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HomeMy WebLinkAboutA5593 - SALE OF CONV CTR NORTH PKG LOT, PALM CANYON THEATER, DESERT ART CTR AND FRANCES STEVENS PARK TO THE CRA Do Not Dmtmy This Now When Paid,This Note Must ac To The TmAeo roT CdlILAaClUn C PROMISSORY NOTE Convention Center Parking Lot S4,675,000.00 Palm Springs, California December 12, 2007 .FOR VALUE RECEIVED, the REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a public body, corporate and politic (`Obligor")promises to pay to the CITY OF PALM SPRINGS, a public body, cerporaze and politic ("Holder"), the principal sure of FOUR MILLION SIX HUNDRED SEVENTY FIVE THOUSAND DOLLARS (U.S.$4,675,000.00) plus accrued inW�xest in legal currency of the United States, on the terms described in this Note_ The entire unpaid principal and any accrued interest shall he fully and immediately payable upon demand of holder. This note is made with reference to the sale of the Convention Center North Parking Lot (APNs 508.023-012, 013, and 014) from the Holder to the Obligor_ Tuterest shall accrue monthly at a yearly rate between six percent (6%) and ten percent (10%) established in the sole discretion of the Holder on or before the April 15 preceding the subsequent fiscal year commencing on July 1. The initial interest rate shall be six percent (6%). If Holder does not change the interest rate on or before April 15 of a given year for the following fiscal year begiruung July 1, the rate of interest shall remain unchanged until the following fiscal year. On July I of each year, Obligor shall pay that portion of accrued interest demanded by Hold= on or before the preceding April 15. If Holder makes no demand on or before April 15 of a given year for the following fiscal year beginning July 1, or if the holder only demands a portion of accrued interest, the interest not demanded shall continue to accrue and be added to the principal for the following fiscal year_ This Note is entered into and shall be governed by the laws of the State of California, without reference to principles of conflicts or choice of law. Obligor consents to jurisdiction over in any state or federal covet Situated in the County of Riverside, State of California, on any action based on or ads ng out of this Note. Any person or entity who takes over the any duties and obligations under this Note, is also liable for the satisfaction of all such duties and obligations. Holder may enforce its rights under this Note against each such person or entity individually or against all such persons or entities together. Each Obligor for itself and each of its respective representatives, successors and assigns, expressly waives presentment, demand, protest, notice of dishonor, notice of non- payment, notice ofmaturity, notice of protest, diligence in collection and any exemptions under applicable insolvency laws. 000008 ss�so.�z No delay or fbilory by bolder in tho exercise of uny rights or remedy p-ovidcd for haaeunder shall be deemed a waiver of any other right or remedy which Holder othcrMso may have under or by reason hereof. No waiver of any payment or performance due under this Note sh411 operate ac a waiver o£any other piymmtt or pe&rman&. "OBLIGOR" "ROLDBIt" Redevelopment Agency of the City of City of Palm Springs,a public body, Palm Springs,a publiobody,corporate and corporate and politic. politic. By: David Ready y: Slevel'ougnet Its: Executive Director Its: Mayor ' j APPROVED BY CITY CCl1NC1l z 12001 rLA9- APPPOVEDAS TO.'FORM: ►� 22adb r•2r-3 By Title: �. �eoa.x • Dn No1 Outroy Tlu^•Nosc Wncn F114 This Nn¢Must Sc Sti=ndcr d To The Tm,=, Fnr Concefl�hnn e PROMISSORY NOTE Frances Stevens Park (Including Palm Canyon Theater and Desert Art Center) S 4,923,000.00 Pahn Springs, California December 12, 2007 FOR VALUE RECEIVED, the REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, a public body, corporate and politic("Obligor") promises to pay to the CITY OF PALM SPRINGS, a public body, corporate and politic ("Holder"), the principal sum of FOUR MILLION, EIGHT HUNDRED TWENTY TIIREE THOUSAND DOLLARS (U.S. $4,823,000.00) plus accrued interest in legal currency of the United States, on the terms described in this Note. The entire unpaid principal and any accrued interest shall be fully and immediately payable upolt demand of holder. This note is made with reference to the sale of Frances Steven Park (A.PN 505-325-003), including without limitation the Palm Cauyon Theater (538 North Pabn Canyon Drive) and the Desert Art Center (550 North Palm Canyon Drive). Interest shall accrue monthly at a yearly rate between six percent (6%) and ten percent (10%) established in the sole discretion of the Holder en or before the April IS preceding the subsequent fiscal year commencing on July I. The initial interest rate shall be six percent (6%). If Holder does not change the interest rate on or before April 15 of a given year for the following fiscal year beginning July 1, the rate of interest shall remain unchanged until the following fiscal year. On July 1 of each year, Obligor shall pay that portion of accrued interest demanded by Holder on or before the preceding April 15. If Holder makes no demand on or before April 15 of a given year for the following fiscal year beginning July 1, or if the holder only demands a portion of accrued interest, the interest not demanded shall continue to accrue and be added to the principal for the following fiscal year. This Note is entered into and shall be governed by the laws of the State of California, wiLhouL reference to principles uF conflicts or choice of law_ Obligor consents to jurisdiction over in any state or federal court situated in the County of Riverside, State of California,on any action based on or arising out of this Nate. Any person or entity who takes over the any duties and obligations under this Note, is also liable for the satisfaction of all such duties and obligations. Folder may enforce its rights under this Note against each such person or entity individually or against all such persons or entities together. Each Obligor for itself and each of its respective representatives, successors and assigns, expressly waives presentment, demand, protest, notice of dishonor, notice of non- payment,notice of maturity,notice of protest, diligence in collection and any exemptions under applicable insolvency laws. 5548042 No delay or failure by Holder in the exercise of any rigbta or remedy provided For hereunder 4uA be dcmucd a waivor of any other right or re=dy'whioh Holder otherwise taay have under or by reason hereof. No waiver of any payment or perfortuance due under this:Nato shall operate as a waiver of tmy otliarpayment or peif'ormarice, "OBLIGOR" "HOLDER" Redevelopmeat,Agency of the City of City of Papa Spricas,a public body, Patin Springs,a public body,corporate and corporate and politic. politic. 8y: David Roady By: St a Pougadt Its: Executive Director its: Mayor APPROVED BY CITY COUNCIL 1r1,C-F�� gFpROVEDA Q FORM: I Z t 2� 2do 7 y�r'1 t2Zz104, 8>r Title: ' OOOOb� Sf4tlp�R '