HomeMy WebLinkAboutBEULAH GROVE RESOURCE CENTER PROMISSORY NOTE
ORIGINAL
PROMISSORY NOTE
Augusta, Georgia
September 18th, 2007
FOR VALUE RECEIVED, the undersigned promises to pay to the order of AUGUSTA,
GEORGIA, its successors or assigns, the sum of $82,000 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. The
abatement is conditional upon Borrower both properly maintaining the facility and continuing to own the
land, which secures this note. In the event that Borrower shall convey the land to another by sale or gift
within the five years from date, then such amount of the loan which has no abated shall become
immediately due and payable and if not paid, Lender may exercise any power given it in the deed to
secure debt given to secure this note. In the event that Borrower shall fail or refuse to properly maintain
the facility after reasonable written notice from Lender within the five-year term of the grant, which
maintenance shall be considered repairs, then Lender may Iike~ise exercise any power given it in the
deed to secure debt; TIME ~EING OF THE ESSENCE.
No amount of the debt described herein shall abate without written notification from the note
holder who shall be responsible for reviewing compliance with the conditions of the security deed within
30 days of each anniversary of said security deed 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 per centrum (8%) per annum' of the outstanding principal balance
compounded monthly beginning with the tenth (10th) day that payment becomes past 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.
And each of us, whether maker, endorser, guarantor, or surety, hereby severally waives and
renounces, for himself and family, any and all exemption rights either of us, or the family of either of us,
may have under or by virtue of the Constitution of laws of Georgia, or an other 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 non-payment.
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 security deed on real property described in said security deed
(presently known as 1446 Lee Beard Way, 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.
ATTEST:
etfERYLL NOAPlAN
NOTARY PUBUC, RICHMOND COUNt"( GEORGIA
MY COMMISSION EXPIRES NO'l5, 2010
BEULAH GROVE COMMUNITY RESOURCE
CENTER, INC..;
B~~mDaViS ~
As its Chief Executive Officer
SEAL
~A~rtfJ ~)