HomeMy WebLinkAboutContracts & Agreements_13-1957AGREEMNT
The parties heretoo Marion H. Poyzer, Trustee of the
Cemetery Endowment Fund, and the City of Redlands, a municipal
corporation, agree to the investment of monies from the Cemetery
Endowment Fund in general assets of said City, subject to the
terms set forth in "Instalment Note" contained herein.
INSTALMENT NOTE
For value received, the City of Redlands, a municipal
corporation, promises to pay in lawful money of the United States
of America to the order of Marion H. Poyzer as Trustee of the
Cemetery Endowment Fund of the City of Redlands, the principal
sure of One Hundred Fifty Four Thousand, Five Hundred and no/100
Dollars, ( 154,500.00), with interest in like lawful money from
October 1, 1957 at the rate of four per cent (4%) per ann.um until
paid, on the annual decreasing balance of said principal sum, and
to pay principal and interest in instalments as follows:
Four Thousand Five Hundred and no/100 Dollars
($4,500.00) plus interest on June 30, 1958.
Twenty Five Thousand and no`100 Dollars (25,000.00)
plus interest on June 30, 1959.
Five equal successive annual instalments of
Twenty Five Thousand and no/100 Dollars
($25,000.OQ) plus interest, beginning June 30,
1960 and annually thereafter until paid in full.
It is agreed that if default be made in the payment
when due of any part of the principal or interest, then the whole
sum of principal and interest shall become immediately due and
payable at the option of the holder of this note, without notice.
This obligation shall constitute an indebtedness of the
City within the meaning of the Constitution and Statutes of the
State of California, and the Cemetery Endowment Fund shall have
a lien on the tag roll each year to secure payment.
Dated Reedl : ds, California this first day/of October, 1957.
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