Laserfiche WebLink
(c) <br /> <br />~genc¥'s Promissory Note as..Security.fOr <br />Redeveloper's Second Advance <br /> <br /> Upon receipt by the Agency of the Redeveloper's Second Advance, <br />the Agency shall execute and deliver to the Redeveloper its promis- <br />sory note, payable to the Redeveloper in lawful money of the United <br />States as hereinafter provided. The principal sum of the Agency's <br />promissory note shall be the amount of the Redeveloper's Second <br />Advance. Said promissory note shall be nonassignable (except to the <br />bank or other entity providing the Second Advance to the Redeveloper <br />and reassignable from said bank or other entity to the Redeveloper) <br />without the consent of the Agency which consent shall not be unrea- <br />sonably withheld. <br /> <br /> Interest shall not accrue on the principal sum of said promis- <br />sory note unless the Agency shall be unable to convey title to the <br />Phase I Parcel in accordance with Section 2(a) herein together with <br />possession thereof to the Redeveloper within 270 days after the <br />date of execution of this Agreement by the Agency. <br /> <br /> In the event that the Agency fails to deliver such title and. <br />possession to the Redeveloper within said 270-day period, interest <br />shall begin to accrue on such principal sum as of the first day <br />following said 270-day period. Such interest shall accrue and be <br />payable at the rate of eight (8) percent simple interest per annum <br />and shall continue to accrue until such time as the Agency's deed <br />to the Phase I Parcel shall have been recorded in favor of the <br />Redeveloper. <br /> <br /> The principal sum of said promissory note, including accrued <br />interest, if any, shall be due and payable within one year from <br />the date of deposit of the Redeveloper's Second Advance (date of <br />promissory note). However, the Agency, at its .sole option, may <br />extend the date for repayment of such principal sum and accrued <br />interest, if any, for an additional 180 days from and after the <br />date on which such principal sum and accrued interest, if any, <br />become due and payable. <br /> <br /> Upon conveyance by the Agency of the Phase I Parcel to the <br />Redeveloper within such repayment period or within such repayment <br />period, as extended an additional 180 days, the principal sum of <br />said promissory note shall be cancelled through escrow. If any <br />accrued interest shall be due and payable on such principal sum <br />upon the cancellation of such principal sum through escrow, the <br />Agency shall pay such accrued interest to the Redeveloper upon <br />such conveyance of the Phase I Parcel. <br /> <br />-14- <br /> <br /> 18 1977 <br />FEB 28 1977 <br /> <br /> <br />