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8H Consent Calendar 2018 1217
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8H Consent Calendar 2018 1217
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12/11/2018 7:46:49 PM
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12/11/2018 7:46:48 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
12/17/2018
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Reso 2018-160
(Approved by)
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\City Clerk\City Council\Resolutions\2018
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4 <br />security interest in the Property. This Agreement, the Note, and the Deed of Trust are <br />collectively hereinafter referred to as the “Loan Documents.” <br />NOW THEREFORE, for good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. <br />ARTICLE I <br />LOAN TERMS <br />1.1 LOAN AND NOTE. Lender agrees to loan to Borrower, and Borrower <br />agrees to borrow from and repay to Lender, the sum of Four Hundred Fifty Five <br />Thousand One Hundred Seven Dollars and Thirty Sixty Cents ($455,107.36.) upon the <br />terms and conditions and for the purposes set forth in this Agreement. The Loan shall <br />be evidenced by the Note, which shall be dated as of the Effective Date and executed <br />by Borrower substantially in the form attached hereto as Exhibit B. The Note shall be <br />secured by the Deed of Trust executed by Borrower as Trustor for the benefit of the <br />Lender substantially in the form attached hereto as Exhibit C. Lender shall disburse <br />Loan Proceeds only for the purposes set forth in Section 2.1. <br /> 1.2 INTEREST RATE; PAYMENT DATES; MATURITY DATE. <br /> (a) Interest. Interest shall accrue on the outstanding principal balance of the <br />Loan at the rate of two percent (2%) simple interest per annum commencing upon the <br />Effective Date and continuing through the date that all indebtedness and other amounts <br />payable under this Agreement and the Note are paid in full. Interest shall be calculated <br />on the basis of three hundred sixty five (365) days, and charged for the actual number <br />of days elapsed. <br /> (b) Payment Dates; Maturity Date. Commencing July 1, 2019, and annually <br />on July 1 thereafter through the Maturity Date (each, a "Loan Repayment Date") <br />Borrower shall make annual payments of principal and interest in the amount of at least <br />Fifty Thousand Six Hundred Fifty Five Dollars and Fifty Two Cents ($50,655.52)("Loan <br />Repayment Amount"). The entire indebtedness including any remaining interest and the <br />principal, shall be due and paid in full upon the Maturity Date (defined below). The entire <br />outstanding principal balance of the Loan, together with any accrued interest and all <br />other sums accrued hereunder shall be payable in full on the tenth (10th) anniversary of <br />the Effective Date of this Loan (the “Maturity Date”). Payments shall be credited first to <br />any unpaid late charges and other costs and fees then due, and then to accrued <br />interest. In no event shall any amount due under this Loan become subject to any <br />rights, offset, deduction, or counterclaim on the part of Borrower. <br /> (c) Late Payment Penalty. In the event Borrower fails to pay the Loan <br />Repayment Amount by the close of business on the tenth (10th) business day after the <br />Loan Repayment Date, Borrower shall pay to Lender as a late fee 5% of the Loan <br />Repayment Amount (the “Late Payment Penalty”). <br />
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