Reso 1997-071 to 075 - Laserfiche WebLink

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SECTION 7.09 BORROWER NO AGENT Except as City may specify in writing, BORROWER shall have no authority, express or implied, to act on behalf of City in any capacity whatsoever as an agent. BORROWER shall have no authority, express or implied, pursuant to this AGREEMENT to bind the City to any obligation whatsoever. SECTION 7.10 PRIOR AGREEMENTS SUPERSEDED This AGREEMENT together with the PROMISSORY NOTE, PERSONAL SECURITY AGREEMENT, SECURITY AGREEMENT, EMPLOYMENT AGREEMENT, AND REGULATORY AGREEMENT, constitutes the only agreement of the parties and supersedes any prior understandings or written or oral agreements between the parties respecting the subject matter of this AGREEMENT. ARTICLE VIII: PREPAYMENT The BORROWER has the ability to prepay the principal balance of the LOAN, at any time or from time to time, in whole or in part without premium or penalty. Any prepayment of principal must be accompanied by interest accrued but unpaid hereunder to the date of receipt of prepayment. Prepayments shall be applied first to accrued but unpaid interest and then to principal in reverse chronological order of installment maturity dates under the PROMISSORY NOTE. IN WITNESS WHEREOF, the parties hereto have each caused this AGREEMENT to be duly executed as of the day and the year first written above. BORROWER: Address: Ruby Sung 145 Pelton Center San Leandro, CA 94577 BY: Ruby Sung, idden W r inese Restaurant LENDER: City of San Leandro ADDRESS: Department of Development Services 835 East 14th Street San Leandro, CA 94577 SIGNATURE: is, City Manager APPROVED AS TO FORM: Meyers, City A orney APPROVED AS TO BUDGET: Jim O Leary,�Assistant Finance Director Loan Agreement \J Page 11 of 11