14-20 Cedar Glen Bond Ordinance Addendums

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File'-i 't" Cllerrk'ss Office MAR 1 8 2020 PROMISSORY NOTE DAWN M, CITY CLERK,SOUOTHBEND, IN $3,081,732.00 , 2020 FOR VALUE RECEIVED, MAH CEDAR GLEN, LP, an Indiana limited partnership having a mailing address of (hereinafter referred to as "Borrower") and MERCHANTS AFFORDABLE HOUSING CORP., an Indiana nonprofit corporation (hereinafter collectively referred to as "Co-Maker", and together with Borrower, hereinafter referred to collectively as "Maker"), unconditionally promises to pay to the order of CITY OF SOUTH BEND, INDIANA (hereinafter referred to as "Issuer"), at its offices or at such other place or to such other party as Issuer may from time to time designate, the principal sum of Three Million Eighty-One Thousand Seven Hundred Thirty-Two and 00/100 Dollars ($3,081,732.00), or so much thereof as shall be advanced to or for the benefit of Maker, with interest on the principal balance from time to time remaining unpaid as provided for in this Promissory Note(hereinafter referred to as this "Note"). TERMS, PROVISIONS AND CONDITIONS 1. Definitions. In addition to the words and phrases defined elsewhere in this Note, the following terms shall have the meaning indicated when capitalized and used herein: "Adjusted LIBOR" shall mean, for each LIBOR Interest Period, a rate per annum determined by Issuer to be equal to a fraction, (a) the numerator of which is equal to LIBOR for such LIBOR Interest Period, and (b) the denominator of which is equal to the sum of(i) 1 minus (ii) the Reserve Requirement (if any) for such LIBOR Interest Period. Notwithstanding anything expressed or implied herein to the contrary, the Adjusted LIBOR shall never be deemed to be less than three and 25/100 percent(3.25%) per annum. "Applicable Rate" shall mean the rate of interest which the terms of this Note expressly provide shall be in effect from time to time with respect to the principal outstanding under this Note. "BasisPoints" shall mean an arithmetic expression of a percentage measured in p p g hundredths of a percent(i.e. 50 Basis Points equals one half of one percent). "Bondholder" shall mean Merchants Bank of Indiana. "Business Day" shall mean any day of the week (but not a Saturday, Sunday or holiday) on which the offices of Issuer are open to the public for carrying on substantially all of Issuer's business functions and on which banks in London, England settle payments and on which banks in London, England settle payments. Unless specifically referenced in this Note as a Business Day, all references to "days" shall be to calendar days.