HomeMy WebLinkAbout00419C - DCM STUDIOS FRANCES STEVENS SIDEWALK IMPROVEMENT PROMISSORY NOTE DGK Studios
Promissory Note
AGREEMENT #419c
PROMISSORY NOTE R1122, 4-11-01
April, 2001
Palm Springs, California
FOR VALUE RECEIVED, the undersigned ("Agency") hereby promises to
reimburse the CITY OF PALM SPRINGS, a public body, corporate and politic("City"), the
Contract Sum paid to DCM Studios, Ltd. of New York, New York, for the costs of
constructing certain landscape improvements in the City of Palm Springs in Frances
Stevens Park and on North Palm Canyon Drive, in the former North Palm Canyon
Redevelopment Project Area and awarded under Amendment No. 2 to City Agreement
No. 4085, in an amount not to exceed Fifty-Two Thousand Dollars ($52,000.00).
a. Repayment by Agency. Agency shall pay in full to the City the Contract
Sum paid by the City to the Contractor, plus the City costs of bidding,
inspection, and project administration, in lawful money of the United States,
no later than sixty(60) days after the Notice of Completion has been signed
by the City Engineer. No interest is due the City under this Agreement.
b. Prepayment. This Agreement sum may be prepaid in whole or in part at
any time without penalty, provided the payment is at least equal to the
Contract Sum plus the City costs incurred to that date, plus a contingency
of ten percent(10%) of the sum of the Contract Sum plus City costs.
C. Late Charge. Agency agrees that if it fails to make any payment provided
for herein more than ten (10) days after the due date thereof, Agency
hereby agrees to pay to City a late charge equal to five percent (5%) of any
payment which is not made within ten (10) days after the due date thereof,
not as a penalty, but for the purpose of defraying the expenses incident to
handling such delinquent payment. Such late charge represents the
reasonable estimate of a fair average compensation for the loss that may
be sustained by City due to the failure of Agency to make timely payments.
Such late charge shall be paid without prejudice to the right of City to
collect any other amount provided to be paid or to declare a default under
this Agreement. Such late charge shall be payable not later than thirty(30)
days after the due date of the delinquent payment.
d. Acceleration of Obligation. Upon the failure to make payment due under
this Agreement as and when the same becomes due and payable
(whether by extension, acceleration or otherwise), or any breach of any
other promise or obligation in this Agreement or in any other instrument
now or hereafter securing the indebtedness evidenced hereby, then, and in
any of such events, City may, at its option, declare this Agreement and the
entire indebtedness hereby evidenced, including, without limitation, all
accrued interest, to be immediately due and payable and collectible then or
thereafter as City may elect, regardless of the date of maturity, and notice
of the exercise of said option is hereby expressly waived by Agency.
e. Severability. The unenforceability or invalidity of any provision or
provisions of this Agreement as to any persons or circumstances shall not
render that provision or those provisions unenforceable or invalid as to any
other provisions or circumstances, and all provisions hereof, in all other
respects, shall remain valid and enforceable.
f. Modifications. Neither this Agreement nor any term hereof may be waived,
amended, discharged, modified, changed or terminated orally; nor shall
any waiver of any provision hereof be effective except by an instrument in
writing signed by Agency and City. No delay or omission on the part of City
in exercising any right hereunder shall operate as a waiver of such right or
of any other right under this Agreement.
g. No Waiver by City. No waiver of any breach, default or failure of condition
under the terms of this Agreement or the obligation secured thereby shall
be implied from any failure of the City to take, or any delay be implied from
any failure by the City in taking action with respect to such breach, default
or failure from any prior waiver of any similar or unrelated breach, default or
failure.
h. Governing Law. This Agreement has been executed and delivered by
Agency in the State of California and is to be governed and construed in
accordance with the laws thereof.
IN WITNESS WHEREOF, Agency has executed this Agreement as of the date
and year first above written.
"Agency"
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS,
a California municipal corporation
By:�
Chairman
ATT�E
ssistant Secretary
APPROVED AS TO FORM:
Agen Co nsel
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