HomeMy WebLinkAboutPROMISSORY NOTE WOMENS DIVISION DIVISION
PROMISSORY NOTE
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Augusta, Georgia
18th September, 2007
FOR VALUE RECEIVED, the undersigned New Bethlehem Community Center (Borrower)
promises to pay to the order of AUGUSTA, GEORGIA, its successors or assigns, (Lender) the sum of
$75.842.50 the said sum bearing no interest unless in default and called for payment. Payable at the
HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT, 925 Laney-Walker Boulevard,
AUGUSTA, GEORGIA 30901, or at such other place as Lender may designate by writing to Borrower.
Undersigned has also this date granted to lender a Community Development Block Grant for a
term of five years. The amount of this note is a loan but becomes incrementally an absolute grant at the
completion of five years from date in that at the end of one year from date 20% thereof shall abate, at the
end of two years from date an additional 20% shall abate, and so on for each of the remaining years.
This note is Quaranteed by the Women's Division of the General Board of Global Ministries of the
United Methodist Church (Guarantor). by a Guarantee executed on .2007.
The abatement is conditional upon Borrower both properly maintaining the facility and continuing
to operate a community center on the property where this facility islocated. In the event that Borrower
shall cease operations at this location within the five years from date, then the Guarantor shall have one
hundred eiqhty (180) days within which to agree to operate or appoint another responsible aqent to
operate this facility. If both Borrower and Guarantor default. under the terms of this Note and the
Guarantee securinq this Note, then such amount of the loan which has not abated shall become
immediately due and payable and if not paid by Borrower, Lender may exercise any power given it in the
Guarantee. In the event that Borrower shall fail or refuse to properly maintain the facility, which
maintenance shall be considered repairs, after reasonable written notice from the Lender within the five-
year term of the grant, then Guarantor shall have one hundred eiqhty (180) days within to which cure
Borrower's default. If Guarantor fails to cure Borrower's default with that time, then Lender may likewise
exercise any power given it in the guarantee. The parties aqree that time is of the essence. For alW time
allowed to Guarantor to cure any default by Borrower. that time shall be added to the term of the loan.
No amount of the debt described herein shall abate without written notification from the Lender
who shall be responsible for reviewing compliance with the conditions of the loan and guarantee within 30
days of each anniversary of said loan and guarantee for the period of five years.
In the event that payment becomes past due under this note, the holder shall be entitled to
receive a late charge of eight percent (8%) per annum of the outstanding principal balance compounded
monthly beginning with the tenth (10th) day that payment becomes pa~t due, until the entire outstanding
interest and principal amounts are paid. Late charges that become past due shall be added to principal
balance and draw interest beginning with the following months.
All parties, whether Lender, Borrower or Guarantor, hereby severally waives and renounces, for
itself and its successors and assigns, any and all exemption rights either may have under or by virtue of
the Constitution or laws of Georgia, or another State, or the United States, as against this debt or any
renewal thereof; and each further waives demand, protest and notice of demand, protest and
nonpayment.
In the event of default in payment of this note, and if the same is collected by an attorney at law,
the undersigned agrees to pay all costs of collection including attorney's fees of 15% of all amounts due.
This note is secured by a Guarantee on real property described in said Guarantee (presently
known as 1336 Conklin Avenue, Augusta, Georgia also known as 1504 Clay Street, Augusta, Georgia)
and represents money used for improvements to said property.
IN WITNESS WHEREOF, the Owner(s) has hereunto set his hand and seal on the day and year
first above written.
NEW BETHLEHEM COMMUNITY CENTER