10A Action 2013 0204 - Laserfiche WebLink

Home

DRAFT Loan Agreement between City and SLUSD [v2, 011513] 1293335-1 6 PROMISSORY NOTE $1,250,000.00 San Leandro, California FOR VALUE RECEIVED, the San Leandro Unified School District, a political subdivision of the State of California (the “District”) promises to pay to the City of San Leandro, a municipal corporation (the “City”) in lawful money of the United States of America, the principal sum of one million, two hundred fifty thousand dollars ($1,250,000.00) or so much thereof as may be advanced by City from time to time pursuant to the Loan Agreement referred to herein, in the manner provided below, together with interest on the outstanding principal balance in accordance with the terms and conditions described herein. Interest shall accrue on the outstanding principal balance commencing upon the date of disbursement thereof for fifteen years for the term of the Loan until the Loan is paid in full, as follows: Years 1 – 3: 1.5% simple interest per annum Years 4 – 10: 3% simple interest per annum Years 11 -15: 5% simple interest per annum Interest shall be calculated on the basis of a year of 365 days and charged for the actual number of days elapsed. This Promissory Note (this “Note”) has been executed and delivered pursuant to and in accordance with that certain Loan Agreement dated as of _____________, 2013, by and between District and City (the "Loan Agreement"), and is subject to the terms and conditions of the Loan Agreement which is by this reference incorporated herein and made a part hereof. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Loan Agreement. 1. PAYMENTS 1.1 MATURITY DATE. The entire principal balance outstanding under this Note, together with interest accrued thereon and any other sums accrued hereunder, shall be due and payable in accordance with the amortization Schedule provided in Exhibit B, which is incorporated herein and made a part hereof.