Res 2008-114 - Laserfiche WebLink

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Real Estate Lien Note Date: August 1q , 2008 Borrower: The Master's School of San Marcos, Inc. Borrower's Mailing Address: 2801 Ranch Road 12, San Marcos, Hays County, Texas Lender: The City of San Marcos, Texas Place for Payment: 630 East Hopkins, San Marcos, Hays County, Texas 78666 Principal Amount: Three Hundred Forty-Five Thousand Dollars ($345,000.00). The Principal amount shall be adjusted to the amount of total funds actually disbursed to Borrower by Lender under that certain Chapter 380 Economic Development Agreement between Borrower and Lender of even date herewith. Such adjusted amount shall be deemed the Principal Amount for purposes of this note. Annual Interest Rate: Three percent (3%) per annum Maturity Date: 12 months from the date of this note. Annual Interest Rate on Matured, Unpaid Amounts: Three (3%) percent per annum Terms of Payment (principal and interest): The Principal Amount and the interest accrued thereon is due and payable on or before 12 months from the date of this note Security for Payment: This note is secured by a deed of trust of even date herewith from the Master's School, Inc. to Rick Menchaca, trustee, which covers that certain 16.19 acre tract of real property out of the John H. Yearly Survey, No, 508 and the L.S. Yeates Survey, No. 509, Hays County, Texas, as more fully described in said deed of trust. Borrower promises to pay to the order of Lender the Principal Amount plus interest at the Annual Interest Rate. This note is payable at the Place for Payment and according to the Terns of Payment. All unpaid amounts are due by the Maturity Date. After maturity, Borrower promises to pay any unpaid principal balance plus interest at the Annual Interest Rate on Matured, Unpaid Amounts. If Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note, or abandons the Infrastructure Improvements of the New School as those terms are defined in that certain Chapter 380 Economic Development Agreement between Borrower and Lender of even date herewith, as provided therein, Lender may declare the unpaid principal balance and earned interest on the note immediately due. Borrower and each surety, endorser, and guarantor waive all demand for payment, presentation for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest, and notice of protest, to the extent permitted by law.