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HomeMy WebLinkAboutA003 - Amendment to Loan Agreement dated January 1, 1994 AMENDMENT TO LOAN AGREEMENT • This Amendment ( the "Amendment" ) is dated as of January 1 , 1994 ( the "Amendment Date" ) between the City of Ames , Iowa, a municipal corporation organized under the laws of the State of Iowa ( the "Issuer" ) and Pyle Office Park Partnership, an Iowa General Partnership, ( the "Company" ) . WITNESSETH: WITEREAS, the Issuer and the Company have entered into a Loan Agreement dated as of January 1 , 1992 ( the "Agreement" ) pursuant to which the Issuer has loaned to the Company the proceeds from the sale of the Issuer ' s Commercial Development Revenue Refunding Bonds (Pyle Refunding Project) , Series 1991 ( the "Bonds" ) ; and WHEREAS, the Company and the holder of the Bonds have agreed to a change to the terms of the Bonds , and the Issuer has adopted a resolution approving such changes; and WHEREAS, a corresponding change must be made to the Agree- ment and such change has been agreed to by the Issuer and the Company (with the consent of the holder of the Bonds ) . NOW, THEREFORE, the parties hereto agree as follows : • Section 1 . The first paragraph of Section 5 . 2 of the Agreement is hereby amended to read as follows : Section 5 . 2 Loan Payments And Other Amounts Payable . Borrower agrees to pay to Purchaser in imme- diately available funds for the account of the Issuer, and as repayment of the Loan on or before February 1, 1992 , and the first day of each month thereafter until the principal of , premium, if any, and interest on the Bonds shall have been paid or provided for in accor- dance with the Resolution an amount equal to the amount payable on such date as principal (whether at maturity, or upon redemption or acceleration) , premium, if any, and interest on the Bonds as provided in the Resolu- tion. Effective on January 1 , 1994 , the interest rate on the Bonds shall be reduced from eight percent ( 8% ) per annum to seven percent ( 7% ) per annum and, in order to reflect the reduction in the interest rate, the monthly payments on the Bonds , beginning with the pay- ment due on February 1 , 1994 , shall be reduced to Seven Thousand Two Hundred Eighty-five Dollars and Seventy-three Cents ( $7 , 285 . 73 ) . Section 2 . Except as modified herein, the parties reaf- firm the Ayreement as originally executed. • -2- • In Witness Whereof, the parties hereto have executed this Amendment as of the date first above written. CITY AMES, PWA Larry C tis, Mayor (SEAL) Attest: Sandra Ryan, City Clerk PYLE OFFICE PARK PARTNERSHIP, an Iowa General Partnership • Doug as G. Pyre, General; Partner Dennis D. Pyle, General Partner Joyc P 1 �oper, Gdneral Partner Virginia M. Pyle Irrevocable Trust Number One), General Partner By: Dennis D. Pyle, Trustee Virginia M. Pyle Irrevocable Trust Number Two, General artner By: Dod§lai6 G. Kyle, Trustee • i -3- Virginia M. Pyle Irrevocable Trust Number Three, General Partner By: "", a'� Joyoej lyle ooper, Tru tee Virginia M. Pyle Irrevocable Trust Number Four, General ,,,Partner By: -... D ugl G. e, Trustee Virginia M. Pyle Irrevocable Trust Number Five, General- Partner- By: �— Dennis D. Pyle, -Trustee • SE6 :E6135101 . 93