RES 92039 - Laserfiche WebLink

PROMISSORY NOTE Pleasanton, California February 18, 1992 Amount: $10,455.39 FOR THE VALUE RECEIVED, the undersigned promise(s) to pay to the order of the City of Pleasanton the sum of Ten Thousand Four Hundred Fifty-Five Dollars and Thirty-Nine Cents ($10,455.39), and to pay interest on the unpaid principal amount of this Note from the date hereof, until paid. The initial rate of interest is 3.75% per annum and represents one-half of the rate of interest set by the Bank of America's reference rate. Said interest rate shall be adjusted every six months from the date hereof. Both the principal and interest on this Note are payable on the First Day of Each Month in sixty (60) monthly installments, including both principal and interest, commencing with a payment of $191.37 on April 1, 1992 and of $191.37 the First Day of Each Month for the next five (5) months commencing on April 1, 1992 in lawful money of the United States at the principal office of the City of Pleasanton, 123 Main Street in Pleasanton, California or such other place as shall be designated by the City of Pleasanton. The City of Pleasanton shall notify the undersigned of any change in the monthly installment every six (6) months. The undersigned reserve(s) the right to prepay at any time all or any part of the principal amount of this Note without the payment of penalties or premiums. All payments on this Note shall be applied first to the interest due on the Note, and then to the principal due on the Note, and the remaining balance shall be applied to late charges, if any. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due, and if such failure be subsisting on the date the next installment payment under this Note becomes due and payable, the unpaid principal amount of this Note, together with accrued interest and late charges, shall become due and payable, at the option of the City of Pleasanton, without notice to the undersigned. Failure of the City to exercise such option shall not constitute a waiver of such default. No default shall exist by reason of nonpayment of any required installment of principal and interest so long as the amount of optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of, this Note are not paid during the calendar month which includes the due date, the undersigned shall pay to the City of Pleasanton a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. - 1 -