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Res 2010-166
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Res 2010-166
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Last modified
11/26/2010 11:30:20 AM
Creation date
11/18/2010 2:00:11 PM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2010-166
Date
11/1/2010
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EXHIBIT "B" <br />FORM OF PROMISSORY NOTE <br />PROMISSORY NOTE <br />Date: xxxxxxxxxxxxxxxxxxxxxx <br />Borrower: Bolton Real Estate Investments, L.L.C. <br />Borrower's Mailing Address: 101 Thermon Drive, San Marcos, Hays County, Texas 78666 <br />Lender: City of San Marcos, Texas, 630 East Hopkins, San Marcos, Hays County, Texas 78666 <br />Place for Payment: 630 East Hopkins, San Marcos, Texas 78666 <br />Deferred Principal: $75,000.00 <br />Annual Interest Rate: Five percent (5 %) per annum <br />Maturity Date: <br />Annual Interest Rate on Matured, Unpaid Amounts: Five percent (5 %) per annum <br />Security for Payment: Personal property as identified in that certain UCC -1 Financing <br />Statement of even date herewith executed by Borrower in favor of Lender. <br />Chapter 380 Loan: <br />The loan from Lender to Borrower in the amount of the Deferred Principal is provided under a <br />certain Chapter 380 Economic Development Agreement (the "380 Agreement ") providing an <br />incentive to Borrower related to the expansion of Nexus Medical Consulting, L.L.C. (the <br />"Affiliate "). <br />1. BORROWER'S PROMISE TO PAY <br />In consideration of the Loan to Borrower in the amount of the Deferred Principal, Borrower promises <br />to pay (subject to the payment obligations under the Note being forgiven under paragraph 2 below) <br />the Deferred Principal and all accrued interest on matured unpaid amounts to the order of the Lender <br />at the Place for Payment. Borrower understands that the Lender may transfer or assign this Note. <br />The Lender or anyone who takes this Note by transfer or assignment and that is entitled to receive <br />payments under this Note is called the "Lender ". <br />2. TERMS OF PAYMENT (FORGIVABLE LOAN) <br />Except as otherwise provided in this paragraph, this Note shall mature and the Deferred Principal <br />
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