HomeMy WebLinkAbout00395C - SMART ALEX PROMISSORY NOTE FINANCING AGREEMENT Page 1 of t
Kathie Hart
From: John Raymond
Sent: August 10, 2006 10:45 AM
To: Kathie Hart
Subject: RE:Agreements Due to Expire Within the Next 90 Days
A0395C (Simart Alex) is okay to expire.
From: Kathie Hart
Sent: Wednesday, August 09, 2006 2:58 PM
To: Department Heads
Subject: Agreements Due to Expire Within the Next 90 Days
Attached is a report listing all agreements/contracts due to expire in the next 90-days. In reviewing the list if
the project/job has been completed please advise and our office and we will close the file.
Please feel Free to contact us if there are any questions.
rl-� r
Kathie Hart, CMC
Chief Deputy City Clerk
City of Palm Spring s
3200 Tahquitz Canyon Way
Palm Springs, CA 92262
08/10/06
® • Smart Alex
Financing Agr 6 Promissory
AGREEMENT #395C
FINANCING AGREEMENT & PROMISSORY NO- R1083, 9-15-99
September )5- , 1999
Palm Springs, California
FOR VALUE RECEIVED, the undersigned ("Agency") hereby promises to pay
the CITY OF PALM SPRINGS, a public body, corporate and politic ("City"), the sum of
One Hundred Thousand Dollars ($100,000.00), borrowed from The City and used by the
Agency to reimburse Smart Alex ("Participant"), for the costs of constructing certain
public improvements in the City of Palm Springs on Chuckwalla Road and Indian Canyon
Drive, pursuant to an Owner Participation Agreement between the Agency and
Participant, in the amount of One Hundred Thousand Dollars ($100,000.00).
a. Repayment by Agency. Agency shall pay in full to the City the Loan
Arnount in lawful money of the United States, from tax increment accrued
to the Agency by Participant's project. Interest shall accrue to the City at a
rate of Six Percent (6%) per annum. Payments shall be made annually
from the Agency's Debt Service Fund (851) to the City.
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
Loan Amount plus the City costs incurred to that date.
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 prornise 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.
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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 Muufni�cipal corporation
By: 4s .
9 Chairman
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Secretary
APPROVED AS TO FORM:
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