Laserfiche WebLink
<br /> lI/fJ <br /> - Page 2 of 8. <br /> 11/01/01 Final Payment 60 $ 22,575.61 (Principal & Interest) <br /> (Includes $93.67 Interest) <br /> 1.2 Each installment will be applied to the payment of late penalties and accrued <br /> interest first; the remainder will be applied to the reduction of unpaid principal. All unpaid <br /> amounts will be due on the final scheduled payment date. There is no penalty for early <br /> payment however, early payments may not be used to offset a scheduled payment. <br /> 1.3 This note is secured by a Security Agreement which covers all of the Debtor's <br /> Business Assets now owned or hereafter acquired. The Security Agreement is <br /> subordinate to all purchase money security interests in Debtors business assets perfected <br /> both prior to and after the execution of this Agreement. If there is a breach in the <br /> observance of any covenants of any instruments securing the note or in any of the <br /> conditions of this Agreement by Debtor, the debt evidenced by this $40,000.00 note will <br /> immediately become due and payable to the City at the City's option. Should the City <br /> decide not to accelerate the debt upon Debtor's breach, failure of the City to exercise this <br /> option does not constitute a waiver of the City rights should a subsequent breach by the <br /> Debtor occur. .¡ <br /> 1.4 If Debtor defaults in the payment of this note or in the performance of any obligation <br /> in any instrument securing collateral to it, or in the observance of any conditions of this <br /> Agreement, Debtor will be subject to the terms and conditions outlined in Article 3 of this <br /> Agreement.. <br /> 1.5 Interest on the debt evidenced by this note will not exceed the maximum amount of <br /> non-usurious interest that may be contracted for, taken, reserved, charged, or received <br /> under law; any interest in excess of that maximum amount shall be credited on the <br /> principal of the debt, or, if that has been paid, refunded. On any acceleration or required <br /> or permitted prepayment, any such excess will be canceled automatically as of the <br /> acceleration or prepayment or, if already paid, credited on the principal of the debt or if the <br /> principal of the debt has been paid, refunded. This condition supersedes all other <br /> instruments pertaining to the debt owed. Debtor is responsible for the performance of all <br /> obligations contained in this note. <br /> ARTICLE 2 <br /> ECONOMIC DEVELOPMENT CONTRACT PROVISIONS <br /> 2.1 DEBTOR'S RESPONSIBILITIES <br /> 2.1.1 Debtor certifies that, at the present time, it is a small business with no more than 25 <br /> employees or it has a one million dollar or less annual payroll, and that it is located within <br />