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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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Exhibit F <br />11. Prepayment <br />Borrower may prepay the outstanding principal balance under this Note, in whole or in <br />part, together with any accrued but unpaid interest, if any, and other sums owed to the City under <br />this Note, if any, at any time without penalty. <br />12. Lawful Money. <br />Principal and interest are payable in lawful money of the United States of America. <br />13. Application of Pavments: Late Charges. <br />a. Any payments received by the City pursuant to the terms hereof shall be <br />applied first to sums, other than principal and interest, due the City pursuant to this Note, next to <br />the payment of all interest accrued to the date of such payment, and the balance, if any, to the <br />payment of principal. <br />b. If any payment is not received by the City within ten (10) days following the <br />due date thereof, then in addition to the remedies conferred upon the City pursuant to this Note <br />and the other Loan Documents, (i) a late charge of four percent (4 %) of the amount due and <br />unpaid will be added to the delinquent amount to compensate the City for the expense of <br />handling the delinquency and (ii) the amount due and unpaid, excluding the late charge, shall <br />bear interest at the highest annual rate which may lawfully be charged and collected under <br />applicable law on the obligation evidenced by this Note, computed from the date on which the <br />amount was due and payable until paid. Without prejudice to the rights of the City hereunder or <br />under any of the other Loan Documents, Borrower shall indemnify the City against, and shall <br />pay the City on demand, any expense or loss which it may sustain or incur as a result of the <br />failure by Borrower to pay when due any installment of interest and /or principal, fees, or other <br />amounts payable to the City under this Note or any other Loan Document, to the extent that any <br />such expense or loss is not recovered pursuant to such foregoing provisions. A certificate of the <br />City setting forth the basis for the determination of the amounts necessary to indemnify the City <br />in respect of such expenses or direct loss, submitted to Borrower by the City, shall be conclusive <br />and binding for all purposes except as immediately corrected by Borrower notice to City. <br />14. Securi <br />This Note is secured by the City Deed of Trust. <br />15. Acceleration by Reason of Transfer or Financing. <br />a. In order to induce City to make the loan evidenced hereby, Borrower <br />agrees that in the event of any transfer of the Property without the prior written consent of City <br />(other than a transfer resulting from a foreclosure, or conveyance by deed in lieu of foreclosure, <br />7 <br />
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