HomeMy WebLinkAboutContracts & Agreements_26-1995_CCv0001.pdf 6/10/99 PER FINANCE DEPARTMENT:
NOTE PAID OFF, ORIGINAL RETURNED TO
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DEVELOPMENT IMPACT FEES FINANCING AGREEMENT
A NOTE BETWEEN TBE CITY OF REDLANDS ("OBLIGOR")
AND UDO PARTNERS V, L.P. ("OBLIGEE")
The City of Redlands is agreeable to financing your development impact fees in the amount of$33,480.00
over a forty-eight month period with an interest rate of 6.75% for the first twelve months, 7.25% for the
thirteenth through twenty-fourth month, 7.75% for the twenty-fifth through thirty-sixth month and 8.25%
for the thirty-seventh through forty-eighth month of the agreement. Your monthly payments will range
from $797.84 per month for year one, to $808.60 for year two, $825.57 for year three and $861.56 for
year four. Your first payment becomes due on May 1, 1995 with final payment due on April 1, 1999. An
amortization of your note is attached to this agreement.
Under the terms of this agreement, the Obligee agrees to make timely monthly payments within ten days
of each monthly due date. Failure to make payment within ten days of the due date will subject the
Obligee to a late fee penalty of 25% of the current amount owed with an additional penalty of 5% for
each day payment is not received beyond the eleventh day. Failure to make payment within thirty days of
the current monthly due date will subject the Obligee to all penalties and the remaining principal plus any
accrued interest will immediately become due and payable. In the event that the city must pursue legal
remedy to collect the penalties plus the remaining principal and accrued interest, the Obligee agrees to
pay the city's legal and administrative expenses related to the collection effort.
Obligee understands that payments may be mailed to the City Treasurer, P.O. Box 3005, Redlands CA
92373 or delivered in person at the Treasurer's Office located at the Redlands Civic Center, 35 Cajon
Street, Suite 15B.
Obligee reserves the right to payoff the remaining principal balance plus any accrued interest in
accordance with the amortization schedule and payment terms, which would thereby terminate this
agreement.
ApproApril 4 , 1995
City of Redlands ;"Obligor") Date
Swen Larson, Mayor
Attest: t y April 4 , 1995
Lorries oyzer, erk Date
Accepted
UDO Partners V, L.P. ") Date
Elliot S. Zorensky, Co-President
♦� P.O. BOX 3005 REDLANDS, CA 92373
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