hereby authorized to exercise its right of set -off with respect to any funds, certificates
of deposit, bonds, notes, or other instruments or monies deposited with Creditor, without notice or demand.
REPRESENTATIONS
All statements made by Borrower in the Business Credit Application ( "Application ") were true when made and are true as of the date of
this Note. The proceeds of the loan will be used only for those business purpose(s) set forth in the Application, and not for any personal,
family or household purposes. The proceeds of the loan will not be used to pay off other loans, or to do other things that do not improve
the energy efficiency of the property to be improved. Loan funds will be spent for the allowable purpose(s) set forth in the Application
within sixty (60) days from the date hereof. Except as previously disclosed to Creditor in writing, Borrower has at least one -third (1/3)
interest in the property to be improved, either as owner or as a buyer under a contract for deed.
REMEDIES UPON DEFAULT
Upon default, Creditor shall be entitled to exercise all of its rights and remedies authorized by law to enforce the terms of this Note and
collect the full amount then owed by Borrower, including the rights and remedies provided in this Note, in any guaranty of Borrower's
obligations evidenced by this Note and in any security instrument which secures this Note. Creditor's failure or delay in exercising any
rights upon default shall not constitute a waiver of those rights. Acceptance by Creditor of any partial payment after any default shall not
be considered a waiver or forgiveness of any default in payments or other default.
GOVERNING LAW
The law of Minnesota governs this Note.
Endorsement Without Recourse,
Pay to the Order of
Creditor: Center for Energy and Environment
By:
Its: