SR 06:214 - Laserfiche WebLink

2. Timin!!: of Pavments. Property Owner shall pay City 25% percent of these fees ($35,000) at the time a Certificate of Occupancy is issued for the Project by City. The remaining amount of $105,000 shall be paid to the City over a five-year period (60 months) with interest. The outstanding principal shall accrue interest equal to prime (Bank of America) less 1.5%. The interest rate shall be adjusted every six months. Property Owner shall make sixty (60) monthly payments which shall be due on the 1 st of each month, beginning with the month following the issuance of the certificate of occupancy. 3. PreDavments Without Penaltv. Property owner reserves the right to prepay all or part of the principal amount without penalty at any time. All payments shall be applied first to the interest due and then applied to the principal due and the remaining amount shall be applied to late charges, if any. 4. Late Pavments. Property Owner shall be assessed a late charge of 4% per calendar month, or fraction thereof, on the amount past due and remaining unpaid. In the event the Property Owner fails to pay the interest on or principal amount when due, the unpaid principal amount, together with accrued interest and late changes, shall become due and payable, at the option of the City, without notice to the Property Owner. Failure of the City to exercise such option shall not constitute a waiver of such default. 5. In-Lieu Parkin!!: Fund. Any payment made by Property Owner pursuant to this Agreement shall be deposited by the City into a special fund which shall be used exclusively for acquiring, developing, and maintaining off-street parking facilities available to the general public within the downtown revitalization district. 6. Notices. All payments, notices, demands and requests required or permitted hereunder shall be in writing and shall be served on the Owners at the following address: If to the Property Owner: Peak Property Main Street, LLC Attention: Norman W. Cornett 1811 Santa Rita Road, Suite 100 Pleasanton, California 94566 If to the City: City of Pleasanton 123 Main Street Pleasanton, California 94566 Any such notices shall be either (a) sent by certified mail, return receipt requested, in which case notice shall be deemed delivered three (3) business days after deposit, postage prepaid in the U.S. Mail, (b) sent by ovemight delivery using a nationally recognized overnight courier, in which case it shall be deemed delivered one (1) business day after deposit with such courier, or (c) sent by personal delivery. The above addresses may be changed by written notice to the other party; provided, however, that no notice of a change of address shall be effective until actual receipt of such notice. 2