HomeMy WebLinkAboutPROMISSORY NOTE ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT REVOLVING FUND
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PROMISSORY NOTE
ECONOMIC DEVELOPMENT REVOLVING LOAN FUND
$25.000.00
DATE: OCTOBER 1.2008
FOR VALUE RECEIVED, the undersigned promise(s) to pay to the order of AUGUSTA-
RICHMOND COUNTY. GEORGIA AND TO BE CREDITED TO THE ECONOMIC
DEVELOPMENT REVOLVING LOAN FUND PROGRAM OF AUGUSTA'S HOUSING &
COMMUNITY DEVELOPMENT DEPARTMENT the principal sum of TWENTY-FIVE.
THOUSAND DOLLARS AND NO CENTS, ($25,000.00) with interest from date at the rate
of THREE AND THREE/FOURTHS percent (3.75%) per annum on the unpaid balance until
paid. Principal and interest shall be payable at the office of HOUSING AND COMMUNITY
DEVELOPMENT DEPARTMENT. 925 LANEY WALKER BOULEVARD. 2ND FLOOR.
AUGUSTA. GA 30901 or such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of TWO HUNDRED FIFTY
DOLLARS AND FIFTEEN CENTS ($250.15), commencing on the first day of
DECEMBER, 2008, and continuing on the first day of each month thereafter until this note
is fully paid except that, if not sooner paid, the final payment of principal and interest shall
be due and payable on the first day of NOVEMBER. 2018.
As an additional consideration, the borrower agrees to create a minimum of one job
position for a low to moderate income person. The job position must be filled no later than
90 days after execution of contract.
Borrower's privilege is reserved to prepay at any time, without premium offee, the entire
indebtedness or any part thereof in an amount not less than the amount of one installment,
of One Hundred Dollars and no cents ($100.00), whichever is less. Prepayment in full shall
be credited on the date received.
It is agreed that time is of the essence of this contract and that if any deficiency in the
payment of an installment under this note is not made good prior to the due date of the
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(5%) per centum of any installment when paid more that fifteen (15) days after the due
date thereof to cover the extra expense involved in handling delinquent payments.
In the event of default in payment of this note, and if the same is collected by an
attorney at law, the undersigned agree(s) to pay all costs of collection, including a
reasonable attorney's fee.
Borrower shall be in default upon a breach of this Promissory Note, specifically including,
but not limited to:
· Breach of any of the terms of covenants contained in this Loan Agreement;
. Material misrepresentations made by Borrower to Lender;
. Failure to punctually pay the Note when and as due;
. Failure to punctually pay other loans when and as due;
. Bankruptcy or transfer of assets in bulk;
. Failure to cure other defaults within a grace period of fifteen (15) days;
The undersigned further agree(s) that within the same ten-day period and at the
permanent loan closing,
DISCLOSURE NOTICE
THE AMOUNT OF THE LOAN IS ...................................................$25,000.00
THE INTEREST TO BE PAID ON THIS LOAN .................................$ 5,018.37
THE ANNUAL PERCENTAGE RATE IS 3.75%
TOTAL $30,018.37
PAYMENTS - Payments for principal and interest shall be 120 installments of $250.15
beginning on the 1st day of December 1. 2008 and on the 1st day of each month
thereafter. The last installment of all accrued interest and unpaid principal, estimated to be
$5.018.37 is payable on November 1. 2018. .
LATE CHARGE - Borrower shall pay to the Loan Servicing Agent a late charge not
exceeding (5%) per centum of any installment when paid more that fifteen (15) days after
the due date thereof to cover the extra expense involved in handling delinquent payments.
PREPAYMENT - There is no penalty for prepayment.
SECURITY INTEREST - The Augusta Economic Development Revolving Loan Program
reouires thF! nwnF!r tn nrn\lirlp nj:>rc::nn~1 ~nrl/nr hllc::inoc::c:: ~c::cotc f,.,,. c,.,..,.,...oc ,.,f ,...,.,II<:lto,.<:l1
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WHEREFORE, the undersigned have set their hands and seals as of the date first
above written.
The Villa, Inc.
OWNER
By:
Ih~0jJ;~~
, Anneliese Neises
As its President
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(Plain Witness) ~
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This contract is entered into by and through its authorized agents:
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'Chester A. Wheeler III
Director AHCDD
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Fre rick L. Russell
C' Administrator
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- Chiquita
General