Reso 1996-021 to 025 - Laserfiche WebLink

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CITY OF SAN LEANDRO SMALL BUSINESS LOAN FUND LOAN AGREEMENT THIS AGREEMENT, dated February 20, 1996, is entered into by and between the CITY OF SAN LEANDRO, a municipal corporation hereinafter designated the LENDER, and Carol lohnson, hereinafter designated the BORROWER, pursuant to the SMALL BUSINESS LOAN FUND of the CITY OF SAN LEANDRO. To induce LENDER to make the LOAN, instruments or agreements on an even date DOCUMENTS): PROMISSORY NOTE PERSONAL SECURITY AGREEMENT SECURITY AGREEMENT CDBG EMPLOYMENT AGREEMENT REGULATORY AGREEMENT BORROWER shall also enter into the following herewith (collectively known as the LOAN Exhibit A Exhibit B Exhibit C Exhibit D Exhibit E WHEREAS, BORROWER wishes to borrow from LENDER the principal sum of Thirty Thousand Dollars Dollars ($30 000 , and LENDER is willing to lend such sum to BORROWER on the terms and conditions herein contained. WHEREAS, the LENDER is willing to make such a loan to the BORROWER on the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows: ARTICLE I: THE LOAN SECTION 1.01 LOAN Subject to the terms and conditions of this AGREEMENT and execution of loan documents, LENDER hereby agrees to loan to BORROWER, and BORROWER hereby agrees to borrow from LENDER and repay LENDER, the amount of Thirty Thousand Dollars ($30 000 , which shall bear interest at the rate of five percent (5%) per annum on unpaid principal and interest, until the principal and interest are paid in full, hereinafter designated as the LOAN. SECTION 1.02 PROMISSORY NOTE The LOAN shall be evidenced by BORROWER's PROMISSORY NOTE dated concurrently with this Agreement substantially in the form of Exhibit A incorporated herein by this reference. The PROMISSORY NOTE shall, at the latest, mature on the seventh anniversary date following the date hereof, and any remaining balance owed LENDER shall be due and payable. SECTION 1.03 PREPAYMENT BORROWER may, without penalty or premium, prepay principal on LOAN as provided for in the PROMISSORY NOTE.