HomeMy WebLinkAboutHOUSING ECONOMIC DEVELOPMENT PROMISSORY NOTE $850,000
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PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned promises to pay to the order of AUGUSTA, GEORGIA, its
successors or assigns, the sum of $850,000 the said sum bearing no interest unless in default and called for
payment. Payable at the HOUSING & ECONOMIC DEVELOPMENT DEPARTMENT, 925 LANEY-WALKER
BOULEVARD, AUGUSTA, GEORGIA 30901, or at such other place as Lender may designate by writing to
Borrower.
AUGUSTA, GEORGIA
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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 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 not 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.
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 centum (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 the principal balance and
draw interest beginning with the following month.
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 any 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 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 security deed on real property described in said security deed (presently
known as 1750 ESSIE MCINTYRE BLVD AND 1755 ESSIE MCINTYRE BLVD, 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:
AUGUSTA NEIGHBORHOOD IMPROVEMENT CORPORATION, INC.
SEAL
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By:
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As its President
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